Determine whether the site a Secure Socket Layer (SSL) SSL or TLS (Transport Layer Security) is used. TLS and SSL (the predecessor to TLS) are protocols for encryption, the information in one place to another, transferred encrypted over the Internet. There are few ways to tell if the site uses encryption. First, check the website URL at the top of the browser. While most sites with “http” secure site will begin “https” in the URL have, shows the “s” that the website is hosted on a secure server. Another indication of a secure page is a “lock” icon somewhere on the browser (the icon will be displayed regardless of the browser). If you double-click on the lock, you’ll see the security certificate is valid for the site. Some sites may use an unbroken key icon, which also means the site is secure.
Read the terms and conditions and privacy statement made available to or from the dealer on their website. The information should be taken security measures to ensure that your credit card number and other personal information will remain safe when stored on its servers. Other places you can find this information on the website of a merchant to be involved in the FAQs or “About” page.
Do not give your credit card number and other personal information (including address and social security number) to anyone – the payment information available to online businesses that you know and trust.
If you have any doubts, contact the company or the dealer to ask directly whether encrypts sensitive information before making a purchase. Shopping in a similar way, only with companies that you are familiar with.
Keep detailed, accurate records of all payments, the online one. So you can make any fraudulent or suspicious orders may be given in dispute with the card. Also, regularly check your bank statements and credit cards for suspicious activity or unauthorized.

Benefits of establishing online payment solutions

Setting up the merchant account allows the company to offer payment solutions to improve the customer so that they react to the world to a much wider audience. Among other advantages;

Fast and efficient payments – payments are completed online at a much faster pace. In addition, the payment is immediately credited and the money to the account of the company.
Secure Transactions – payments through a secure online portal, which is authorized by the acquiring bank. Consequently, increase sales, as customers are crediting your trusted site.
Global audience – it allows companies to online payment solutions and world-wide offering. With a target audience more, products and services offered on all continents, against a range of currencies.
Accessibility – no restrictions on hours of operation of your business online, go to the website and the customer payments 24/7. The company benefited greatly, mainly because it attracts the business world.

As already mentioned, offer online payment solutions to customers with a flexible range and variety of methods to make their payments. This includes consumer credit, debit card, e-checks and mobile payments. Accordingly, to provide a variety of payment methods, the company is able to adapt to a much wider.

Requirements to obtain a merchant account

The requirements for obtaining vary for each company and the competence of the company is registered in. banks to be stricter with its rules for the operation of tilt, while a third, as an independent sales organization (ISO) in the name of the company in connection to a merchant account.

The basic requirements for opening an account are as follows:

The relevant documents describe the licensing company, name, licenses and statutes.
The acquisition of an Internet gateway to process transactions and connect with the merchant account.
You pay the appropriate fees to support and maintain all types of cards.

To set up a merchant account

Get a merchant account is vital if the company wants its customers flexible payment solutions, such as offering e-checks and card payments. This procedure is relatively long and complex, and it is important that advice from a professional company that highly qualified individuals who have specialized in this field to search.

First, it is important to charge within a registered company and your bank account the same. The next step is to get an acquiring bank, which is a crucial step in setting up your account to choose. Most banks have strict rules and criteria to be met, especially in the case of newly established companies or have to be small.

Once your company has met the requirements of the acquiring bank and the application has been accepted for processing, you must show the bank that your company is to support the relevant gateway and connect to the merchant account has.

Upon fulfillment of the conditions of the bank account is approved and issued to your company, and then it must be integrated into the company’s Web site. This is the final step of acquiring a merchant account and then your company to accept online payments is available on the website.

Before examining the various options and solutions in the treatment of this general problem, we should first define what a micro-payment.

A micro-payment is a payment for an item or service that is of little value. For example, payments for ringtones site, pay-per-views, downloads, e-books and subscriptions to the $ 1 – $ 3 range would be considered micro-payments. A payment of 25 cents for a download or a payment of 5 cents for an SMS is a great example for micro-payments less valuable.

There are two basic ways to use an online seller to accept micropayments could. The first method is to use a credit card, but the collection of fees would be high enough to accept a large number of payments of $ 1 and $ 2 micro-payments, and that’s usually not a viable option.

Some online business owners, their websites, electronic payments valued goods and services, customers need their credit card data and obtain the clarification of rights and invoices to their customers, the card when the account balances of payment specified thresholds.

Another variant of this method is to charge the credit card the customer a minimum amount of charge (about $ 10), and a loan of this amount is then assigned to the user’s account, which consumes the assets of great value in both nominal and services are purchased from suppliers.

The problem with this approach is that customers do not like their credit card number to strangers, and they do not like it do not buy the idea of ??a payment obligation through the purchase of goods or services where the customer was able to finally decide.

The other option is to process the payment for each transaction as it occurs microphone via an online payment system, and there are few viable options with several companies competing in this space, some of which are significantly more profitable than others, as I will explain .

Let the following example:

Consider a micro-payment in the amount of $ 2 billion sent internationally at (by country) using a business account.

I compared the cost of each online payment processors do charge the following to manage the payment and the results presented below, from highest to lowest cost:

ZayPay.com package = $ 0.99 $ 0.99 (49% commission)
Moneybookers.com 1.9% + $ 0.40 = $ 0.44 (22% commission)
PayPal.com regular 2.9% + $ 0.30 = $ 0.36 (18% commission)
AlertPay.com 2.5% + 0.25 = $ 0.30 (15% commission)
PayPal.com Micropay 6% + $ 0.05 = $ 0.17 (8.5% commission)
Payments.Amazon.com 5% + 0.05 = $ 0.15 (7.5% commission)
CashSender.com 1.5% = $ 0.03 with no minimum order quantity (1.5% commission)

The highest fees would apply if you use basic services in the Netherlands and UK based ZayPay Moneybookers. PayPal service payment would be in regular pay a fee of 18% result in, and even for their service lite results Mirco Payments to a commission of 8.5%. By far the lowest cost processor Micropayment cash transmitter Canadian base, as their commission of 1.5% has no fixed fee component. Thus, the cost of cash transmitter only a fraction of the cost of the next weakest provide the list.

Many online vendors and accept the site owners of micro-payments as the very life of their business. This means that many of these payments processed during each month throughout the year.

Therefore, at present the effect of bottom-line real differences in the costs above, we need to consider the data to a one-year analysis.

Assuming that the typical online seller needs to process these payments in 1000 $ 2 per month, which translates into 12,000 of these payments each year (equivalent to $ 24 000 in annual revenues micro-payment).

Then we need to adjust our data to estimate the annual cost to each of the respective online payment services to reflect, and the data is structured as follows, again rated the highest costs among the lowest cost:

ZayPay.com ($ 0.99 flat fee) x 12,000 = $ 11,880 payments
Moneybookers.com (1.9% + $ 0.40) x 12,000 = $ 5,256 payments
PayPal.com regular (2.9% + $ 0.30) x 12,000 = $ 4,296 payments
AlertPay.com (2.5% + $ 0.25) x 12,000 = $ 3,600 payments
PayPal.com Micropay (6% + $ 0.05) X12 000 Payment = $ 2 040
Payments.Amazon.com (5% + $ 0.05) x 12,000 = $ 1,800 payments
CashSender.com (1.5% with no minimum order quantity) x 12,000 = $ 360 payments

The company is best in the field of online payment service PayPal is known, which is owned by eBay. Regular service on-line payment system PayPal is actually $ 4,000 per year more expensive than the low price leader.

PayPal Micropay lite service is $ 1,680 more than the low price leader, and even Amazon, which is the leader in second place at low cost is four times more expensive than the low price leader.

Finally, online merchants and website owners should be very careful about the online payment service that they choose to manage their operations micropayments. Even a mid range microwave payment processor will cost several thousand dollars a year plus the cost of the use of low-cost leader.

I want to make another assumption – we assume that no new debt added to the current balance on your credit card will be $ 3,000.00 (at least not until you pay your current debts). If you are unable to pay the full amount at once, you may want to consider your options and compare different payment plans. Take a look at the differences in pay plans:

Plan A: a minimum payment of 2.5% of the balance, or $ 15.00 (whichever is greater) will be monthly until the balance is zero.

By choosing Plan A would require 21 years to the original would be paid $ 3,000.00 and the total interest during this time $ 5,100.00 to be paid back.

Plan B: A minimum amount for the payment of the balance of 2.0%, or $ 15.00 (whichever is greater) will be monthly until the balance is zero.

By choosing Plan B requires 39 years, would be paid to the original $ 3,000.00 and the total interest during this period to pay back $ 10,538.00 would be! So cost, by lowering the minimum payment of only 0.5% would be about 18 years and over $ 5,000.00 more in the form of interest.

Plan C: One-time payment of 2.5% of the opening balance of $ 3,000.00 ($ 75.00 or fixed) per month until the balance is paid zero.

Require by choosing Plan C would be 5.5 years at a cost $ 1,944.00 in interest payments no longer.

The Bottom Line

Plans A and B are so-called “revolving” payment plans. Renewable payment amounts are constantly changing – if the balance on the card changes, changes in the payment amount. It would be my recommendation that you can never be lulled into paying the minimum payment on a credit card statement. I know how tempting it is to pay the lower amount, which is exactly what will do you the credit card company is, however, “there is no free lunch” and you will pay dearly for your indiscretions safely at the end! I write many articles about the positive power of compound interest, with many examples of investment, but a revolving payment plan is a great way to get the negative power of compound interest and demonstrate – for you negative, but positive for the company credit card!

By eliminating the debt, it is best to be from renewable payment plans. Back pay, in addition actually the full amount of the debt is the next best option is to set affordable payments similar to Plan C course describes you extra money to have to put in your debt, happen to all means that at the beginning of your fixed fee, however, generally not lower your fixed payment not against you – because you work the compounding for you!

The first step is to take control of yourself. Stop your accounts. Cut off the top if you have, but the best way to reduce your bill is not just for your use of credit cards. Sit down and develop a monthly budget and cut non-essential elements. Stop eating and get your cup of coffee in the morning. Look at all the other expenses you can cut, even if only temporarily. Take your money and start the remains of your credit card debt. If you are disciplined, before you know it, you will be directed to a lower monthly bill. If you keep your payments, you can work to pay off the debt altogether.

Many people today find themselves in difficult financial times. Also, you throw your credit cards, there are some things you do that can help you can reduce the payments. You can make your credit card company and try to negotiate with them. Sometimes they will be willing to work at a lower interest rate or a smaller monthly payment.

If you are still stuck in traffic, you may want to look at debt management. There are a number of programs available to help you consolidate all your credit card bills into one low monthly payment. Want to search plans and companies carefully before choosing one to work with. Debt consolidation companies usually charge a monthly basis and forwards. At the same time many debt advisors can negotiate to pay off part of your debt, negotiate lower interest rates and more. Just be warned, with an impact on your credit score.

Before the debt management option for high monthly payments, you must make sure that all other options are exhausted. However, if you really need help, they just may be the answer.