Savings Accounts Are a Boon For The Common Man

Most people maintain a savings account with their neighborhood bank. A savings account is defined as “a bank account which is the most common operating account for individuals and others for non-commercial transactions. A savings account helps people to put through day-to-day banking transactions besides earning some return on the savings made. Banks generally put some ceilings on the total number of withdrawals permitted during specific time periods.

Banks also stipulate certain minimum balance to be maintained in savings accounts. Normally a higher minimum balance is stipulated in cheque-operated accounts as compared to non-cheque operated accounts. The interest on funds in a savings bank account is calculated on a monthly or quarterly basis.

Traditionally the rate of interest that a savings account offered was controlled by the RBI. However since October 2011, the interest rate offered on savings accounts has been deregulated and most of the private banks have begun to offer higher rates of interest on their saving accounts.

The saving account is the focal point of all transactions now. A lot people in urban area have begun using services like net banking to ensure that they do not have to make regular trips to a bank. Most banks now offer variants of savings accounts that a customer can choose according to his needs.

The things that one should consider before opening a savings account are

The amount of minimum balance that has to be maintained.Penalty charges in case the balance falls below the minimum stipulated amountPenalty in case of return of cheques issued.Other facilities offered like net banking, ATM cards.Details of charges, if any for issue of cheque-books and limits fixed on number of withdrawals, cash drawings.

The process of opening a savings account in India is very simple. Some banks even offer the account opening form as a downloadable document on their sites. The documents required for opening a savings account are

Two passport size photographsProof of residence like Passport/driving license/Gas/Telephone/Electricity Bill/ Ration card/voters identity cardAn introduction from an existing account holder of the number.

Currently most public sector banks offer an interest rate of 3.5 percent while some private sector banks have begun offering interest rates of up to 7 percent. Most experts speculate that the rise in interest offered will lead to banks charging their customers for services that were previously free or nominally charged. While most private banks have hiked their rates for standard services since the interest rate deregulation came into effect, the PSU banks have adopted a wait and watch policy. Savings bank deposits constitute almost 30 percent of the total deposit base of Indian banks. Even a small hike in interest rates means a huge out go for the banks. So be careful when you choose a bank and go through the fine print carefully before opening an account.

Credit Card Processing | Tips for Your Small Business

The payments ecosystem is growing and changing at a fast pace. It’s becoming more and more complex day by day, and the merchant services industry is growing along with it. Today, being able to accept credit cards is so much important for small businesses. This is the path leading to success.

Credit Cards and Credit Card Processing

Modern consumers expect to be able to pay via credit cards anywhere they go. In this day and age, cash isn’t always the king. According to a 2016 survey by a US credit card processor, 40% of respondents chose credit cards as their preferred payment method, 35% selected debit cards, and only 11% responded they preferred cash. The number of customers surveyed was 1.000. The survey showed that the consumer preference for credit cards had increased by 5% over the same survey results from 2015. The results for debit cards dropped by 6%.

It’s interesting to note that credit cards were starting to be used in the 1920s by several companies. They became more popular among businesses in the 1930s. The first credit cards issued by banks date back to 1946. American Express and Visa first started circulating cards in 1958.

You, as a small business owner, should find a reputable payment processor to apply for credit card processing for your business. Consider applying to eMerchantBroker, the top high risk payment processor in the US. EMB isn’t only a reputable payment processor, but also a respectable business funding provider. EMB offers the lowest possible rates and the best terms for high risk credit card processing. EMB is rated A+ by the BBB and A by Card Payment Options, and is also one of Inc. 500’s Fastest Growing Companies of 2016.

Credit Card Processing Tips for Small Businesses

Businesses that aren’t able to accept credit cards won’t be able to successfully fight the competition in today’s marketplace. Below you can read several credit card-related helpful tips for small businesses.

  1. Research well to find a reputable payment processor to turn to for a merchant account so to be able to accept credit cards.
  2. Look for a payment processor that offers freedom to customers so you can make the necessary adjustments instead of being locked into a long-term contract.
  3. Know the rules and follow them precisely so to keep your merchant account in good standing and avoid fraud.
  4. Never complete a sale and call a transaction complete without a valid authorization.
  5. Use signs stating you accept credit cards. Add them both to your websites and shop décor.
  6. Have a clear payment descriptor attached to your transactions. It should include your merchant name and other important details concerning your business.
  7. Make sure to have a clear refund policy and that your customers are well aware of it. Your policy should be displayed at the point of sale and be clearly printed on all receipts.
  8. Deal with all customer service issues in a timely manner.
  9. Detect potential credit card fraud earlier so to protect your business from chargebacks associated with fraud.
  10. Keep detailed records of credit card transactions.
  11. Have a great customer service allowing your customers to get in touch with you easily.

Credit card processing is essential for small businesses. Turn to a reliable and trustworthy credit card processing company to enjoy the best for your business.