How to Take Over Payments

Tuesday, April 20, 2010

Buyers sometimes find themselves in a financial jam after making purchases for items such as cars, trucks, motorcycles, or even furniture or other items they have bought on time. When they find they can no longer make the monthly payments they must find an alternative.

If they wait until the item is repossessed they will have hurt their credit rating and have difficulty purchasing on time in the future.Finding someone who will assume the loan and take over payments will be beneficial to both parties. The seller will get out from under the obligation and the new buyer will save money.


How to Reduce Monthly Payments on Your Mortgage Loan


Whenever you take over payments for someone else's financial problem buyers must protect themselves by following several steps:

1) If they are assuming the loan on a vehicle, they will need to have that car inspected by a mechanic to insure that it is in good condition and worth the price asked by the owner. If it is in need of repairs, insist that the seller has everything fixed before continuing with the transaction.

2) You need to determine if the seller owes more than the car is worth so check some places such as Kelly blue book (kbb.com) or Edmunds.com and find a fare market value on the vehicle before you commit to taking it off their hands.

3) If this was a car loan at a bank or credit company meet with a representative and try to have them rewrite the loan, putting it officially in your name, and leaving off the previous owner once they has been paid off.


Credit Cards - Dealing With Payments


If the prospective car owner (the one who plans to take over payments on the loan) has good enough credit, the bank may provide them with a new loan but it gets complicated and often the bank does not want to be involved in such transactions. The have ownership of the title to the vehicle and a contract with the person who purchased it that will be in effect until that vehicle is paid off.

If the bank is not interested in allowing the loan to be rewritten, the only alternative will be for the seller and buyer to write up what would amount to a lease agreement between the two parties and this is were it can become complicated. The new purchaser or party who is attempting to take over payments will be required to make payments which can cover the payment the previous owner has been making, so he can then meet his obligation with the bank or lender with whom he made the original agreement.


How to Collect Credit Card Payments


Then there is insurance to be considered. With the vehicle remaining in the first owner's name, an insurance policy will also be required to be in that person's name. What generally works best, when negotiating take over payments, is for insurance to be purchased in both parties' names.

A large down payment will help insure the buyer holds up their end of the bargain when they take over payments and give the seller extra to pay on their loan, keeping ahead of payments owed to the bank or lending party. Finally, once the title is clear it should be sent directly to the party who assumed the loan.
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Payments

Wednesday, January 6, 2010

The ability to accept credit card payment has become a necessity for all retail businesses. Retailers are expanding their business to new horizons. Their businesses are no longer confined to any specific store location. Businesses looking to increase their customer base have started tapping customers outside the stores with new sales strategies such as door to door selling.

The ability to accept credit card payments depends on many factors. A terminal is extremely essential to process the payments. Modern payment systems involve a merchant account with a payment gateway service provider, card terminal and the availability of a communication channel to transmit data between the terminal and payment gateway.

In a common setup, terminals act as an interface to connect to the payment gateway. The majority of these card terminals use phone lines to transmit data.
The mobile sales force often encounters problems with payment processing during sales. Mobile sales forces cannot carry these credit card terminals along with them. Moreover, payments cannot be processed without the transmission of information between the terminal and payment gateway.


This problem can be easily solved by using Merchant Account Payment Gateway App. This application is designed to work with iPhone. This application converts your iPhone into a mobile payment terminal. This application acts as a Merchant Account Payment Gateway Interface where you can enter details such as Merchant ID, Transaction ID, card number, customer name, phone number, email address, billing address and the amount to be charged.


You can easily convert your iPhone into a wireless credit card terminal by downloading the application. If you have registered on any one of the payment gateways, you can get started after downloading the application. If you don't have any of these payment gateways, you can register for them at a discounted price.


People often hesitate when furnishing details about their credit card. They are suspicious when a salesperson enters details about their credit card on his/her iPhone. But, there is no reason for worry as this software has a secure interface and the information entered through the interface is not stored on the iPhone.
This iPhone application provides useful features in addition to secure transactions. Some of the useful features it provides are:
• CVV Security Code
• No Cable Required
• No Card Reader Required
• (AVS) Address Verification System


With Merchant Account Payment Gateway App installed on your iPhone you will never lose a sale due to the inability to accept credit card payments. This software gives you freedom from bulky card terminals. Moreover, you can also use an iPhone loaded with the application as an substitute to traditional bulky terminals in your merchant location.

This software comes in handy when you are at tradeshows or any other sales location where you have no access to a payment terminal. It can enhance your business prospects and make the payment process faster. An iPhone loaded with this Merchant Account Payment Gateway App offers far more conveniences than traditional credit card terminals.


Download This 100% Free iPhone Credit Card Terminal App by PayPodd. It's Perfect for The Mobile Business on The Go. Accept Credit Cards Payments Anywhere on your iPhone or iPod. Works on the Big 2 Gateways, Authorize.Net and PayPal Payflow Pro. No Readers! No Swipes! No Cables!

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