Tag: risk

Secure email delivery #appraise, #appraiser, #appraisal, #appraisalport, #appraiser #network, #appraiser #listings, #residential, #collateral, #cms,

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FNC, INC

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More Business. Less Work.

AppraisalPort connects you to lenders

And to others who engage in real estate appraisal services. Once you are connected, AppraisalPort provides tools to build your reports quickly, accurately, and deliver them straight to your client. Learn more about AppraisalPort

Secure communication with your clients

AppraisalPort is a secure, Web-based work site from which appraisers can receive orders, send completed reports, and communicate with their clients. It is integrated with FNC’s Collateral Management System®, used by many mortgage lenders, banks, and appraisal management companies. Read more AppraisalPort® FAQs

AI Ready™

New order information is auto-populated into your forms software package if you use AI Ready software. This helps to eliminate typos and reduce time spent re-keying information. Read more about AI Ready

  • “Appraisal Port is an intuitive and easy to use platform.
    It is an efficient way for us to interact with our clients while
    maintaining compliance with regulations. It’s an
    essential tool for managing our business.”

– Kevin Allin, San Diego, California

  • “Simple log-in, automatic report acceptance and seamless
    integrated delivery system maximize my clients’ and my time. In
    addition, regular polls and newsletters enhance the
    sense of belonging to a community of appraisers.”

    – Susan Bender-McGoldrick, Lexington, VA.

  • “It’s nice that we can upload quickly and easily.
    It’s convenient to have all of our clients organized on
    one site and makes it very efficient to receive orders.”

    – Beverly Pogue, Bethesda, Maryland

  • “AppraisalPort provides the convenience of auto accepts and
    receiving of orders, and the communication you receive on each one.
    The GAAR option is great for checks and balances, and the rules can
    fire back quickly and reject the report back to
    appraisers to correct the fired rule.”

    – Norma Lorence, Williamston, Michigan

  • “As an appraiser, I am able to post messages and
    communicate 24/7. This has helped eliminate unnecessary phone calls
    and callbacks which tend to grind up time. My productivity
    has increased 25% since I can communicate using AppraisalPort.”

    – Judy DeLeon, Bowie, Maryland

  • “Castle Associates, Inc. strongly endorses AppraisalPort as an
    essential tool for appraisers and lenders. AppraisalPort provides the
    interface necessary to become the fastest and most efficient
    appraisal firm in the Las Vegas Valley.”

    – Aaron Alyea, Las Vegas, Nevada

  • “The structure of AppraisalPort allows for the
    fastest turn times with the highest efficiency. The website is
    reliable and simple to use. AppraisalPort is the premier
    name in appraisal servicing.”

    – Aaron Alyea, Las Vegas, Nevada

  • “Appraisal Associates has had such success
    with the system, it works beautifully, there is no lender pressure,
    and we are freed up to do the job. I have increased
    my production by 30%.”

    – L. Michael Gandy, Las Vegas, Nevada

  • “Your staff always handles any problem that
    comes my way in a courteous manner; they seem to understand how
    difficult and challenging appraising can be. I would like to thank you
    for the opportunity you have given Appraisal Associates.”

    -L. Michael Gandy, Las Vegas, Nevada

  • “I love that it is so easy to add new clients through AppraisalPort.
    Just a couple of clicks and we are connected.”

    – Clint Bruce, San Diego, California

  • “I’ve used several appraisal ordering companies
    over the years but when a lender asks me which one I prefer
    and recommend I always tell them AppraisalPort.
    Quick, easy to use, and reasonable fees.”

    – Clint Bruce, San Diego, California

  • “The few times I’ve had a problem; the customer
    service department has gotten back to me quickly and
    always resolved the issue. I wish all companies were
    as caring and quick to respond.”

    – Clint Bruce, San Diego, California

    Are you sure you don’t want to share your profile?

    You have instructed AppraisalPort not to provide your profile information to any other FNC Clients. While clients may use your profile information in different ways, the most common way they use this data is to ‘board’ appraisal panels at our lender institutions. By opting out, your information will not be provided, which may limit additional assignments you could receive through AppraisalPort. Are you sure you want to take this action?

    Login Help





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  • Hawaii Car Donation Information to Donate Car in Hawaii #used #car #boat #truck #donation,

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    Hawaii Car Donation Information

    It’s easy to donate your car, truck, boat or RV in Hawaii. We provide fast, free pickup of your vehicle with no cost to you and you are eligible to receive a tax deduction for your vehicle donation.

    Where do you pick up car donations in Hawaii?
    We pick up car donations throughout the state of Hawaii, including Ewa Beach, Kaaawa, Hilo, Wahiawa, Honolulu, Kauai, Maui, Pearl City, Kahului, and Wahiawa.

    Is my car donation made in Hawaii tax deductible?
    Vehicles donated on this site will benefit a nonprofit classified with the IRS as a 501(c)(3) charitable organization and are tax deductible.

    What paperwork do I need to donate my vehicle in Hawaii?
    In most cases we need the title to the vehicle. But, if you do not have title papers please check with the Hawaii Motor Vehicle Department to determine whether you can donate your vehicle without the title. Please visit the Hawaii Motor Vehicle Department web site to obtain the necessary forms before donating.

    How do I release the liability of my donated vehicle in Hawaii?
    For information on how to release the liability of your donated vehicle, please refer to the Hawaii Motor Vehicle web site.

    If you still have questions
    call toll-free 1-888-573-7033





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    Penn State Online #security #and #risk #analysis #information #and #cyber #security #degree, #penn #state

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    Bachelor of Science in Security and Risk Analysis – Information and Cyber Security Option

    “In the not too distant future, we anticipate that the cyber threat will pose the greatest threat to our country.”
    —Robert Mueller, Director of the FBI*

    Information and Cyber Security

    Malware, data breaches, denial of service, phishing, and other cyber attacks are proliferating. Highly publicized attacks on major corporations, governments, infrastructure, and financial organizations are in the news almost daily, underscoring the need for professionals who are trained to recognize and deal with cyber threats.

    Cyber attacks can come in a variety of forms, but often the intent is malicious — an attempt to bring down a computer system, or an intrusion seeking to access and steal intellectual or proprietary data and information. At risk are such things as trade or industry secrets, corporate reputation, customer data including credit card information, and even physical damage to equipment. In fact, a recent report by the Office of the National Counterintelligence Executive highlighted the ease with which foreign collectors of economic information are able to operate in cyberspace with relatively little risk of detection by their private sector targets.

    As governments and private entities become increasingly dependent on computer technology to transmit and store sensitive data, intellectual property, and financial transactions, the need for information security and risk analysis professionals will increase.

    Why Security and Risk Analysis at Penn State?

    Former National Security Agency Director Mike McConnell recently warned that the U.S. government is not equipped to detect and deflect a catastrophic [cyber] attack.

    Penn State’s security and risk analysis degree focuses on the technologies, education, and policies to protect people, information, and other assets. Students are introduced to the tools and skills needed to determine the required confidentiality, integrity, and availability of an asset (i.e. a person, structure, facility, information, material, or process that has value).

    The degree looks at how to design secure systems, evaluate and measure risk, and ensure that proper levels of privacy are maintained for individual technology users, businesses, government, and other organizations. Courses specific to information and cyber security are embedded within the degree program. These courses can provide you with an understanding of the theories, skills, and technologies associated with network security, cyber threat defense, information warfare, and critical infrastructure protection across multiple industries.

    Penn State is recognized by the National Security Agency and Department of Homeland Security as a Center of Academic Excellence (CAE) in Information Assurance and Cyber Defense. The Penn State College of Information Sciences and Technology is a leader among information schools, and the faculty are a diverse group of thought leaders from numerous fields, including computer science, engineering, psychology, chemistry, artificial intelligence, and more.

    Who Should Apply?

    The SRA major is designed to provide a unique, interdisciplinary curriculum that integrates areas of study in information assurance (both digital and physical security), intelligence analysis, and cyber forensics. If you work in or aspire to work in areas of information and data security, system security, network security, cyber security, intelligence, cyber-intelligence, intel analytics, or cyber crime prevention, this could be an excellent program for you.

    Career Opportunities for Graduates

    As people and organizations continue to shift more of their business and personal interactions to the Internet, the need is growing for professionals who can keep information and data secure. You can find such careers in business and industry, government and intelligence, and protective services and criminology, among others.

    With the BS in SRA, you can prepare for positions such as:

    • applications security specialist
    • network security specialist
    • computer forensics specialist
    • computer system auditor
    • intelligence analyst and specialist
    • cyber-intelligence analyst
    • business intelligence analyst
    • business process analyst
    • counterintelligence and counterterrorism threat analysis
    • economic crime analyst
    • information security analyst,
    • international crime officer
    • policy analyst
    • program and management analyst

    Online Education at Penn State

    Penn State has a history of 100+ years of distance education and more than a decade of experience in online learning. We create an online learning environment that offers you the same quality education our residential students experience in a face-to-face setting. Learn more about Penn State World Campus .

    When you have successfully completed this program, you will receive the same Penn State diploma that all of our graduates receive. You will become part of a worldwide network of alumni and can choose to join the largest dues-paying alumni association in the world with more than 170,000 members.

    *RSAC US 2012 KeynoteCombating Threats in the Cyber World: Outsmarting Terrorists, Hackers, and Spies

    Related Programs





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    Law doctorate #law #and #economics, #jd/phd, #jd/phd #economics, #vanderbilt #jd/phd #economics, #phd/jd, #microeconomics, #joint

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    Ph.D. Program in Law Economics

    Joint-degree students pursue a Ph.D. in law and economics and a J.D. concurrently in a fully integrated law and economics curriculum. The program is based in the Law School. Students are fully funded by a competitive package of fellowship support covering tuition and stipend for both degrees.

    Our principal fields include law and economics, risk and environmental regulation, labor markets and human resources, and behavioral law and economics.

    The Ph.D. Program in Law and Economics was featured in the Summer 2015 edition of Vanderbilt Law Magazine. Program co-directors, Joni Hersch and W. Kip Viscusi, and program graduate, Caroline Cecot, were interviewed for the article, available here .

    Research Highlights

    On July 20, 2017 Professor W. Kip Viscusi presented his keynote address, “Pricing Lives,” at the Economic Society of Australia 2017 Annual Conference of Economists in Sydney, Australia. His presentation was based on his forthcoming Princeton University Press book, Pricing Lives: Guideposts for a Safer Society.

    Professor Paige Marta Skiba and 2017 graduate Jean Xiao ‘s paper “Consumer Litigation Funding: Just Another Form of Payday Lending? ” was published in June 2017 in Law and Contemporary Problems.

    Professor Joni Hersch and Professor Jennifer Bennett Shinall ‘s article, “Something to Talk About: Information Exchange Under Employment Law ,” was published in the December 2016 issue of the University of Pennsylvania Law Review. This article provides the first ever evidence that concealing personal information lowers female applicants’ hiring prospects and has received international media attention including New York Times. Bloomberg. Slate. NPR On Point. The Economic Times. Daily Mail. Business Standard. Business News Daily. Glamour. Marie Claire. and Science Daily .

    Professor Kathryn Anderson and 2017 Vanderbilt Economics graduate Kai Hong ‘s paper “Do Selective High Schools Improve Student Achievement? Effects of Exam Schools in China .” China Economic Review 40 (September 2016) 121-134. Doi: 10.1016/j.chieco.2016.06.002.

    Professors Andrew Daughety and Jennifer Reinganum ‘s paper, “Settlement and Trial ,” was published in The Oxford Handbook of Law and Economics (Oxford University Press, 2017). The handbook is edited by Francesco Parisi.

    Professor Joni Hersch provides a synthesis of the legal and economic consequences of workplace sexual harassment in her 2015 IZA World of Labor article, “Sexual Harassment in the Workplace .” Her research on this topic is frequently cited in the media including The Guardian , Huffington Post. and CBS News.





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    Risk Management MBA Programs: List of Schools #mba #risk #management, #risk #management #mba #programs:

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    Risk Management MBA Programs: List of Schools

    School Overviews

    A Master of Business Administration (MBA) program with a concentration in risk management trains students to identify and minimize potential risks involving public and private sector organizations. These programs usually take up to two years to complete and they can be found through the business schools of top universities. Risk can arise from causes as varied as shaky financial markets, liability in legal matters, and injury from accidents, natural causes or attacks, among others. The University of Pennsylvania, the University of Texas at Austin, and the University of Wisconsin – Madison all offer MBA specializations in risk management. Each of these schools was nationally ranked by U.S. News and World Report for 2017.

    University of Pennsylvania in Philadelphia, PA

    The University of Pennsylania ‘s Wharton School houses 10 academic departments and over 20 research centers and initiatives. The Wharton School offers an MBA in Insurance and Risk Management and an Insurance and Risk Management major and concentration, which focuses on the techniques of corporations, individuals, and organizations in minimizing loss with exposure to risk. A concentration is also offered in Risk Management. The school was ranked #4 among graduate business schools by U.S. News and World Report for 2017.

    Find schools that offer these popular programs

    • Actuarial Sciences
    • Business and Commerce, General
    • Business Statistics
    • Customer Service Management
    • eCommerce
    • Logistics, Distribution, and Materials Management
    • Management Science
    • Office Management
    • Operations Management
    • Public and Nonprofit Organizational Management
    • Purchases, Acquisitions, and Contracts Management
    • Transportation Management

    University of Texas at Austin

    The University of Texas at Austin is home to the Center for Risk Management and Insurance, which produces research that is imperative to the public policy of risk analysis and risk management. McCombs School of Business at the University of Texas at Austin offers a course in Strategic Energy Sourcing Risk Management, which focuses on crucial topics to the business of energy sourcing. The school’s Center for Risk Management and Insurance provides Risk Management courses at the undergraduate and graduate level. As of 2017, the schools ranked tied at #16 for its graduate-level business program, according to U.S. News and World Report.

    University of Wisconsin – Madison

    For 2017, the University of Wisconsin ‘s graduate-level business program was ranked tied at #27 by U.S. News and World Report with a #22 ranking for its part-time MBA program. At the University of Wisconsin, the Wisconsin School of Business offers an MBA with a specialization in Risk Management and Insurance. After completing the core educational courses, students pursue studies that are focused on reducing organizational risks, particularly in the insurance industry. Even though MBA programs that offer concentration options in risk management are relatively rare, there are a few top schools with relevant offerings in this specialized field.

    Next: View Schools

    Majoring in risk management prepares students to work with both individuals and businesses in forecasting risk, safeguarding.

    If you want to study financial risk at the MBA level, the most relevant degree is an MBA in Finance. Find out more about the.

    Learn about the education and preparation needed to become a project manager. Get a quick view of the requirements as well as.

    If you are interested in logistics management, you can pursue an MBA with a concentration in the field. Learn more about.





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    High risk merchant services #high #risk #merchant #services

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    Forging a Successful Partnership
    with Mastercard

    Learn How Mastercard Enables Commerce and Helps Protect the Interests of All Participants in the Payment System

    At Mastercard, we are focused on enabling the equitable and secure functioning of our state-of-the-art payment system. Our rules and compliance programs are designed to drive business growth for issuers, acquirers, merchants and others while promoting reliable, safe and secure commerce for all network participants. To keep our constituents informed, we have developed an e-learning platform which makes it easy and convenient to learn about our rules, other standards, dispute resolution process, and compliance programs. All modules on this page may be viewed free of charge.

    Rules other Standards

    In today’s fast-paced world of global commerce, Mastercard’s rules provide direction for business and operational imperatives to all participants in our payment network. Our rules and other standards are based on principles that enable rapid evolution of global commerce, while protecting the integrity of the network and the brand for all stakeholders. This module explains what the rules and other standards are, why we have them, and the principles that they support.

    Customer Compliance Programs

    Mastercard is committed to preserving the integrity of the payment system and that of its brand and its customers’ brands. To that end, we work proactively and collaboratively with customers to grow business while minimizing risk. Mastercard’s global Compliance Programs, which are the subject of the following modules, help to achieve this goal.

    Business Risk Assessment and Mitigation (BRAM) – addresses illegal and brand damaging activity

    Excessive Chargeback Program (ECP) – monitors monthly merchant chargeback-to-transaction ratios

    Global Merchant Audit Program (GMAP) – identifies merchants that exceed Mastercard-established fraud-to-sales ratios

    Member Alert to Control High-Risk Merchants (MATCH) – provides acquirers the ability to review certain merchant risk information before entering into a merchant agreement

    System to Avoid Fraud Effectively (SAFE) Compliance – ensures issuers are timely and appropriately reporting fraud data

    Questionable Merchant Audit Program (QMAP) – investigates merchants that may be engaging in collusive or otherwise fraudulent activity

    Issuer Monitoring Program (IMP) – evaluates fraud, authorization and chargeback metrics to identify issuers that may not be adequately monitoring their portfolios for risk

    DYNAMIC CURRENCY CONVERSION (DCC)

    DCC is a service provided by Acquirers and their Merchants which offers the Cardholder the option of paying in their domestic billing currency when making an overseas transaction. This requires transparency – ensuring that all relevant information is available to the Cardholder at the point of sale to allow them to make an informed decision on whether to accept or decline the DCC offer. Please note that while DCC is not a service that we provide, we have a devised set of rules and regulations for any Provider, Acquirer, or Merchant offering DCC, combined with a Compliance Program aimed to monitor adherence.

    DCC – eLearning module – Overview of the Enhanced DCC Compliance Program

    DCC – Compliance guide – Guide to help your organization to be compliant with Mastercard DCC rules.

    Mastercard places great importance on the accuracy and integrity of transaction data that flows across its network. The Data Integrity Program monitors transaction details to ensure accurate and clean data. These efforts inform authorization decisions, reduce exception processing and improve cardholder service capabilities. This module presents an overview of the Data Integrity program and the benefits it brings to the network.

    Dispute Resolution Management

    Mastercard processes billions of transactions across its network every year in a manner that is safe, secure and efficient for all participants. A very small percentage of these transactions are the subject of dispute and require resolution via the Mastercard Dispute Resolution Management process. Mastercard has published a Chargeback Guide which articulates a set of standards that our customers can use as a framework for their operations. This module presents a high-level overview of the chargeback process at Mastercard.

    The Merchant’s Guide to Chargebacks: Top 10 Things Merchants Should Do

    It is important for merchants, large and small, to understand their chargeback rights. The following module articulates ten helpful ways merchants can minimize risk of chargebacks and best position themselves to respond to a chargeback request.

    Partnering with a Merchant Service Provider: Things Merchants Should Consider

    Selecting a Merchant Service Provider can be a challenging decision as there are many factors to consider. This module outlines proactive steps merchants can take to help them select the right service provider for their needs.

    Payment Facilitator Program

    Mastercard created the Payment Facilitator model as an optional Acquiring model which allows a Payment Facilitator to accept Mastercard and/or Maestro transactions on behalf of multiple small merchants called sub-merchants. The model is a cost effective way to offer Mastercard card acceptance to merchants with very low transaction frequency and/or volume.





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    Leap Payments #high #risk #merchant #services

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    Simply Better Credit Card Processing

    Providing customers and clients with a convenient way to make credit card and debit card payments without being charged a fortune for every transaction is a challenge faced by retailers and restaurants. Let us show you a better way to handle your credit card payment processing. Learn more

    For professional service organizations such as Doctors, Lawyers, Consultants we can help you simplify your merchant services. Our credit card processing solutions allow you to accept payments in the way that your customers prefer. Learn More

    If you re an eCommerce company, it s critical that you are able to accept credit cards online without having to incur outrageous additional costs. Leap Payments can get you set up with a solution to accept online credit card payments for goods and services that is easy for your customers and affordable for you. Learn More

    When it comes to setting up credit card processing for merchant services for personal service organizations such as beauty salons, wellness and fitness businesses of every size can access to the same rates and services formerly available only to larger companies. Learn More

    For businesses that spend most of their time performing services at their customer s location, such as contractors, technology consultants, repair and maintenance industries; we can provide you with wireless access to your merchant account credit cards, so you get guaranteed payment at the end of your job. Learn More

    Some business types are deemed risky by banks processing credit cards for a variety of reasons. We believe that your business deserves a chance to prove itself and process credit cards. Learn More

    Lifetime Rate Lock

    The best merchant processing companies believe that caring for customers means keeping costs down and never increasing your rates. We guarantee that the Leap Payments rates will not increase for the life of your account. No bait and switch, no teaser rates, just simple, honest pricing and the best merchant services. In addition, we offer Interchange plus pricing, because this is the most transparent way to process credit cards available.

    Customized Solutions

    When choosing a processing solution most business owners ask: who has the best credit card processing rates? While rates are a part of the right answer you need a partner who understands your unique needs and tops the comparison lists of credit card merchant services companies, so you know you’re working with the best. Based on real credit card processing companies reviews you’ll find Leap Payments A+ Better Business Bureau rating sets us apart from the competition.

    Unique Customer Service

    Many merchant credit card processors look at your business as a mere dollar sign to cash in on and they lose sight of honest customer service. The true value of a merchant services company is revealed in an instant when you search credit card processing reviews online. Unlike our competition we’ll know you by name, not by your account number. Our support is 100% US-based and available anytime you need us.

    Cashflow is crucial to business success and for our clients we ensure that you won’t be waiting to get paid for your credit card processing. With Leap Payments you can rely on receiving your deposits promptly in order to keep your business running smoothly. Our clients attest that services like next day funding is why Leap Payments is one of the best rated credit card merchant services companies.

    Need help understanding your monthly statement?

    In addition to our commitment in being the best merchant account provider for your business, we offer fully integrated and customized solutions. We’ll explain the true costs of accepting credit and debit cards. Our experts will review your statement and show you how much you can save. Providing small business owners just like you with the personal service that you deserve is what has distinguished us from so many generic, less visionary credit card merchant processing services.

    Our merchants’ credit card processing reviews say it all!

    Wine Country Farm B ]”

    Spanish Valley Vineyards
    “As the owner of Spanish Valley Vineyards, a small family owned and operated farm winery, I m used to being treated as unimportant by the big businesses that I deal with, but my Leap Payments Rep [ ]”

    Trium Wines
    “We are on our third credit card processor and Leap is like a breath of fresh air! I recently received an email that said we were non PCI compliant and gave my Leap rep a [ ]”

    Contact us now at 800-993-6300 or complete the form below and we’ll reach out to you. We know that there are lots of credit card processing companies, but one call to us and you’ll be telling your friends about Leap Payments.

    © 2017 Leap Payments, Inc.
    Leap Payments is a registered MSP/ISO of Elavon, US Bank N.A.
    as well as Visa, MasterCard, Discover and American Express.





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    High Risk Processor #high #risk #processing

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    Welcome to High Risk Credit Card Processing

    Looking for a High Risk Merchant Account? You ve come to the right place. We are your one stop shop for high risk merchant services. We work directly with over 25 banks and have been in business since 1995.High Risk Processor provides high risk merchant services to ALL types of businesses including mail order, telephone order, MOTO, adult toys DVDs, adult membership sites, adult content sales, direct marketing, infomercials, dating website sites, online dating sites, travel companies, telecommunications companies, timeshare companies, Viagra / herbal supplements sales, subscription services, membership services, membership clubs, tickets, airline tickets, MLM, multi-level marketing companies, bail bonds, pawn shops, water filtration systems, high volume merchant accounts, high ticket merchant accounts, international merchant accounts, bad credit merchant account, credit repair, credit collections, electronic cigarettes, massage parlors, financial planning or consulting, real estate seminars, stock trading seminars, check cashing companies, rare coin sales, detective service companies, electronic book sales, digital download merchants, outbound telemarketing, inbound telesales, penny auction websites, sport forecasting or consulting websites, weight loss centers, anti-aging clinics, firearm sales, gun sales, hair restoration medical clinics, jewelry sales, recurring billing merchant accounts, continuity business sales, free trial sales, companies facing high chargebacks, companies that are on TMF also known as Terminated Match File or Match List and all types of ecommerce industries. If we haven t listed your company or industry, don t worry most likely we ll be able to approve it. We have a 99% approval rate.

    High Risk Processor can help with your High Risk Merchant Account needs.

    High Risk Processor represents over 25+ different processing sources to include US based banks, Domestic Banks, Offshore Banks, Third Party Processors, ACH Processors, and Check Processors. Whether you are looking for one merchant account or multiple merchant accounts, we are certain that we can accommodate ALL your processing needs. Regardless of business type or volume, we ll get your account approved quickly and keep it running smoothly without any volume caps. Let our staff of processing industry veterans find the solution that s right for you.

    Contact us





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    Stock market strength is about the equity risk premium #stock #market

    #current stock prices

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    This stock market rally isn’t like the others

    Wikimedia Commons

    The rally in stocks to all-time highs has little to do with earnings – the most important driver of stock prices – according to Deutsche Bank.

    According to Dominic Konstam and team, writing in a note Friday, the rally is about the declining equity risk premium, which is simply the excess return the stock market provides over a risk-free rate like bond returns.

    The premium jumped after stocks plunged in the financial crisis, with investors demanding as much as 7% more from choosing stocks over bonds. It has now fallen closer to its historical norm of 2% as bond yields also fell, implying that the return investors require to be compensated for their risky investments in stocks has fallen.

    The sovereign bond yields in many developed countries are at or near record lows. Yields on benchmark bonds in Germany and Japan plunged deeper into negative territory after the rush to government-debt markets sparked by the UK’s decision to leave the European Union.

    As nominal yields have fallen, investors have rotated into higher-yielding assets, Konstam said.

    “The current cycle stands out in that earnings have played almost no role in the SPX rally. In fact, earnings were a slight drag on equities and were only offset by an aggressive multiple expansion. More than 90 percent of the rally was attributed to a collapse in equity risk premium. In sharp contrast, the equity gains in the 1980s and 2000s were all about earnings growth, and in 1990s earnings still accounted for more than half of the rally.”

    The equity risk premium is still some 2% higher than its historical average over the last 30 years – so it could fall further. This gives the S P 500 room to rise another 200 points, Deutsche Bank estimates.

    But earnings and expectations for them remain the biggest driver of stock prices. And because the second-quarter earnings season could mark the fourth straight decline in year-over-year S P 500 earnings, that’s a near-term risk to the rally, according to Deutsche Bank.

    SEE ALSO: The most important mover of stock prices is not the one driving this rally to all-time highs





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    Stock market strength is about the equity risk premium #boston #business #journal

    #current stock prices

    #

    This stock market rally isn’t like the others

    Wikimedia Commons

    The rally in stocks to all-time highs has little to do with earnings – the most important driver of stock prices – according to Deutsche Bank.

    According to Dominic Konstam and team, writing in a note Friday, the rally is about the declining equity risk premium, which is simply the excess return the stock market provides over a risk-free rate like bond returns.

    The premium jumped after stocks plunged in the financial crisis, with investors demanding as much as 7% more from choosing stocks over bonds. It has now fallen closer to its historical norm of 2% as bond yields also fell, implying that the return investors require to be compensated for their risky investments in stocks has fallen.

    The sovereign bond yields in many developed countries are at or near record lows. Yields on benchmark bonds in Germany and Japan plunged deeper into negative territory after the rush to government-debt markets sparked by the UK’s decision to leave the European Union.

    As nominal yields have fallen, investors have rotated into higher-yielding assets, Konstam said.

    “The current cycle stands out in that earnings have played almost no role in the SPX rally. In fact, earnings were a slight drag on equities and were only offset by an aggressive multiple expansion. More than 90 percent of the rally was attributed to a collapse in equity risk premium. In sharp contrast, the equity gains in the 1980s and 2000s were all about earnings growth, and in 1990s earnings still accounted for more than half of the rally.”

    The equity risk premium is still some 2% higher than its historical average over the last 30 years – so it could fall further. This gives the S P 500 room to rise another 200 points, Deutsche Bank estimates.

    But earnings and expectations for them remain the biggest driver of stock prices. And because the second-quarter earnings season could mark the fourth straight decline in year-over-year S P 500 earnings, that’s a near-term risk to the rally, according to Deutsche Bank.

    SEE ALSO: The most important mover of stock prices is not the one driving this rally to all-time highs





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