How The State You Choose For Your Home Impacts Your Mortgage Prospects

For the 15 percent of Americans planning to buy a home in the next 12 months, two of their key considerations will be location and getting the ideal home financing deal. When it comes to the state you choose to purchase a home, your choice can be influenced by much more than the difference in average price per square foot. Homeowners also consider burglary rates, home appreciation ratios, and state school rankings. However, it turns out that the state you choose to purchase a home can also drastically impact another important aspect of the home buying process: your mortgage chances. The average mortgage rate across the U.S. currently stands at 3.99 percent, but in some states like Lousiana, mortgage rates can be up to 0.12 percent lower. So while your financial health plays a large part in your mortgage prospects, state-specific factors can play a just as important part in determining the rates on your mortgage.

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Taking Card Payments from Your Clients

There are many ways in which a client or customer can pay for their goods or services using a credit or debit card. By implementing as many of these methods as possible, and by having a dedicated merchant services account, you can open yourself up to being more flexible to the financial needs of each individual. The more options a consumer has regarding their payment, the more likely it may be that they will choose your company, as opposed to one of your competitors.

Chip and Pin

One method of collecting a card payment from a client can be via chip and pin. This involves the client inserting their card into your card reader directly, and then entering their personal identification number to confirm that they are the person responsible for the card. For this method of payment, you want to make sure that the card owner has the opportunity to be able to cover the keypad, to prevent both yourself and other customers from seeing their pin number. An incorrect pin number entered repeatedly will cause a block to be placed on the card, meaning the transaction will not be able to be carried out. Some older machines may not allow for pin entry, meaning you will need to get the customer to sign the receipt and ensure that it matches the signature found on the back of the payment card.

Wireless Card Payment

More and more people are opting to pay wirelessly for their purchases, with what is commonly known as contactless payment. This would involve tapping the card directly onto the terminal, and nothing more. While some countries have limits on the amount that can be spent for a wireless transaction to take place, the United States currently does not have a limit in place. Instead, for larger purchases pin entry or a signature may still need to be required for the payment to be authorized.

Mobile Payment

One other way of indirectly making a card payment for purchases, but without using the card itself, is by using a smart cellphone. Cellphones that can make payments, in a near-exact manner to the contactless payments described above, do so thanks to the use of NFC, or Near Field Communication. A consumer would have their bank account synchronized with their cellphone, allowing them to make payments. Some may require a cellphone pin, password, or even fingerprint to be submitted first, prior to allowing the connection to be made. This method can be good for those customers who wish to make smaller payments but do not always carry their wallet on their person.

By considering the type of business you run, and the general payment size made by the client, you can alter the means by which you are able to take payments. While those who carry out trade work, and often have a higher bill attached, may benefit more with a traditional chip and pin, or signature, machine, those whose wares can vary in price may find that allowing for contactless and mobile payments may increase overall sales.