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Check Cashing Business in Florida

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Starting a check cashing business in Florida is a process that requires several steps that must be planned before filing for the license, and risking a loss of money and time.

The check cashing business in Florida is profitable but at the same time it is a risky business which must be minimized through the adoption of special measures and procedures.

It is important to obtain proper advice from experienced and qualified professionals to avoid expenses and delays to obtain a check cashing license.

Obtaining a check cashing license in Florida, known also as an FT3 license, requires several steps:

The first step is to register with the federal government as a Money Service Business (MSB). This process is done electronically, and in order to file said registration any new applicant must set up an account with the U.S. Treasury Department’s Financial Crimes Enforcement Network, commonly known as FinCEN. The registration is done through form FinCEN 107.

Registration with FinCEN places the company under the Bank Secrecy Act (BSA) laws and regulations. Those regulations impose several requirements on the company. One of those requirements is to develop and implement an Anti-Money Laundering (AML) program which must contain policies and procedures that the company will implement as part of their check cashing operation. Some companies tend to use AML programs devised for other type of financial services such as money order sales or money transfer services. However those programs are inadequate for check cashing and they do not meet the requirement of the BSA for a check cashing operation. Another requirement is to designate a compliance officer. This person is responsable to ensure that the AML program is being thoroughly implemented. There are other BSA requirements which must be met, and therefore the compliance officer and employees of the company must be aware of said regulations.

After the FinCEN registration has been confirmed, an application with the Florida Department of Financial Services, Office of Financial Regulation (OFR) must be filed. This application contains several parts, and must be filed electronically. As with the FinCEN registration, the applicant must set up an account with the OFR’s Real System for thie purpose. It is extremely important that all information requested be provided in a complete and accurate manner to avoid delays in the process. In our experience the vast majority of delays in obtaining such a license come from errors in the original application form. Several documents must be attached to the application, among those is the anti-money laundering program which must be previously drafted. Another form that must be submitted is a fingerprint card for each of the individuals included in the application, which will be used for a background check conducted by the Federal Bureau of Investigation.

Once the license is obtained it is important to keep present that the State of Florida has multiple requirements that must be met by check cashers. Also the check casher is subject to audit examinations to verify that the company is operating with the parameters of Chapter 560 of Florida Statutes.

There are other important aspects that must be planned for, and executed timely. Some of those are obtaining the proper county and city permits to operate the business, ensuring that the location has all the necessary security measures to protect the employees and customers, obtaining adequate software for the check cashing operation, as well as obtaining a qualified bank account to be able to operate the business. The process of applying for an MSB-qualified bank account has a number of elements that must be considered before applying for the account. Also the check casher must be aware that not every bank offers accounts for check cashers, and some of the banks that offer these types of accounts have additional costs and even collateral requirements. It is very important to demonstrate to the bank you are applying for that your check cashing business operates in a safe and sound manner.

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Finance

Umbrella Insurance for Businesses – Tips on Buying Coverage

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While an Umbrella insurance policy is good to have for an individual or a family, it is essential for a business.

So let us start with basics. What is Umbrella insurance? An Umbrella insurance policy covers a business, up to the coverage value of the policy over and above the maximum limits for each of the risks covered; in addition it covers for some other risks for which there is no specified coverage either through a rider in one of the insurance policies or a separate insurance policy.

Risks which are covered over and above the insurance policies or riders which most businesses have. Again these are risks which you probably have an insurance for already.

Personal injury–e.g. a visitor slips and falls in your lobby.

Personal property damage–e.g. vehicle colliding with another–where one of the vehicles is yours.

Real property coverages–damage to the building, rental unit etc.

Malpractice or Professional Negligence–businesses do not always have coverage except in cases where there is history of litigation–e.g. medical malpratice.

Additional risks covered (generally businesses do not insure against these risks): litigation resulting from slander, mental disturbance or anguish, emotional injury, libel.

You should remember that in any claim, the Umbrella insurer will first want you to get paid under your primary insurance policy; theirs will kick in when you have maxed out on your primary insurance. So in the end the Umbrella insurance is protective insurance against catastrophic risks that could shut down your business, or cost you enormous sums in litigation.

Indeed, Umbrella insurance is and should be part of your business protection suite of products, much like you have credit card insurance or fraud insurance. Unfortunately, ours is a litigious society. There are hundreds of attorneys who core competency is advising victims, real or imagined, to enter into litigation, or at least threaten to, in order to elicit the best “offer” they can get.

I do not mean to suggest that litigation over injury, emotional disturbance etc. is always, or even mostly egregious.

So how should you go about determining what you need. A few tips:

  • talk to your insurance agent. He or she is a professional who is versatile not only evaluating business needs but also in sharing experience.
  • depending upon your business size and the industry you are in, you want to be with the larger firm rather than smaller. Larger insurance firms have more resources in case they need to negotiate a settlement, they also have access to excellent lawyers. The extra money you pay for their “brand” is often worth it.
  • Talk to your friendly competitor, or even key vendors. They can share their experience with you and give you a good market sturdy.
  • Make sure your primary insurance package is good. It should not only cover you for common risks, but also the coverage should be sufficient. Do not under insure to save a few dollars.

Good luck

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Finance

Some Tips on SEO and Social Media Management

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If you’re looking for a way to increase ranking for SEO and social media management priority, here are your best bets: Facebook, Twitter, and blogs. These three social network sites are the most popular among users and business people alike. These are also indexed in SEO, and will help you increase your rankings if you are active enough in these sites. Not only that but also, the number of people you are connected with can help raise your SEO rank. SEO and social media management is not as hard as it seems, it only needs a little effort and a few tips like these:

Know your target network. Take into account that we’re talking about more than half a million people in these big three sites alone, and with that amount of possible connections, you can find a vast sea of potential customers. But I’m not saying you should add everybody. Just because you have an ocean in front of you doesn’t mean you should take the whole thing. You should know what your bait is so you can sift through it to find the right fish. You can search for potential customers using searches aimed at the right people, may it be location, age, and other factors you might want to look into before considering a person a potential customer.

Make sure the social network page you created doesn’t collect dust. Keep on updating your activity online so that users can see that you are productive in creating new ideas for your product. Even through it’s not as important as a new launch, just post about stuff going on in the company like little updates here and there, keeping your name in the newsfeed.

Keep up to date with events going on around you. Even though it’s a business page, that doesn’t mean you can’t post about what’s going on in the world. Just make sure you don’t post any biased opinions on issues, because this may repel some customers who don’t share the same views.

Create conversations in your page like asking your connections about stuff that may help you in business. Since social networking is all about connecting people, you should connect with the people in your network by posting questions that they can respond to so that you can engage in conversation with them. This creates a feel of authenticity when it comes to your website ambience, and a warm welcome to site visitors is always appreciated. Asking for feedback in the site also lets your followers know that you aim to give them better service, enlightens you as to where you lack effort in, and encourages you to create better products. This results in customer loyalty and possible advertising through link shares, increasing success for both SEO and social media management.

Lastly, you can use a social media management tool to monitor your online activity to reduce the effort you put into checking these social media sites. There are free programs that you can download for this purpose, and it’s up to you to choose which one is most suited for you.

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Finance

House Insurance Rates – Making Yours Affordable

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Purchasing the right insurance protection for your house is a very wise step to take. Do not fail to reach out for the highest quality of protection from the insurance companies that are servicing the state where your house is built. Be sure to get information on the ways of making your policy cost cheaper. Houses don’t come cheap, so you are advised to buy the best house insurance for your costly investment. The tips given below will guide you through the process of finding your preferred insurance coverage and a leading insurer.

Collect every useful data about your property and if needed, employ the help of a specialist. Knowing all about your property places you at the best spot to find and get quality coverage at the cheapest rate. There are two basic coverage options in the regular house insurance policy. You will find the actual cash value coverage and the replacement cost coverage. Learn about these coverage options and choose correctly. Your insurance provider will readily give you quality consultations that will guide you on the coverage to purchase. Your happiness is important to insurance companies, so they will give you all the help you need to keep you happy.

Now, it is time for you to go online and shop for affordable insurance quotes. There are many free comparison platforms that you can use online. There are quote boxes and forms on these websites, freely use them. Comparison sites will connect to a network of leading insurers in your state; this saves time and is very useful. Fill the quote forms correctly and in minutes, the data your have provided while filling the quote box will be used to match you with the best quotes from leading insurers in your state.

A very wise step to finding the best deal is knowing how to consult with your insurers; doing this is really necessary. You will enjoy free expert help from your insurance provider after you have collected a quote from them. Start right away, fill a quote box correctly, meet with insurers and find your cheapest house insurance that guarantees you quality coverage in your state.

Where To Start?

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