Difference between banks and payment processing services

It is very easy for us to misunderstand the difference between payment processing services like PayPal, Stripe, etc. and financial institutions like banks. This is because of people having various payment options available to them which were not the case previously. To understand the difference between these two systems, we need to take a look at what each one stands for.

Payment processing services: This is the service that connects the merchant’s bank to the cardholder’s bank, making sure that the money is transferred correctly and that it reaches the right place. Payment processors are categorized into two types: Front-end and Back-end. Money transactions are always taking place in the payment processing services, and there is a constant flow of money from one place to another. However, no investments are made here as there is no collection of money in the system. But there are cases when some payment processors also function as a digital wallet.

A bank, on the other hand, is an institution that generates money by lending to borrowers while charging interest. They also invest the money deposited by the customers, paying it out on request. Banks also help in exchanging currency. Banks store the money securely, allowing them to be invested in the right way, also allowing money to flow from one entity to the next, charging a fee for every transaction.

Now that we can comprehend the basic difference between payment processing services and banks, the next thing that we would wonder about is ‘why can’t payment processors also become banks?’ Banks are restrained by restrictions, whereas a payment processing service operates under a ‘frictionless’ structure, thereby allowing a merchant to create an account anonymously. The merchant requires only an Email ID to get started. The rules are fewer for free-flowing money than there are for money that is secured and invested.

It is necessary for us to understand the fundamental differences between banks and payment processing services. Keep these information handy!

YOU MAY ALSO LIKE

  • Things You Should Know About Computer Accessories And Peripherals

    Can you imagine your computer without speakers, scanner, webcam or PC skin? These things are categorized in as accessories and peripherals of a computer. However you need to understand that there is a difference between the computer accessories and peripherals and without two of these components, a computing device will always be incomplete.

    Significance of computer peripherals and accessories

    To utilize the functions of the computing devices efficiently, you need to gather knowledge about its essential computer accessories and peripherals-

    • Magical power of headphones
      If you are drowning in the sea of tasks amidst the office cacophony, it sure is hard to concentrate. The powerful introduction of a pair of headphones can let you give 100% of the focus on the job and never miss the deadline.
    • Advanced mouse technology
      There is no need to clutter your desktop anymore because the wireless mouse technology has become a rage among all the gadget freaks. The mouse is not needed to be connected to the computer with wires because the optical sensor can do the function of wires.
    • HD quality
      Gone are the days of normal quality of resolution because everything is all about HD quality now. Your computer vendor may claim that 720p is the highest quality you can get but always do homework before going to buy computers. You can buy 1080p quality at an affordable price because it has become one of the basic necessities.

    Products that everyone should get after purchasing a computer

    Before going to purchase, you need to compare between the essential computer accessories and peripherals on the internet to get the best one.

    Graphics card

    There are several manufacturers who promise you to give high quality and an unbelievable visual output; however, this always does not happen in reality. This is the reason you get to check out these graphics cards for getting an amazing gaming experience.

    • ASUS GeForce GTX
      To play modern old school games at 1080p, you can buy this product powered by ASUS. The advanced auto-extreme feature provides reliable and quality components that are great for the long haul. Additionally, it has 1455 MHz memory speed along with the coprocessor of GeForce GTX.
    • EVGA GeForce 210
      The video card has 1GB RAM which is of DDR3 SDRAM. It comes with the speed of memory clock which is 520 MHZ and Nvidia GeForce. The high range resolution is 2560x1600 that is sufficient for high-end games.

    USB gadgets

    Among all the false-promising USB gadgets, you can always choose from this one that provides an excellent service,

    • FIDO U2F Security Key
      This security key gadget lets you set password and username to keep track of your identity. The easy access to important accounts like Dashlane, DropBox, and Google allows you to get hold of your data efficiently. By plugging-in to any of the USB ports, you can protect your GMail, Dashlane, DropBox, and Facebook accounts.
    • Raniaco USB Rechargeable
      With a 1000mAh battery, the device is compatible with PC, notebook, plug and play, Car USB and mobile phone adapter. There is a white LED output with a touch sensor that can be helpful for the users. Additionally, the three brightness levels work for 6 hours exuding the brightest glow and 12 hours at the medium level of brightness.

    Monitor accessories

    To get the best experience from your computer devices, you can opt for purchasing these monitor accessories-

    • HUANUO Monitor Stand Riser
      Made of 14-inch stainless steel, the firm and strong stand can hold printers, notebooks, and flat panel monitors. The in-between airflow lets your computers stay cool and the effective stand can de-clutter the workstation.
    • CompuLab Display Emulator
      This device offers support to 1080p resolution and can even function with any kind of software. Being compatible with Intense PC, CompuLab fit PC, Mac Mini and others; the user does not need to install software for it. Moreover, with no requirement of external power, it is compatible with HDMI system.

    These are the various types of computer accessories and peripherals that are available in the market. Make sure you buy the perfect computer accessories and peripherals.

  • 3 websites that will help build your resume

    Job interviews are bound to turn most of us into a nervous wreck. Whether you are a fresher or an experienced professional, finding a new job can take its toll on you. Under such circumstances, you should not have to worry about the task of building your resume or updating the same. To avoid the added stress of this important task, we suggest you seek the Internet’s help and build your resume online for free.

    Creating a resume can be a tedious task. You would have to sit down in front of your computer for hours trying to type out an impressive manual of your qualifications. You should not be getting caught up in the fine details of formats and alignments and the look of it. To ease up your worries and save you your most important asset - time, we have put together a list of websites where you can build your resume online perfectly and free of cost.

    Resume Genius

    This website comes with 17 different basic templates for you to select from. It also gives you pre-programmed questions and sections that help you fill-up the resume faster. The site helps you move ahead in sections and has categories like work responsibilities, that even lets you select your job roles and positions. You can, in fact, find some pre-written sample answers to help you fill yours. You can then make changes to your selected template. And your resume is good to go.

    VisualCV

    Another brilliant site to build your resume free online in minutes, VisualCV’s basic version comes with a couple of templates. It lets you create, edit and download one resume in pdf format for free. The site saves all your edit history that you can access anytime. The site has three viewing options - basic editor, visual editor or preview - that you can use at your convenience. Additionally, VisualCV also includes a job search option that you can use to apply for jobs and share your CV right from the website.

    Canva

    Canva is a multipurpose website that lets you create presentations, visuals, graphics, and social media content along with a resume. This website lets you customize your resume with its long list of templates. The templates can even be distinguished based on profession or other filters like color or style. You can make as many changes and download your resume in pdf format as many times as you want. It even lets you share a link to your resume.

    These are just some of the user-friendly sites to build your resume online. Your LinkedIn profile can double up as your resume and some companies will judge you by how well it is made. Hence, it is equally important to have an updated and well made LinkedIn profile.

  • Uses of anti-fatigue kitchen mats
    There are several benefits of using anti-fatigue kitchen mats. It offers better drainage capabilities and a non-slip surfacing as well. People spend hours standing in their hard floored kitchen and this can hurt their back and legs. Anti-fatigue kitchen mats are there to help reduce the tension and improve focus on the work at hand. The mats serve their purpose in all kinds of kitchens, from residential to commercial. The thing that gives these kitchen mats their ability to offer support and comfort is the use of recycled and natural rubbers in their manufacturing process. The rubber is used to absorb any kind of shock caused due to feet thumping on the floor or objects dropping on the floor.  It also protects the subfloors from items dropped on them like cookware and utensils. The benefits of kitchen mats are consistent wherever it is used. Here's how anti-fatigue kitchen mats help people. In the kitchen A restaurant kitchen generally remains very busy. Nobody has the time to stop and think about the stress their body is going through as they work non-stop. It is only after they retire for the day, they experience the pain. In order to save people from this ordeal, anti-fatigue kitchen mats are strategically placed in the restaurant kitchen so that people can work there comfortably, and this becomes obvious in the quality service they offer. There is no denying the fact that when a person does not feel physically comfortable, he cannot give his 100%. The anti-fatigue mats ensure that efficiency and productivity do not get affected while at work. Places in a restaurant kitchen where anti-fatigue kitchen mats prove beneficial are the dishwashing stands, frying stations, host stands and cooking stations. Residential Kitchens There is no place in the world where you can get real comfort besides your own house. Thus, it is important to take every possible step to make it as much comfortable as possible. It is the kitchen where people spend most of their time standing as there is hardly any other way of cooking a good meal without standing. Thus, in order to make cooking a comfortable experience alongside being therapeutic, anti-fatigue kitchen mats are to be laid on the floor. Other Locations Garage Space: Lay down a kitchen mat in front of the workbench and get relieved from the strain and pain. Bars: Bars that tend to people in a closed space is difficult. Ease the impact on your feet by laying kitchen mats on the floor. Assembly Lines: Manufacturing several products require standing for long hours. The strain can be eased by using mats.
  • Tingling in the Hands – Common Causes and Symptoms
    A tingling sensation or numbness in the hands and feet is a common experience. Tingling in the hands or feet, although a common condition, may be quite troublesome. This tingling may be temporary and benign or a permanent symptom as a result of the onset of another illness. In some cases, the tingling in the hands or feet may be severe or chronic and occur along with other symptoms like pain or itching. Numbness or tingling sensations are not restricted to hands or feet; they may occur in any part of the body. Common causes for tingling in the hands Tingling in the hands may be caused due to a variety of reasons. Temporary tingling may, however, occur due to improper posture or immobility for a long duration. The following are some of the common causes of tingling sensation in the hands or feet:
    • Standing or sitting in the same position for a long duration
    • Injury to a nerve
    • Pressure on the spinal nerves
    • Enlarged blood vessels that are compressing the nerves
    • Side effects of medications
    • Damaged nerves due to alcohol or tobacco addiction
    • Animal or insect bites
    • Infections or illnesses
    • Vitamin deficiencies
    • Medical conditions such as diabetes, stroke, seizures, multiple sclerosis, etc.
    Diabetic neuropathy is a common cause of tingling sensations experienced in the limbs due to damage to the nerves. Symptoms of tingling sensation in the hands Symptoms of tingling in the hands are often accompanied by other symptoms like numbness, a burning sensation, or shooting or throbbing pain. The most common symptom is the “pins and needles” effect that occurs due to a compression of the nerve. This mostly occurs due to sitting or standing for a long time or maintaining an uncomfortable posture for a long period of time. Tingling sensation caused by improper posture often affects fingers or toes or the whole arm or feet. It is intermittent and could be relieved by taking proper rest or changing positions. Other symptoms that accompany tingling sensation are as follows:
    • Pain
    • Burning sensation
    • Sensitivity to touch
    • Slow onset of numbness that spreads from fingers or toes to arm or feet
    • Muscle weakness
    • Sharp, jabbing, or shooting pain
    • Paresthesia or the “pins and needles” feeling
    Tingling in the hands is a sensation that is caused by a variety of reasons. Tingling that occurs on a temporary basis can often be relieved by change of position and is not a cause of worry. On the other hand, tingling sensations that occur often and spreads to other parts requires a proper diagnosis and treatment. Hence, if one experiences a tingling sensation in the hands or feet for a long period of time, they should visit a doctor at the earliest.
  • Role of the IRS in an average American’s life
    The ability of a county to help its citizens in times of financial difficulties is considered to be a highly pointed agenda when seeing the country's citizen friendly nature. Regardless of where an individual is based out of, one can never to be too sure as to when and how they might find themselves in financial difficulty. For the citizens of the US, the IRS or the internal revenue service comes to rescue under grounds of applying for bankruptcy. Filing for bankruptcy is a legal process wherein a person surrenders his legal financial battles to a legal representative and seeks government funded help for the unfortunate financial situation they find themselves in. The government with IRS acts as their representative and a guardian to maintain common well being. IRS being a tax regulating body has command over the taxes payable by citizens and the way it is utilized by the governing body of any area. When the IRS is notified about any kind of financial trouble which is legally identified, they step in to see in what aspects of financial existence can be stressed on and what load can be reduced from the individual's shoulders. The IRS, at this point, has the authority to take over the tax which is payable by the individual in debt and trouble. Once the situation of the person is verified and researched, this body of the government is legally allowed to reduce the amount of taxes payable if not completely pardon it. Also, the time period given to dispose off the taxes can be extended, hence giving time for the person in need to help seek financial remedy from all sources possible. This luxury of a system makes it easier for Americans to function even in times of difficulties and unforeseen incidents. In the life of a citizen, issues which are financial in nature can be caused by many reasons, loss of job, a medical emergency, a fraudulent scheme where investment went bad, or even a grave loss endured in personal business. Not all of the personal issues which give rise to financial woes is considered as an acceptable term when it comes to applying bankruptcy and seeking government help. The IRS is in this case a strict governing body that goes through the minutest detail behind the reasoning and questioning of a bankruptcy case. The tax debt which rises as a result of a valid case of financial troubles is most easily taken over by officials wherein any and all kind of help on terms of reduction in tax percentile and also professional tax help is provided.
  • 11 foods to avoid when dealing with Crohn’s disease
    Crohn’s disease is a type of inflammatory bowel disease that leads to swelling in the small intestine resulting in problems like diarrhea and stomach pain. The swelling makes it tougher for the body to absorb the nutrients in food. Certain foods can also trigger the symptoms and lead to flare-ups; the triggers can differ from person to person. Nevertheless, here are a few common foods that should be avoided to prevent worsening Crohn’s disease symptoms.
    1. Spicy food For those with Crohn’s disease who love chilies or spicy food, restricting these foods is important to manage the symptoms. This is because certain spices can worsen the pain and other symptoms associated with the condition. Alternatively, one should use mild herbs and natural flavorings such as lemon in limited quantities.
    2. Dairy products Many people with Crohn’s disease experience worsening symptoms after consuming dairy products like yogurt, cheese, and milk. For them, it is better to try milk alternatives, like almond milk, coconut milk, soy milk, and oat milk. People with the disease can also try low-fat substitutes like kefir.
    3. Deep-fried foods People with Crohn’s are advised to limit their intake of fried and greasy foods as these contain unhealthy fats that may aggravate the symptoms and lead to problems such as loose motion and cramping. This is because foods rich in fat, including heavy sauces, are often not completely absorbed by the small intestine.
    4. Seeds and nuts Irrespective of the high nutritional value of these foods, they are not suitable for people with Crohn’s disease as they can cause irritation in the lining of the gut, worsening the symptoms. Seeds and nuts are also hard to digest for people suffering from the disease.
    5. Raw fruits and vegetables with skin The health of those with Crohn’s disease may worsen if they have apples or cucumbers along with their skins. This is because edible peels of these foods lead to severe digestive distress as these contain insoluble fibers that make them hard to digest. However, one can have these fruits and vegetables after peeling or cooking.
    6. Cured meat People with Crohn’s disease should ideally consume enough protein to stay healthy. However, processed meats such as bacon should be avoided as they contain large amounts of preservatives and fats and also offer minimal nutritional value. These foods may lead to aggravation of symptoms such as diarrhea in some patients. Alternatively, opting for lean proteins found in fish and soy can prove to be more beneficial for the body.
    7. Tomatoes People with Crohn’s disease might need to reduce their intake of tomatoes in all forms as the fruit is known to worsen the symptoms and cause acidity.
    8. Artificial sweeteners People affected by Crohn’s are advised to avoid products with low-calorie sweeteners, including sorbitol and maltitol, as these may not get completely absorbed by the body and lead to acidity, diarrhea, and bloating. Additionally, packaged fruit juices, lemonade, and soda high in sugar could trigger or aggravate the symptoms of this condition.
    9. Popcorn This popular snack option could aggravate Crohn’s disease symptoms as it is rich in fiber and butter. Fat and fiber are known to worsen inflammation in patients, cause severe acidity, and lead to loose motions.
    10. Caffeinated beverages People with the disease are advised to limit their intake of caffeinated products, including tea, coffee, chocolates, and sodas, as they are known to aggravate bloating, diarrhea, cramping, and other symptoms. Alternatively, one should opt for herbal drinks or other non-caffeinated fluids.
    11. Whole Grains People with Crohn’s might find it best to avoid whole grains as they are rich in fiber, which can trigger symptoms like diarrhea and stomach pain. Furthermore, whole grains are also known to have high gluten content and fermentable carbohydrates.
    Before eliminating any food item from one’s meal plans, it is best to seek the advice of a doctor or a health professional.