The customer is always right!
13 years ago
Tuesday, July 7, 2009
One of the part of payments system is credit card which is the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. This was result numberous of consumers or credit card holders overload their credit limit and caused credit card debts. Credit card debt is an example of unsecured consumer debt, accessed through credit cards.
Debts are caused by a client of a credit card company purchases an item o
r service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent. The results of not paying this debt on time are that the company will charge a late payment penalty and report the late payment to credit rating agencies. Being late on a payment is sometimes referred to as being in "default". The late payment penalty itself increases the amount of debt the consumer has.
Debts are caused by a client of a credit card company purchases an item o
r service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent. The results of not paying this debt on time are that the company will charge a late payment penalty and report the late payment to credit rating agencies. Being late on a payment is sometimes referred to as being in "default". The late payment penalty itself increases the amount of debt the consumer has.In order to prevent the accumulated credit card debts, there are several methods to stay out the credit cards 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. Refinance or fixed-rate home equity loan
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.
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. Refinance or fixed-rate home equity loan
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.
Monday, July 6, 2009
The Application of Thirrd Party Certification Programme in Malaysia
0 comments Posted by Poh Sin at 10:06 PMOne of the problems faced by entrepreneurs in the fast paced business world today is selecting the proper technology foundation to secure their business transaction in open network communication. Having the proper "implementing technology" in place can make a difference between failure and incredible success.
To secure their business transaction, they need the third party certification for security purpose. Third parties who issue digital certificates are also known as certification authorities (CAs). A digital certificate contains the holder’s name, validity period, public key information, and a signed hash of the certificate data.
Besides that, the users will be able to make transaction on the internet without fear of having the personal data being stolen, information contaminated by third parties, and the transacting party denying any commercial commitment with the users by using the digital certificate.
MSC Trustgate.com 
MSC Trustgate.com Sdn. Bhd. is
DIGICERT
Digicert is a joint venture company between POS MALAYSIA Berhad and MIMOS Berhad was incorporated in February 1998 with its objective as a premier licensed Certification Authority (CA). As a Certification Authority, DIGICERT is responsible for the creation of digital identities through the use of digital certificates. DIGICERT is in the center of an effective trust model that the government is creating to address the issue of information security and the negative perception that has been painted in association with online transactions. Digital signatures, encryption, and the infrastructures to support their use are becoming essential for further growth of e-business in
Mobile payment system in Malaysia: its potentials and consumers’ adoption strategies.
0 comments Posted by Poh Sin at 9:37 PM
What is mobile payment system?
Mobile payment is the solution to the limitations and bottlenecks created by cash, cheques and credit cards. It unlocks the power of the mobile phone to make payments, allowing registered users to pay for goods and services at anytime, anywhere by using only a mobile phone coupled with a 6-digit security PIN (Personal Identification Number) via SMS (Short Messaging Service). This gives the freedom to shoppers to buy products online and pay the merchant using his/her mobile phone without being physically present at the store.
Potential and future development
Mobile payment system will encourage more consumers to shop online. This will definitely be a great boon to the e-commerce industry in
Consumer’s adoption strategies
In order to pay using Mobile Money, a shopper must have a savings, current or credit card account with participating banks. It functions like a Credit Card if a shopper applies for a "Pay by Mobile Phone" credit card account (eg Hong Leong Mobile Credit Card). The shopper will be billed by the bank accordingly by month's end. In addition, it functions as a Debit Card if it is tied to shopper's savings or current account. The amount will be deducted instantly from the account upon successful transaction.
What is Pre-paid cash card?
Prepaid cash cards are plastic cards, which fall under the pay first category of plastic payments. They offer the same ability as credit and debit cards to purchase products and services but you can only spend the balance that has been preloaded onto the card. Prepaid cash cards can be used to make payment for goods and services and even to withdraw money. The user needs to reload the card with a sum of money before using the card. Prepaid cash cards are designed to be used as a safer alternative as compare to cash. With just a card we can go anywhere we want. It is so convenient and safe.
Prepaid Cash Cards – Why use them?
Nowadays, people can limit their spending with their prepaid cash card that load funds onto the card and use the money. The following are the benefits if you have a prepaid cash card on hand.
1. To budget for yourself, keep track all of activity online or by phone. Like a credit card, you get a full breakdown of spending on the card so you can see what has been purchased, who from and when. Therefore, you will improve your credit rating without running the risk of having any debt.
2. Avoid bounced check fees; always know exactly how much money you have to spend. The prepaid card can help protect you from over spending.
3.Prepaid cash cards are a good option if you are going overseas. They are popular with students heading off on gap years and children who go abroad on school trips as parents can reload them conveniently and efficiently.
4.Eliminate check cashing fees and enjoy immediate access to your money through direct deposit of your paycheck, government payment or other income sources, no bank account needed.
5.No chance of spending too much. By using prepaid cash cards, you are limited to the amount you put on your card.
Example of Pre-paid cash card using in Malaysia
Touch ‘n Go (TnG) smart card is an electronic payment system that can be used by Malaysian at all highways, major public transport in Klang Valley, selected parking sites and theme park. Well, it is expanding its business to retail purchase by starting with fast food industry that enables consumers to buy dough nut, burger or fast-food from 21 outlets such as Burger King, 7-Eleven, Dunkin’ Donut. It is imitating the success of Hong Kong’s Octopus Card by setting 5 to 10% of the card holders for retail purchase as current target of the company.
Prepaid Cash Cards – Why use them?
Nowadays, people can limit their spending with their prepaid cash card that load funds onto the card and use the money. The following are the benefits if you have a prepaid cash card on hand.
1. To budget for yourself, keep track all of activity online or by phone. Like a credit card, you get a full breakdown of spending on the card so you can see what has been purchased, who from and when. Therefore, you will improve your credit rating without running the risk of having any debt.
2. Avoid bounced check fees; always know exactly how much money you have to spend. The prepaid card can help protect you from over spending.
3.Prepaid cash cards are a good option if you are going overseas. They are popular with students heading off on gap years and children who go abroad on school trips as parents can reload them conveniently and efficiently.
4.Eliminate check cashing fees and enjoy immediate access to your money through direct deposit of your paycheck, government payment or other income sources, no bank account needed.
5.No chance of spending too much. By using prepaid cash cards, you are limited to the amount you put on your card.
Example of Pre-paid cash card using in Malaysia
Touch ‘n Go (TnG) smart card is an electronic payment system that can be used by Malaysian at all highways, major public transport in Klang Valley, selected parking sites and theme park. Well, it is expanding its business to retail purchase by starting with fast food industry that enables consumers to buy dough nut, burger or fast-food from 21 outlets such as Burger King, 7-Eleven, Dunkin’ Donut. It is imitating the success of Hong Kong’s Octopus Card by setting 5 to 10% of the card holders for retail purchase as current target of the company.;;
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