Use the credit card slip to pay tip at hotels and restaurants
News from Economic Times:

MUMBAI: For patrons of high-end restaurants, credit cards provide an opportunity to tip without having to rummage in wallets for small notes. Also, if one has a guest, adding a tip amount to the charge slip provides the payer some privacy. But the one thought that has probably gone through the mind of most patrons is how is this addition to the billed amount processed by the card company long after the card is swiped and authorization received.

Many fear that this is a system loophole. After all the card has already been swiped, the bill amount punched and authorized and the cardholder even receives a text message confirming the debit. But there’s nothing amiss here. It is in fact a secret window that card companies have built into the payment system to ensure that the card is not shunned because of the waiter’s concern over tips. And cardholders can rest assured there are enough safety features to prevent misuse.

“Adding tips to the credit card slip is an accepted practice worldwide. This is a feature built into the payment system where at the end of the day the merchant can make an adjustment of 10-15% of the invoice amount,” says Uttam Nayak, country head for Visa. According to Nayak, unscrupulous merchants cannot inflate the bill because the system will not authorize beyond 10-15%, depending o…………… continues on Economic Times

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Malloy would use state’s credit card payments to cover operating deficit
News from The Connecticut Mirror:

Despite vowing during the campaign not to use the state’s credit card to cover its operating costs, Gov. Dannel P. Malloy announced late Monday he would divert more than $ 220 million dedicated last year to pay off debt to close a growing deficit in the current budget.

And a new report showing plunging tax revenues opened a huge projected deficit in Malloy’s budget plan for next fiscal year, jeopardizing new initiatives for school districts and nonprofit social services that the governor unveiled just three months ago.

That’s because fiscal analysts for the executive and legislative branches agreed Monday to downgrade revenue expectations by nearly $ 150 million this fiscal year, $ 234 million in the year that begins July 1 and by more than $ 310 million in 2013-14.

The latter drop is huge, given that Malloy’s own numbers back in February showed his new budget plan headed for a $ 424 million deficit in 2013-14. If the true gap in the Democratic governor’s proposal tops $ 700 million 14 months from now, Republican legislative leaders warned Monday that another state tax debate is on tap for next spring.

“Entering last year, Connecticut faced a staggering $ 3.6 b…………… continues on The Connecticut Mirror

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