Mounting financial burdens on consumers has led to a 54% increase in disputed debit order complaints over the past year, says the Ombudsman for Banking Services Clive Pillay.
“It is a worrying sign that so many people are cash-strapped and that so many people are over-indebted,” said Pillay.
According to data from the Payments Association of South Africa (Pasa), around 31 million debit orders amounting to R72 billion are processed per month, of which 1.2 million are unpaid and a further 170 000 are disputed.
There are two categories of debit orders: EFT debit orders, which are processed on the date chosen by consumers and mostly after normal business hours, and early debit orders, which are collected shortly after midnight and immediately after the processing of EFT credit payments such as salary payments, explained Pillay.
He said several complaints lodged with his office centre around non-authenticated early debit orders, whereby transactions are processed prior to the agreed date. Pasa data show that almost 14 million non-authenticated early debt orders worth R9 billion are processed each month, 4 million of which are unsuccessful, with 600 000 disputed.
An estimated 90% of disputed debit orders are for so-called ‘cash management’ reasons, Pillay said, citing Pasa data. “The Payments Association investigates every disputed debit order and often they are legitimate disputes, but there are also ones that are not legitimately stopped. They are done simply because you have to pay five people but you only have money to pay four, so you stop one debit order and then double it up the following month,” he said.
At some point in the midst of holiday shopping, most of us will dip into our wallets, take out a credit or debit card and make a purchase. Many times, we leave the mall or put down our tablets and phones having spent more money than we intended.
We’re moving into a world where we hold less cash and are increasingly comfortable using cards and electronic payment methods. Before diving into the possible effects this could have, I’d like to point to a famous quote by notorious gambler Julius Weintraub: “The guy who invented gambling was bright, but the guy who invented the chip was a genius.”
The psychology of symbolic money
When you go into a casino, you see people throwing chips around: $50 on red in roulette, raising $25 in poker, doubling down $100 in blackjack. Unfortunately, sometimes we can’t afford to lose the money we gamble away. The $100 lost on a double down in blackjack could have been several days of groceries for the family or overdue maintenance on the car. The $10,000 lost on a weekend binge could have been college tuition.
You may be able to relate to these examples personally or through family or friends. One aspect of the psychology of gambling is that people are parting with poker chips, rather than cash in their hand. The chip changes the form of your cash, not just physically but metaphorically, too. It can cause you to justify taking a risk. It can create an excuse so the $25 that was in your pocket is only a green chip on the blackjack table. The monetary value is the same, but your mind is more comfortable separating a poker chip from a bill in your pocket.
How it works with credit cards
The technological advances that have accelerated the use of credit and debit cards and other payment options can act in a similar way.
From 2006 to 2014, payment volume for Visa has increased from $2.13 billion to $4.76 billion. Other major credit card companies have shown similar increases. While this may or may not lead to carrying higher credit card balances, it most likely leads to less money in the bank account for the consumer.
In my opinion, we’re likely to spend more money with these cashless payment options. We pull out our cards or phones and make purchases without consciously contemplating the downstream impact as much as we would have if we’d paid in cash. We don’t physically hand the money over. Yes, we may hand a credit card over, but that’s the same motion whether we’re buying a pack of gum or a diamond ring. The rise of mobile payments creates even less friction for purchases, since buyers don’t have to sign anything.
Another consideration is the restriction that cash creates: If you don’t have enough cash to buy something, you can’t make the purchase.
For these reasons, people who use cards and mobile payments may be increasing their purchase frequency as well as the value of their purchases.
Ease of purchasing
The ease of electronic purchasing is like living in a consumer world with poker chips. Twenty years ago, we would make conscious decisions to buy albums or movies. Now, at the click of a button — or even a fingerprint — we’ll buy a movie from iTunes or another gadget from Amazon. It’s as if we’re throwing a green chip toward the house at a casino. Would you be spending the same amount of money annually if you had to pay for everything in cash?
In the wake of the #DataMustFall campaign, it seems that the data revolution might have a valid and legitimate plea. The campaign founders made a presentation before the Parliamentary Communications and Postal Committee on September 21 on the costs of data in the country. According to the soon-to-be launched findings of the FinScope South Africa 2016 consumer survey, the results show that the average South African spends about 9% of their purse on airtime and data recharge, cellphone contracts, telephone lines and internet payments. The average person spends approximately R700 a month for communication-related expenses.
Parallel to the #DataMustFall campaign, which is gaining traction, is the #FeesMustFall (reloaded) campaign, which is also resurfacing in light of the announcement of an up to 8% fee increase made by the Higher Education Minister Blade Nzimande. While university students would like to see a 0% increase, universities are requesting increases to sustain operations and fund research.
Therefore, in light of these developments and expenses, how does the purse of the South African consumer fair? The preliminary results of the FinScope 2016 survey shows that South Africans spend R688 per month on average on education.
The FinScope findings further show that South Africa’s total personal monthly consumption (PMC) expenditure in 2016 is estimated at R220 billion (monthly). On a monthly basis, the average individual spent approximately R5 400 during the period of conducting the FinScope 2016 survey. The results show that the main components of expenditure are on food (21%), transport (11%), utilities (11%) and communication, which amount to 9% of the spending purse.
Overall, individuals’ spending on education is 6% of their purse (estimated monthly spend of R12.2 billion). Further demographic analysis of the data per race showed that black communities still bear the greatest brunt of the education costs. For the average black South African, education expenses constitute 7% of their purse – this is higher compared to other races for which the purse composition for coloured, Asian, Indian and whites are at an average of 4.3% of their purse.
It doesn’t matter how hard you try; there are so many issues that can arise with credit card debt. It will start to pile up, and you won’t know what to do about it. This is a harrowing situation to be in, but many people deal with it on a regular basis.
So, what is the best way to tackle this problem once and for all?
You have to think about credit card debt relief to make sure you are on the right path and here are a few tips that will help break things down for you.
1) Stop Piling On
You can’t keep piling on when it comes to the debt under your name. This is the worst mistake a person can make and is the reason you are going to be in an awful position at the end of the day. You need to stop spending through your credit card and think it is going to be okay because it won’t.
You are only going to make things worse, and that is a very hard situation to be in as time goes on.
Don’t do this and toss those credit cards if possible. It will only help you.
2) Set Budget
You have to set a budget as soon as you can because this is going to stop you from overspending. Many people don’t realize what they have in their account or how much is coming in on a weekly basis.
Think about this as you pinpoint what to do next.
3) Emphasize Paying Back This Debt Immediately
You have to stop paying back debt in the wrong manner. You need to realize it has to be done now or you are going to be trapped in a horrible position that is never going to be worth it.
Think about this as you plan to figure things out.
4) Consolidate Debt
This is the final option you are going to have, and it is a good one to look at regardless of the position you are in. Consolidation is a unique way to pile all of the debt under one umbrella.
You are going to be able to find credit card debt relief as long as you are using these tips and they are going to bring about a change in your finances.
Don’t remain ignorant of these changes because they can assist you.
I had an emergency pop up a few months back and I wasn’t sure what to do. I didn’t have the money to cover the expenses and I didn’t have anyone to ask. A friend of mine recommended that I get a payday loan. I went online and found a legitimate company that had payday loans by searching around and reading reviews about the different ones out there. I applied for the loan and was instantly approved. Within just a few hours the money was in my account. It seemed like a great thing at the time because I was able to cover the unexpected expenses that popped up.
I knew I would have to pay it back on my next check, but tried to prepare myself for the expense of paying it. However, when my payday rolled around, I paid the loan and was left needing more money. I reapplied for a loan and was given it. I knew I was starting a cycle that was going to be hard to break. But it was so convenient.
Before the cycle continued, I wanted to look for payday loan help so I could learn more about breaking the cycle of getting a loan every time I got paid. I went online and searched for payday loan help and I found several websites that I could visit to learn more about how to get rid of the loan and be able to live without getting them ever again. I looked over a few websites from other consumers who had also found themselves in a similar situation.
I read and learned how they were able to eliminate the loans and they made it sound so easy. I also learned about other loans that would allow you to consolidate your payday loans so you would have more time to pay off the loan and wouldn’t accrue as much interest.
After doing my research, I decided to get payday loan help by getting a loan that would allow me a longer period of time to pay it off. I have been able to slowly get it paid off and I haven’t had to worry about getting another payday loan since. It was a great resource to use when I had nowhere else to turn, but it left me needing to get a loan every time I got paid.
Dieting has a huge role in supplying better results of reducing your weight with Phentermine 37.5 milligram. To realize anticipated outcomes with Apettite supressants 37.5 milligrams from http://www.akronjoblink.com, one has to keep to the diet regime prescribed by medical doctor. Taking recommended dosages along with typical workouts and excellent dieting helps you to attain sought after lead to shortest stretch of time. Start off your exercise schedule slowly and little by little improve training period of time.
It will help in dropping weight as per the software. In addition to correct type of diet, commence jogging thirty minutes per day as well as your system will start adjusting to the Apettite supressants 37.5 milligrams supplements from http://dyingforbeginners.com.
If you happen to find issues including soreness and aches it is for now once you get ready it’s going to be alright.
Dieting is dependent upon various elements of an individual including body structure, the life span type, get older, and well being status of the people. A diet is not only just minimizing the foods you eat but right type of meals that minimizes calories and fats. Just before opting for the right diet program speak to your medical professional so that he can offer you right kind of diet program. Along with the diet plan, one must execute workout routines and to melt away any additional energy. Diet regime and normal physical exercises come together to scale back the extra excess weight.
Phentermine 37.5 milligram provides for a managing treatment to take care of the extra weight administration software.
These pills modify the reputation of neurotransmitters of human brain that assist to managing urge for food. Mental performance stimulating elements are chemically activates the amphetamines and produces dopamine and adrenalin. These stimulant drugs act as a managing element for diet regime and urge for food. Apettite supressant 37.5 mg will be revitalizing hypothalamus glands and offers brain with altering consuming styles. The main characteristics of the hypothalamus gland will management the nerves, appetite, along with the temperatures. This results in dropping appetite and as a result lowers fat of the individual.
You will find primarily two manufacturers of Apettite supressant 37.5 mg one too is Adipex as well as other is Ionamin. As you may know Apettite supressants 37.5 milligrams capsules affect indicators from the mental faculties, in like manner cope using this one has to embrace far better diet methods and standard workout routines as per the bodily problems of the person. If you aren’t changing to the diet and physical exercises then Phentermine 37.5 mg is not going to meet your needs to reduce your excess weight. Just in case you knowledge some issues throughout Apettite supressants 37.5 milligram you should make reference to your doctor for guidance , nor carry on supplements unless of course medical doctor advises you to proceed.
Your diet plan must include fruit and vegetables, fruits and grain in addition to right type of physical exercises and will reduce your bodyweight. Don’t pick the dairy food that includes fats, and meat that delivers extra calories in your daily diet. Lowered calorie diets, particularly balance diet assists keeping the over everything framework of your body and allows you to carry on with needed objective. Some people consider having weight-sacrificing tablets is going to do everything yet it’s not the case and one needs to stick to weight loss programs and exercises to eliminate the being overweight. In addition to these principles one particular require perseverence effective desire to get the objective of shedding pounds.
Along with above approved diets, come up with a practice of undertaking regular activities like strolling, working and minor exercising. This will help in adjusting to the Apettite supressants 37.5 milligram capsules and gradually you will be free of obese difficulties. The above stated actions and diet details are only for guide objective and readers are suggested not contemplate them just as one authority for dropping pounds. Even more the readers are advised to strategy their loved ones physicians to get a correct suggestions concerning the nutritional supplements contributing to the day-to-day routines.
How to Find Accounting Services
Running a business is not always an easy matter. It has actually become more tedious and daunting when you need to get your budget as well as finances right when it comes to managing. There are lots of things to be done like being forced to start early and end late, which is pretty common for business owners. In relation to this matter, it is crucial for business owners to consider hiring assistants in different aspects of the business. One professional that they can hire which can help a lot in managing finances and ensuring that everything’s in right order and running smoothly are accountants.
You may opt to hire a company accountant or perhaps, hire the services only when you need it most. In reality, accountants are offering various kinds of accounting services and therefore, you have to be extra careful when hiring these kinds of services. By doing so, it helps you to be certain that you can get only professional services that meet your expectations.
You’ll learn about top services that professional accountants can provide for your business in the next paragraphs.
Number 1. Bookkeeping services – truth is, this is one of the basic functions that any accountants do and this compose of tasks including preparing financial statements, keeping journals and sales ledgers, recording financial transactions and the likes. Bookkeeping helps a business in their day to day business operation which ensures that finances are checked, making this service extremely important.
Number 2. Payroll preparation – indeed, your employees play the most important role in your business and for that, it is only right that you give them what they deserve. An accountant can help in recording deductions, taxes and wages which take off the burden off your shoulders. Aside from that, your accountants will also do preparation of financial statements, helping with taxes payroll while dealing with queries on the same.
Number 3. VAT filling – VAT can be a bit complicated for some especially with regards to determining what has to be paid. Accounting services make it easy for your business because the accountant you have hired will be in the position in filling and filing VAT returns, solve and negotiate tax issues and even deal with relevant bodies. You will probably enjoy getting VAT advice from your accountant which will allow you to make the right and the best decisions for your business.
Number 4. Tax advice – one thing that makes tax tricky is the fact that legislation is continuously changing and with this said, it is inevitable to face new tax regulations every now and then. Professional accountants are updated with recent changes and therefore, will make sure that your business stays compliant with regulations in order to steer clear of penalties and several other types of fees.
The benefits of accounting education.
Education is always something important for everyone, you will find that with the right education, you can be able to change almost anything which you can remain focused on, which will, therefore, make sure you can be contented at all times, more so, you will find that having more knowledge is something that can always work to your advantage since you can be of some assistance to your society thus being able to contribute in making it better.
This will mean that, when planning on going to a school or institution, you have always to conduct a self-evaluation, this will be a means of making sure that everything which you get to do can work to your advantage, likewise, the path you will choose for your education can and will be right for you, therefore, you will not have to regret at any given time.
At times, you might get to consider learning accounting, of which, it is something that can always be of some help to you, some people might get to choose it for the advantages which they might get to attain from it, the first being the availability of jobs, with accounting, you will find that you can always be assured that you can get a job even after graduating, which means that, you will not have to worry about how to get one.
By studying accounting, you might get to find that you have to be dedicated Unlike other courses; however, the dedication will get to pay off eventually due to the pay which you get to attain, with accounting, you will find that the pay is something which gets to attract lots of people.
With accounting therefore, you will find that there can be lots of advantages which you can attain, which means that, you have to remain focused at all times; likewise, you have to know how you can get to look for the best institution which can provide you with the best accounting education, with this, you will be able to attain your dreams or even your goals.
By conducting your search, therefore, you will find that you will be in need of credible information and the only source capable of giving you such information being the internet, this, therefore, will mean that you can get to attain the best institutions available in which you will be able to study accounting; furthermore, you will find that it will be a process which will be worth it thus making sure that you can be contented.
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Highly Dependable Freelance Jobs
Due to the improved technology, a wide range of online businesses have been developed to satisfy the increased demand of goods and services bearing in mind that online services tends to be more faster and convenient making them preferable to many people. There are a large number of freelance websites that have been designed by qualified professionals with extensive knowledge and experience to ensure that both small and large businesses access quality help in converting their good ideas into reality. Therefore, it is advisable for all people with an urge of commencing freelance jobs to make sure that they identify the best freelance platforms from the latest reviews so as to be assured with access of quality services.
Highly appealing freelancers are usually satisfied with better paying jobs that are offered in various collections which may involve; data entry, software development, telemarketer, web design, internet marketing and customer service making it possible to identify the desired area of specialization. It is undoubtedly true that highly reputable freelance jobs requires one to have an access to an updated computer device, serene environment, well connected phone and an internet connection with very high speed making it convenient to work. The important thing about the highly accessible freelance jobs is the truth that holders are required to create a good merchant account where personal details are provided with assurance of high confidentiality so as to maintain enough privacy and for easier transfer of payments.
It is incredibly true that the important freelance jobs always assure twenty-four hour system of operation to enable the freelancers to carry out the activities at any desired time while the availed time tracker enhance timely submission of the work. Highly dependable freelance jobs are easily monitored due to availed phone applications that are easily downloaded for the freelancer to be assured with frequent updates concerning the clients’ needs for better performance. Moreover, highly concerned freelancers are often highly educated and comprises of in-depth knowledge and many years of experience in provision of exceptional services to ensure that the clients are satisfied with their quality services.
The encouraging thing about the highly concerned freelancers is the fact that they are assured with competitive prices since the merchant transaction charges are often low not forgetting that clients provide good payments to encourage the freelancers in quality service provision. Furthermore, the assuring freelance services make to it that they hold full licenses with the governing council to enhance legal service provision and as well obtain full accreditation with reputable standardizing bodies that assure quality services that have fully tested and examined. In a nutshell, highly reliable freelance websites are developed using the latest technology to feature custom icons for the freelancers to receive regular updates, create an account and book appointments with ease.
What to Know when Starting a New Business
Planning process takes up the bulk of any successful business. Starting a company is a dream that many individuals have. They are however faced with many challenges that may see some quit. This may not be necessarily out of lack of drive but rather not being knowledgeable in these matters. Emphasis is laid in fashioning a business plan that will guide the course of the venture.
There is need to enroll in some form of training. Being equipped with the right information on the venture you are about to undertake will ease the process. People can be able to tell very quickly whether or not you understand whatever it is you claim to know. Building a website is mandatory if at all you want your business to grow . It is in this platform that you will be able to reach otherwise inaccessible people. The sort of business ownership that one wishes to exercise must come out clearly. They may include self employment, partnership form of business or any other permitted alternatives.
Getting help is a wise thing to do .This may be inform of financial or operational activities. To fund your start up and running needs of the business financers may be the answer to your needs. Web designers will do you good in terms of improving your website needs . Other stake holders may be knowledgeable in areas that pertain your business. Involving their input in your operations may bring about positive results. They are likely to provide critical information that will translate into favorable feedback.
The kind of business you want to start should be decided on at the very start. Service based industries are easier to start as the capital required for their start up is lower. Individuals are encouraged to maintain the flexibility factor that will allow for features to be fashioned in a way that they can suit the everchanging trends. Significance is laid on being acquitted with the products that one wants to dispose at the same time having their ears on the ground to take not of the clients taste and make changes accordingly.
Great significance is laid in having insight on the policies that have been laid on the business one is involved in. It will help you save money that would otherwise be spent on lengthy court proceedings. Following the rules set aside to guide the operations of the business you are embarking on will ensure a pleasant flow of your operations. It will go a long way In establishing a trust factor in your consumers. This will result to better appreciation of your goods and services by your clients by way of quick sales.
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Proper Income Tax Preparation: How You Can Benefit from It There are ideal methods that you need to keep in mind when it comes to the preparations that go on in your life. Your preparations have to be accurate because this would ensure a good outcome. You need to be fully aware of all the aspects concerning this matter on a daily basis. An essential part of everyday life is income tax preparation so make sure you know more about what it means. When it concerns matters of tax, you need to do some research at all times. You need to conquer your challenges and improve your situation in the best possible way. Preparing for these things take time so you need to be careful. You need to follow the proper steps that would bring you everything you need. When you look forward to a new day, these are one of the things to keep in mind. You need to know more about this field because it will improve your situation in life. Learning more about tax requires you to read this article from start to finish. In every country you need to consider the rules they apply at all times. Tax is something you need to know more about the protection these ways can give you. Things will go according to plan when you have the best forms out there. This is a crucial way to run the businesses in the country. Preparing for these things properly will help you recover from any problem you may have with business and taxation. Income tax preparation is important to many people just like it is to you. There would be no need for you to struggle in the very least with good guidelines to rely on. You would have to hire experienced professionals when it concerns these matters of tax. You will be saved from all the trouble of errors when things are computed as accurately as possible. It would be more ideal to ask experts to help you when tasks become too hard. Proper understanding will take you a long way so be sure to gather information from legit sources. You need to post these matters properly because they will give you so many amazing rewards. You can benefit from this business for a long time; that’s for sure. There are a ton of ways in which great accountants would be able to help you. When it comes to money, you need to contribute to the government based on how the rules state you should. When you have this kind of information to offer you proper aid then you would not have to worry about anything else. This would be an excellent process to rely on and you’d surely be happy about it as well. You need the ideal tool for these matters because it would bring success to your business in more ways than you can imagine.Questions About Services You Must Know the Answers To
Learn More About Your Tax Return
There is a quite funny statement which says that you are guaranteed to experience two things throughout your life – death and taxes. Taxes are those duties that need to be paid by corporations and individuals in a country. The taxes can be seen as the income-generating method of the government which is vital for their functioning. As long as you are a citizen of a country you pay tax.
How do institutions and people pay for their taxes? The tax return is the way by which taxes are filed each year. This is the form or the forms used to file the income tax. Where do you get these forms? For those who are employees of a company they can get this from their HR or accounting department. It is also possible that the company that they are working for is the one in charge of filing them. For those who are self-employed or run businesses of their own they get these forms from the tax bureau. The forms do not come at a price.
There are different tax returns that are actually available. A different number is placed for a different kind of tax return. For individual taxpayers there is a specific form of tax return. On the other hand the tax return would be different for corporations or businesses. Did you know that there is also a tax return specifically for investment?
A tax return would have some things that can be seen there. Well there are basically three things that you can see in such a form. The first one will be income. You will write all income sources here. If you are an employee it is your company that does this work for you. However if you are not employed, then you need to state your sources of income there.
After the income come the deductions. As its name implies this is the part where you can put all the things that can be deducted from your tax. Are you aware of these deductions? An individual taxpayer who is giving alimony can use this as deduction. It could also be your contribution to plan for your retirement. There are greater deductions that can be listed down by businesses. The expenses that they have in their operation can all be deductible from their income. Some operational expenses are monthly electricity and materials bought.
The last part of the return is the credits. This one is mostly applicable to individual taxpayers. Their dependent children is their credit. The number of credit would be dependent on how many children one has. If you have more children then you have more credit. Now it is not just the children that can be considered dependent, if you are taking care of old parents then you can cite that as credit too. Now the kind of credits can vary from place to place. You have to find out the credits that are available in your area.
More reading: Discovering The Truth About Services
Bitcoin and Its Significance
Bitcoin is a form of digital currency that is made and used electronically. Unlike dollars or other forms of currency, bitcoin cannot be printed and neither can it be controlled by anybody. Bitcoins are mainly used by people to purchase items electronically. The main feature of bitcoin that sets it apart from the rest is that it is decentralized unlike conventional money. Big institutions such as banks cannot claim any control over bitcoin network. Bitcoin is based on mathematics unlike conventional currency which is based on silver or gold. There is usually a software that contains a math formula which is used during the creation of bitcoins. Since the formula is made freely available, anyone can use it as well as the software.
Unlike other forms of currency, bitcoin is very easy to set up. While using conventional currency, one is taken in hoops when they are trying to open a bank account. Bitcoin on the other hand helps one to set up a bitcoin address within no time without being charged any fees or being asked questions. One can open up multiple bitcoin addresses while using bitcoin and their identity is kept confidential. Your identifying information such as address or name isn’t linked to these addresses. Bitcoin however keeps a record of every transaction that takes place within the bitcoin network. It is possible for one to tell the number of bitcoins kept within an address when someone else uses them publicly.
Bitcoin is a very cheap way of transacting as one can perform any transaction without being charged a dime. Another benefit is that one can send money to any location and it arrives within a short period of time making this currency very reliable. As soon as the payment is processed, the money is able to get to the recipient. Another feature of bitcoin is that it is non-refundable. One cannot get the bitcoins back after sending them unless the recipient chooses to send them back.
Most businesses are turning to bitcoin when performing various transactions. The transfer rate for bitcoins isn’t affected by time or distance as it is fast. Each and every transaction conducted through bitcoin is very safe as it is encrypted. All transactions involving bitcoin are well documented since all transactions happen online.
Creation of bitcoin acts as a form of reward during a competition whereby users offer computing power to record and verify bitcoin transactions into the block chain. This process is called mining and users who prevail are awarded with new bitcoins and transaction fees. Bitcoins can be exchanged for products, services and other forms of currencies as well.
Supporting reference: 3 Options Tips from Someone With Experience