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5 things you should know about using Google Wallet

The Google Wallet concept is simple: give your smartphone the ability to replace your wallet. Eliminate the need for cash, plastic, and rewards cards when shopping

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Google Wallet – next gen mobile payment system

Google Wallet is a mobile payment system designed to store credit and debit cards, loyalty cards, gift cards and coupons, all in one place; allowing you to access them quickly when you need them. Using Near Field Communication (NFC), Android users can “tap and pay” at any MasterCard PayPass enabled terminal.

Since Google Wallet recently no longer requires the use of NFC, although it is still an option, coupled with added support for iOS it has become infinitely more functional. What do you need to know about it and why does it matter?

Here are the top five things entrepreneurs should know about Google Wallet and why it matters for business:

1. Set up

Setting up Google Wallet is not difficult, but there are a few things you need to do. Currently, the app can the used with Android devices (2.3 and higher) and iOS devices (iOS 6 or higher). The first time you open the app you will be asked to sign into your Google account and create a unique PIN for future access. For iOS, you will be asked to grant permission to contacts, location, and notifications, as well. Then Google will send you’re an email confirming you have activated Google Wallet.

Once you have signed in, you will need to connect your desired payment methods. You can link bank accounts or credit/debit cards. You will also be able to see your Wallet balance, offers, loyalty programs, and transaction history, from the app home page.

2. Storing cards

You can store not only debit/credit cards, but also that wallet-full of loyalty cards as well. Now you can link your grocery store, gasoline, and movie theater rewards to your Google Wallet and stop carrying that pocket of plastic loyalty tags. You can also add merchant gift cards, avoiding the scramble to find the card when you finally make it to the store to use it.

Google Wallet is all about convenience: adding a new card can be done securely from the app, or the web site. If you are using NFC, you will want to set the card you use the most to “default,” so that when you tap-to-pay it will always be the one in use. To do this, tap the “select card” button below the card you want and you will see a green “selected card” icon below it. You can change this setting at any time.

3. Sending money via your phone to anyone with an email address

How many times have you wished you could instantly hand someone money? An employee that forgets the company credit card when they go out to purchase office supplies, or neglects to take the card when taking a client for dinner; many instances like this are not only inconvenient but cost you money.

With Google Wallet, you can send someone money with two taps of your phone. But before you can send money, you will need to verify your identity with Google. You can do this by tapping “send money” and then “verify your identity” on the bottom of the page.

4. Digital receipts let you know right away if someone has stolen your credit card

Digital receipts are another feature of Google Wallet. With most banks having fraud alert programs in place, where you can receive an email or text when you card is used, this is not new, but Google Wallet makes it easy to set up. It works like this: let’s say you are at a business conference in San Francisco and someone lifts your credit card information and then buys a stereo in Los Angeles.

Without alerts, you may be waiting up to thirty days for your credit card bill to arrive to notice the fraudulent charge; with Digital Receipts you know in seconds. You can see every purchase you have made with Google Wallet. If you see something suspicious, you can call your credit card company and alert them immediately. Saving you money and preserving your credit score.

5. Security

Anxious about security? It is hard not to be. Google’s response to the possibility of someone getting close to your phone to read sensitive data, is, “The NFC antenna in your phone is only activated when the screen is powered on, and even if the antenna is on and in proximity of a reader, payment credentials can only be transmitted from the Secure Element to a payment terminal if you first enter your Google Wallet PIN.” So, unless someone can bypass the PIN feature, you are as safe as you are with any other information you submit over the Internet on a daily basis.

Also, free Google Wallet Purchase Protection covers 100% of eligible unauthorized Google Wallet transactions reported within 180 days of purchase. Google Wallet uses a dual-PIN system not only to unlock the phone, but also to make the purchase by activating the NFC chip when in range. There is also encryption technology in place to protect your card information as it passes to the merchant’s station. And if you lose your phone, you can disable and delete all information in your Wallet from any device. So you do not have to worry about someone getting all your information.

Using Google Wallet is free and can be downloaded from the Play Store and the App Store. However, if you send money to someone via credit or debit card there is a transaction fee (2.9% with a minimum $0.30 fee), otherwise you are free to send and receive money as often as you would like with no charge.

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Business Finance

Does Apple Card discriminate against women? Maybe…

(FINANCE) Is Apple kneecapping ladies in need of credit? Here’s what their response was… AND what it should have been.

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There hasn’t been this much side-eyeing of how an Apple treats men vs women since Genesis.

Buzz from the 12 remaining bees is the shiny new credit cards devised by Apple and Goldman Sachs are offering men up to twenty times the amount of credit as women, even when a lady’s credit score is better.

And here I thought passing up the chance to call it the ‘iOwe’ was going to be the worst of it.

I don’t have to tell y’all that reminding everyone of the days before 1974’s Equal Credit Act, when us skirts, dames, broads, and the like had to have a ring on it and hubby’s permission to open a line of credit is a bad look.

Here’s where it gets worse, though.

When a few gentlemen, Apple co-founder Steve Wozniak included, launched a ‘What the dealio’ Apple’s way, the answer was: ‘Algorithms. Go fig.’ The solution implemented has been isolated credit increases for anyone who was either a big enough name to get them bad press, or complained through the help center.

‘Well, April, you fabulous creature,’ you might be saying. ‘How ever is this a problem, when a solution to subvert the issue exists?’

It’s a big enough issue that the New York Department of Financial Services is getting involved, actually! But yours truly isn’t a lawyer. Instead of breaking down any actual laws, let’s go through a few cardinal rules of business ownership to see what went wrong here from an entrepreneur perspective.

Rule 1: Thou must own thine s**t.

Now that everyone and their prepper uncles know what algorithms are (kinda), the word gets tossed around like a catch-all for tech-based blame even harder than Mercury Retrogrades. The difference here is that the planets’ movements are out of our hands.

Algorithms don’t spring forth from an application fully formed; they’re handcrafted, upgraded, and maintained by paid, human coders. And considering the two big players behind Apple Credit, and the talent they can procure, this fobbing off the blame onto ‘those wacky algorithms’ reeeeeally doesn’t cut it. And people know that. So…

Rule 2: Thou shalt remember always thine customer is smart.

Consumer savviness is on the rise, and it’s not slowing down. For some reason though, too many businesses think that Mary-Jo Mae off the turnip truck doesn’t have access to the same 5 free Medium articles a month that they do.

You can’t fob people off with ‘Eh, technology’ anymore — even at the level of first line tech support. Everyone expects an answer as well as your accountability, and if you didn’t take the steps to build your better mousetrap the first time, you need to have a press release with an apology and an actual fix in hand post-haste!

Rule 3 : Thou shalt never make the customer take extra steps to correct thine mistakes.

Scenario time!

Let’s say you’re at a nice restaurant, like dollops of house-prepared sauce on the plate instead of a cup of ranch kind of nice.

You’re having a great evening, until the waiter drops a bowl of soup on your table, and it gets EVERYWHERE. Management comes over while you’re brushing bisque out of your eyebrows and says ‘I’m SO sorry… the kitchen is down the hall to your left, go grab as many towels as you need, the buckets are in the red cabinet’

You heard that record-scratch sound effect in your head just thinking about it, didn’t you? That’s because, even when there’s an understanding that a solution is fairly simple, when it’s not your eff-up, you expect the people at fault to fix it.

Any institution that can give you a credit approval in seconds has enough power to update unfair decisions in real time. But prompting them to do so shouldn’t be the customer’s duty.

Remember how irritated we all were when Equifax leaked our data? Then, instead of mailing us all a check (which they could), we all had to rely on news outlets to tell us where to go to claim our piece of the settlement (I’ll take my $1.25 where I can get it), and then had to do so again with the implication that we might have been lying if we chose the money over the free credit monitoring the first time? I remember.

What’s going on now has one major difference from the hypothetical and the real-world happening I just presented though. Apple Credit did not have these people’s money yet.

And if anyone offended by this were to pull an En Vogue, they’re “never gonna get it!”

Sometimes launches don’t go perfectly. There are times when campaigns, or software, or hard tech have issues that give off the appearance of systemic malice, even if there’s none behind it. But the fact remains that when there’s a problem, top execs need to come out and speak against it before anyone can start attributing a mistake to intentional discrimination.

Keep your head, beta test everything with as wide and diverse a pool of users as you possibly can, let your firstline staff approach you with trends they’ve noticed, and remain open to telling consumers you made a whoopsie, so you won’t have to scramble later in the game!

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Business Finance

Millennial women share about how they spend (and save) money

(ENTREPRENEUR) A group of millennial women were surveyed about how they save their money. These are their stories…

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This year, I turned 24, and while I know this isn’t old, I never thought I’d be this old. With this in mind, I’ve been asking all of my friends and family members the same question: “If you could give any piece of advice to your 24 year-old self, what would it be?”

While I’ve been getting varied and interesting pieces of advice, the one I need to focus on more is working on saving more money. This can be tricky, especially when you first start making money, so it helps to hear how others do this.

Recently, Bustle surveyed over 1,000 millennial women, in their 20s and 30s, and they shared how they save money. Their incomes ranged anywhere from $30k to $150k. Included below are some of the individual responses that include innovative ideas that anyone at any age could potentially implement.

1. Samantha, 30: Uses a budget for her finances. Rather than enjoying instant gratification, Samantha makes a wish list of things and experiences she wants to save money for. Then if she accomplishes a goal, she treats herself to something on the list.

2. Ronnika, 33: Instead of continuing a habit of meeting friends for drinks every week, Ronnika has found it is more fiscally responsible to invite friends over. Also, She takes any extra money from her paychecks and puts it in a checking account that is not locally accessible.

3. Michelle, 24: To save on entertainment, Michelle has opted for only using WiFi rather than getting cable. Additionally, she keeps her thermostat set at 62-64 degrees and uses layers and space heaters to save on costs. She also encourages packing a lunch everyday, as that is a big saver.

4. Kelly, 24: Kelly attributes her money saving to living with her parents. She also suggests an app called Qapital: “You can set your own rules for how you want to compile your savings — for example, I have a ‘Round-Up Rule,’ which rounds up every purchase to the nearest dollar and puts that change into savings, as well as a ‘Set and Forget Rule,’ which just automatically takes out a pre-selected amount. For me it’s $10/weekly.”

5. Libby, 24: Libby only uses her credit card for necessary expenses (such as payments for her car) and puts anything else on debit. With her credit card, she makes sure she pays off the balance in full each month so that she does not fall into debt.

6. Savannah, 25: Savannah keeps a peaceful mind savings to fall back on in case of emergencies. “I’ve found having a savings account balance equivalent to two months of my salary is a good cushion.”

7. Alexandra, 26: Alexandra keeps an Excel spreadsheet that tracks all of the money she has coming in as well as what is going out. She helps herself save by setting goals of what she wants to save and by when.

8. Lyn, 29: Lyn saves her money by looking at it as a way of paying herself first. She puts a large portion of her paycheck into her 401k and puts the maximum amount of her paycheck into her Roth IRA each year. She will then spend liberally on the things that are important to her, and harshly cut anything that she deems frivolous or won’t make her happy.

9. Marissa, 26: Marissa budgets her money and attempts the tactic of cooking for herself as much as possible. She has found that one meal out is equivalent to five meals at home.

10. Danielle, 23: Danielle saves by setting up two automatic transfers from her paycheck to budgeted savings. “So it’s like I don’t even notice the money is there. One transfer goes to ‘future me’ in the form of RRSPs or other investments, and one transfer goes to ‘fun times,’ like trips abroad.”

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Business Finance

You got an LLC and you’re ready to hire – 3 things lenders look for

(FINANCE NEWS) Yes, securing a small business loan of any kind is tedious and depends on varying lending organizations and business needs, but there is a list of general requirements small businesses should be aware of before getting knee-deep in conflicting information about lenders.

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If you are reading this, you probably have an LLC for your small business already, or money talk gets you going. If it is the former, let me say CONGRATULATIONS, and insist you pat yourself on the back in honor of your small business’s progression. Your arrival at a point where expansion is necessary is no small feat given half of small businesses fail in the first year. So, kudos to you.

Now, back to the money talk…

For LLC businesses looking to expand, please don’t fret about all of the information you’ve seen on the web. Yes, securing a small business loan of any kind is tedious and depends on varying lending organizations and business needs, but there is a list of general requirements small businesses should be aware of before getting knee-deep in conflicting information.

After some extensive research posing as the owner of imaginary businesses and annoying every loan officer who’d take my call, I’ve found three general lending requirements. I also provide a collection of the tangible information banks will likely review to meet those requirements. Take a gander:

Assets
Small businesses must have necessary assets: steady cash flow, financial reserves, personal collateral to support a variety of business fluctuations (i.e. unexpected employee loss), and a realistic pay off plan. These assets and financial safety nets are necessary for any lending organization to be confident in your business’s ability to support employee expansion in lieu of current expenses.

Proof of past
Just as you will come to expect from your soon to be employees, lenders want proof of the past and how you’ve managed past loans to align with your business goals. Historical evidence will further determine if your expansion is feasible, but also if it is worthy for the company to accept the lending risk.

Specific plans
Finally, be prepared to provide your small business’s explicit expansion plan, including how you arrived at your suggested loan amount and how you intend to divvy out the funds. It is important that you are as specific as possible in your projected numbers, seeing as one employee could make a $60,000 difference, and largely affect your expansion plan and financial need.

Before you go…

Now that you’re equipped with the magic three, you’re probably feeling empowered to walk into your nearest bank and demand your small business loan. Let’s first be sure you have all of the necessary information on-hand and ready to produce.

Lending companies that look for the magic three before investing arrive at their conclusion after collecting data from the following pertinent information:

– Proof of collateral
– Business plan and expansion plan
– Financial details
– Current and past loan info
– Debts incurred
– Bank statements
– Tax ID
– Contact info
– Accounts receivable information
– Aging
– Sales and payment history
– Accounts payable information
– Credit references
– Financial statements
– Balance sheet
– Profit and loss history
– Copies of past tax returns
– Social Security Numbers
– Assets and liabilities details

Now, my friend, do I release you as proud as a parent unto your nearest bank to secure your small business loan and begin growing your staff the way you’ve dreamed. I’m confident you will find the aforementioned information helpful in said quest, and would like to wish one last time (because it’s impossible to over-congratulate) a sincere CONGRATULATIONS on your businesses growth.

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