Tag Archive: Money

Top Tips to Help You Avoid Being Scammed

It is a good idea to take time to think about how you can be financially safe. However, the scammers out there have become so smart that it becomes easy to fall into their traps.

Set Up Text Alerts

scam alertIf you like keeping a smartphone near you and like checking it often, it can be your first line of defense against fraud. Usually, it is free to sign up with your bank or credit card provider to receive text alerts whenever your card is used. This can save you headaches. After using your card, you will get an alert telling you that your card has been used.

Do Not Give Financial Information Over Phone

Usually, financial institutions will not call you to ask for financial information over the phone. Instead, they will send a letter. Even if a caller claims to be from customer service or a fraud department, you should not share any information with them. Just hang up and contact the customer support yourself to find out whether the problem is real. You should not contact any other number given to you by the purported support.

Do Not Believe Everything

Anytime you see an advertisement by someone you know or even a celeb, you need to be careful. You should check the official website of that person and see whether the service or product that is being promoted is there. You should never trust; you ought to verify.

Learn Financial Safety Habits

The process of protecting your financial data and information ought to be an ongoing job. Even if you are retired, you have to learn to stay ahead of the fraudsters. Therefore, you should take advantage of the different tools and resources available.

Check Your Credit Reports

digital fraudEach month, you should request a credit report. Remember that you can get a free report annually from different credit bureaus. When you send your inquiries on a routine basis, you are monitoring your financial data throughout the year.

Change Passwords

You should consider creating new passwords twice annually. It is a good idea to use two-step authentication. In this case, you are not only using your username and password, but also codes. This can help you to keep your different accounts safe.

How to get your payments in from customers

Cash flow and calculator

Many businesses today sell products and services on installments. These can be electronics, home appliances, and other items. Some even sell services which can be paid for over an agreed period of time. However, while a company does this to increase the number of sales, the collection of the monthly payments can be a real hassle.

Payment collection optionshundred dollar bills

Many companies will expect their customers to send in the payments on time by either, cheque, money order or bank transfer. However, there are many occasions where a client does not pay and also sometimes forgets the installment altogether. When this happens, the seller or service provider has to resort to follow-up calls and emails to their customers. This can be a tedious task and will require additional staff and a lot of time. It is also not the most effective way to collect payments. Cheques can get lost in the mail and even bounce when cleared. However, there is an option, and that is direct debits.

What is a direct debit?

You may be paying off a contract on your phone or even a large company for a product or service offered on a monthly basis. The money is automatically taken from your account and credited to the sellers account at the bank for a prescribed period. In fact, direct debits happen by the millions each day.

Who can avail of direct debit

Most banks will only offer this service to large companies and the smaller businesses who want to increase sales by offering installments will find it hard to make collections and will not get the direct debit service from a bank easily. This is why it is best to contact a company that offers direct debit service. When this is done, the company will collect the payments from your customers and transfer them to your account with ease.

The benefits

cash flow and calculator Direct debits are a great way to expand your companies horizons. You will not have to worry about cash flows and waiting for payments in the mail. The direct debit service providers are reputed and reliable companies that will help you as a small business get the direct debit service set up through them. Once payment is received, they will send the money to your account instantly or even before the day the money clears. These services will often be glad to give you loans and cash advances in case you are in urgent need of cash.

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