By Bobbie Sage, About.com Guide to Personal Insurance since 2002
Most of us around the world have been watching the excitement to see how many wins Michael Phelps can get. But, here is something to add to the excitement... did you know that if he earns seven golds in these 2008 Beijing games that he will earn $1 million? According to www.reuters.com, "Four years ago, before the Athens Games, sponsor Speedo offered the U.S. swimmer the seven figure sum if he equaled compatriot Mark Spitz's 1972 record of seven golds at a single Games. Phelps came close, seizing six golds and two bronzes, before winning seven golds at last year's world championships in Melbourne. The offer of an instant million still stands at the Beijing Olympics."
During the Athens games, Speedo had the million insured, which meant if Phelps did break the record then the insurance company would cover the payout when Speedo made the insurance claim. But, this time around, no insurance company is willing to take the risk of insuring Phelps. Speedo will still agree pay Michael though out of their own funds. So, Michael, keep it up... the insurance companies, along with the rest of the world, are sure you are going to break the record too!
Sunday, August 24, 2008
Monday, August 11, 2008
Banking With eBay and PayPal
Credit and debit cards for eBay and PayPal users
By Aron Hsiao, About.com
Though eBay and PayPal are primarily tools for buying and selling goods online, they are also for many buyers and sellers closely related to their financial accounts—after all, if you earn a portion of your income through eBay and accept payments through PayPal, a portion of your income every month passes through both systems.
For most eBay and PayPal buyers and sellers this simply means that a bank account or credit card must be connected to PayPal so that money can be transferred in or out of the account as sales or purchases are made. Such transfers can be inconvenient, however—they require that you wait several days for the transfer to go through, and add an extra middleman to the financial process.
Credit Cards
For those souls ready to embrace the new online e-commerce world wholeheartedly, both eBay and PayPal offer rewards credit cards that can be used both on eBay and outside eBay to earn rewards points with every purchase. For more details and to apply for either card, visit the following links:
* For the eBay Rewards Mastercard, visit MasterCard.eBay.com
* For the PayPal Plus Mastercard, visit the PayPal Plus Card homepage
Of course like any credit card, both of these cards charge interest and require responsible account management. They can, however, provide a more convenient credit alternative for the heavy eBay or PayPal user.
PayPal Debit Card
Perhaps more useful for many eBay sellers is the PayPal debit card, which can be used like any debit card at ATMs around the world or anywhere debit cards are accepted. Purchases or withdrawals made with the PayPal debit card come straight out of your PayPal balance, making what for some may be a more convenient, rapid way to manage funds in PayPal.
* Visit the PayPal debit card homepage to apply for a debit card connected to your PayPal balance
By Aron Hsiao, About.com
Though eBay and PayPal are primarily tools for buying and selling goods online, they are also for many buyers and sellers closely related to their financial accounts—after all, if you earn a portion of your income through eBay and accept payments through PayPal, a portion of your income every month passes through both systems.
For most eBay and PayPal buyers and sellers this simply means that a bank account or credit card must be connected to PayPal so that money can be transferred in or out of the account as sales or purchases are made. Such transfers can be inconvenient, however—they require that you wait several days for the transfer to go through, and add an extra middleman to the financial process.
Credit Cards
For those souls ready to embrace the new online e-commerce world wholeheartedly, both eBay and PayPal offer rewards credit cards that can be used both on eBay and outside eBay to earn rewards points with every purchase. For more details and to apply for either card, visit the following links:
* For the eBay Rewards Mastercard, visit MasterCard.eBay.com
* For the PayPal Plus Mastercard, visit the PayPal Plus Card homepage
Of course like any credit card, both of these cards charge interest and require responsible account management. They can, however, provide a more convenient credit alternative for the heavy eBay or PayPal user.
PayPal Debit Card
Perhaps more useful for many eBay sellers is the PayPal debit card, which can be used like any debit card at ATMs around the world or anywhere debit cards are accepted. Purchases or withdrawals made with the PayPal debit card come straight out of your PayPal balance, making what for some may be a more convenient, rapid way to manage funds in PayPal.
* Visit the PayPal debit card homepage to apply for a debit card connected to your PayPal balance
Five "First Items" to Get You Started Selling
Easy transactions to break the ice and learn the ropes
By Aron Hsiao, About.com
Many eBay members who have never sold a thing on eBay have more than a passing interest in selling but don't quite know how to get started. Sometimes the most difficult part of selling is simply knowing what to sell—especially if you don't own your own business or have other obvious caches of products in your life just waiting to be shifted to buyers.
The most typical bit of advice given to members in this situation is "just look around you—you'll find things to sell," but it isn't always easy to think in sellers' terms when you're not used to selling via online auctions, especially if you don't have "eBay business" aspirations.
If this sounds like you, here are five simple ideas for types of things to sell in your first eBay auction. They're common, present around most households, easy to ship, and not so high in value that you need to worry about serious transactional problems.
1. Clothing and accessories. If you have clothing or accessories that you don't wear anymore but that "still have a lot of life in them," these can be an ideal first eBay sale item. Vintage clothing and more substantial pieces (leather coats, designer jackets, vintage jeans, evening shoes, hats) tend to do well on eBay, while more everyday items are a tougher market. Be sure to point out in your description any defects, wear areas, or idiosyncrasies about the garment in question when you list it. A clear photo (or preferably several from varying angles) is/are also essential for this type of sale.
2. Household furnishings, decor, or antiques. This is the perfect chance to get rid of the hideous trout lamp that Uncle Ed sent your husband for Christmas or the talking alarm clock that doesn't ever quite manage to wake you up. Antiques and unusual items rule this group, so don't ever fall into the trap of thinking that something is too retro, too kitschy, or too ugly for eBay. The more bizarre, unique, or "interesting" the item, the better it can potentially do. On the other hand, don't bother trying to sell anything that can still be had at the local department store in large quantities and at low prices.
3. No-longer-used consumer electronics. The old MP3 player that you never use because you bought a nice new iPod falls into this category, as do the handheld TV that you never carry and the cell phone that you've had hanging around since you switched carriers. If the item works, includes all necessary accessories (rechargers, cables, and the like) and is in reasonably good condition, it's a candidate for eBay selling. Just be sure not to get your hopes too high about price: consumer electronics lose a large percentage of their value as you use them. Figure on getting about 20 percent of your original investment. It might not sound like a lot, but if it's just sitting in a closet anyway, now's the time to post it at auction and free up some storage space.
4. Your own hobby or craft items. If you have a crafty hobby of almost any kind—whether it's making oven mitts, knit caps, hand-crafted tennis rackets, or ships-in-bottles, eBay can be a great place to turn a nice profit. Hand-made goods that show skill and workmanship often draw top dollar and a loyal collectibles crowd on eBay. Be sure to include plenty of photos in your listing, along with details about the methods that you use and your personal approach to creating these items—these types of buyers want to buy your story as much as they want to buy your goods, so don't disappoint them.
5. Locally made goods. Every area of the world is home to at least a few unique products or resources, whether they're edibles, renewable flora and fauna, local indigenous crafts, or something else. Salt candies from the mountain west, hot sauces from the south, maple syrup in bulk from the northeast, native crafts from the reservation—or if you're outside the U.S.A. just about anything you're willing to ship to North America—are all fair game. Use your imagination and remember that there are people all around the world who might be interested in buying something that people in your neck of the woods take for granted.
It's a pretty simple list, but it's also a pretty simple prospect: for your first sale on eBay, find something that has value, isn't so common that people would rather just buy it at the local store, is functional and in good condition, is easy to ship, and isn't worth so much either monetarily or sentimentally that it's an overwhelming task for your first sale.
Remember that photos always help, detailed descriptions (with any needed caveats) are absolutely essential, shipment, carefully packed, follows soon after the auction ends, and of course remember also that buyers are people, too—people that may want to buy whatever you have around to sell.
Most of all, don't wait any longer—just do it. Identify an item that could stand to go and list it. If the auction closes with bidder(s), you've made your first eBay sale. If it doesn't draw any bids, not to worry—nothing ventured, nothing gained. It's not a popularity contest. Find something else and try again.
Once you start listing, it's only a matter of time until your first sale (which almost always occurs on a seller's first try). Once your first sale is complete, your second one won't be far behind.
By Aron Hsiao, About.com
Many eBay members who have never sold a thing on eBay have more than a passing interest in selling but don't quite know how to get started. Sometimes the most difficult part of selling is simply knowing what to sell—especially if you don't own your own business or have other obvious caches of products in your life just waiting to be shifted to buyers.
The most typical bit of advice given to members in this situation is "just look around you—you'll find things to sell," but it isn't always easy to think in sellers' terms when you're not used to selling via online auctions, especially if you don't have "eBay business" aspirations.
If this sounds like you, here are five simple ideas for types of things to sell in your first eBay auction. They're common, present around most households, easy to ship, and not so high in value that you need to worry about serious transactional problems.
1. Clothing and accessories. If you have clothing or accessories that you don't wear anymore but that "still have a lot of life in them," these can be an ideal first eBay sale item. Vintage clothing and more substantial pieces (leather coats, designer jackets, vintage jeans, evening shoes, hats) tend to do well on eBay, while more everyday items are a tougher market. Be sure to point out in your description any defects, wear areas, or idiosyncrasies about the garment in question when you list it. A clear photo (or preferably several from varying angles) is/are also essential for this type of sale.
2. Household furnishings, decor, or antiques. This is the perfect chance to get rid of the hideous trout lamp that Uncle Ed sent your husband for Christmas or the talking alarm clock that doesn't ever quite manage to wake you up. Antiques and unusual items rule this group, so don't ever fall into the trap of thinking that something is too retro, too kitschy, or too ugly for eBay. The more bizarre, unique, or "interesting" the item, the better it can potentially do. On the other hand, don't bother trying to sell anything that can still be had at the local department store in large quantities and at low prices.
3. No-longer-used consumer electronics. The old MP3 player that you never use because you bought a nice new iPod falls into this category, as do the handheld TV that you never carry and the cell phone that you've had hanging around since you switched carriers. If the item works, includes all necessary accessories (rechargers, cables, and the like) and is in reasonably good condition, it's a candidate for eBay selling. Just be sure not to get your hopes too high about price: consumer electronics lose a large percentage of their value as you use them. Figure on getting about 20 percent of your original investment. It might not sound like a lot, but if it's just sitting in a closet anyway, now's the time to post it at auction and free up some storage space.
4. Your own hobby or craft items. If you have a crafty hobby of almost any kind—whether it's making oven mitts, knit caps, hand-crafted tennis rackets, or ships-in-bottles, eBay can be a great place to turn a nice profit. Hand-made goods that show skill and workmanship often draw top dollar and a loyal collectibles crowd on eBay. Be sure to include plenty of photos in your listing, along with details about the methods that you use and your personal approach to creating these items—these types of buyers want to buy your story as much as they want to buy your goods, so don't disappoint them.
5. Locally made goods. Every area of the world is home to at least a few unique products or resources, whether they're edibles, renewable flora and fauna, local indigenous crafts, or something else. Salt candies from the mountain west, hot sauces from the south, maple syrup in bulk from the northeast, native crafts from the reservation—or if you're outside the U.S.A. just about anything you're willing to ship to North America—are all fair game. Use your imagination and remember that there are people all around the world who might be interested in buying something that people in your neck of the woods take for granted.
It's a pretty simple list, but it's also a pretty simple prospect: for your first sale on eBay, find something that has value, isn't so common that people would rather just buy it at the local store, is functional and in good condition, is easy to ship, and isn't worth so much either monetarily or sentimentally that it's an overwhelming task for your first sale.
Remember that photos always help, detailed descriptions (with any needed caveats) are absolutely essential, shipment, carefully packed, follows soon after the auction ends, and of course remember also that buyers are people, too—people that may want to buy whatever you have around to sell.
Most of all, don't wait any longer—just do it. Identify an item that could stand to go and list it. If the auction closes with bidder(s), you've made your first eBay sale. If it doesn't draw any bids, not to worry—nothing ventured, nothing gained. It's not a popularity contest. Find something else and try again.
Once you start listing, it's only a matter of time until your first sale (which almost always occurs on a seller's first try). Once your first sale is complete, your second one won't be far behind.
Monday, July 14, 2008
What Check 21 Means to Your Business
By Darrell Zahorsky, About.com
Any business operating a business deposit bank account in the U.S. must know the implications of Check 21. Learn what your business needs to know about the new act.
What is Check 21?
Check 21 or "The Check Clearing for the 21st Century Act" was passed into law on October 28, 2003, and effective on October 28, 2004. Check 21 creates a new digital product called the substitute check. The substitute check has a paper reproduction of the original check's image from the front and back.
The new Check 21 act means an improvement in efficiency for the banking system. No more shipping original checks around the country. It has yet to be seen if the added savings for banks will be passed off to consumers.
What Does Check 21 Mean to My Business?
New Proof of Payment: If your business needs to confirm payment from a customer, under the new Check 21 Act a substitute check is the legal equivalent of the original and acceptable proof. The IRS can even accept the new check form as proof of payment.
Shorter Float Time: The float time is the period between the time a check is written and the time it clears. With the new efficiency in check processing times, business owners can expect checks to clear in days or even minutes. "Floating" your checks for one or two days can result in disaster:
# more fees in bounced check charges
# negative image on your credit rating
# embarrassment in dealing with suppliers or customers over bad checks
To offset the quicker processing time, make certain the cash is in your account before you write a check. Also, ensure you have adequate account overdraft coverage until you adjust to the new system. Don't expect to get your money faster. The law doesn't amend the hold times on your account.
Change in Mailed Statements: Companies receiving original checks returned in the mail might notice a substitute check instead. Retain the substitute as if it was the original because it represents the legal equivalent.
Reduced Fraud: In theory, Check 21 can reduce losses from check fraud because the electronic check processing will help the bank receive and detect fraudulent checks earlier. It doesn't mean you should drop your guard on fraud. Just be aware another safeguard is in place.
For more information on Check 21, visit the Federal Reserve and contact your bank for details on how your account is impacted.
Any business operating a business deposit bank account in the U.S. must know the implications of Check 21. Learn what your business needs to know about the new act.
What is Check 21?
Check 21 or "The Check Clearing for the 21st Century Act" was passed into law on October 28, 2003, and effective on October 28, 2004. Check 21 creates a new digital product called the substitute check. The substitute check has a paper reproduction of the original check's image from the front and back.
The new Check 21 act means an improvement in efficiency for the banking system. No more shipping original checks around the country. It has yet to be seen if the added savings for banks will be passed off to consumers.
What Does Check 21 Mean to My Business?
New Proof of Payment: If your business needs to confirm payment from a customer, under the new Check 21 Act a substitute check is the legal equivalent of the original and acceptable proof. The IRS can even accept the new check form as proof of payment.
Shorter Float Time: The float time is the period between the time a check is written and the time it clears. With the new efficiency in check processing times, business owners can expect checks to clear in days or even minutes. "Floating" your checks for one or two days can result in disaster:
# more fees in bounced check charges
# negative image on your credit rating
# embarrassment in dealing with suppliers or customers over bad checks
To offset the quicker processing time, make certain the cash is in your account before you write a check. Also, ensure you have adequate account overdraft coverage until you adjust to the new system. Don't expect to get your money faster. The law doesn't amend the hold times on your account.
Change in Mailed Statements: Companies receiving original checks returned in the mail might notice a substitute check instead. Retain the substitute as if it was the original because it represents the legal equivalent.
Reduced Fraud: In theory, Check 21 can reduce losses from check fraud because the electronic check processing will help the bank receive and detect fraudulent checks earlier. It doesn't mean you should drop your guard on fraud. Just be aware another safeguard is in place.
For more information on Check 21, visit the Federal Reserve and contact your bank for details on how your account is impacted.
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