Tuesday, May 25, 2010

What happens when a merchant account needs a person but an enterprise needs to be the owner of the account?

A merchant account application is asking for a single person to be the owner of the account, however there will be no single owner it will be an enterprise.
What happens when a merchant account needs a person but an enterprise needs to be the owner of the account?
I will try to shed some light for you on the merchant account application process. Hopefully it will help you understand what exactly is required in the application.





In a merchant account application you will provide details about both your business and your business' owners, including address (business and personal), social security number, tax ID (if applicable), phone numbers, email address, web address, bank account info, etc. The business owners may be more than one, just as it is in your case, and you will provide personal information for all of them.





Be advised that no person from your organization will own the merchant account and the application is not about owning it. The merchant account will provide a way for your company to accept payments and your company's money will then be deposited into your company's bank account, not into one of the owners' accounts.





The application does ask you for a "Contact Person." This is different. A contact person is the one representative (whether it is an owner or not) of your organization that your merchant account provider will contact whenever they need to talk to someone about something. That is all.
Reply:Merchant Capital Funding LLC


Luis Orlando


Senior Funding Specialist


Tel: 866-221-2050


Direct: 646-747-6719


Fax: 800-531-9768


E-mail: lorlando@onlinemcf.com Report Abuse

jewish name

What is the difference between a money market account and a mutual fund?

Are there minimum beginning amounts on either? Peanalties for early withdrawal?
What is the difference between a money market account and a mutual fund?
There are money market mutual funds, however, this is what I think you're talking about.





Money Market accounts: most banks and brokerages offer these. They are essentially savings accounts tied to the market rate, so you get some higher return than a normal fixed savings account rate. You can usually write 3 checks a month, without penalty and withdraw up to 6 times a month. Typically, you must invest anywhere from $5000-25000 to start and hold a minimum balance.





Mutual Funds: These are a collection of stocks held together and invested in with the pooled funds of investors in the fund. You generally spread the risk amongst many investors and many funds. The funds can be tied to indexes, S%26amp;P 500 Index, Overseas Index, socially conscious "Green Funds", types of companies, Small, Mid-Cap, Large-Cap funds, and even bonds.


You can get started with $50/mo., or flat entries of $250 typically.





Hope that helps!
Reply:A mutual fund is a way of investing broadly in the stock market, with the intention of lowering the risk of short-term loss by spreading out the stocks in which the fund invests. To create a mutual fund, a financial institution buys shares of dozens, sometimes hundreds, of companies, and then pools all the earnings (and yes, losses) of those companies into the mutual fund.





The idea is that by choosing a diverse group of strong companies, the fund will offer less risk than simply buying shares in a few individual companies. It's a lot like one of those wildlife documentaries where the lions eat one or two zebra but the whole herd gets away. The mutual fund works on a similar principle -- if the fund contains, say, 30 different stocks, on any given day five or ten might drop, another ten might stay about the same, and another ten might go up.





Mutual funds are therefore an investment in the stock market, with the associated risks but also rewards. The challenge with a mutual fund is in finding one with a good, smart fund manager who chooses stocks wisely and keeps on top of changes and trends in the market that apply to the individual shares that make up the mutual fund. So one of the ways of analyzing a mutual fund's strengths is to look at how long the manager has been in charge; if he or she has years of success, this should give you some confidence that the fund will continue to grow.





A money-market account, on the other hand, trades in short-term securities like US Treasury bills and certificates of deposit, in an effort to find the highest short-term return on an investment. A money-market account is typically very liquid -- that is, you can contribute and withdraw fairly easily, depending on the terms of your financial institution. Money-market accounts always keep their share value at $1, and pay their returns by increasing the number of shares you have -- distinct from the mutual fund, in which the shares go up or down in value depending on the average of all the shares that make up the mutual fund.





One key distinction: mutual funds can (and often do) lose money some days while making money others, because they are made up of companies trading on the stock market. If you hate to see your balance drop, even by a small amount, a mutual fund may be a frightening investment if you look too closely at it. However, a good fund should provide steady growth over the long term; it's a typical place to invest 401(k) or IRA money, for example.





And just to make matters more confusing... there IS a special type of mutual fund that trades only in money markets. However, this is usually called a "money market fund;" it uses the principle of the mutual fund to spread the risk, while using the practice of the money-market account to focus on short-term, low-risk investments.





Minimum amounts and penalties will vary from institution to institution, so ask before you buy either. However, mutual funds do charge a maintenance fee (the fund manager has to make payments on his Carrera Cabriolet, you know :-), and the size of these fees can have an impact on your overall return and profitability.





To offset this, though, many mutual funds also pay dividends -- that is, in addition to the appreciation you may receive when the fund grows in value over time, you may also be paid dividends when the companies owned by the fund pay them. Most mutual funds (that I know of, at least) automatically pay those dividends by reinvesting them in your mutual fund rather than by writing you a check. So in essence if you own 100 shares of Fidelity Equity Income Fund (symbol: FEQIX) and it goes up (it went up 29 cents a share yesterday to close at 59.33), you still own 100 shares. But if FEQIX pays a dividend of 59.33 cents a share (to make the math easy), you will own 101 shares of FEQIX (100 times 59 cents equals 59 dollars) when the dividend is reinvested.





Last... the Morningstar group (http://www.morningstar.com/) evaluates mutual funds and rates them based on their performance and other characteristics over time. That's a good place to get some unbiased info on specific mutual funds.
Reply:To the best of my knowledge, a money market account is about the same as a saving account with different policies. As to minimum amounts, it varies with the institution your are dealing with. I don't think most have penalties for withdrawals except they may charge you a fee if you make more withdrawals per month, quarter etc. than their plan allows.





Mutual funds are like stock accounts that you buy shares in. You then become and owner in that fund.





Hope this helps a little
Reply:A money market is a type of bank account. The funds in a money market can be used to purchase mutual funds, which are types of investment.

How do i set up a new itunes account without deleting all my current songs on my ipod?

Ok so my comp crash so all my stuff on itunes is gone, but when i plug the ipod into another computer on itunes i cant add more songs or anything without deleting everything i currently have on it and i reallly dont want to loose everything! HELP!
How do i set up a new itunes account without deleting all my current songs on my ipod?
What you have to do is change the setting to add songs manually. But first you must authorize the computer. Go to where it says Advance and from there go all the way down to Authorize the Computer. Type in your Itunes name and password and thats should fixes it.
Reply:if you log in and plug in you ipod. click check for purchases it should bring up all the songs you have bought from the itunes store. it will not bring up any of your cds or anything else. only what you got from itunes so you'll have to upload all your cds again or refind other songs.

Any suggestions on who to start a savings account with?

if I am planning to start saving $850.00 a month, into a savings account, which would give me more money over say a year or two; an account that compounds daily or monthly? And, any suggestions of whom I can start saving with? Or, would it be wiser to save up and invest the minimum required for a money market account? The reason I am so interested is I am a single parent and trying to save up for a home, the more you can pay down, the lower the monthly payments will be, and hopefully the better the home I can afford.
Any suggestions on who to start a savings account with?
If You Live on the East Coast in the NY%26lt;Phila,Dela,Maryland area you might want to look into cd's with Commerce Bank.


here is a list of the current rates.














--------------------------------------...


CONVENTIONAL CDs





--------------------------------------...





Only $500 to open!


To open an account, call 1-888-751-9000, click here or visit any store!


The rates are effective September 9, 2007. Terms and rates are subject to change without notice.








Here is a sample of our rates:








Account Type* Annual Percentage Yield (APY)


20-Day 3.00%


Three (3) Months ** 4.00%


Six (6) Months 3.75%


Eight (8) Months ** 5.00%


Nine (9) Months 3.75%


One (1) Year 3.75%


Thirteen (13) Months ** 4.60%


Sixteen (16) Months ** 4.75%


Eighteen (18) Months 3.75%


Two (2) Years 4.00%


Thirty (30) Months 4.00%


Three (3) Years 4.00%


Four (4) Years 4.00%


Five (5) Years 4.25%


check out the 8 month rate.


just a though,Good Luck


Commerce is a good Place to do Business,my Family has been doing Business there since 1985
Reply:very good question! u should first check around in ur area who the major fed funded banks are? get their pamplets; @ the percent rates for both daily, and mon compds. u may also want to check into what each co's trust accts. are paying for a pers. trust acct. u may find that at the end of 1-2 yrs the comp. intrsts. will have given more cash in ur pocket in intrest, compare the $ ratio? good luck.
Reply:First off, congratulations on being able to save such a great sum of money and while being a single parent. I'm in the mortgage industry and it is very tragic out there for those folks who couldn't put any money down as they're losing their homes left and right. You're heading down the exact right path!





Few things to look into in order of low to high return:





1) Savings account = very low interest but safest investment (INGDirect is a good call here)





2) Money Market account with bank (check out bankrate.com)





3) CD = better interest rate but money is locked up. Some folks "ladder" CD's so you might put $850 in a 3 month CD the first month, then $850 in a 6 month CD the second month and so on. It takes a bit of work but gets you better interest with the safety of being at a regular bank. (bankrate.com will have the latest info)





4) Money Market Mutual Fund = better interest rates but no FDIC protection. The first three will typically of FDIC protection so if something goes wrong the government will protect you for up to $100,000. I don't sweat the FDIC when in comes to Money Market Mutual Funds as they're typically just as safe and have never in their history lost money. (I like Vanguard's Prime Money Market account at www.vanguard.com)





5) Treasury Notes = even better with safety of government. You can go to www.treasurydirect.gov for more information.





6) Short term bonds = riskiest but probably the best return you're going to get. You can invest in these typically through any broker such as Scottrade.





I'd recommend #4 as it's safe and will give a decent return. I'd also look up Eric Tyson's Dummies series books. He's a great writer and has written a bunch of books on buying a home such as:





Home Buying for Dummies


Mortgages for Dummies


Personal Finance for Dummies





They're all great books that will give you some insights on how to go about purchasing a home and maybe even getting into one faster.





HTH...
Reply:Most brick and mortar banks pay a tiny amount of interest, usually less than 1%.





Go to www.bankrate.com and do a search of banks paying the highest interest rates on savings.





Right now there are several online banks paying around 5.30% in interest.





When checking out the account, see if you can have a portion of your paycheck automatically deposited into that account by your employer, or see if you can instruct your savings bank to automatically deduct from your checking shortly after each pay period. This way you automatically save and get used to living on less.
Reply:Daily compounding will be better than monthly. Pretty much any bank would be fine, what you are looking for is the best rate of return.





Rather than a savings account though I would suggest you look into other investments. A money market fund or an ETF investing in fixed income securities. While you might pay a little for the investment they should give you an after their fee return that is better than a savings account. Also, I would suggest look into a Roth IRA. The investment income will accumulate tax free (your savings account interest won't) and you can use the funds to make a first time home purchase without paying tax.
Reply:check this link its good








http://datentryworksworkathomeobs.blogsp...











.

Do you need a savings account in order ot have a checking account?

This question applies to Bank of America.





If you want a checkings account (campus edge checking account), do you need to have a savings account open.





There's not even $200 in the checkings and I don't have the $300 to put in the savings in order to waive the monthly fees.





Can I cancel the savings and stay only with the checkings account?
Do you need a savings account in order ot have a checking account?
I used to work for Bank of America and am now with one of their competetors, I too would say get away from them...lol!





But, to answer your question, you do NOT have to have a savings account at BOA (usually only Credit Unions will make you have a savings).


If you have a checking account and link it to your savings account and have BOA do an Auto-transfer from your checking to your savings monthly of atleast $25, then your savings account is free and you won't have minimum balance requirements, plus you get to save money and you could participte in the "Keep the Change" program they have (which is really cool).





They also have a custom savings, which only asks that you have $25-$50 balance requirement but you can only withdrawal from it once a month, but if it is for saving purposes, then why not?!





Or you could just have the checking!





I hope this helped - let me know if you need more info!
Reply:there are lots of banks that you can use that do not require you to have a savings account. Why not switch?


I've found that Bank of America tends to cheat people out of their money anyway.
Reply:You can go to washington Mutual and get a Free checking account without having a savings account.
most popular name

How do interest rates work for a savings account?

I'm about to get my own bank account. I wanted to get a debit card at first, but a friend told me that if I use a savings account, I can earn interest. But I don't really know how it works. And she doesn't quite know either. Btw I'll be 14 when I get it.
How do interest rates work for a savings account?
Most interest rates at banks are compounded on a regular scale, either daily, monthly, quarterly, or yearly. What that means is that the annual percentage yield (APY) is based off of what you would make in a given year.





For example: let's say you had a savings account with $1000 and a 5% APY (good luck finding one of these now!). Essentially, over a 12-month period, the bank would give you the equivalent of 5% of the total balance if the balance stayed stable ($50 split over the year). So, if you didn't put any more money into the account, and the interest was paid out, let's say quarterly, every 3 months you would get a $12.50 interest payment.





Since most balances are variable (i.e. nobody keeps the same amount of money in the account) and interest changes the principal (once that first $12.50 payment goes in, your NEW balance is $1012.50, and the APY of 5% is based off of THAT, and not $1000 anymore) it can be sort of confusing. The benefit is that you are ALWAYS making money (even if it is only a penny) as long as you have the savings account open.





The downside is that it normally doesn't have as easy access as a checking account (e.g. no check cards usually) unless it is linked to another account (either checking or money market). You can usually get ATM access, but many savings accounts have minimum balance requirements for opening or maintaining.





Good luck.
Reply:i would go to your local credit union and open a christmas account. they have great interest rates, but they will probably limit withdraws from the account. But if you're 14, you should be able to get into the habit of not having so many withdraws anyways.





Good Luck.
Reply:Credit Union interest rates are better then Banks so check them out first and while you are on the internet, put it to use look up your local banks and credit union websites and check out the interest rates I bet credit unions are paying more anyway Take Care and Good Luck

How do I find out if my Paypal account has been upgraded to Premier?

I rarely use eBay and Paypal, but I got a bunch of stuff that I want to sell. I vaguely remember goofing around with my Paypal account on the Premier membership but I want to make sure I have upgraded before I sell. Thanks in advance.
How do I find out if my Paypal account has been upgraded to Premier?
login to your paypal account and go to "my account" it will tell you what your level of service is.