The Guide to Use an ATM Machine

Since the dawn of the ATM (automated teller machines), banking has never been simpler. An automated teller machine, or ATM, provides one the convenience to make quick and prompt cash withdrawals. However, the purpose of the ATM does not end there, various other banking transactions, such as depositing money, transfer of funds and balance inquiries and account updates are possible via ATM machines. Since, the system saves, time and reduces delays, banks have ATMs located inside, outside or at various convenient and accessible locations, like gas stations, grocery stores and malls, so on.

There are a few things to consider before using an ATM,

Verify the network logos: These logos may be located in the ATM or debit cards, are indicative of the acceptable banking consortium. This means the ATM machine will have a list of acceptable logos posted on it. Even though many cards are universally acceptable these days, there is a charge on using the card in other bank ATMs after a number of withdrawals.

Be Vigilant: The use of debit card at ATM machines should be done under complete care, make sure no onlooker can see the PIN designated to provide access to your account.

These machines are easy to operate and provide systematic guidance to the users, the steps involved in using an ATM.

Step 1: Select the appropriate bank ATM.

Step 2: Insert your ATM card in the designated slot or swipe the card depending on the machine.

Step 3: Select the language that you desire for the user interface, most machines offer English and regional languages to choose.

Step 4: Enter the PIN (Personal Identification Number) provided along with the ATM card at the time of registration. Make sure you memorize the PIN and never disclose the same to a stranger or even acquaintance, to avoid the risk of card fraud.

Step 5: Select from the given transactions. Generally, the options are available at most ATMs, such as withdraw, deposit, balance inquiry and transfer. If you choose to withdraw, the ATM prompts for the amount, which once entered the ATM checks the balance of the account, and renders the cash if feasible.

Step 6: The machine prompts for printed receipt, which will be provided if you opt for the same.

Step 7: One can choose to continue with more transactions or finish the same.

Make sure to remove your ATM card, if it is inserted at the beginning of the transaction, without fail.

The common dilemma when using the ATM, is forgetting the PIN, the ATM machine allows only a number of attempts before confiscating the card. If one forgets the PIN, should request for the same at the issuing bank. Many fall victim to card frauds by not being vigilant and careful when transacting at ATM machines, be aware of your surroundings and keep the bank ATM card safe. The ATM provides a world of ease and accessibility to the users, by its easy, instantaneous and safe process.

The Business Benefits Of Invoice Financing

When businesses are considering their finance options, there is a tendency to concentrate on the popular products which may not always be the best solution. What would you consider for your company? Overdraft? Company Credit Card? Loan? Invoice Finance? I would expect that the last of these would be at the bottom of any list, if it was even on it to begin with. Invoice finance is a tried and tested option and, as such, it is surprising that so many businesses overlook it.

It’s difficult to find a time where finance isn’t being talked about in the press, on TV or on the radio. But would you know what invoice finance was if you heard it being talked about in any of these media? If not, you may find the following brief guide to the whats, ifs and buts of invoice finance helps demystify this form of business finance.

Invoice finance, more specifically known as invoice discounting or factoring, is an alternative finance product which often gets its fair share of bad press in the market. This seemingly helpful cash flow product still carries the stigma of being a last chance saloon for a company on the brink of their demise, but is this really a true reflection? No, is the answer.

Invoice finance can often be the product of choice for many companies from small start-up firms to established multi-national companies, although in general it is medium to large companies that gain most benefit. In simple terms, invoice financing allows a business to receive a large percentage, typically 80-85% of the money owed to them within 24 hours of submitting an invoice. The invoice financing company then remits a further percentage of the invoice, typically 10-15%, after the invoice has been settled.

The benefits which this product brings are vast:
Cash Flow
The first and most obvious benefit is access to cash. The flood gates of opportunity can well and truly open with enhanced business cash flow. Many companies use increased financial liquidity to pay suppliers early, buy stock at an attractive price and bridge the gap between completed work and the date of their invoice payment.

Credit Insight
All companies providing their clients with invoice finance also give access to invaluable information about the clients’ customers, allowing them to make informed decisions about levels of trade and credit.

Bad Debt Protection
Many invoice financiers offer bad debt protection, which offers the client financial protection against any of their customers going bust.

Credit Control
This benefit comes only when you operate a factoring facility which gives you the opportunity to allow your factor to carry out collections on your behalf. This frees up much needed time and would usually be at as little as half the cost of employing a credit controller.

The next time you are thinking about your business’ financial position, it’s as well to consider all the options rather than just plumping for the most obvious solution. Why not explore all of the options including invoice finance? Even take it a step further and think outside the box by considering new and innovative alternative finance options such as crowd funding, peer to peer lending or even timesheet finance.