October 24, 2021

How To Choose Merchant Services Providers

Dec 31, 2020

If you run a business, you need to make sure that you are able to keep the lights on. The only way that you were going to be able to do this is if you are able to accept payments from your customers. Sure, there is a chance that you may get a few customers here and there that are willing to pay with cash. On the other hand, the vast majority of people are going to pay using plastic. This is simply more convenient for them, safer for them, and provide them with access to reward points. Therefore, you need to make sure that you are able to accept these payments. That is where merchant services can be helpful. What should you consider if you are looking for services for your business?

The Security of the Program

The first factor that you need to consider is the security of whatever service you are going to be using to process payments from your customers. Today, the threat of identity theft is bigger than it ever has been in the past. Your customers care about where they spend their money and they want to make sure their information is going to be protected.

Therefore, you need to make sure that you find a system that is able to encrypt the personal information of your customers from start to finish. When you take the time to encrypt the information for customers, you show them that their security matters more to you than anything else. This is a great way for you to build loyalty among your customers.

The Commission on the Merchant Services

When you use these services, most programs are going to charge you some sort of commission. This is usually going to be a percentage of the overall sale. In exchange for being able to accept their payment method, the program is going to take a small percentage. You need to make sure you understand exactly what this commission is because it is going to take a bite out of your profit. Is there a minimum amount that is charged? Does the commission change as the size of the transaction changes? You need to make sure that you understand the answers to these questions before you move forward.

Think Carefully About the Merchant Services You Use

When it comes to these types of services, there are plenty of options available. Therefore, you need to take a look at the needs of your business, the demographics of your customers, and make sure that you find the program that is best suited to meet the needs of your company. This will place your business in a good position moving forward.

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Make Sure Your Term Insurance Claims Are Never Rejected

Dec 10, 2020

A term insurance plan is the simplest and most affordable type of life cover. It pays the benefits to your nominees if an unfortunate incident occurs during the policy duration.

Buying a term plan is important to ensure the financial stability of your family in your sudden absence, especially if you are the only earning member. The policy benefits ensure that your family members are able to sustain their lifestyle and meet various financial goals, such as household expenses and education costs, among others.

A term insurance policy is only helpful if your nominees receive the money when they file a claim. Here are six ways to make sure that the insurance company does not deny your claim:

  1. Provide complete medical history and lifestyle-related details

Insurance companies can reject claims due to “concealment of relevant information”. The insurer determines the premium on term life insurance based on various factors, like your age, gender, habits, occupation, and income. You may be tempted to hide lifestyle habits like smoking or drinking or your medical history to reduce the premium or increase the sum assured (SA). However, it is essential to provide all the relevant details so that your nominees do not suffer from claim rejection at a time when they are dealing with the emotional loss of your absence.

  1. Make timely premium payments

It is important to pay the renewal premium on or before the due date to ensure that the coverage under the term insurance policy continues without any interruption. If you fail to pay the premium on time, it may result in the lapse of the policy. Insurers also offer a grace period during which you can pay the premium for continued coverage. It is advisable to set up a direct debit facility from your bank account to prevent the lapse of the policy,

  1. Give details of existing and past policies

When you buy a new insurance policy, you must share information about all your current and earlier plans. Ensure you disclose the name of the insurance company, the sum assured, and the policy number at the time of buying a new term plan. Do not avoid disclosure of these details, as it may result in the rejection of the claim that your loved ones will file when you are not there with them.

  1. Update nominee information

Your nominees will receive the death benefit in case of an untoward event. Therefore, it is necessary to update their details to avoid complications when they file a claim. Furnish all information, such as name, age, address, and contact details of the nominees to the insurance company. Also, select your nominee wisely. If the nominee is a minor, provide the insurer with the details of the guardian.

  1. Understand all the terms and conditions

You must read the policy document thoroughly to know about all the terms and conditions and the fine print. Be clear on all the inclusions and exclusions to ensure that your family members do not have to face any issues in the future. Usually, an online term insurance plan does not cover events due to existing medical conditions, hazardous activities, under the influence of alcohol or drug, and self-harm. Therefore, review the fine print and ensure that your dear ones learn about the various terms and conditions to avoid rejection if they need to file a claim in your absence.

  1. Fill the proposal form yourself

It is best if you fill the form on your own so that you can give accurate details to the insurer. Do not let your agent fill the form, as he or she may not have all the necessary information about your medical condition and history, financial situation, and lifestyle habits. The insurer may reject your nominees’ claim if the details do not match with the information available with the company.

If you have submitted all the relevant information and filled the form properly, the insurer will have no reason to disapprove of your nominees’ claim. Therefore, be responsible while buying a term plan to prevent your family from difficulties in the future.

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