Category Archives: Finance

How The Point Of Sale Systems Work

The point of Sale (POS) systems has been used in the business to facilitate better financial transactions, sales records, and inventory management. Additionally, the POS are flexible to accommodate the specific needs of any business thereby serving multiple functions such as sales recording, financial accounting, employee management and inventory management. The POS system facilitates the financial transaction of business by ensuring that payments are made in exchange for products and services offered by the business. This involves running a debit or credit card through the card reader that automatically debits the business and credits the card owner. Click here for more information on clover mini pos. Therefore, the POS works by;

Presenting the debit or credit card to the merchant

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The first step in facilitating a payment through the POS system involves presenting the credit or debit card to the service provider or retailer. This is after; the merchant has calculated the items bought into the POS system and has given the buyer the total amount to be paid.

Swiping the card

The second step involves swiping the credit or debit card on the POS system to process the account. The barcode on the card would be read by the card reader on the POS system which facilitates the financial payment transactions.

Selecting debit or credit option

Once one has inserted the card into the POS, the system suggests one to choose from the “Credit” or “Debit” options. Select one that best suits your card payment and accepts the transactions.

Approve the transaction

It is prudent to cross check the financial transaction details to ensure that the amount charges are correct. This is done by checking the display interface on the POS system.

Choose the bank account transaction

The POS system machine may prompt one to choose the account they wish to be charged to facilitate the transaction. This is possible through “Savings” or “Checkings” accounts where you would choose the particular account to charge the transaction.

Enter the pin

After confirming the transaction details and choosing the bank account to be charged one is then prompted to enter a personal identification number (PIN). This ensures that the financial transactions are well secured. The PIN should be safeguarded with care and should not be shared. Entering a wrong pin may block the transaction.

Cashback options

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It is possible to use the POS system which has a cashback option that will allow handing over cash to the customer from the bank. This is because it can assist one to get liquid cash from a POS point.

Tips and myths about student loan refinancing

Refinancing a loan involves the taking of a new loan to pay off an older one on new terms. This gives you an opportunity to negotiate the terms of repayment of the loan according to your financial position and income strength as well as time length. There are several myths that are associated with the refinancing of student loans. However, these myths should not hold you back from exploring your ways of refinancing your student loan. In this article, we are going to discuss tips and myths about student loan refinancing.

1. Student loan refinancing is a scam myth

This is a myth that has come about due to 65hg4eamisinformation and from paperwork processing companies who are trying to scam consumers. Before refinancing a loan, be sure of what you want to achieve out of the whole process i.e. are you looking for a way to save on monthly payments or to pay less interest over the loan lifetime? With this in mind, ensure you look for any hidden costs or fees associated with the refinancing. Be sure to make total calculations to see if the student loan refinancing makes sense to you before penning your signature.

2. Student loan consolidation is the same as refinancing myth

Student loan consolidation and student loan refinancing are two distinct things. The former refers to the situation of combining all your loans into one so as to pay it off while the latter refers to a situation where you take a new loan so as to pay off your old loan. This can be to finance one or several old student loans. With refinancing, you can change the terms of the loan so that it suits your needs and abilities. For example, you can decide on the length of repayment of the new loan as well as the interest rates so that they could work for your pocket.

Below are two crucial questions that will guide you to make a choice on student loan refinancing.

1. Why refinance?

j5h4You should be able to give a good reason as to why you want to refinance. Are you after new lower interest rates, simplifying the process of repayment by melding several loans into one or trying to dictate the length of your student loan? If you can answer any of the questions above, then it is advisable to weigh the options of if the refinancing will work out for you now or in the future.

2. What are the strengths of each lender?

Before you settle down for a particular company to refinance your student loan, it is advisable to look into several companies that offer the service. This way you will be able to choose a company that offers you the best deal as per what you require according to your ability.