Tag Archives: debit card transactions

Big Bets on Polo Could Yield Billions

There’s a new old game in town and a lot of very smart people are placing big bets on it.

The old game is polo, and this weekend it’s being played on white sand in front of the blue-green Atlantic in the fabulous and famously hot town of Miami Beach.

Thomas Kato (pictured in photo) Merchant Hub CEO, patron for Lufthansa’s polo team, & returning Miami Beach Polo Sponsor feels it is, “a great corporate bonding experience for our employees and an excellent way for us to give even more back to our merchants“.

And though you won’t see any upfront betting on these very expensive ponies and their star-studded riders, behind the scenes there’s big money being wagered that polo will be the next global super-sport.

Event producers, sponsors, and advertisers are betting that polo, already a magnet for the super-rich, can attract a huge audience of average Joes, who even if they aren’t aspiring up the economic ladder can enjoy rubbing shoulders with the rich and famous and drinking, dressing and driving what’s being dangled in front of them as the good life.

Polo is being cross-marketed to a cross-section of the global population. And, while the usual high-end brands are big sponsors, middle-market and economy-brand sponsors and advertisers want in on the good life gravy train.

Reposted from Forbes, article by: Shah Gilani

Click link to continue reading: http://www.forbes.com/sites/shahgilani/2012/04/27/big-bets-on-polo-could-yield-billions/

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Credit Card Machines For Small Business

Which Credit Card Machines are Right For Your Small Business?

When you make credit card machines available to your customers, you open up a whole new world of secure, efficient, and convenient payment that will be highly appealing to them. Though it does involve a small initial purchase price, they offer a tremendous business opportunity that will pay for itself within a very short time.

On average, about half of the money received from customers is brought in through credit card machines for small business.  Therefore, if you do not yet have a terminal, or your old one isn’t working very well anymore, then it could be costing your business a sizeable amount of money.  Moreover, most of today’s credit card machines also accept debit card transactions, which will offer your customers yet another way to pay for the products and services they would like to purchase from you.

The trick to getting the most out of credit card machines for small business is to make sure that you are choosing the right one. Have a look at the 3 top credit card machines to help you to make the choice for your own company.

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Attack Of The New Bank Fees

Dodd-Frank, here is thy sting.

The 2010 legislation that limited banks’ ability to charge some fees left lenders with a choice: Take a profit hit or dream up new fees that aren’t on regulators’ radar.

Many banks are likely to choose the latter, experts say. Bank of America’s since-abandoned plan to charge users a monthly $5 debit-card fee, which set off widespread public outrage late last year, was just the beginning of the onslaught, experts say.

“Banks are going to raise existing fees and institute new ones,” predicts Alex Matjanec, co-founder of MyBankTracker, a consumer-education website. “It’s all part of this push to get back lost income.”

Already, banks have introduced new fees for wire transfers, certified checks and banking through tellers. Others have raised monthly maintenance charges on checking accounts. Next month, TD Ameritrade Holding’s TD Bank unit will start charging noncustomers a $5 fee to cash checks at any of its branches.

Hoping to find a better deal? Look before you leave. PNC Financial Services’ PNC Bank now charges $25 to close some accounts, and it isn’t the only bank that charges its customers on their way out.

The fee rollout is happening as banks try to navigate a changing regulatory landscape. The Dodd-Frank financial-overhaul law, which took effect last year, severely curtailed the “swipe fees” banks charge merchants for processing debit-card transactions. That alone is expected to siphon billions of dollars a year in revenue from banks’ balance sheets.

Bank of America, the second-largest U.S. bank by deposits, estimates interchange-fee regulations will cost it at least $2 billion a year.

Lenders also have taken a hit from stricter overdraft rules, which now require customers to opt in before they can be charged fees for overdrawing their checking accounts.

“Given that the government reduced the income banks get from interchange, banks have no choice but to find another source of income to cover their costs,” says Nessa Feddis, vice president and senior counsel at the American Bankers Association, an industry group representing some of the nation’s largest banks.

Customers are bracing for banks to introduce new fees and raise existing ones—and questions about fees for wire transfers, stop-check orders and other banking services are flooding into consumer-focused websites. About 900 have been posted so far this month on the CreditCardForum site, up from about 200 last January, according to Michael Dolen, who runs the site.

Consumers should expect banks to raise maintenance fees on checking accounts, while simultaneously upping the minimum deposit requirements, says Greg McBride, a senior financial analyst at Bankrate.com.

Customers at Citizens Bank, a unit of Royal Bank of Scotland Group, for example, now have to pay $50 a month if they fall below minimum account balances on some money-market accounts. Meanwhile, Bank of America charges some of its banking customers a $25 fee if they dip below minimums on premium-checking accounts. Continue reading