THINKBIGBEBIG ENTREPRENEURS » Money

FOREX-Euro struggles; debt crisis buoys Swiss franc

Timothy Bosworth — Mon, 18 Jul 2011 13:08:00 +0000

The euro fell on Monday, hitting a record low against the Swiss franc and dropping against the yen as investors grabbed perceived safe-haven currencies on concerns that the euro zone debt crisis could worsen in the near term. read full article at reuters.com

Who wants to be a millionaire?

Timothy Bosworth — Thu, 30 Jun 2011 13:26:47 +0000

A MILLION dollars in investable assets might not buy the retinue of flashy flunkies that it did in 1956, but it is still a reasonable definition of wealth.

Millionaires increased in number almost eveywhere between 2009 and 2010, according to a report by Capgemini and Merril Lynch released on June 22nd. Among the more interesting nuggets in the report is that Japan has more female millionaires as a share of the total (31%) than Western Europe (18%). The only large country where millionaires became more scarce was Italy. Still, who wants to wallow in champagne? Via The Economist

Geographic Income. The world in money.

Timothy Bosworth — Wed, 29 Jun 2011 08:35:06 +0000

National Geographic mashed together income-level and population distribution to make this beautiful map.

Broad-based gains drive FTSE 100 towards 6000

Timothy Bosworth — Tue, 31 May 2011 11:16:34 +0000

London equities continued to make broad-based gains on Tuesday, with banks and miners driving the FTSE 100 back towards the top of its well-worn trading range.

The benchmark index returned from its long weekend break up 0.9 per cent to 5,989.0, a gain of 50 points. The fresh advance came after a 1 per cent gain over the previous session, and it took it back within touching distance of the 6,000-point mark at which previous rallies have faltered.

But with robust risk appetite on global markets amid hopes that the European Union was closing in on a second bail-out package to ease Greece’s strained fiscal position, the riskier sectors crucial to the FTSE 100’s chances of breaking convincingly through 6,000 rallied. Barclays was the strongest bank, up 1.5 per cent at 279.4p. Among resource stocks, Royal Dutch Shell rose 1.6 per cent to £21.65 and Fresnillowas 1.1 per cent higher at £21.66. All but two of the index’s defensive constituents made gains in morning trade.Via ft.com

Credit Card Processing for Mobile Business Owners

Timothy Bosworth — Sat, 21 May 2011 21:06:50 +0000

Whichever type of mobile business you own, it has now become much easier to accept payments from your customers. When your business revolves around jobs at many different locations, the best form of payment has always been cash or check but now you can accept credit cards as well.

With a mobile credit card processing account from a company like Pay Anywhere, you can easily accept credit cards along with cash and checks.

Mobile payment processing operates directly from your iPhone, Blackberry, or Android Smartphone, this new technology eliminates the need for you to carry around bulky equipment. Instead, you only have to attach a card reader to your phone and then the application does all the rest.

Because of the concerns that may be present, it is important that any business owner who is interested in taking advantage of this new technology take their time and choose a provider that fits their business needs.

When choosing a provider, you should have some questions ready so you can decide if this provider is right for your business.

Ask about the services that the provider offers. Do they accept payments from all major credit cards? This is an important feature because you want to reach as many customers as possible. There are even more questions you should ask.

Mobile credit card processing requires you to install an application on your smartphone, which processes the payment. You should also check if the provider’s application is free. How much do they charge for the required credit card reader? These are all important questions to consider when choosing a provider because you don’t want the application or credit card reader to be incompatible with your phone.

Most major mobile credit card processing providers only charge fees as when service is rendered. This makes it convenient for anyone with a mobile business since there are no monthly fees to worry about.

Inside Job: A documentary you must see!

Timothy Bosworth — Fri, 20 May 2011 10:50:43 +0000

We recommend you go and see the film Inside Job. If you don’t know, it’s about the sub-prime mortgage disaster. It’s a really interesting look at what happened within the financial services that eventually effected the entire world!

Riva Iseo. The Entrepreneurs speedboat of choice.

Timothy Bosworth — Mon, 16 May 2011 15:07:45 +0000

Riva’s Iseo is their new 27 footer that blends old world craftsmanship with the clean, immaculate lines of modern design. In a nod to its heritage, Riva enveloped the boat in mahogany wood then completed the look with stunning twenty coat varnish.

As for power the boat will be available in three engine options with a Yanmar 6BY2 260 at the entry level and a Mercruiser 8.2 MAG 380 at the top of the range. It will also come in a Hybrid version which features a ZEM, a Zero Emissions Mode cruising option. Find out more at riva-yacht.com

65.5 Million Millionaires worldwide By 2020. 38 million this year. Will you be one of them?

Timothy Bosworth — Fri, 06 May 2011 12:53:32 +0000

The number of millionaires is forecast to rise 72.5% to 65.5 million worldwide by 2020 from about 38 million this year. In the United States, home to nearly half the world’s millionaires, the increase is expected to be even sharper: a 96.2% jump to 20.6 million. The estimates of household wealth are based both on financial assets such as stocks and bonds, and nonfinancial assets like primary residences and business ownership.

How much wealth are we talking about? Trillions upon trillions of dollars. Worldwide, the value of assets held by millionaires is $92 trillion this year, and that figure is expected to more than double to $202 trillion in 2020.

For U.S. millionaires, total wealth is also predicted to more than double, from $39 trillion today to $87 trillion by the end of the decade.”

In the UK it may be slightly different, however the Sunday Times rich list comes out this sunday 8th May 2011. Check out who was on the Sunday Times Rich List Last year.

Via dailyfinance.com

Wall Street 2 |The film that all Entrepreneurs must see

Timothy Bosworth — Fri, 01 Oct 2010 07:52:29 +0000

With the new film coming out shortly, we thought we’d give you a taster of what we think will be another icon film about money, greed and success. For those who don’t know what Wall street is all about.

Essentially it’s about a young and impatient stockbroker who is willing to do anything to get to the top, including trading on illegal inside information taken through a ruthless and greedy corporate raider whom takes the youth under his wing. View the original trailer.

The World’s Billionaires

Timothy Bosworth — Mon, 23 Aug 2010 17:56:15 +0000

Back in April 2010 we showed you the Sunday Times UK Rich list. Well if you were impressed by the regional differences in wealth, your going to be amazed at the global differences in wealth.

Below is a short list of some of the worlds billionaires. For those of you who can’t comprehend that amount here is what a billionaire care buy him or herself and still have change to play with.

Carlos Slim Helu: $53.5 billion - Telecom, Mexico.

Telecom tycoon who pounced on privatization of Mexico’s national telephone company in the 1990s becomes world’s richest person for first time after coming in third place last year.

Bill Gates: $53 billion - Microsoft, U.S.

Software visionary is now the world’s second-richest man. Net worth still up $13 billion in a year as Microsoft shares rose 50% in 12 months, value of investment vehicle Cascade swelled.

Warren Buffett: $47 billion - Investments, U.S.

America’s favorite investor up $10 billion in past 12 months on surging Berkshire Hathaway shares; says U.S. has survived economic “Pearl Harbor,” but warns recovery will be slow.

To see the rest of the worlds billionaires visit forbes.com for the original article.

Understanding Merchant Accounts

Guest Author — Thu, 12 Aug 2010 15:39:31 +0000

This is a guest post by Dan Lewis is an industry veteran, having worked in the credit card processing industry for many years, most recently as an independent sales representative for North American Bancard

When preparing a start-up budget, one part of the document will “inevitably” be the costs and expenses that you will incur in the course of operating your business. One such cost that is vital to your success, especially if you are a retailer, will be credit card processing. Therefore, it is extremely important that you understand how the merchant account world operates. You must understand what a merchant account is and what the different options are for each type of business. I will present the two most common types of merchant accounts. So let’s get to it.

What is a Merchant Account?

If you want to be able to process credit cards, you must set up a merchant account first. A merchant services account is a special type of bank account that operates is written agreement between a retailer, a merchant bank, and a credit card processor to complete transactions from credit cards and debit cards.

When a retail customer presents their card at the point of sale, the cashier will swipe the card on a terminal that will relay the customer’s financial information to the bank that processes credit cards on behalf of the merchant (acquiring bank). The acquiring bank will verify the credit card information and sale amount with the bank that issued the credit card (customer’s bank). If the customer’s bank verifies the credit card information and approves the credit amount, the sale will be authorized, and the customer walks away with a purchase. The merchant stores the customer’s approval code along with all other credit card purchases for the day and sends a batch file to the acquiring bank. The acquiring bank then sends all the day’s transactions through a credit card network that disperses the transactions to customers’ appropriate issuing banks, and the issuing banks will pay the acquiring bank. Finally, the acquiring bank pays the merchant minus fees for monthly account maintenance and percent of sale. Confusing? It becomes second nature after you get experience in dealing with different merchant service providers.

Types of Merchant Accounts

Each business is unique, and thankfully the merchant services industry has recognized this by offering accounts that cater to many different industries. Two of the most common types of merchant accounts are explained further below.

Retail Merchant Account

As in the example above, retail merchant accounts are catered to businesses that have a physical location, such as grocery stores or restaurants. These types of accounts are the most widely recognized forms for credit card payment, since the swiping terminal is present, and people associate credit card processing with the swipe motion.

Since the merchant can ask for identification if he/she suspects a case of fraud, this mitigates the risk of fraudulent activity. This is the reason why these accounts are less expensive, since there are more protective measures taken with card-present transactions.

Internet Merchant Accounts

As e-commerce continues to grow, the demand for websites to be able to process credit cards online will grow as well. If you are an e-commerce owner and do not process credit cards, you are pretty much giving your potential customers a very good reason to buy from your competitors instead.

Unlike the physical terminal, an internet merchant account processes payments through a virtual terminal or payment gateway. Virtual terminals are typically for businesses that process sales at low volumes. They are less expensive but require manually verifying credit card information for each sale coming in through the website, which could become time consuming if the business is growing. Payment gateways are more expensive but cater to businesses that process thousands of transactions each day, as it is an automated verification process. Internet merchant accounts are typically more expensive, since the sale is a card-not-present transaction. Internet fraud has picked up in the past decade, so credit card processing companies have to protect their business interests against cyber crime.

Conclusion

If you start doing your research today, you will be ahead of the game. Now that you have an idea of how merchant accounts work, you can start digging for more details.

The Tripod of Stability

Timothy Bosworth — Thu, 21 Jan 2010 11:12:38 +0000

Cool short video post that asks the question: “How many false starts have you had?”

Check out the clip:

Do You Know Your Worth?

Timothy Bosworth — Thu, 07 May 2009 13:45:47 +0000

What is more valuable, water or wine? The answer is based on your perception. To a starving child, clean water may save his or her life. To a wine connoisseur the wine may be a vintage and therefore be valuable. Once again it’s all down to perception.

The same rules apply in business. Your customers perception of you will be determined by lots of factors. One of the most obvious perception factures when judging a new brand, client or business is your pricing.

In order for you to justify the pricing that you offer to your customers and clients, your pricing has to be lower than your customers perceived value of your product. In order for your product to become valuable. Your product has to be equal to or more than the cost. Only then can you justify the cost of whatever you charge.