What Are The Security Risks Of Online Merchant Accounts?

Online security has advanced a great deal in the past ten years or so. Online merchant solutions have taken the best advantage of this advancement in technology by allowing many online businesses to take advantage of the convenience of accepting payments online and delivering goods to their customers without actually meeting them.

However, as with every positive point to any development there are a few negatives as well. Though merchant transactions on the internet has improved to prevent online theft, popularly referred to as 'cyber theft', there are 'gurus' in the field of software development who would rather lend their expertise and knowledge to hacking or breaking into online businesses and online payment processors to steal and plunder.

Many online merchant establishments have experienced their digital products, such as PDF files, music, video and what not being downloaded by cyber criminals who have somehow managed to circumnavigate their secure payment gateways, thus causing a loss to the online merchant establishment.

Many online payment processors have also experienced theft by people breaking into their client's accounts and transferring cash online. Online credit card fraud is also nothing new to online merchant transactions.

The answer to preventing online merchant fraud is to use a reliable service that has proven their expertise in the field of online merchant solutions. They will have to have honed their skills in developing SSL technology.

This is an Acronym for 'Secure Socket Layer' technology. SSL encrypts the data being transmitted over the net and is almost impossible to decipher. This actually reduces online fraud considerably.

If you have a reliable developer to create your software for you, you can proceed with your plans of setting up an online merchant account and cash in on many deals your competitors are profiting by at the moment.

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Article submitted by: Jose Amoros

High Interest Money Market Accounts

 

For anyone who wants to maximize their investments while minimizing risks, high interest money market accounts might be just what you were looking for. 

A money market account can be federally insured which will lessen your risk while earning significantly more than a traditional savings account, sometimes up to double what you'd make with a regular savings account. A money market account and a money market fund are not the same thing, a money market fund is a variation of mutual funds.

Money market accounts or MMA's are sort of a high bred between a checking and savings account. They have the flexibility of allowing you to write checks like a checking account but they have the safety of a savings account, all while earning a higher interest rate that a traditional savings account.

You can open a MMA's at your local bank or credit union or at many online banks, and they are FDIC insured, or NCUA insured through a credit union. You will receive monthly dividend checks from your bank for any interest earned from your account. While this is a form of investing, you aren't the one doing the investing the bank is. These investments are between other financial institutions and governments so the money is safe even without the Federal insurance.

Before opening your account you can search online to see who is offering the best rates as well as what other fees and restrictions they have.

MMA's are not only a very secure form of investing they are also very liquid. You can write a check and get money from your account whenever you want to . The downside of an MMA is the fact that while they do earn more interest than a traditional savings account it is still significantly less than what you can earn with other types of investments, of course your risk is considerably less too.

Another potential drawback, especially for the small investor, is that with an MMA you will be required to maintain a fairly hefty minimum balance. 

This minimum balance can be anywhere from $1,000 all the way up to $50,000. If you fall below the agreed upon balance you will incur a lot of fees and you will likely lose most, or all, of your interest. It is important to note that with increased competition there might be online banks that won't require you to maintain a minimum balance. You can do a search online to see what options you have.

Another downside is that you will probably be limited in the number of checks you can write each month so don't think of an MMA as a replacement to a regular checking account.

Using high interest money market accounts to grow your investments safely is an increasingly popular option for many investors. Just make sure you fully understand any restrictions that go along with your account before you open it. You don't want any unexpected surprises when it comes to your money.

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Posted by: Jose Amoros

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Bank Accounts Online

 

There are many reasons why opening bank accounts online is a good idea. Some people have credit problems and find it difficult to open an account at their local bank. Others prefer the convenience of an online account, and still others prefer the higher interest rates you can typically get with an online account. 

Whatever your situation is or your reason for opening an account online just remember that you have to be just as diligent about which bank you choose to partner with as you would if opening an account at the bank down the street. Actually, you may need to be even more careful.

For the purpose of this article, when I talk about an online bank I'm referring only to those banks that do all their transactions online. I'm not referring to a bank that has a traditional brick and mortar location but also have online banks as well. Since online banks have a lot fewer expenses they are able to pass those savings on to their customers in the form of higher interest rates. But interest rates are only one aspect of your overall banking experience. Here are some things you need to know before you choose which bank to open an account with:

1. What is their interest rate? This is usually the number 1 thing people look at when comparing banks.

2. How accessible is your money? Can you get to it virtually anywhere 24/7? Are there fees associated with depositing or withdrawing your money? Are you restricted to only using certain ATM's and if so, do you have a lot of those in your area? What fees will you pay when you use an ATM?

3. Can you set up several accounts, such as a savings and a checking and transfer money back and forth between them all with a click of your mouse? This can be a great way to manage your money. If you're like me, you'll find it easier to keep most of your disposable money in a savings account. If I keep it in my checking account I find I spend it more frivolously, but if it's kept in my savings account I'm very reluctant to pull it out. With a linked account I can keep all my disposable income safe, from me, but I still have the option of easily transferring it if I need it in just a few seconds. Using this method has actually allowed me to save more than I did before.

4. Does your online bank offer other services such as mortgages, online bill pay, or CD's?

Today the internet offers more options, in every aspect of life, than ever before. Having bank accounts online is just one of those options. There are a lot of good reasons for opening an account online, just make sure that you know what you're getting into. Don't be afraid to take a little time and compare all the benefits and features of several banks before making your choice. After all, it's your money, you have the right to make sure it's working as hard for you as it can.

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Posted by: Jose Amoros

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