Behavioral finance is the social sciences to finance which is intimately linked with the scientific research on human behavior and social, cognitive and emotional factors. Behavioral finance better comprehend economic decisions by consumers, borrowers, investors, and it let you know how it can affect market prices, ROI and the allocation of resources.
Psychological patterns such as overconfidence and perceived assumption may bring twist in the value function and thus it can impact financial decision-making. This video focus on Kahneman and Tversky’s Prospect Theory addressing such issues and sheds light on irrational deviations from traditional decision-making models. :
A demanding effort is considerable for the online stores nowadays because its customers may be located anywhere in the world. The owners of online store need to firmly follow the standards of good practice to maintain the relationships with their end-users and may wish to consult their Internet Payment Service Provider (IPSP), before framing the customer relation management (CRM).
The following are some of the more important actions that Merchants should implement:
*Make it very clear to customers what they can look ahead to when their purchase goes through the online transaction process. For example, Merchants must inform the customer how to identify the charge on their credit card statement, they should tell the customer what the credit card ‘descriptor’ will be? (ie. identification of the Merchant which is not always the complete name of the Merchant’s business or e-store, and is often an abbreviation or combination of abbreviations.)
*Explain in simple terms to customers what happens when a customer orders goods that are out of stock. Normally, the Merchant should not charge the credit card immediately but should ‘reserve’ the amount to the customer account and process the charge when the goods are actually shipped. If there is no ‘payment reserve’ system, specify how customers will be advised of the ‘back order’ situation and how they can cancel their orders if they don’t wish to wait.
* You should provide customers the information relating to returning products (RMA) and when products are to be shipped and by what delivery service it will be delivered.
* Ensure that customers are fully informed of Merchants’ TOS & your privacy policy and are given advance notice when an e-store changes its contact information, the TOS or any aspect of the service that a Merchant provides and is about to change.
Overall, the store owners should dedicate themselves to 100 % towards customer satisfaction and to enlist the co-operation of their IPSP in addressing the queries and concerns of end-users.
An IPSP should be prepared to make a search for any payment information that goes through its system and use that information to help the customer with any problem and also they should be prepared to answer any questions.
Posted by jessica on 09 Aug 2008 at 9:48 am under CRM | No Comments
High risk merchant account is necessary for those who cannot obtain a traditional merchant account such as approval for travel, adult, tobacco, digital products, replica, pharmaceutical products etc. Also depending on the ticket size or monthly volume, and your target markets, in general it is important that you should get merchant account from a reputed and trustworthy payment service providers those provide safe and secure payment processing. While looking for a high risk merchant account you should make sure that the merchant account providers have a flexible plan and offering competitive fee structure and capable to meet your specific need.
Although it is difficult to find a reliable high-risk businesses to meet a secured credit card processing options for your businesses, there are few online merchant account providers who can take the risk to support the merchants especially those dealing with high risk products or services. However make sure to check their fees structure thoroughly, which should be reasonable without any hidden fees.
The Merchant Account providers should have good network and partnered with banks around the world and preferably they should have international gateway and User-friendly virtual terminal. Even for you Home Business, online store, Retail Stores, you should check they must accept payment through VISA/Mastercard and some of Debit Card depending on the target market you are focusing.
Here are the list of few shortlisted High risk Merchant Payment Processors providers;
Insurance is a state of mind, which let you lead peaceful life once you get insured since you never have to worry about what will happen to your finances in case of adversity. It’s an is optimal need to protect you from all the worst things that may possibly happen to you or your family. However before you buy insurance plan prefer to look for few insurance portal systems which are normally integrated with on-line solution that take care of all aspects of insurance need either it is life insurance, travel insurance, auto insurance or health and wealth insurance. You should look for insurance providers those who are well known, reliable and reputed.
Most of the health insurance plan works by evaluating the overall risk of healthcare expenses of person and build up a routine finance structure for the monthly premium that may vary depending on the age and health history of an individual. The insurance providers should work out to ensure that money is available the time to pay for the healthcare expenses as specified in the insurance agreement similarly the auto insurance work on evaluating the prevailing risk factors. It is most important that before you drive any vehicle make sure that the vehicle is insured, if your vehicle is not insured visit a insurance company and get insured your vehicle at priority.
Consider checking few online insurance providers who can provide you information about different insurance products and generates a quote on-line matching your specific need. You can also access their FAQ to get answer of your questions, you should collect information about the track record and overall rating about specific insurance products. Also try to get familiar with finance market and pricing information through accessing few finance and insurance sector sites, which are regularly maintained and are being updated. You can also get most recent information about the insurance products/prices and financial market news through magazine and your offline contacts.
Most of insurance providers are reputed and reliable entities that generally offer full range of personalized services and their plans are generally designed to meet your specific needs. They are having expert team of people from insurance sector to supports you in every aspect of your insurance need and guide you in finance & wealth management. Remember, the disaster doesn’t give date, you need to feel safe & secured, you need to guarantee your assets, your belongings and financial needs, and you need someone to have your back to financially support. Get insured!
If you are looking to shape your bad credit history, you can build a new and clean credit history by availing fresh loan from such company those provide fresh loan without checking your past credit history, No doubt this interim finance is going to help you to increase your credit score and rebuild the credit history but most important point is to be taken into consideration about the interest they are charging, check the interest should be very competitive and affordable.
Debt consolidation loans are good option for borrowers with bad credit history however depending on your paying capacity you need to check that you should pay the loan timely to avoid any further problem. Since credit repair has become the most searched term over the Internet, people are looking for quick finance to regain their credit scores but you need to check that the company is of well repute and they have flexible policy and are reliable and charging most competitive interest rate.
