Business monopoly

What comes first to your mind when you hear word monopoly? Is it a monopoly game? Like in the monopoly game A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity, the winner has all the market. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few sellers dominating a market.

There are 2 types of monopoly:

Natural monopoly - an organization that experiences increasing returns to scale over the relevant range of output and relatively high fixed costs.
Government-granted monopoly - also known as a de jure monopoly - a form of coercive monopoly by which a government grants an exclusive privilege to a private individual or company to be the sole provider of a commodity.

• The monopolist will sell a lesser quantity of goods at a higher price than would companies by perfect competition;
• Monopoly pricing creates a deadweight loss referring to potential gains that went neither to the monopolist nor to consumers
• The monopoly setting is less efficient than perfect competition
• Monopolies tend to become less efficient and less innovative over time, becoming complacent
• The theory of contestable markets argues that in some circumstances (private) monopolies are forced to behave as if there were competition because of the risk of losing their monopoly to new entrants. This is likely to happen when a market's barriers to entry are low. 

What is Accounting networks and associations

Accounting networks and associations - Professional services networks whose principal purpose is to provide members resources to assist the clients around the world and hence reduce the uncertainty by bringing together a greater number of resources to work on a problem. The networks and associations operate independently of the independent members.

Professional services networks - networks of independent firms who come together to cost-effectively provide services to clients through an organized framework.

List of Accounting Networks and Associations

• United States Alliott Group
• United States BKR International
• United Kingdom Baker Tilly
• BelgiumBrussels BDO International (Binder Dijker Otte & Co)
• United States Crowe Horwath
• United States Deloitte (Deloitte Haskins Sells/Deloitte, Haskins Sells, Touche Ross, Tohmatsu)
• United Kingdom Ernst & Young (Arthur Young, Ernst Whinney/Ernst Ernst, Whinney Smith Murray)
• United States Grant Thornton International
• United Kingdom HLB International
• United Kingdom JHI International
• Netherlands KPMG (Klynveld Main Goerdeler, Peat Marwick)
• United Kingdom Kreston
• United Kingdom Kudos
• United Kingdom MGI Worldwide
• United Kingdom Moore Stephens
• United Kingdom UHY International
• United Kingdom Nexia
• AustraliaCanadaUnited KingdomUnited States PKF International
• United Kingdom PwC (PricewaterhouseCoopers) (Coopers Lybrand/Cooper Brothers, Lybrand Ross Brothers Montgomery, Price Waterhouse)
• United KingdomUnited States RSM International
• United Kingdom Russell Bedford International
• United States Santa Fe Associates International
• Argentina SMS Latinoamérica

The purpose of the Accounting networks and associations:

Accounting networks and associations structure reflect the activities it seeks to promote and the underlying cultures of the members. Accounting, legal, multidisciplinary and speciality networks will each be different. The process is defined by how they are governed and operated.

What is an auditing?

What is an audit?
An audit is a systematic and independent examination of accounts, statutory records, books, documents and vouchers of an organization to ascertain how far the financial statements, as well as non-financial disclosures, present a true and fair view of the concern.

What is an auditor?
In accounting, an auditor is someone who is responsible for evaluating the validity and reliability of a company or organization’s financial statements.

There are also:

• An external auditor or Statutory auditors
• Cost auditors or Statutory cost auditors
• Government Auditors
• Secretarial auditors or Statutory secretarial auditors
• Internal auditors
• Consultant auditors

The audit is necessary because of these things:

• Test out the performance of the new technology.
• Evaluate threats, economy, efficacy and quality.
• Identify key areas for improvement in your company.
• Required while taking loans from a bank.
• Show a true and fair view of the financial statement
• The audited financial statement attract shareholder
• Helps to calculate the correct amount of tax to be paid government.

There are many Types of Audits:

• Inventory Audit - the auditor uses several analytical procedures to check the company’s inventory methods and confirm that the financial records and actual physical count of goods match.
• Stock Audit - independent check on the functions of the management, which has some value in the eyes of law and the taxation authority.
• Operational audit - an examination of the operations of the client's business;
• Energy audit - an inspection, survey and analysis of energy flows for energy conservation in a building, process or system to reduce the amount of energy input into the system without negatively affecting the output(s).
• Academic audit - an educational term for the completion of a course of study for which no assessment of the performance of the student is made nor grade awarded;
• Quality audit - performed to verify conformance to standards through a review of the objective evidence;
• Performance audit - refers to an independent examination of a program, function, operation or the management systems and procedures of a governmental or non-profit entity to assess whether the entity is achieving economy, efficiency and effectiveness in the employment of available resources. Safety, security, information systems performance, and environmental concerns are increasingly the subject of audits.
• e.t.c.

Functions of a central bank

In nowadays we all know what is a bank and almost anyone has at least one bank account. Any country has a bank and without one, we could not use international money transactions, what is very useful in business and not only business. There are Commercial banks, Community banks, Community development banks, Land development banks, Credit unions or co-operative banks, Private banks, Offshore banks, Savings bank, Ethical banks, Investment banks, Merchant banks, Universal banks and also there are Central banks. This blog is about central bank.

What is a central bank?

A central bank is also known as reserve bank or monetary authority. It is an institution that manages a state's currency, money supply, and interest rates. Usually, Central banks oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and usually also prints the national currency, which usually serves as the state's legal tender. Reserve banks also act as a "lender of last resort" to the banking sector during times of financial crisis. Most central banks also have regulatory and supervisory powers to ensure the solvency of member institutions, prevent bank runs, and prevent reckless or fraudulent behaviour by member banks.

Functions of a central bank:

• implementing monetary policies;
• setting the official interest rate and ensuring that this rate takes effect via a variety of policy mechanisms;
• controlling the nation's entire money supply;
• the Government's banker and the bankers' bank ;
• managing the country's foreign exchange and gold reserves and the Government's stock register;
• regulating and supervising the banking industry;

What is Accounting information system?

An accounting as an information system (Shortcut: AIS) is a system of storing, collecting and processing accounting and financial data that are used by decision makers. AIS is generally a computer-based method for tracking accounting activity in conjunction with information technology resources. The resulting financial reports can be used externally by other interested parties including investors, creditors and tax authorities or internally by management. AIS's are designed to support all accounting activities and functions including financial accounting, auditing and reporting, managerial/ management accounting and tax. The most widely adopted AIS's are auditing and financial reporting modules.

Many large and SMEs are now adopting cost-effective cloud-based accounting information system in recent years.

Looking back years ago, most organizations, even larger ones, hire outside consultants, either from the software publisher or consultants who understand the organization and who work to help select and implement the ideal configuration, taking all components into consideration.

The steps to implement an accounting information system are as follows:

• Detailed Requirements Analysis - where all individuals involved in the system are interviewed.
• Systems Design (synthesis) - The analysis is thoroughly reviewed and a new system is created.
• Documentation - As the system is being designed, it is documented.
• Testing - Before launch, all processes are tested from input through output, using the documentation as a tool to ensure that all processes are thoroughly documented and that users can easily follow the procedures.
• Training - Before launch, all users need to be trained, with procedures.
• Data Conversion - Tools are developed to convert the data from the current system to the new system.
• Launch - The system is implemented only after all of the above is completed.
• Tools - Online resources are available to assist with the strategic planning of accounting information systems.
• Support - The end users and managers have ongoing support available at all times.

What are the types of investors?

As you probably know that Investing is simply the act of committing money or capital to a business, project, real estate, etc. with the expectation of obtaining an additional income or profit, and an investor is a person that allocates capital with the expectation of a future financial return. In this article, we will go through the types of investors.


There are 2 types of investors which are the Retail investor and Institutional investors.

Retail investor
A retail investor is a non-professional investor who buys and sells securities, mutual funds or exchange-traded funds through traditional or online brokerage firms or savings accounts.

• Individuals gambling in games of chance.
• Collectors of art, antiques, and other things of value
• Sweat equity investor
• Angel investors
• Individual investor

Institutional investor
An institutional investor is a nonbank person or organization that trades securities in large enough share quantities or dollar amounts that it qualifies for preferential treatment and lower commissions.

• Venture capital and private equity funds, which serve as investment collectives on behalf of individuals, companies, insurance reserves, pension plans, or other funds.
• Businesses that make investments, either via a captive fund
• Investment trusts or directly, including hedge funds, real estate investment trusts, Mutual funds and other funds, ownership of which may or may not be publicly traded.
• Sovereign wealth funds

Business in Canada

Canada is not the only country of saving the environment but also a good place to start a business abroad. Canada is the second best country in the world, according to the U.S. News and Report’s Best Country list.



This wonderful country has few programmes for business immigration oriented people

• Self-employed. Note that Government of Canada is no longer accepting new applications under the farm management stream of the Self-Employed Person Program.
• Start-up visa. On this point you must meet all 4 eligibility requirements: meet the language requirements, have a qualifying business, a letter of support from a designated organization and enough money for life in Canada before you make incomes
• Immigrant Investor Venture Capital Pilot Program
• Terminated programs – Federal Immigrant Investors and Entrepreneurs

How to start a business in Canada?
In the beginning, start with classic steps such as doing market research, choosing a business structure, type and writing a business plan.

Decide where your main office will be located, which other provinces and territories you plan to operate in, choose your proposed business name and the type of business that best suits your needs. Register your business.

After that, you should apply for permits and licenses. At the end of the mentioned steps, you can ask for National and regional business support, immigrant and aboriginal entrepreneurs, and financing programs.

Canada is reaching on different financing possibilities. Your business may be eligible for different types of private sector financing, including debt and equity. Government loans, loan guarantees, venture capital and other types of debt and equity.

Who is investor?

Being an investor is not that easy at all, because it is all about education. Investors can spend years and years researching investing, and there will still be things to learn.

What is investing?

Investing is simply the act of committing money or capital to a business, project, real estate, etc. with the expectation of obtaining an additional income or profit.

What is an investor?

An investor is a person that allocates capital with the expectation of a future financial return.

There are 6 types of investments:

•  Equity - The stock (also capital stock) of a corporation is constituted of the equity stock of its owners. A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares.
• Debt securities - Debt security refers to a debt instrument, such as a government bond, corporate bond, certificate of deposit (CD), municipal bond or preferred stock, that can be bought or sold between two parties and has basic terms defined, such as notional amount (amount borrowed), interest rate, and maturity and renewal date. It also includes collateralized securities, such as collateralized debt obligations (CDOs), collateralized mortgage obligations (CMOs), mortgage-backed securities issued by the Government National Mortgage Association (GNMAs) and zero-coupon securities.
• Real estate -  "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; an immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
• Currency - in the most specific use of the word, refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins.
• Commodity - In economics, a commodity is an economic good or service that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.
• Token - In the study of numismatics, token coins or trade tokens are coin-like objects used instead of coins. The field of tokens is part of exonumia and token coins are token money.

What is accounting?

Have you heard of the term "accounting"? If no, what is the first thing that comes to your head hearing it?

In this article, we will go through the accounting topic!

What is Accounting?

Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities(In accounting, an economic entity is one of the assumptions made in generally accepted accounting principles).

There are five types of accounting which are:

Financial accounting - is concerned with the summary, analysis and reporting of financial transactions pertaining to a business.

Management accounting - also known as managerial accounting, managers use the provisions of accounting information in order to better inform themselves before they decide matters within their organizations, which aids their management and performance of control functions.

External auditing - systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements, as well as non-financial disclosures, present a true and fair view of the concern.

Tax accounting -  accounting for tax purposes in the United States.

Cost accounting - the process of recording, classifying, analyzing, summarizing, and allocating costs associated with a process, and then developing various courses of action to control the costs.

Accounting information systems(AIS) are designed to support accounting functions and related activities.

Standard-setters, accounting firms and professional bodies are facilitating Accounting.

Any business needs accounting, the company can't live without one. The businesses or accountants need to know all the laws.

What is share capital?

In the business world phrase "share capital" you will hear a lot, but what it actually means? In this article, we will find out the meaning of share capital!

What is share capital?
The share capital is the portion of a corporation's equity that has been obtained by the issue of shares in the corporation to a shareholder, usually for cash, it is also known as a corporation's share capital or capital stock in US English.

Share capital in a strict accounting sense
The share capital is the nominal value of issued shares - that is, the sum of their par values, as indicated on share certificates.

If the allocation price of shares is greater than their par value, e.g. as in a rights issue, the shares are said to be sold at a premium - variously called share premium, additional paid-in capital or paid-in capital in excess of par.


What is Legal capital?
Legal capital is used in UK company Law and EU company law and other corporate law jurisdictions to refer to the sum of assets contributed to a company by shareholders when they have issued shares. the law often requires that this capital is maintained and that dividends are not paid when a company is not showing a profit above the level of historically recorded legal capital.

Why should you trademark your brand?

If you are serious about your business, you have to trademark your brand! All successful brands are trademarked and you should trademark yours too!

What is a trademark?
A trademark is a recognizable insignia, phrase or symbol that denotes a specific product or service and legally differentiates it from all other products. A trademark serves to exclusively identify a product or service with a specific company and is a recognition of that company's ownership of the brand. Trademarked products are generally considered a form of property.

What is a brand name?A brand is a name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer. Brands are used in business, marketing, and advertising. Name brands are sometimes distinguished from generic or store brands. For example - Apple, Ford, Nike, Coca-Cola - are brands!

Why should you trademark your brand?
If you do not trademark your brand, it basically means it doesn't belong to you, it means that it is open to everyone, everyone can use it, everyone can sell with your brand name. If you are selling something under your brand name that is not trademarked, after some time it will be stolen, or maybe someone will trademark your brand before you and all of your effort will be stolen from you!

How does trademark works?

• Trademark works only in the country where you register it - from border to border it is trademarked;
• You can trademark your brand not only in one country but also on the continent, like, EU or USA.
• The first person, who trademarked brand, owns the rights to use it;
• You need to trademark your brand every 10 years;
• You can also trademark your brand logo(you should);

Will you trademark your brand?

What is Revelant market?

In competition law(a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies), a relevant market is a market in which a particular product or service is sold. It is the intersection of a relevant product market and a relevant geographic market. The European Commission(an institution of the European Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU) defines a relevant market and its product and geographic components as follows.

There are relevant product market and relevant geographic market:

A relevant product market comprises all those products and services which are regarded as interchangeable or substitutable by the consumer by reason of the products' characteristics, their prices and their intended use;

A relevant geographic market comprises the area in which the firms concerned are involved in the supply of products or services and in which the conditions of competition are sufficiently homogeneous.

Companies should focus and follow both markets to be first in the market itself, grow and build the way to the success.

What are Bonds and how do they work?

Bonds can be a great strategy for your business if you need money to invest in the business.

What are Bonds?
A bond is a fixed income investment in which an investor loans money to an entity which borrows the funds for a defined period of time at a variable or fixed interest rate. Bonds are used by companies, municipalities, states and sovereign governments to raise money and finance a variety of projects and activities. Owners of bonds are debtholders, or creditors, of the issuer.

How do bonds work?
Businesses may issue bonds directly to investors instead of obtaining loans from a bank when they need to raise money to finance new projects, maintain ongoing operations, or refinance existing debts.
The indebted entity issues a bond that contractually states the interest rate that will be paid and the time at which the loaned funds must be returned. The interest rate, called the coupon rate or payment, is the return that bondholders earn for loaning their funds to the issuer.

Does your company have bonds?

Choose Virtual Office for Your Company

Nowadays, renting luxury office not always is not smart and necessary. Business became global and international and for this reason it it time to think about new options. It is time for virtual office.

A virtual office is a working space created virtually with the aid of computers and other digital equipment, i.e. without using physical premises. The functionality of a virtual office can range from a simple call forwarding to a full virtual working space for many employees, equal to a real physical office.

A virtual office has a number of benefits and advantages over a traditional, physical office. These are as follows:

• Lower costs;

• Local presence;

• Prestige;

• Employee convenience;

• Better information management;

• Possibility to choose space with better internet connection;

• Staff will not be late because of traffics;

• Connect and work with employees, customers and business partners from all over the world;

• Benefits from being able to manage your time more effectively;

• A more productive work environment;

• More opportunities to hire part-time or contract workers;

• It helps you to be eco-friendly;

• You can hire more employees if you need;

• No need for relocation.

Cost of a virtual office is less than that of a traditional office. Although virtual office services may differ depending on the specific needs of each customer, they usually include the following aspects:

• Legal address

• Call, document, mail and e-mail forwarding

• Virtual working space

• Conference calls

Now you know what virtual office is, and how a virtual office can make your life easier as a business owner. When setting up a virtual office, it is important to remember that it might not be enough to provide a sufficient economic substance to your business, which is why it is important to maintain a balance between going fully virtual and leaving some economic activities in the real space. As the actual amount of economic substance required is very different between jurisdictions.

What is INC?

If you want to open your own company, the first thing you should do is to decide what kind of legal structure your company is going to have. INC is one of the options. Would you be better structured as a limited company? The more you know, the clearer your options will be.

What is INC?
Incorporation is the formation of a new corporation (a corporation being a legal entity that is effectively recognized as a person under the law). The corporation may be a business, a non-profit organization, sports club, or a government of a new city or town. This article focuses on the process of incorporation; see also a corporation.
INC stands for Incorporating and when a company has the letters “Inc" after its name, it means the company has been incorporated.

Your company also can use:

• Corp. - If a company uses it, then the company usually is incorporated, but may not be.
• LLC is an abbreviation that means the company is a limited liability company.
• Co. is an option that simply states the business is a company, and it may not be incorporated.

Why your company should be incorporated?
Incorporated company means that the company formally designated itself as a corporation under the laws of at least one state. The incorporated company must follow all laws pertaining to corporations. Inc. means that the company is set up for success with a solid legal basis.

P2P. When lender and borrowers meet

Business owners don’t let money to be static. They invest, earn, spend it. Finances always are in movement. One of possibility to invest and take a loan is Peer-to-Peer.

P2P lending (also known as social lending or crowdlending) is a method of debt financing that enables individuals to borrow and lend money without the use of an official financial institution as an intermediary. Peer-to-peer lending removes the middleman from the process, but it also involves more time, effort and risk than the general brick-and-mortar lending scenarios.

Take a look on video from Mauldin Economics to find some facts

Traditionally, business owners submit applications for the loan from bank, funds or are looking for investors. With P2P loans, you can invest in borrowers with good credit ratings and bad credit ratings.

Some countries has P2P platforms when one side can find other side. Platforms connect the public to businesses in need of funding.

Forbes says that P2P lending takes 2nd place in a list of the best investments to make in 2018.

Some advantages of Peer-to-Peer lending are

• Easy, fast online application process and easy to open an investment account online

• Lenders can be individuals or organization

• Lower interest rates compared with banks

• Loans available for most of your needs

• No hidden fees in monthly payments and fixed interest rate

• No prepayment penalty if you have possibility to pay off the loan earlier

• You don’t have to provide collateral such as house or car. Loans are unsecured.

• The initial investment is low

• You can invest in many loans because number is not limited

• You can reinvest the payments you receive or withdraw the funds from your account

Have you ever tried P2P lending?

Is Franchising right for you?

Many businessmen are looking for better option of business grove. There are many possibilities and one of it is franchise.

 Franchise is an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company's products.

Arrangement where one party (the franchiser) grants another party (the franchisee) the right to use its trademark or trade-name as well as certain business systems and processes, to produce and market a good or service according to certain specifications. The franchisee usually pays a one-time franchise fee plus a percentage of sales revenue as royalty, and gains

1. name of company will be recognized immediately, 
2. tried and tested products with built-in customers for region, continents or even all over the world,
3. standard building design and equipment, so you do not need to waste time on details and save budget,
4. support in running and promoting the business at the time of starting the business,
5. ongoing help in promoting of the service or product,
6. detailed instructions and control too,
7. ready training of employees.

Franchise often is fitness clubs, beverages, children's services, television shows, hotels.

According to Franchise Direct, the most popular Global Franchise is McDonald's, KFC, 7 Eleven (store), Burger King, Marriott International (hotel).

When you choose to start franchise business,you need to be sure that you want to follow specific rules and want to choose this type of business. Maybe, you need some advices, consultations from specialists to see all advantages and disadvantages before you make a choice.

Don't be shy to ask because it is your future.

What is limited liability company (LLC)?

Limited Liability Company is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Limited liability feature is very similar to a corporation.
A feature of the partnership is the availability of flow-through taxation to the members of an LLC.


LLC disadvantages
An LLC has to be dissolved upon the death or bankruptcy of a member
An LLC may not be a suitable option when the objective of the founder is to eventually become a publicly listed company.

What do you need to start Limited Liability Company?

Select a state
Select a suitable state where you believe your company will grow huge. Confidus Solutions has a list of states you can choose from - http://www.confiduss.com/en/jurisdictions/

Name your LLC
Naming your company is a responsible task to do because your company reputation will be known by that name. Choose smart and ask for advice to anyone you know.

Choose a Registered Agent
Corporations and LLCs must have a registered agent in each state where they are registered to do business.

File the Articles of Organization
The process for filing this document differs by state, but the requirements are usually about the same.

Create an Operating AgreementOperating Agreement is similar to Corporate Bylaws in that it documents the operations of the LLC. It outlines routine activities, member information, member duties and more.

What is a partnership and what are the types of it?

What is a partnership?

A partnership is a business which involves two or more individuals who share the profits and losses of their business. A partnership is based on a belief, fairness, and mutual understanding and obligations.  

There are 3 types of partnerships:

General Partnership

In general partnership, each partner shares equally their work, ability and all of the profits. All of the general partnership owners are actively involved in the business activities and operations.

You don't have to record with your position and compensate a fee, as you do to launch a business or limited liability company.

Also filing revenue tax come back is easy.

You need to be careful by choosing the right partners in a general partnership, because your partner may have dissimilar apparitions or aims for the business. Also, you may find it difficult to find investors.

Limited Partnership

A limited partnership is almost like a general partnership, but the difference is that a limited partnership must have at least one limited partner.

In a limited partnership, it benefits from a quantity of reimbursement with a limited partnership.

A limited partner is defended from the size of the liability.

Limited Liability Partnership

In this type of partnership, some or all partners have limited liabilities. All partners are not responsible for each other in LLP.

Each associate is in charge only for the quantity of money he has given or guaranteed to the partnership.

Each one of the partners is not "individually accountable."

Which of the partnership do you think is the best?

Get to know the operating environment

If you are considering any country abroad as a new market it is vital to gain a thorough understanding of the operating environment.

So what is important?

Profile of Chosen Country

A first step to gaining an understanding of the political and socio-economic background of the country. Find out some facts that could be suitable for you, for example:

1. languages that citizens speak. Do you already know this language, should you learn it or you want to use services of a translator? 
2. geographic location, a specially if you plan to do export and it is important for the growth of your business
3. Currency and taxes. Think about where would be more profitable to open a bank account.

Lifestyles of Consumer and Their Income

Identifies factors influencing lifestyle choices and reveals who consumers are, what they do and where and how they do it. Find out about how consumers live their lives, their buying habits and what motivates them when making purchasing decisions.In what consumer’s age segmentation are you interested in? What are attitudes towards spending and saving?

Economy

Gain an understanding of the strengths and weaknesses of the economy. Are imports and exports performed well? Be aware of the chief risks of operating in the country.

Business Dynamics

Find a practical guide to doing business, providing a holistic view of the business environment. The answer to questions:
Is it an easy place to do business? What about corruption rate?

The Future Demographic

Look into the consumer markets of the future and understand the impact of changing demographics.

Natural Resources

To help you fully understand how the environment is affecting the supply, demand, and price of natural resources. It also can impact your business lifestyle of consumers.
A detailed review of the city where you plan to set up Your business

Appreciate the dynamics of the chosen city.

You can do such research on your own, find answers to many questions and think about every point in details or trust it to the company.

Advantages of Using Contactless Bank Card

Contactless payments have become so popular that now one in three card paymentsis contactless. It is getting more and more popular in our dynamic world becausepayment technologies have rapidly evolved. Aside from contactless credit and debitcards, you can also make payments using smartphones and smart watches. While using contactless cards, we need not swipe the card in a card reader machine.It works just by positioning the card near the card reader machine. So any physicaltouch is not required between the card and the machine.

• Contactless cards work faster than credit and debit cards.

If you want to look at the numbers, here is where this technology is taking us in our need for speed (average transaction speeds):

1. Contactless credit card transaction: 15 seconds
2. Magnetic strip card transaction: 25 seconds
3. Cash transaction: 34 seconds

• The NFC technology can be linked to mobile phone applications also so that we can move our mobile phones around the card reader machines in order to make a payment.
• Save your time. You also do not  need to take your contactless bank card from wallet.

• Contactless payments use encrypted data and the chip within a credit or debit card transmits a unique transaction number, making it almost impossible for thieves to access or steal your information.  For this reason,it is a safe payment method.

• You do not have to worry about typing errors in PIN code and your bank card would be blocked or abolish by bank terminal.

You need to contact your bank to get your contactless bank card. Could you mention more advantages of using contactless bank card?x
Advantages of contactless bank cards:x