· Analysing the most efficient payment processing providers for Offshore Corporations in 2021
· Exploring with one of the world’s leading fintech professors and private bankers
The e-commerce industry is undoubtedly growing at a fascinating rate. Through last year’s travel bans, retail store closures (requiring online shopping), lockdowns, and a plethora of other Covid-19 related mandates, the world of e-commerce has boomed – with online sales predicted to account for over 85% of total retail sales during the pandemic; an increase of over 35% in comparison to 2018.
Luigi Wewege is known predominantly for both: a) his private banking expertise within Belize and Central America, and b) his book, the ‘Digital Banking Revolution’, which sufficiently predicted many of the e-commerce plus fintech trends and their consequent effect on the transformation of what was known as the ‘traditional’ retail banking sector. (More information relating to Luigi Wewege’s financial service’s expertisecan be found on his official website)
This article will briefly introduce some of the many challenges that Offshore Corporations currently face in relation to their potential payment providers and then move on to analytically explore the most popular payment gateways provided by Luigi Wewege – breaking down the pros and cons of each one in the process.
So Why is Payment Processing for an Offshore Company Challenging?
There are several reasons that make finding a sufficient online payment processor for offshore companies a relatively challenging experience.
Firstly, most payment processors currently tend to solely accept companies registered in specified countries. This means that companies which are not registered in such countries are commonly ‘out of luck’ and left with very few – and often quite undesirable, options. This is certainly not uncommon with offshore companies and/or companies which are registered in relatively high-risk legal jurisdictions.
Moreover, businesses operating in industries that are considered to be of high risk in themselves – such as gambling, pharmaceuticals, or crypto, may often find themselves excluded by most payment processing providers as well.
Payoneer was built to be utilized mainly by small businesses. As it enables a variety of self-employed persons, entrepreneurs, and corporations to effectively ‘streamline’ their payment process – by placing much of the payment onus on the individual actually requesting payment, it can come with quite a few monetary advantages.
In pragmatic terms, Payoneer is commonly used to either: a) pay other individuals or businesses, or b) receive payments – either to be withdrawn into the user’s personal bank account or to be spent via their Payoneer Mastercard.
Payoneer has a minimum transfer amount of $20 – assuming the billing service is used, and a maximum monthly transfer amount of up to $50,000. This, however, is usually significantly increased for businesses with a higher Payoneer Account Level and can therefore sometimes remain accommodating for larger businesses.
Operating with 150 currencies in more than 200 countries, it is unsurprising that financial services expert Luigi Wewege has spotlightedPayoneer as a possible payment gateway for offshore corporations.
On the other hand, it is important that businesses take the payment processor’s less desirable features into account first, before making a final decision. These include high withdrawal fees and annual MasterCard fees, which may provide a significant disadvantage to smaller businesses with relatively limited budgets.
One of the greatest benefits for a corporation of choosing PayPal as their payment processing provider is that they would not need to have a current available balance in their virtual wallet in order to do so. This is because PayPal has the ability to draw funds from their user’s current bank account in order to allow them to perform monetary transactions.
Moreover, as Luigi points out, the provider’s global prominence and unrivalledreputation will undoubtedly provide ample financial opportunities for businesses and ‘make their lives easier’ – as it is commonly found on websites with millions of users around the globe.
PayPal offers a minimum transfer amount of $1, however this isn’t the same as their withdrawal amount. Users may technically send less than one dollar, but it would not be financially feasible due to the receiver being required to pay 32 cents in order to receive that one dollar.
Despite its importance, PayPal does come with a couple disadvantages, including:
- a monetary fee of 2.9% plus 30 cents – this is arguably not the worst on the market, but it’s not ideal, and
- an exchange rate fee – resulting in the user’s exchange rate always being in between 2 and 2.99% higher than the actual market exchange rate.
It should be noted that this only really affects businesses which are not only regular recipients of large amounts of capital, but who then also commonly proceed to additionally convert said large amounts.
Skrill deals with a variety of different types of currencies (40), but its most valuable asset is undoubtedly its ability to perform financial transactions with countries which are not represented by any other payment processing provider.
Being most commonly used by business owners around the world, it allows its users to perform financial transactions with recipients in relatively under-developed countries that are not regularly represented by other providers. This means Skrill uniquely links two different financial worlds and consequently significantly expands its user’s commercial opportunities.
Due to the monetary transaction fees involved, the minimum transfer provided is $1- similar to PayPal, as any lower is not financially feasible.
Despite this, Skrill does arguably fall short in some areas in comparison to some of the aforementioned providers discussed above. These include:
· a transaction fee of 2%,
· a 4% currency conversion fee, and
· a withdrawal fee that could potentially rise up to 7.5%.
The provider is also undoubtedly less popular than PayPal, and its lack of online influence may consequently pose a problem for business owners in certain industries – where customers are accustomed to using PayPal for their online purchases.
Having said that, Skrill’s fundamental goal was never to holistically dominate the market in the same way that PayPal strives to. On the contrary, it’s aim has always been to appeal to a unique, specific group of businesses and fill a gap in the financial market which it arguably has done quite well – allowing persons and corporations in the far east, as well as in the middle east, to conduct business transactions with persons and corporations in the more developed western nations.
Lastly, 2checkout is undoubtedly quite an interesting choice. The payment provider caters to both: high risk, and offshore companies and its transactional fees are arguably comparable to those provided by PayPal.
Moreover, 2checkout allows its users to:
- receive PayPal payments without actually opening up a PayPal account, and
- operate in 196 countries – including Belize, Panama, and the Bahamas.
4 Ways to Cut Costs For Your Small Business
One of the biggest barriers to entry hopeful entrepreneurs face is the costs associated with launching and sustaining a small business. From building expenses and licensing fees to payroll budgets and more, there are a lot of financial figures to work out before you start to yield a profit. And when you do see those profits roll in, your margins can be pretty narrow depending on your sales and expenses for that month.
It can be difficult to save money as a small company, particularly if you are in a position where potential risks need to be made to achieve greater profit margins. However, without putting your productivity or financial status in jeopardy, there are a variety of ways you can reduce your company expenses.
To help you cut any overhead expenses that could be holding you back and inflating your deficit, we have gathered a collection of our best money-saving tips.
1. Budget better
Constructing a spending budget for your company will provide the perspective you need to see where your money is flowing and give you a better idea of your outgoing expenditures. Set a time to equate the spending of your corporation to the incoming funds at the beginning of each month to help predict the potential financials. Daily financial analyses will give you a larger overview of where you are investing and where you can trim down.
2. Minimize operational bills
Many businesses expend way too much money on workplace and other operating costs, such as energy bills and overspending on labor. As a company owner, one thing you’ll likely want to explore is whether or not a remote job operation will work for you. It is a smart way to minimize the price you pay for leases, office equipment, and other costs.
If you’re not yet prepared to turn your back entirely on the conventional office environment, you may want to think about a communal workspace. Community workspaces or “coworking” facilities are simply large business areas split by multiple businesses and people that rent offices within the space.
There are different setups for different coworking sites, so you may notice that you either need to rent a part-time meeting room or that you need a pair of private offices five days a week. This effectively helps you cut down on some of those outstanding operational costs.
3. Consider outsourcing
Your workers are your company’s backbone, allowing the gears to spin both in front of and behind the scenes of your business. It goes without saying to you, though, that recruiting workers is seriously costly, especially when you take into account payroll taxes and benefits for your team.
One way to mitigate the costs associated with full-time laborers is to outsource work on an as-needed basis to independent contractors. While some charge higher wages, when you weigh in the costs involved with recruiting part and full-time staff, contractors tend to be more economical than employees.
A possible downside, on the other hand, is that independent contractors are inevitably less familiar with your business than your existing workforce. There are industry-specific networks such as MCT lock desk contracting platforms for mortgage bankers and automated receptionist options that make it easy to connect with individuals who are better acquainted with your niche.
It’s a smart idea to take an especially close look at credentials, job samples, and endorsements before entering into a contract with any potential outsourced staff. In the long term, recruiting the best independent contractors for your organization will save massive amounts of money.
4. Opt for a partially or fully-remote work setup
Because of the ongoing COVID-19 pandemic, many employees across the globe have shifted to a remote work environment, but some corporations claim that they will not be returning back to the workplace anytime soon. Currently, that will really add up to saving money on industrial real estate prices and services.
If you’re not ready to go totally remote you might consider our previous note about how allowing your workforce to work-from-home can cut down on outgoing operational costs while also keeping everyone safe from the spread.
The secret is out: it takes money to make money. But money well spent helps keep your company up and running, meaning you shouldn’t let your profit margins suffer. To help you mitigate your costs and maximize your bottom line this year, use these tips and tricks to get your costs in order.
How To Avoid Defaulting On First Mortgage?
So you have taken out your first mortgage and have begun paying for it. But now you find yourself in financial distress that makes it impossible for you to pay the loan installments. So the payments keep piling up and slowly you are on the verge of losing your mortgaged property. This is a nightmare scenario for any person who has taken out a mortgage loan.
But if you follow some advice you can prevent such a situation from ever occurring. Want to know what that is? Then read on below:
Tips For Preventing As Well As Dealing With Mortgage Defaults
- Save in advance
Financial hardships can strike anytime and the best thing you can do is be prepared for it. As such it’s advised that you save up for future payments from your current earnings. At the very least have 2 months of loan repayment money stashed away. It will help you in uncertain times.
- Talk to your lender
Talk to your lender before doing anything once you are in financial distress. Know that no lender wants to take away your home. So if you talk to them, then you can extend your loan repayment duration or lower your monthly payments. Either way, it will prevent you from more stress and tension.
- Take a breath
If you find yourself missing a loan payment, it’s time to calm down. Don’t stress yourself. Tension and stress will simply make the situation worse for you. It will distract and frazzle you. The solution in such times is to calm down and look into ways to arrange the loan money.
You can ask your friends and family for help or try getting a job that will allow you to pay off the loan and put food on the table. In dire situations, you can look into selling valuable possessions like gold. However, there is one thing you shouldn’t do in such situations- try getting more loans. It will simply make the situation worse for you.
- Cut back on expenses
If you find yourself falling back on payments, it’s time to look into other areas that are eating up a large chunk of your income. If you are dining out or going out more then lower the number of days you are going out. Note that even if you are going out, try to go to an inexpensive place. Apart from this, try cutting off cable if that’s an unnecessary expense. After all, little things will add up for your payments.
If you have lost your job, then it’s time for figuring out your budget once more. Pay more attention to the mandatory expenses and less on luxury items you could do without till you get a new job.
- Rent a room
If you are in financial hardship, renting out a room or multiple ones could save you from getting kicked out into the streets by the bank. It might help you at least get your loan repayments made on time with some money even left for essentials. In short, it can tide you over till you get back up on your feet again.
If you are distressed over the kind of person who will live in your home, then know that you have the power of choosing the tenant. Not to mention the fact that you will be able to enforce the rules for staying in your house. Note that if you are going through times of financial hardships, don’t panic. Try to figure out possible ways to get money. But above all, talk to your lender and figure out a way to minimize your payments in the short term. It will help you breathe easy.
SPELLING ERRORS AFFECT BUSINESS – HOW TO OVERCOME THIS
Have you ever experienced seeing or reviewing an advertisement with grammatical errors? As a business holder, we tend to hold the buyers but due to these silly mistakes, we lose the customers. It makes them think 100 times before purchasing anything. No one really wishes to offer their badly earned bucks to anyone who doesn’t have seemed to think enough to evaluate their copies for spelling. It is essential for managers to be conscious of environmental pitfalls, to improve from others’ mistakes, and to spend time to prevent flaws.
The medium of communication is verbal or written and it is composed of words that we use to make them compelling and reasonable. If the base is not strong in these titles then the business will surely fall down. However, people read or listen to the advertisements and then judge on the basis of the quality. The golden factor of this quality is a textual representation that must be of high class.
If you wish to get grip on the words then you must have the knowledge of spellings that make up a quality sentence. For this purpose, there is a spelling test available to test your knowledge and get the result.
Reasons to avoid grammatical mistakes:
There are numerous reasons that direct you to avoid any grammatical mistake in business write-ups. Some of these are mentioned below;
- First Impression has a strong impact on customers
You want to give a positive initial perception to your fans. You want not only to get their interest, but you want to win their esteem as well. Proper grammar, complete sentences, and the effective use of syntax would offer them more faith in interacting with the client (or the organization).
- Good Reputation is the base of returned customers
Similarly, a business that interacts simply and accurately is more inclined to obey buyers and suppliers. Using correct English will help preserve the integrity and prestige of your corporation as a competent, reputable brand that considers all its dealings with its clients and vendors as enormously important.
- Effective communication matters
It is possible that by handing them grammar errors to stay clear of, you are distracting your viewers from the message. Such mistakes also render the content difficult to understand. You wouldn’t like to confuse the minds of your viewer, specifically if you are attempting to get them to take some sort of action.
- Competitive Edge maintenance
Competition only comes where the base is strong. When your communication level and advertisement base will be of high quality then your firm will be a competitive edge. Buyers mostly trust those brands whose interaction quality is strong.
- Productivity increases:
Including group members, many organizations rely on written guidance (for example, reports or email messages). Right spelling and grammar will help the workers quickly identify your orders while preventing any uncertainty or disappointment about what is required of them.
The significance of perfect grammar in marketing communication is certainly that all businesses, irrespective of their size or the sector in which they work, should take into consideration.
Using your machine, computer or mobile automotive components tool should be the first and most simple verification; however, you should not depend only on search engines to catch errors.
It is important to re-read your paper; ask an employee to assist, either do it yourself or better yet. It is always a smart option to get a fresh perspective to glance over what you’ve composed. The old traditional script and scale over a paper piece is still the easiest way to read and comprehend a report; other methods involve reading it sideways or voicing it softly.
Easy Tips to Review:
After you’ve done composing, going to take a break, and reviewing your work can also boost your capacity to identify errors. This requires adaptive spelling skills. It also gives the opportunity to refine it as you move forward, fixing terminology and sentence structure. For messages, where you don’t get a chance at making a successful first statement, this is extremely crucial.
- Never ever forward anything without giving a fresh pair of eyes or proofreading your write up.
- Don’t get multitasking work because it can cause grammatical errors. Writing any = paper requires full concentration.
- Review each and every terminology but after a while. Just take an hour because when you review after some time, you get a fresh mind.
Equivalently so, it makes perfect sense for workers in command of marketing interaction to be competent in their jobs. The required preparation and resources should be made available; there is also a range of blogs that provide guidance on written communication and can be directed to.
There’s a tool named spell quiz which offers a wide variety of tests to take. It also gives a report at the end of every test to make you aware of your mistakes. Visit SpellQuiz.com for more information.
How JewelFlix is Changing Jewellery Business in India
The internet has made shopping so easy for everyone that you can buy anything now at the click of a button. Until now, the Jewellery businesses have been very slow in catching up with the online shopping world. But now, it has been made so easy with just one idea which brought the Jewellery market online.
‘Tansh Jewels Private Limited.’, an already established jewellery firm came up with the idea of doing something which would change the entire industry, in both B2B and B2C. This included Customers, Jewellery Retailers, Wholesalers, and Manufacturers. The idea of “JewelFlix” quickly caught up with the Indian market among both Jewellers as well as consumers.
What Does JewelFlix Represent?
JewelFlix is an online jewellery marketplace where Jewellers from all around India would be able to showcase their products for the whole world to see. When Jewellers were made aware of this venture, they quickly associated with this idea. This was an opportunistic moment to extend their business visibility. From just a small city where they operated in a limited area to a broader reach across the nation. The sellers adopted this and experienced a boost in their sales as well as recognition of the brand on social media.
This exhibition of products was not the only feature of JewelFlix. But they also provided every associated jeweller with their own exclusive website and mobile application for Android and IOS. This allowed individual Jewellers to develop their own brand and customer loyalty.
For people, this online jewellery shopping store was a place to explore thousands of different and unique crafts of jewellers in India. Now people didn’t need to go from shop-to-shop to find that perfect piece of wedding necklace, ring, bracelet, or any jewellery item. They would just visit www.jewelflix.com and then choose among the hundreds of products listed. Each product has the specifications like weight, purity, metal, brand and various other details mentioned along with the photos of the exact product.
The Success at South Jewellery Show, Bengaluru
The event of South Jewellery Show held on 8th to 10th January 2021 in Bangalore was exclusively held for Jewellers all around India. This was a chance for already established jewellers as well as fresh-in-the-market jewellers to showcase their products among hundreds of other jewellers.
This event was a big occasion to network and develop new business relationships among Manufacturers, Wholesalers, as well as jewellery retailers. And it turned out to be a big success for JewelFlix as well since they were able to explain their services, features and benefits directly to the jewellers.
South Jewellery Show, Bangalore
With the aim to digitalise the jewellery industry and collaborate more than 5 lakh jewellers by contributing to creating a Digitalised nation. The Main agenda of JewelFlix is to render the best digital services to their customers by boosting their business online and making their dream come true.
What are the Main Reasons Jewellers Choose JewelFlix?
JewelFlix provides a global business platform to connect with top industry brands of retailers, wholesalers, and manufacturers. The continuous marketing for the associated brands on the website as well as on social media. This widens the range of business visibility and provides with more genuine leads. And one of the most liked and important features is the ability for each individual jeweller to market their own brand using the exclusive app and website.
These are the core benefits provided by JewelFlix and it is believed that more features and benefits are along the way on their platform for the Jewellers in India.
In conclusion, it can be said that JewelFlix is revolutionizing the online jewellery industry for businesses as well as consumers around India.
Worry-Free Moving: A Downsizing Checklist for Seniors
According to a survey conducted by TD Ameritrade, 42 percent of respondents said they plan to downsize in retirement.
It makes perfect sense. The kids have moved out of the house, and you no longer need the extra space. All those household tasks – cleaning, maintenance and repairs – that made sense when the house was fully occupied, don’t really make sense any longer. And the added money you spend on a large home could be better used by enjoying your retirement.
The process isn’t always easy, though. Letting go of the family home, and the lifetime of memories therein, can be emotional and laborious – especially if you go it alone. If you are considering downsizing your home (either for yourself or an elderly loved one), you can make the process easier with this checklist.
Talk with Loved Ones
Whether you’re the one downsizing or you are sparking a conversation with ageing loved ones, it’s wise to talk things out. To start, determine the reasons for downsizing: is it a financial decision, for health reasons, or are they looking to make a positive life change? Perhaps it’s all those reasons.
Getting to the root of why downsizing makes sense can help the process along. Next, talk about possible reservations you (or they) might have. Are you nervous about decluttering? Is there trepidation about the move itself? The more you define your reservations, the better you can address them.
Outline Criteria for Your New Home
Besides a smaller size, what are you looking for in a new home? Do you want to be closer to family? Are you craving a community of like-minded seniors? Do you require greater accessibility and fewer house responsibilities? Answering these questions will help guide you toward your perfect home.
To set your downsizing adventure in motion, you will need to edit your belongings. For best results, call in the experts for this step. A professional downsizing company can help you declutter and organize your belongings. Working closely, compassionately and patiently with you, they will sort your belongings and spearhead the sale or donation of unwanted items.
Take pictures of your old home, and if it helps, take photos of belongings you are giving away too. These reminders of the past can help ease the transition. They are an acknowledgement of the significance that your home had in your life, and you can even hang them in your new home as you get used to it.
Leave Move Day to Professionals
When moving day rolls around, you want to focus on bidding farewell to your old home and saying hello to the exciting new chapter of your life ahead. You don’t want to be bogged down with moving logistics and tasks. Look for a professional downsizing company that, in addition to offering decluttering services, offers end-to-end move management, taking care of truck rentals, elevator reservations, packing and unpacking. Leaving move day to the professionals takes a lot of the stress out of the process.
With a few candid conversations with loved ones, some proactive planning and the help of professional downsizing services, your move will be largely stress-free and positive. Now, all that’s left to do is enjoy your new home – and the money you saved along with it!
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