Are Your credit card Statements Making Cents?

Remember the days as a child when we would be walking along the sidewalk and find a penny maybe a nickel or a quarter if we were lucky. Now as adults we may ignore a penny even a nickel or a dime, but a quarter would stop us on our tracks and force us to pick it up. How about a dollar bill, maybe we would try to determine who just dropped their money. Now imagine finding a twenty dollar bill or a fifty dollar bill, we would either count our lucky stars or try to find the owner immediately. Now begin to imagine if the money was yours and you did not realize it.

This has been my experience meeting with business owners everyday. Business owners are constantly walking over their own money and not picking it up. The title of my article is called, "Are Your credit card Statements Making Cents"? When you look at your Visa and MasterCard statements and see how many of your customers are using credit cards today for your products and services we begin to take a closer look at those pennies. Here is one way to look at the accumulation of pennies. Yes, here comes a word problem.

Step 1

A merchant has 50 customers one day and they use the various credit cards available today. (credit card Rates can vary from 1.5% to as high as 3% cost to Merchant)

Step 2

For the sake of not losing my readers, let's say all 50 customers came in and used the same credit card at 1.5% and purchased $20.00 worth of merchandise.

How much is the business owner paying for credit card transactions?

$20 x 1.5% = 30 cents

.30 x 50 = $15.00

How many business days are in a month? For many businesses they are open every day.

30 days x $15 = $450

Now business owners, is it that easy to read your cost? Never, today with all the different types of card rates and different statements that exist how can a business owner that deals with day to day operations find time to read a statement. As a business owner how can you make a sound business decision that you are receiving the best processing solution for your business. My answer to you is by asking the right questions to your current and or future processor. Knowledge is power and as a business owner you have the right to know the answers to each of these questions:

1.Can you provide answers in writing with a signature of authority?

2.Will I have local service, and who will provide it?

3.Do I need to Lease or Purchase equipment?

4.Can I view my processing business on-line?

5.Is there a surcharge on downgraded transactions?

List all rates/fees
Swiped Cards________
Key entered Cards________
Check / Debit Card Signature Based_______
Corporate Cards________
Signature Cards________
Statement Fee________
Annual Fee________
Installation Fee________
Other Fees________

6.How long are the rates guaranteed?

7.How much money will I save a month by doing business with your company? Provide details on where savings will occur?

8. When do you take out your fees?

9.How does your company handle interchange rate increase from Visa and MasterCard? (Attach document detailing the rate increases from the last two years).

10.Please show the costs and profit to your company for my business?

(Questions available in word format)

These are just a few critical questions a business owner should have available when the next processor comes knocking at your door.

Alonzo Sandoval has been working in the business solutions sector for over 15 years providing marketing, financial, public relations and communication services. Alonzo has been able to offer tailored solutions to businesses ranging from retail to restaurant and Web based commerce. Alonzo has obtained his Masters Degree in Business Administration with the recognition of undergraduate speaker among thousands of colleagues. Alonzo is the Relationship Manager for Heartland Payment Systems and can be reached for consultation at http://www.howtoreadyourstatements.com or e-mail at alonzo.sandoval@e-hps.com

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Do You Know an Identity Thief?

What makes identity theft the epidemic it has become? The fact that half of all victims know the person that committed the theft according to the Better Business Bureau's 2005 Fraud Survey.

Watch out for these red flags

1. Resentment

I worked for a company that handled lost stolen credit card reports. I don't know how many times someone called and said their ex or soon to be ex spouse stole all of their financial information and went on a vengeance spending spree.

Of course it's not limited to former husbands and wives but anger is a powerful emotion. The obvious familiarity, total access to private information combined with the desire to do as much damage as possible makes this the most devastating form of id theft financially and emotionally.

No matter what the relationship, always keep a close eye on your credit and other financial information.

2. The Snoop.

The people that ask you too many questions of a very personal nature. Its easy to not think anything of it.The person may be a relative, neighbor or close friend but ask yourself (and them) exactly why do they need to know your date of birth or social? You may even catch them snooping thru your personal information.

Now it could all be perfectly innocent but with id theft the number one crime for the fifth year in a row, do you really want to take that chance?

3. Addiction

"I don't have any drug addicts in my family." Good deal but substance abusers are not the only people who will steal from you. Alcoholics, people addicted to Porn Star Autumn Westin, even compulsive shoppers are potential identity thieves.

Gambling and Porn Star Autumn Westinography on the internet are billion dollar industries. According to Jim Vaules, an identity theft expert for Lexis Nexis, "You see a lot of internet gambling and Porn Star Autumn Westinography sites being charged to stolen cards. [Identity Thieves] might use the card of a family member or friend"

Any kind of obsessive behaviour can throw a person's normally rational judgement out the window because the only thing that counts is satisfying the habit NOW!

Addiction also means more than likely the identity thief can and will justify their actions. Even if you catch them red handed, its very possible they'll say its not their fault, put the blame on you or just shrug their shoulders and say "so what?"

What do you do in instances like this? Filing a police report may not be a bad idea.

Author Liz Pullman Weston of MSN Money says "A little tough love may be the only way to stop a miscreant from becoming a career criminal."

Even if the addict apologizes profusely and vows never to do it again (quite common) the odds are high they will do it again unless they get some counseling. Filing a police report no matter how reluctant you are could be a step in that direction.

There are of course other symptoms. Somebody living above their means or mail that looks like its been tampered with. Identity theft requires constant vigilance with credit monitoring, storing private information in secure places, shredding documents etc.

If identity theft happens to you, the best thing besides recovering your identity will be your peace of mind in realizing it wasn't anyone you know.

Daryl Campbell is a writer and owner of Campbell Marketing L.L.C. What's the best way to fight id theft and fraud? Free information. Get featured articles from experts as well as tips,resources and up to the minute news at http://fightidtheft.winthemarket.com

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