4 Reasons why you need a mobile banking app on your smartphone today

Taking time out and going to the bank is a chore you can definitely do without. But then again, the passbook needs to be updated, an order for a new cheque book to be placed, the misplaced ATM card needs to be blocked… the list is endless.

This is why a mobile banking app is a god-send. Anything you need to visit a bank for, you can get the job done from the app. No more setting aside time for going to the bank. Time saving and convenient, these apps are now massively popular – their download numbers are staggeringly high.

Not convinced, go through the points outlined below and decide.

1. Easy to use
With the traditional form of banking, you are required to visit the bank’s branch and conduct your business at the premises. However, with the mobile banking option, customers are free to just open an application on their smartphones or tablets, which will allow them to make changes in their bank accounts or conduct other transactions. Furthermore, most of the apps have incorporated useful features inside them, which allow the user to set reminders and turn on notifications, which would alert them in case of any change in the account.

2. Instant access    
Apart from the banking apps being very easy to use, such programs also offer the benefit of accessing your bank account instantly. In case of manual banking, you will likely have to take time out of your schedule to visit the nearest branch. So, mobile banking is vital in case of emergencies where you need to carry out a transaction as soon as possible.

3. Ability to go cashless
Mobile banking apps bring allow you to access the bank’s facilities on the move. You no longer pay your bills or buy essentials with cash, you can pay using the net banking facility on the app. This is a much more convenient process and allows you embrace the cashless method of transacting.

4. 24x7 banking 
Banks are not open around the clock, which makes transactions in the middle of the night almost impossible through the traditional method. However, a banking app is open 24/7. You can conduct business even on public holidays, when all bank branches remain closed.

So, ensure that you install a banking app today and start using it. Such a change will surely make your life easier.

What can you get out of online merchant service?

Merchant services are online payment transactions that involve credit and debit cards. It is ideal for individuals who own small businesses and would like to accept payment through an electronic medium. It is quite a simple process, through which you could accept payment from your customers through credit cards, debit cards, or other means of payment. The payment processor will deduct a certain amount from your transactions as fee and deposit the rest into your assigned bank account.

There are however different kinds of online merchant services. The most popular merchant payment services are-

1. Retail merchant accounts
These are designed for the small product-oriented businesses that have physical stores. One of the more traditional merchant account type, it is designed with different card reading software options.

2. Internet merchant accounts
If your business is based entirely or mostly online then it is the most cost-effective option for you. Designed specifically for e-commerce, it provides a secure portal for your clients to make their purchases and also provides multiple options for your payment.

3. MOTO (Mail order/ telephone order) merchant accounts
Businesses that offer services or products specifically for mail or telephone orders, will find this kind of merchant service account ideal for them.

Having decided which online merchant service is most suited to your needs, here are some of their biggest benefits.

1. Acceptance of credit cards
Cash transactions have become a thing of the past. With a merchant service account you can accept credit card payments. It also shows the trust that exists between you and your customers.

2. Increase in sales
Small businesses especially those that cater to a niche audience need to be accessible to their customers. An online merchant service account can help with that. Sales volume increase as you become more available for transactions.

3. Better money management
As you are receiving your payments online, it will become easier for you to handle and record transactions. Also, it provides greater accuracy as you are being paid the exact amount electronically. You can calculate gross income and your daily income making your company more organized.

4. No more Bouncing Cheques
Earlier, it was next to impossible to find reparation for a lost item due to a bounced cheque. But with electronic payments, you no longer have to accept cheques. Hence the risk of losing money for a product delivered has been mitigated.

One of the smartest ways of conducting business in the modern age, online merchant services hugely benefit businesses and inspire loyalty in customers.

Bank Cards: 5 reasons why you need to switch to them today

The future is digital. And it has been digital for some time now. Ever since demonetization the shift to cashless, online payments have taken the forefront. Bank cards which include debit cards, credit cards and prepaid cards, have gained popularity and given their various advantages, it isn’t hard to see why.

Following is a comprehensive list of the factors that state their benefits over paper currency.

1. Convenient
Bank cards, whether they be debit or credit cards, are extremely convenient. The payments you make by using them are deducted from your bank account. And it does so almost instantly. You don’t need to carry around paper currency. Or count your notes before you make a purchase. Extremely time efficient and hassle-free, bank cards allow for autonomy and privacy.

2. Cash When You Need
True, you can’t pull out your debit or credit card to pay your vegetable vendor. But bank cards also have the ability to give you cash. A simple withdrawal transaction from the nearest ATM with your debit card will give you the amount of cash that you want. In many ways, it helps curb your expenses. If you are only withdrawing the amount you need to purchase something, you will only be spending that much, thus curtailing the chances of over-spending.

3. Secure
Bank cards come with a PIN (Personal Identification Number) making certain that only you can access your money. The PIN provides a protection and security against theft that make them easy to travel with. They also come with the failsafe option of cancellation and fresh renewal in case you lose it or need to prevent it from damage.

4. Credit History
One of the first things that banks or other financial institutions check when you apply for a loan is your credit score. Your payment history and the details of your credit card account make-up the gist of your credit file. If you keep it in good standing, your chances of investing in different financial schemes will be greatly enhanced.

5. Rewards
Rewards like frequent flyer miles, discounts, cash back are to be found every time you make certain eligible purchases. Complimentary extras are often features of bank cards that help you save money.

Bank cards are a convenient method of managing and handling your finances. Simple and quick, they have changed how commerce is conducted and how we purchase things. And with virtues as extensive as mentioned they are hard to disregard.

Payment app 101: 4 reasons why you need one today

Payment apps are now one of the most common and popular forms of transaction, thanks to the ever-improving technology and convenience promised by the entire process. While the system did make its way overseas at first, India has since caught up with the rest of the world when it comes to using these mobile wallets. With the establishment of many payment app companies in India, the market only continues to grow.

Here is a look at some of the reasons why you need to start using a mobile payment app, if you have not been using one already.

1. Much faster than internet banking
While it is possible to make payments using the net banking facility through your phone, the procedure takes much longer. Furthermore, you need to connect to your bank’s website in order to complete a net-banking transaction. This can be problematic if your bank's website does not respond, has a link failure or if the website is under maintenance just when you need to conduct the transaction.
However, with a payment app, you can just open it and initiate a transaction round the clock. It is simpler, more convenient and faster.

2.  Multiple cards on the phone
With a mobile payment app, you can save the information of multiple credit and debit cards at once. This allows you the freedom to venture out without carrying the different cards in your wallet. If you need the money, you can simply use the app instead and select the card from which you want the money to be debited. Furthermore, it also reduces the chances of losing a credit/debit card.

3. Secure form of payment
While cards are moderately safe and secure, the mobile payment apps offer a safer method for transactions. A person may be able to bypass the security offered by the card itself, but it is almost impossible for a normal person to bypass the SSL or TLS encrypted security offered by such an app.

4. Most vendors accept the usage of payment apps
As more and more people are shifting base to the digital universe, vendors have also started to incorporate the technology at their outlets. Today, almost all restaurants, movie theatres, malls and other businesses support the mobile payment system. So, the mode has not only become feasible but advantageous as well, with a number of discounts and cashback options available.

If you are yet to switch to such an app, ensure that you do so immediately. It will make transactions easier and will also allow you to avoid some of the hassle related to cash transactions.

Are you aware of how the public provident fund works?

Public provident funds or PPF is a type of long term investment option which is quite popular in India. Such an investment option is usually preferred by and useful for self-employed individuals and those who work in small companies. Such companies do not provide options for GPF and EPF, which is why employees need to invest in the public provident fund. Take a look at how public provident funds function in India.

Rate of return of PPF
Interest rates for the investment is decided by the Indian government and is declared at the time of the Central budget. For instance, for 2017-18, the rate was 7.9 percent per annum. Furthermore, the calculation of the interest occurs on a monthly basis, but the fund is settled at the end of the financial year. The interest that you receive from the PPF is tax-free, which will increase your savings.

How to open and maintain PPF account
A PPF account can be opened quite easily. Almost all banks offer the service and people with savings accounts in the Post Office can also opt for such an account. If you want, you can conduct the entire business over the internet through your debit card or through internet banking services. A PPF allows for long term savings that matures in 15 years.

Features of PPF
A PPF is backed by the Indian government and there is almost no risk of losing your money if you decide to invest in such a plan. Apart from the interest being tax-free, the original invested sum is also exempt from the tax under section 80C. A public provident fund also offers a wide range when it comes to the amount of initial investment. You can invest as low as Rs. 100 at the first time.

Annually, you will have to deposit at least Rs. 500. However, the PPF does not allow deposits of more than Rs. 1,50,000 every year. Moreover, the PPF is transferrable, which means that you can transfer it to someone else’s name if you feel like it. This is especially useful if you have children and want to leave the money to them.

A PPF is valid for 15 years and matures at the end of that period. However, you can choose to extend the duration of the PPF by 5 years at the most. This extension can be done without making any contribution over the next 5 years or you can carry on making periodic contributions as well. Thus, a PPF is a great and flexible way of ensuring a steady savings by making a small investment.

Are you aware of these prepaid card benefits you can take advantage of?

Prepaid debit cards were introduced to meet the market need for a secure payment method that reduced the risk of over-spending. It lets you load funds directly onto your card from your bank account. It essentially just converts paper currency into electronic currency. The credit limit is set at the amount that has been deposited and is deducted from the same.

How do they work?
Prepaid debit cards, much like any other debit or credit card, come with their specific PIN (Personal Identification Number), but they do not let you spend from your bank account. Neither is there a pre-determined credit facility that you can use to pay for your purchases.

Instead you load an amount onto the card, and once that amount runs out, you can no longer spend anymore. You will have to upload more funds onto the card before you use again.

Advantages
Here is a comprehensive list of the advantages of a prepaid debit card.

1. No Debt
The absence of a credit facility lowers the risk of you incurring debt significantly. Since you would be spending only upto the amount that you have deposited, you could hardly over-spend. Besides inculcating discipline, it helps keep your budget tight.

2. Control
Unlike a credit card, where your card provider is setting your spending limit, you can decide how much money you are comfortable spending. And if you need to spend more on any occasion, you can quite easily transfer funds online onto the card.

3. Hassle-free
One can apply for a prepaid card online, and also make direct deposits. They are also easily accessible on one’s mobile devices.

4. No Penalties
Since the money accessible for use is only the amount that has been deposited, there are no repayments that need to be made. Also, there are no penalties or fees to be paid for late payments or time extensions.

5. Multi-purpose
One can withdraw instant cash from ATM’s using this card and the associated PIN. They can also be used to pay utility and other bills with it.

6. Improved Credit Rating
One can improve one’s credit rating by using a prepaid debit card. By charging a fee on a monthly basis, referred to as a Credit Booster, for a determined period of time, your card provider will show this as an honoured credit agreement in your credit file.  Thereby increasing your credit rating.

By virtue of the aforementioned advantages, prepaid debit cards have gained incredible popularity. And with such benefits it isn’t hard to see why.

Here’s why you need a toll tag recharge if you travel with your own car

A toll is the charge levied when you use a bridge or a road to cross from one jurisdiction onto another and is upayable to a person who has been assigned to give you a receipt to acknowledge the transaction. But now with paper currency and cash transactions fast getting replaced by digital transactions, toll tags have become extremely popular. They allow you to pay toll online. A toll tag is a simple, reloadable tag that enables an automatic deduction of the charges without you having to stop at each toll gate to make a cash transaction.

It has to be linked with a prepaid account and employs Radio-frequency Identification (RFID) technology. It allows for the applicable amount for toll to be deducted without any kind of hassle. The RFID tag is attached to your vehicle’s windscreen, once the account associated with the tag has been activated. It is an ideal solution for car trips across national highways.

The following are some of the biggest benefits of a toll tag.

1. Saves Fuel and Time
You no longer need to stop your vehicle at every toll gate and make a payment. You don’t need to waste time or fuel when you have check-in timings to think about. Your toll amount will be automatically deducted from your account.

2. Alerts
Instead of the paper receipts, you will receive a SMS notification on your registered phone number, every time a toll has been deducted.

3. Safety
When travelling you should opt to carry as little cash as possible, in order to reduce the risk of theft. If you pay highway toll online, you reduce this risk significantly. By a simple online transaction with a NEFT or RTGS, you can recharge your toll tag account in case you run out of balance.

4. Flexibility
You can choose to opt for a monthly or local pass if you feel that you would need to travel rather frequently. Also, if you have a balance amount on your account, you will be reimbursed for the same. If you were to lose your vehicle, or to damage it in some way, you could just as easily block your toll tag.

When travelling in your own car, whether alone or with family, you want it to be as smooth and hassle-free as possible. Being able to pay toll online saves time and a lot of unnecessary inconvenience. Whether you are travelling for leisure or for business, it helps make your journey more pleasurable.