|Merchant Services, E-commerce and Credit Card Processing Information|
E-Currency Exchange: The First Bonanza of the 21st Century?
The 21st century has introduced the world to a new way of doing business. It's now a foregone conclusion that global commerce will be as revolutionized by it as Henry Ford's mass-production techniques were a defining characteristic of the 1900s.
The business is e-currency, which allows Internet-based purchase and sales transactions involving almost anything to be safely conducted at lightning speed. Safeguards are in place to make identity fraud, chargeback prevention and funds verification much more of a surety than anything the conventional means of payment in the non-cyber world can provide.
E-currency may only exist in the cyber world, but that is nothing new. The euro began in the same manner. It was officially accepted by the countries of the European Union in 1999 to simplify business by eliminating exchange rates, but it began life 20 years before that by private financial institutions who saw it as an idea that had to happen. By 2002, the euro evolved from cyber-tender to hard cash and is now arguably the second-most influential currency in the world.
The Internet's globalization of commerce on an instantaneous basis means that, where the euro has already gone, today's e-currencies will follow.
However, there is still one major issue that needs to be resolved before all is proclaimed to be perfect in the rapidly expanding multi-billion-dollar world of cyberspace. There are still many different e-currencies in existence, with no universally accepted forum for exchanging them with one another or converting them to hard cash.
So, a company called GDT --- Global Digital Transactions --- has stepped forward to create a solution. Their endeavor is called DXinOne, or DXiO. The term 'DX' pertains to a unit of e-currency. 'DXG' is used to describe that unit in terms of its equivalent value in gold; it's currently pegged at DXG 1.00 = USD 1.00 for exchange purposes. Most e-currencies are backed by gold reserves held privately by the companies that issue them. A unit of 'DXG' is called a 'digot' --- a combination of 'digit' and 'ingot' --- and the popular pronunciation is 'dig it.'
The reason this should be interesting to you is that you can make money with it --- serious money --- by becoming an e-Merchant who facilitates these e-currency exchanges. Tens of thousands of them occur daily. Soon it will be tens of millions.
Basically, if you study the DXiO system in detail, you'll see that it's a fee-based settlement operation rather than a market-based investment activity. GDT has designed DXiO to perform the same function in cyberspace that title companies do for real estate brokers and that clearing houses do for stockbrokers. DXiO does not have an equity stake in any of your transactions. It merely accounts for them on behalf of the participants in each transaction. It then takes a fee for its services.
If you take the time and commit to the requisite study of the system, its proponents claim you cannot lose with it.
Currently, the DXiO system is in a beta-test mode in preparation for its full introduction and deployment to the public. As a participant, you will become a 'member' of a private organization. As such, you will interact with other members in ways which enable you to learn the intricacies of the DXiO system. Ultimately, you'll advance to the e-Merchant stage, where you'll be handling transaction claims for e-currency exchanges and taking a fee for doing it. Your profits will not come from your investment into the business, per sť, but from your utilization of funds in your portfolio account serving as a 'float' which will facilitate the transition of one e-currency to another and allowing you to earn a fee for doing so.
You need to create a substantial float in order to conduct such transactions at a practical level. Based upon five years of performance to date, the beta-stage of DXiO's operations enables you to achieve that with very little capital invested. (Believe it or not, you can start with $50!) In that respect, their system is certainly more egalitarian than anything else currently out there.
Perhaps you'll wonder why GDT based these operations in a lesser-known tax haven like Vanuatu. Well, it seems that when the market for phone-porn became a booming industry a decade ago, many of those businesses set up shop in Vanuatu. Ultimately, the authorities there chased them away, but the aftereffect was that Vanuatu inherited a very sophisticated telecommunications infrastructure. If ever a high-volume Internet business wanted to establish itself in a tax haven with lower-than-usual start-up costs, Vanuatu became the ideal place to do it!
It's prudent to remember that, if you do choose to become involved in DXiO, only commit capital that you can afford to do without, no matter what the future may hold. That should be everyone's philosophy in any new venture such as this.
In more ways than one, becoming an e-Merchant for electronic currency exchange can be a capital idea. It could also make for a very interesting rest of the century.
G A Sherman is an Internet marketer who only deals with proven products designed to improve the quality of life. A link to one of the most thorough DXiO training systems can be found on his website at http://longerlifegroup.com/success.html
7 Key Steps To Reduce Refunds and Chargebacks
One sure-fire way to loosing out big time on your business profits is from incidences of excessive refunds and chargeback requests. If the number is high in any period you could risk loosing your third party merchant account altogether. So what do you do when there are some who will request a refund within 15 minutes of purchasing your product? Or even more pettier are those who will wait until the last possible moment to request a refund. Well not all is lost because merchant account providers are very well informed as to the credit card numbers of persistent refund and chargeback claimants. Just like their list of fraudulent credit card users, stolen credit cards etc they have a database of what I call "Refund Junkies". There appears to be no end to the unethical tactics some people will use to get your product for free.Use the following tips to further safeguard against refunds and expensive chargeback costs. The good news is that refunds are easy to process and do not carry any additional fees. However as a merchant you want to ensure that refunds are kept to a minimum.1. Clearly State the Billing NameFirst and foremost state the name of your third party credit card processor on your sales pages and include them in your terms and follow up email receipts so that customers are fully aware of what company name will appear on their billing statements. This will reduce the number of customers who do not recognize the billing name on their statements from contacting their credit card issuers for a chargeback. This one factor can lead to an unprecedented number of chargebacks claims.2. Provide Your Customer Support DetailsProvide your email address so that customers can contact you regarding any queries about their order. Make sure that you answer them in a timely manner to avoid unnecessary delays. If a customer is not responded to promptly they are very likely to make a refund request.3. Offer Lifetime UpdatesOffering your customers lifetime updates to your product and services to add value and will encourage them to remain customers in the knowledge that they will always receive your most current edition of your goods.4. Reward Loyal Customers With Exclusive PrivilegesOffer your customers a product that can be used freely as long as they are fully paid members, as part of a membership site. Or use a tool which is only available to customers and cannot be accessed after a refund request is made. As long as your offer is valuable to your customers and members you are will substantially reduce the number of refund requests.5. Provide The Best GuaranteeYour guarantee could become a thorn in your side if you have a very short time span before customers can test out and use your product. But studies show that the longer the guarantee period the less refund requests are made because customers are more comfortable with their rights to cancel if the product or service does not meet their needs.This is at your discretion as a merchant so testing is important to work out what is best for you. Remember to take into account that some third party processors have a limit on the maximum refund time their merchants can issue to customers.6. Accurate Product DescriptionsAvoid making bold claims that are "too good to be true" if you cannot deliver the results. You could be setting yourself up for a big fall and your customers will request refunds if your product description does not fulfill their needs. You could also be breaking the law and be liable to charges if a law suit is brought against your company. Make sure your sale letter accurately reflects your goods for sale and highlight the TRUE benefits of owning the goods.7. Surprise BonusesIt is a great surprise when you buy something and receive additional unadvertised bonuses. This can warm your customers to your company and can only please them. It also demonstrates that you do not need to publicize your bonuses because you believe in your product so much that it will sell on its own merit.Dispelling MythsAll too often I have read articles and statements claiming that with third party merchant accounts there are no chargeback fees and that you never have your company name display on customer statements. These claims are inaccurate. The facts are that some do not have chargeback fees. I have personally researched 90+ third party processing companies and have contacted them to verify certain key points in their terms of contract and fee schedule. There are some third party processors that do not issue chargeback fees or refunds, such as can be found with some digital gold currencies. In this case the merchant must initiate a refund directly to the customer.There are some third party processors who do not levy chargeback fees but you will find that these are very few in number and they will typically have a higher processing fee to cover their costs. Don't be mistaken in thinking that third party processors do not pass on chargeback fees to their merchants. You only have to read their terms in full to find out exactly what you can expect to be charged for per chargeback incident. I highlight these important facts in my book The A-Z of No Merchant Accounts for your convenience.
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Make That 3 Billion
My previous article I wrote called "One Point Two Billion" attracted quite some attention, the downloads through all the article syndication services has been astronomical compared to any other articles I wrote which are still with them. It seems the numbers game is popular not only with the accountancy profession, but with just about anyone running a website who is interested in more sales from anywhere in the world. The internet has proved to be the great leveller, even a grandmother I know has made hundreds of thousands of dollars just from publishing a couple of e-books, business of that magnitude is not now confined to those people with large sums of investment capital, teams of accountants, planners, secretaries, swanky offices etc. Anyone, even you, can make money regularly on the internet, just aim for a goal and 'go for it!' The costs of setting up have never been lower, the ease of making web pages has never been easier, ( I make my web pages in Notepad, which is on every Windows computer), and the potential audience for your web pages has never been larger. So what are you waiting for? The sheer mountain of information available through e-books on any subject and especially on setting up a business on the internet would take you a lifetime to read through, so just be selective and read only what you need to know about and get started in that business. Businesspeople who have 'been there-done that', have written up an enormous amount of e-books to pass on their knowledge and experience, pitfalls to avoid, how to spend your advertising dollars, and just about everything else you need to know about to ensure success. So profit from their experience, avoid the pitfalls, do what they say you should do, and you should be in a profitable business in no time, just the way they did it. No large sums of investment are needed, just time and dedication. If you provide an excellent service that benefits all your clients, they will recommend you to their friends,if on the other hand you want to be a 'scammer' and a 'fly by night' operator determined to 'rip-off' as many people as possible, you will come to grief. You will find your web hosting account rapidly terminated, your e-mail account likewise, and your name plastered all over the forums and newsgroups. You get out of life exactly what you put in. There are still mysteries about life we still don't understand and this is the reason we come to grief, but on the other hand, if you work for the benefit of others, this 'mystery of life', for want of a better name,cuts in and helps us along, we go with the flow and good things start to happen. I could tell you of many experiences I have had, both good and bad, which I have learnt a great deal from, but space precludes that, maybe one day. All right, you win, I will tell you of one particular incident more recently and then move on with this article. I carried a St.Christopher medallion on a gold chain in my wallet for six years, given to me by the wife of a good friend overseas, 'it will keep you safe' she said. I received a new wallet for a Christmas present and changed everything in the old wallet into the new one, except the St. Christopher medallion, it was looking a bit 'worse for wear' and I decided to put it in the cupboard. That day I lost my mobile phone! For two whole days I felt a loss which can only be described as a 'bereavement'. I had lost touch with the network I was attached to night and day, seven days a week, I felt bereft. I did not know if someone was trying to ring me, whether something was urgent I had to know about, my sense of loss was total. Was this to do with the St. Christopher medallion? I thought surely not. That was on the Tuesday, by Thursday morning I had decided to put that 'good luck' St. Christopher medallion into my new wallet. My mobile phone turned up via a 'good samaritan' who would take no money as a reward whatsoever.I was never more pleased to see my mobile phone. So what happened here?Was it something to do with the St. Christopher medallion? Was it because I had 'bad thoughts' that it was the 'worse for wear'so discard it as inconsequential? I don't know the answer. There have been too many such incidents in my life it would take volumes to relate the details. We don't know these 'mysteries of life' but one thing is important -keep a positive outlook to everything and everyone and good things will happen for you. It's difficult to visualize how many people that are out there who can log on to your website. It's also difficult to understand what kinds of people they are, what background and education they have had. Why they are logging on to your new site. What do they expect to see, or learn, or buy? How will they benefit from visiting your site?. Will they buy a good product, or learn something, or get some amusement or entertainment from it?.
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As e-commerce develops ambiguities in the current tax code in which it may be exposed. It would not be regarded as too early to take premature steps for undertaking such a review at a time when detailed international legislation are going on to promulgate acceptable standards laws for imposition taxation in this regard. The Central Board of Revenue should take active part in promulgation of conducting research on this subject in hand and should propose any changes to tax law in the light of what emerges in development in e-business. In the meantime, Central board of Revenue will do two things:
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