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Different Types of Payment Modes for E-commerce

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If you plan to set up an e-commerce business, you need to determine the type of payment method that will be best suited for your enterprise. While there are several options to choose from, some help maximize revenue gains.

Some of the different types of payment methods to choose from include:

Credit Cards: These are the most popular and common mode of payment used by customers when shopping online. An online vendor can gain access to an international market through the integration of a payment gateway on its website to be used for payments by credit cards. Credit cards are the most popular in North America, Europe, etc.

Mobile Payments: These are popular in nations that have low banking or credit card penetration, and are a swift solution for customers to make purchases from e-commerce sites. These are commonly used for dating sites, social media platforms, gaming portals, etc. The customer has the facility to make payments through an SMS facility. This is more commonly in use in the Asia Pacific region.

Bank Transfers: Those customers that enroll for Internet backing have the facility to a bank transfer when they make any purchase online. One of the most significant advantages of using a bank transfer is that every transaction requires the customer’s approval and authentication. Only after has the customer approved the transaction will the purchase take place.

E-wallets: E-wallets are growing in popularity and are used to store the customer’s funds and personal data, which are needed to make online purchases. Getting enrolled for an e-wallet is swift and simple, with the customer requiring submission of relevant information just once. Another benefit of an e-wallet is they can work in coordination with mobile wallets using smart technology like Near Field Communication (NFC) devices. All it needs is to tap on an available NFC terminal, and the funds get instantly transferred. Powercash is an excellent example of this type of technology that gains popularity across the US and Europe.

Prepaid Cards: These are used by customers that don’t have bank accounts or minors as an alternative payment method. They come in different values as per the customer’s needs. It’s a preferred mode of receiving payment among online gaming companies. They accept payments in the form of virtual currency that’s stored on prepaid cards and used for gaming transactions. One of the primary factors that influence the use of prepaid cards seems to be the age of the customers, above other factors as per research.

Direct Deposit: Customers make a direct deposit transaction when they send instructions to banks to transfer funds from the bank account to make an online payment. For this, the customer will update the banks as to when to disburse the payments and the sum from their bank account. Generally, a scheduled date for payments is fixed. Direct deposit types of payments are used for monthly subscription services likes Netflix, Amazon Prime, etc.

Cash: This is the most widely used for cash-on-delivery and the purchase of physical goods. While it’s convenient, it does have the risk of getting stolen, among other threats.

These are the various types of payment modes that can be used for e-commerce transactions. Understanding the niche audience, especially their location, can help to figure out the right kind of payment methods to adopt for your e-business.

Enabling Self-Indulgent Adult Children Is Not Good Parenting

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About 10 years ago, a woman I know gave up a high paying job in Connecticut because she felt she could not handle the stress. She moved to rural Florida for a few years, lived with a guy she had met in high school in a house that her parents bought, and basically became substantially unemployable – not that she was looking for a real job. She held various low-level jobs until the economy started to slump.

Over the course of the past decade, she has broken off her relationship with her high school “friend” and grown increasingly dependent on her now 70-year-old parents. They started by paying for her home and then her health insurance. Finally, about six months ago, the parents sold the house and had their daughter move in with them. They now cover all of her insurance and living expenses, while she works to earn just enough money to go out with her friends.

 

The parents are not made of money. Indeed, the recent economic slump has made money a bit tight for them, as their investments have shrunk. Still, they do not stop paying for their daughter’s needs and many of her wants. (It is only recently that she gave up a $500 per month lease on a luxury car!) They even co-signed a loan for the daughter’s ex-boyfriend’s truck but, fortunately for them, he paid off the truck on his own.

When Did Children Stop Taking Care of Elderly Parents?

If we look back at history, the idea of elderly parents taking care of the financial needs of adult children is quite new. Until quite recently, just the opposite was true, and parents could hope for at least a modicum of support from grown children when the parents reached a certain age. Now, it seems that the number of adult children who are relying on parental support is growing by leaps and bounds.

Parents should not have to support adult children who are not disabled. Enabling self-indulgent and selfish behavior in adult children is not even good parenting. An adult who finds a better paying job will enjoy a higher standard of living. An adult who takes a pay cut will need to make sacrifices. Just because an adult wants to take a pay cut, however, should never mean that his or her parents should be the ones to make sacrifices.

Given our current economic climate, there is no justification for an adult child to live off of a parent’s largesse. Supporting an adult child is a very bad decision, especially if the parents do not know if they have sufficient funds to support the child for the rest of his or her life as well as themselves for the rest of their own lives.

If You Have Children, What Should You Do?

If you are a parent supporting an adult child, you cannot show junior to the door without a transition period, of course. Set up a plan so that you can wean your child off of your expense account. Give the child a period of time to find a job, to save some money and then to move out or to start paying their own rent. Offer emotional support and guidance, but cut off the ready flow of funds. Make being a dependant unpleasant, but don’t stop showing your love for the child.

Do you have any other advice for caring for adult children? Share it with us in the comments below!

Read More:

Parents Need to Learn How to Not Spoil Children
Parents: Teach Your Children about Money Because Schools Won’t
Should Parents Pay for Their Children’s College Education?

(Photo courtesy of Ludovic Bertron)

Part 2: This Is How Much Timeshare Ownership Really Costs

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how much do timeshares cost

In 2017, timeshare sales volume hit $9.6 billion in the U.S. That’s a nearly 4 percent increase over 2016 and a 26 percent increase from 2013. But, even if people are buying into timeshares, it doesn’t mean they’re a great value. In fact, as a consumer, figuring out what a timeshare will cost can be a challenge. How much do timeshares cost? Many consumers will be surprised by the answer.

Understanding What You Are Buying

When you own a timeshare, you aren’t actually purchasing the property. Instead, you become one of many buyers who have a stake in the unit.

Timeshare owners buy “intervals” at a specific property. Each interval represents a certain amount of time, usually a week. If you purchase one interval, you “own” the property for one week each year. During that period, you can stay in the unit.

It’s important to note that not all units are sold in one-week intervals. In some cases, the interval is one-tenth or one-quarter of a year, but those aren’t nearly as common as those based on a week.

The Cost of a Timeshare Interval

For 2017, the average sale price of a timeshare interval was $22,180. In the vast majority of cases, this amount is due upfront.

However, not unlike buying a home with a mortgage, financing options are usually available. If that’s the route you choose, it’s important to understand that the interest rates are typically much higher than with a mortgage.

Even though a timeshare is a physical property, it isn’t one that you fully own. If you default on the loan, the lender can’t foreclose on the unit and resell it to recuperate their losses. Since the lender is taking on more risk in these arrangements that other loans associated with physical assets, the interest rate is usually higher to compensate.

On average, 10-year timeshare loans from the resort come with interest rates of 14 percent. However, borrowers with lower credit ratings or loans through specific lenders may reach closer to 20 percent.

If you finance a $22,180 timeshare for 10 years at 14 percent, you’ll pay $344 per month, or $3,440 a year, for the next decade. Over the course of the loan, you’ll pay over $19,000 just in interest. In total, buying the timeshare cost around $41,000.

If you end up with a 20 percent interest rate instead, you’ll owe $429 per month, or $4,290 a year. By the time you pay off the loan 10 years later, you’ll have paid nearly $30,000 in interest alone. That brings the total cost of the timeshare to around $52,000.

But that isn’t all you have to pay for with a timeshare. You’ll have to deal with maintenance fees too.

Maintenance Fees

In 2017, the average maintenance fee for a timeshare was $980. While that may not sound like a lot of the surface, if you consider that most timeshare owners only have access to the property for one week each year, that’s an awfully high price to pay.

Additionally, it showcases precisely how much timeshare resorts make from maintenance fees alone. If every owner has rights to one week a year, that means the property can have 52 owners. If each of those owners pays that $980 fee, that’s a total of $50,960 per year, and that’s only for one unit.

With approximately 1,570 timeshare resorts in the U.S. and 205,100 units between them, the average U.S. resort has about 131 units. Annually, an average resort brings in an astonishing $6.6+ million in maintenance fees alone.

Unlike paying for an interval, maintenance fees are due every year. Additionally, this cost tends to trend upward, so maintenance fees almost always end up more expensive over the long run, not less.

It’s also important to understand that, while the average fee is $980, some maintenance costs are much higher. Some high-end properties have maintenance fees that reach $3,000 or more for one-week interval owners, which many would deem to be unaffordable.

So, How Much Do Timeshares Cost?

Based on the metrics above, while you are paying off a timeshare property and dealing with maintenance fees, the unit costs between $4,420 and $5,270 for a single interval each year. If you only get access to the property for a week (seven days) every year, you are effectively paying between $631 and $752 per night for the 10 years you are paying off the loan on the interval for the unit.

To put that in perspective, the average cost of a five-star hotel in New York is around $362 per night. In Florida, the average is $336 for a five-star hotel, and Nevada, the home of Las Vegas, comes in at $239 per night.

Plus, when you buy a timeshare, you might not gain access to features you would get at a hotel. While the units often have full kitchens, something that may help you save on meals, not all of them do. Additionally, benefits like a continental breakfast aren’t always part of the package.

Housekeeping may also be somewhat limited at timeshares during the course of your stay, and you could be responsible for specific tasks like taking your own garbage to a dumpster on the property or putting used dishes in a dishwasher on your last day. While this isn’t always the case, you have to read the fine print to make sure. Otherwise, you could be stuck with a fine for failing to adhere to the rules.

Concierge-style services can also vary, so the amount of support you get from the organization operating the timeshare property may not rival area five-star hotels either.

Cost Over Improvements

Now, once you spend a decade paying off the timeshare loan, the cost per night at the timeshare does drop to $140, based on current average maintenance costs. However, that amount will likely increase every year, and you may not see any amenity offerings improve over time.

Ultimately, the cost of a timeshare is usually significantly higher than paying for other forms of accommodations, at least during the time you are paying off the loan. Plus, you are often locked into a particular property and possibly even a specific week each year.

If you aren’t able to vacation during that time or at that location, you don’t get your money back. Instead, it was simply wasted that year. If you can’t imagine practically tossing $4,400+ out a window if you can’t make it, then a timeshare probably isn’t right for you.

Stuck in a Timeshare?

If you are stuck in a timeshare and want to get out from under that burden, we recommend contacting Newton Group Transfers at 1-888-549-4154. They are a timeshare exit company with a stellar reputation and have been helping timeshare owners since 2003. They are also A+ rated by the Better Business Bureau (BBB) and were recently named finalists for the BBB Torch Award for Ethics.

How much do timeshares cost? Did you know before reading this article?  Tell us more in the comments below.

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Bug Repellents for Your Home and Yard

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As temperatures rise and everyone heads outdoors, bugs are also becoming active. While some pests are simply an annoyance, others carry harmful diseases.

For example, mosquitoes can transmit West Nile Virus, multiple forms of encephalitis, Dengue fever, a range of parasites, and more.

Additionally, allergies to bee stings are fairly common, and certain spider bites have the potential to be deadly.

Whether you want to keep bugs away for your own comfort or for health reasons, using a bug repellent may help. However, you need to choose the right options for each pest to get the job done right.

Bug Zapping Lights

One of the most widely used things for dealing with outdoor insects surrounding homes is the so-called bug zapper. It uses UV light to attract flying pests. Once an insect  lands on the board, the light electrocutes it.

Although a bug zapping light does kill flying pests, it isn’t always the best solution. The light actually attracts more bugs, making them more likely to appear in the area. Remedy this by placing the bug zapper some distance away from where you are — to draw the insects away from where you are hanging out.

Another problem with bug zappers: If there’s a breeze, electrocuted insects’ remains can be flung around the area. That’s all the more reason to place the appliance away from where you hang out (and especially eat).

Finally, keep in mind that bug zappers don’t have any effect on mosquitoes, which aren’t attracted by UV light does not attract them.

Candles and Torches

Candles and tiki torch oil featuring citronella can help repel pests, especially mosquitoes.

However, for citronella to work, the air needs to be fairly still — because its odor is what repels the bugs.

Additionally, it might not be very effective in open areas. However, if you have a screened porch, citronella may do the job on a still day.

Orange or Peppermint Oil

Orange and peppermint oils are natural bug repellents. Plus, they are safe for use around people, making them a viable indoor or outdoor solution.

Take a spray bottle and fill it with water. Add around 10 drops of your selected oil and a couple of drops of dish soap. Shake the bottle lightly to combine the ingredients. Then, spray areas where bugs like to gather, such as eaves, outdoor light fixtures, and porch ceilings.

You can also use these sprays indoors in areas like closets. However, if you have pets, it’s best to stay away from peppermint oil.

Cats are particularly bothered by peppermint oil and could develop lung issues after inhaling it. If a cat consumes peppermint, it can cause upset stomach, liver damage, or even lead to central nervous system problems.

Pest Control Sprays

There are a wide variety of commercial pest control sprays available today, including some natural variants. Some target specific pests, like ants or mosquitoes, while others act on a wider range of species.

If you are looking to buy a commercial product, make sure to read the warning and ingredients labels thoroughly. This lets you know where it is safe to use the spray (such as whether it is suitable for indoor use) as well as the risks of accidental exposure.

If you are worried about any of these risks, opt for one of the more natural remedies mentioned in this article.

Sulfur Dust

If fleas, ticks, mites or chiggers invade your yard, consider sulfur powder. This yellow, smelly element can prevent eggs from these species from hatching. It also emits an odor that may drives the adults out of your yard.

Check the weather forecast before proceeding with sulfur dust: You need to sprinkle or sift it during a period when rain isn’t expected for a few additional days. Yes, your yard will smell for a while, but this can do the job.

It is important to note that sulfur is flammable. That means you don’t want open flames or embers in your yard while the powder is sitting. Postpone any outdoor barbecues or campfires until after the powder has dissipated.

Diatomaceous Earth

For ants, caterpillars, and slugs, try diatomaceous earth. This white powdery substance is all natural and will repel a variety of insects.

It’s typically safe to use around people and animals. However, the dust is actually abrasive, so you don’t want to inhale it. Use a mask while applying the powder and give it a chance to settle into the soil before using your yard.

Bug Repellents for Your Home and Yard

Ultimately, any of the approaches above can help you repel pests from your home and yard.

Just make sure to read any warning labels and always follow the instructions for commercial products.

Readers, which types of bug repellents have you had the most success with?  

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

What Are Some Reasons for Promptly Filing an Insurance Claim?

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Any kind of loss that is experienced either in your business or home should use the help of a professional Public Adjuster. At our firm, we take on your claim, and then we file it immediately to your insurance company and handle all matters related to your claim from that point on. When considering filing a claim for property damage, the best decision you could make is hiring a skilled Miami Public adjuster, versus trying to take on the claim yourself. As you read on, you will see the advice given by us as to why filing an insurance claim in a timely matter is crucial and needed for your case.

The Importance of Filing a Claim in a Timely Manner

Proving notice in a timely manner will determine the mood that the insurance company will have with you throughout the process. In fact, in your insurance policy, there is a section under “duties after loss” that specifically states that you must give prompt notice to the insurance company or their agents. These are some advantages that you will acquire from filing quickly:

  • Your claim will be evaluated more quickly
  • Your claim gets evaluated early on allowing for a more cooperative negotiation with your insurance company
  • They cannot use “delayed claim” as an excuse to jeopardize your claim
  • You will be amongst the first of policyholders who gets their claim handled if it was the result of a natural disaster

As you can tell from the above advantages, you will always be ahead of the insurance company by reporting your loss immediately to them. They will have nothing negative against you. The sad reality is that insurance companies are a business and want to make money. They will try everything in their power to make sure that they can use anything against you to provider you the least amount of compensation possible.

Don’t Let Yourself Become a Victim

Don’t let yourself become a victim of their games and give a call to a public adjuster in Miami that exerts professionalism, compassions, and determination. Remember, a public adjuster always hears you and takes your concerns into consideration.

How to Prepare for Summer Rainstorms and Hurricanes

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How to Prepare for Summer Rainstorms and Hurricanes

A hurricane of the intensity of Harvey or Irma can damage anywhere from 25 percent to 90 percent, respectively of the homes after it hits the mainland. With this year’s storm season also expected to be above average in severity, it behooves you to know how to prepare for summer rainstorms and hurricanes.

The impact of these storms on your home can be mitigated if you prepare for them in advance. Right now is the best time to do that, as the season is technically just beginning.

You’ll want to get on this as soon as possible: Meteorologists expect up to 16 named storms, including at least seven hurricanes. With that kind of outlook, here’s how to prepare your home

Reinforce Your Home

Certain parts of your home tend to be more vulnerable to strong winds and heavy rains. If you reinforce these areas, and you improve the odds of surviving hurricanes and storms with minimal to no damage.

Begin by repairing any damage to your roof. Then reinforce it: Secure your rain gutters and downspouts to make sure they won’t be ripped off by high winds. Additionally, clean your gutters and downspouts to make sure that water flows through them freely.

Check your windows to make sure they are sturdy and consider replacing those that don’t feature the latest technologies, like double panes.

Shutters and Doors

Storm shutters can also be beneficial, as long as they securely lock into place over the windows. If you can’t afford storm shutters, have plywood available so you can cover the windows if a storm rolls in.

You can also strengthen your door by improving the hinges and locks. Make sure your door has at least three hinges and that deadbolts extend out at least one inch.

Replace any builder-grade hinge screws with three-inch wood screws to make sure the underlying framing supports the jamb.

Cover Sliding Glass Doors

Also make sure that any sliding glass doors have tempered glass, and cover them with shutters — or plywood if a storm approaches.

Moving onto other areas, look into upgrading your garage door to one made from stronger materials or improved latching mechanisms.

Look for a garage door that is approved for wind pressure and provides measurable impact protection.

Yard Maintenance

Falling tree branches can cause significant damage to your home and property. So trim your trees, making sure the limbs aren’t close to power lines or your roof.

Make sure to remove any dead branches or trees, as a dead tree is more likely to topple in high winds.

Clear away any debris from your property as well. Any object sitting in your yard can quickly become a projectile object if it is picked up and carried by high winds. By removing any items, you decrease the odds that random debris will strike your home.

For similar reasons, consider getting rid of any gravel in your yard — or replace it with shredded bark. It’s substantially lighter, so while it may fly around during a storm, it won’t cause as much damage.

If you have outside wall openings, like vents or outdoor outlets, make sure they are well sealed. Use a high-quality urethane-based caulk to seal gaps, ensuring water doesn’t seep in.

Buy Flood Insurance

Typically, traditional homeowner’s insurance doesn’t cover floods. If you don’t have any flood insurance but live somewhere that may get hit this season, seriously consider paying for it.

Although it isn’t always cheap, foregoing this type of insurance can ultimately be even more expensive. You can’t buy coverage after a disaster strikes, so you’ll want to have it in place before storms come your way.

Flood insurance provides you with funds to help you rebuild and replace your belongings if your home is affected by rainwater, overflowing rivers, and more. If you don’t know where to begin, you can contact your insurance agent. You can also find valuable information about flood insurance on the Federal Emergency Management Administration website.

Create an Evacuation Plan

You’ll want to include in the planning any family or roommates so that you’re ready for all possible emergency scenarios.

Begin by reviewing local government information regarding evacuation areas and current plans. Use that to determine a meeting point in case family members are separated during the storm. Also decide where you might go if you evacuate early — such as the homes of friends and relatives who live outside of the storm areas.

Don’t forget to include pets in your evacuation plan — keep a carrier or leash near the door along with travel-sized pet supplies. Make sure your animal companions have ID chips as well; that way, if they get loose or you can’t retrieve them, you can be reunited after the storm.

Prepare for Summer Rainstorms and Hurricanes

You’ll want to prepare an emergency evacuation kit for these situations — including such things as a first aid kit.

Stock up on bottled water and non-perishable food that don’t require cooking. Make sure you also have pet food and kitty litter or piddle pads available if you have pets.

Once you get started with amassing emergency supplies, it can become an ongoing shopping habit — so you might want to set a budget that you can stick to.

And periodically check to make sure these items are still fresh or working, as the case may be.

If you follow as many of the tips above as possible — and do it soon — you should be ready for any extreme weather that might head your way this summer.

Readers, what have you done to prepare in advance for natural disasters? Or if you haven’t done any of these things yet, what’s kept you from doing so? Please tells us all about it by posting in the comments section.

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