Business that want to be dynamic in their respective fields and want to conquer a large and reliable customer database need to understand the simple function of payment processes in order to be able to take their business revenues to the next level. When there are only limited options available for paying for services, customers tend to be distracted with better offers from other similar businesses and may just ignore the businesses that does not have even the basic payment processing features.
The business that provides the best and updated payment methods in terms of the payment methods available due to technological advances will be the business that will always look sparkling in the eyes of the customer. Merchant services is a singe domain through which a business can maintain all payment collection and processing modules in order to ensure that every single dollar from the customer is properly routed to the business’ bank account and their is none lost at transaction. Most importantly, beyond processing just credit or debit cards, or electronic fund transfers, businesses are required to provide other value add on options for customer satisfaction.
Merchant services in collaboration with other resources have started panning out attractive offers for customers based on the type of businesses to ensure that the customers can gain more from their purchases than just the services ordered for.
The common value add-ons that merchant services regularly provide are:
Discounts and Promotional Offers: Every customer looks forward to surprise offers every now and then, and merchant services based on inputs from the customer and existing market trends can set up a offers page in the course of a customer’s transaction page in order to allow a offer that the customer could pick either free of cost or a discounted price as part of its purchase. These offers not only attract customers but also give other businesses an opportunity through tie-ups with varied businesses. For example, for a purchase above a certain amount, a restaurant coupon in the customer’s proximity would definitely make the customer happy. The offers could be on varied products like credit cards, or collection of redeemable points for future shopping, etc, will facilitate the required sales figures targeted by businesses.
Mobile Payments: Today’s updated customers would like to free themselves of using a credit or debit card for every single transaction. In such cases, customers who are frequent e-wallet users can simple use the application on the phone to process instant payments at any given point of time. Merchant services can ensure that these payments reach the business without any delay even if it beyond the businesses’ working hours.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.