The application of pre-paid cash card for consumers

Prepaid Cash Cards are often confused with credit cards and debit cards. However, they are some very key differences between the two primary types of financial transaction card. In general, credit card is that consumers borrow money and then pay it back later. If the balance of the credit card is not paid back in full by the next statement, the remaining balance is charged interest. In contrast, debit cards and prepaid cash cards are similar because they both use your existing money, rather than borrowing.

The advantages of using prepaid cash cards are that consumers like a portable access point to their checking account. Automated teller machines (ATM) are everywhere now, and consumers can use prepaid cash cards at ATM to withdrawal funds from their account in cash, deposit funds, and even make an account balance inquiry. Consumers don't have to go to the bank anymore to get money out of their checking account, and they don't need to have a personal computer handy to check their balance. Beside that, when consumers are at the shopping mall making payment in a cashier, they can use their prepaid cash cards to see how much money have left in the account. This helps keep them from overspending the account.

The types of pre-paid cash cardn is Touch ‘n Go card. It is an electronic purse that can be used at all highways in Malaysia, major public transports in Klang Valley, selected parking sites and theme park.

Touch ‘n Go uses contactless smartcard technology. The card looks similar to a credit card. User can continue using the card as long as it is pre-loaded with electronic cash. User can reload the card at toll plazas, train stations, Automated Teller Machines, Cash Deposit Machines, Petrol kiosks and at authorised third party outlets. Reload denomination is ranging from RM20 to RM500.

Touch ‘n Go enhances the speed of paying for low value but high frequency transactions. Apart from the speed, it is also very convenient because user no longer need to prepare for small change or wait in queue at the cash lane to complete the transaction. Touch 'n Go Sdn Bhd, the operator of this Electronic Payment System, has several range of Touch ‘n Go cards to suit different market needs.

Beside that, nowadays almost everyone is using mobile phone over the world. Another types of pre-paid cash card is sim card. Consumers would reload or deposit the money into their sim card. A sim card is a portable memory chip used in some models of cellular telephones. The sim card makes it easy to switch to a new phone by simply sliding the sim out of the old phone and into the new one. The sim holds personal identity information, cell phone number, phone book, text messages and other data. In addition, a sim card can come in very handy.

Related links:
1.http://www.touchngo.com.my/
2.http://siva-my.jobstreet.com/_profile/previewProfile.asp?advertiser_id=3942

A review on a post on e-tailing from My E-Commerce blog

Since Touch N Go was introduced, it actually enhances the convenience of its users. We can see that it increases the speed of paying for tolls, KTM services and other services like Rapid KL. In addition, those who use Touch N Go are given privilege as ATM card, credit card and so forth. These combinations are preferable because consumers can have only one card to do many transactions and are given bonuses such as reward points.

With e-Tailing becoming more important, many organizations are moving into implementing it. With the introduction of e-tailing, many companies are benefited from the convenience of the services. Touch N Go again implemented it due to the finding that it is good for multiple usage and easier for applicants to use it anywhere at anytime. After subscribing it, the applicants can load in money and uses it else where with a single card.

It encourages safeness because customer need not bring too much money to travel.
From the review, I agreed that Touch N Go should expand its services to food outlets. It will increase the number of customers and also to generate more revenues. Since the food outlets are becoming more important, it is predicted that the profitability of Touch N Go will increase if the expansion of services to food outlets if it becomes a reality.

More information, please visit

http://www.touchngo.com.my/AboutUs_CompBG.html

Electronic Currency

Being in business world nowadays, the organization is not oriented only in one location but globally. Having this situation, what should an organization do when come to questions about making payments especially those that conduct businesses using licensing and franchising. Some businesses even bothered to do make payments using checks and credit cards. Signature, confirm payment and so forth make things worst and slow so with the idea of electronic currency, it enhances working speed and precision for making payments.

Electronic currency known also as e-cash, digital money or digital currency are used particularly for making payments online and exchanged electronically mostly involving computer networks. One of the best company that introduced this method of payment is Payloadz. https://www.payloadz.com/

Payloadz is a electronic currency company that provides services for downloadable items like Mp3, digital arts, movies and more. However, the services integrated with PayPal and users have to do payment using PayPal methods. It also reflects its benefits such as security measures, free first time Premium accounts and lifetime Basic accounts and so forth. Also given is money back guarantee of 150% is users aren not satisfied with the product or services. Thus, it is an assurance that the company is so successful that the sales increases up to 1000%.

Next is Paystone which sees its usage for mailing of money. The price may be as low as $0.25. It shows its convenience, inexpensive way of transfer funds, instant and secure. Group Pay services especially reveals its importance to make payments to multiple parties. On the other hand, the Merchant service is to secure the transfer of funds and allow customers to pay per view for the contents. This would increase the profit for the company. However, the service requires only ATM to make payment.

Paystone weblink:

http://www.paystone.com/support/index.php?PHPSESSID=jeh24lekgdp3e4kbeimq2eu760
http://www.paystone.com/company/index.php

Causes and Prevention of Credit Card Debts

Causes of Credit Card Debts

Reduced income/same expenses. Too often we delay bringing expenses in line with a reduction in income for a host of good reasons and let debt fill the gap. The sooner you adjust to your new reality, whether it be temporary or permanent, the better off you'll be.

Poor money management. A monthly spending plan is essential. Without one you have no idea where your money is going. You may be spending hundreds of dollars unnecessarily each month and end up having to charge purchases on which you should have spent that money.

Underemployment. A close cousin to No. 1, people who experience under employment may continue to think of it as only temporary or if they are coming off unemployment feel a false sense of relief. Yes, you deserve a break, but this is not the time. Get those expenses in line with your current income.

Saving too little or not at all. The simplest way to avoid unwanted debt is to prepare for unexpected expenditures by saving three to six months of living expenses. With a savings cushion in place, a job layoff, illness or divorce will not cause immediate financial strain and increase debt.

Banking on a windfall. Spending tomorrow's money today is very tempting. Especially if you believe that tomorrow will come no matter what. A planned job bonus may not be a sure thing. The inheritance that you believe will come your way may not.

Financial illiteracy. Many people don't understand how money works and grows, how to save and invest for a rainy day, or even why they should balance their checkbook. The schools don't teach it, your parents may not have sat you down and explained it. It doesn't matter. You are responsible for your life and your money anyway.

Prevention of credit card debts

1. Photocopy the credit card offer, including the interest rate and terms. Create a letter to your credit card company/companies stating that you are thinking of switching to their competition because they are offering a far more reasonable interest rate. Credit card companies do not want to lose your business. Nine times out of ten they will match or even offer a lower rate than the competition has offered.

2. If you can afford it, pay double the minimum payment. The minimum payment usually pays just enough to cover the interest and a little more that pays down the balance. Paying extra will pay your balance more quickly.

3. Pay off smaller balances first. It is common for a person to try to focus on their cards with larger balances first. Pay off the smaller ones. It will take less time and you will feel a sense of satisfaction when you have actually completed your goal. This will boost your confidence and make it easier to tackle the higher balances.

4. Cut up your cards so that you are not tempted to use them. Save one card for emergencies.

5. If you have equity in your home, look into paying off credit card debt with a refinance or fixed-rate home equity loan. Do not use a home equity line of credit, the rates will rise as the prime rises and suddenly you may find it impossible to keep up with your bills.

Related links :

http://www.bankrate.com/brm/news/debt/debt_manage_2004/top-10-causes.asp

http://www.free-financial-advice.net/credit-card-debt.html