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Basics of real-time shipment tracking explained

Basics of real-time shipment tracking explained

With the increasing digitization of commerce, tracking packages has become more convenient. Small and large shipping companies can now easily set up online websites to facilitate this process. From businesses monitoring the delivery of their products and supplies to individual customers tracking their online shopping packages, everyone can take advantage of the real-time tracking offered by shipping company websites. Here’s a summary of the basics of shipment tracking systems to help one understand how they work.

1. Bar code is assigned to each package
Regardless of its size, every shipping company starts the shipment process by assigning a unique identification code to every package they have to deliver. This identification code is usually in the form of a barcode.

2. Barcode scanning
The next step is to scan the barcode while loading the package. With this, all the information about the package is uploaded to the tracking system of the shipping company’s website. This information includes the time the package left the shipping company’s warehouse for delivery and its source and destination.

3. Package received at another warehouse of the shipping company
Typically, a package is not delivered directly from its source to the final destination location. Instead, it passes through various shipping company warehouses during transit between the source and destination.

4. Re-scanning the barcode
The barcode on every package is re-scanned at every warehouse route to provide the latest update on the delivery status. This means a handheld or automatic scanner scans every time the package is loaded or unloaded from a truck, train, mail van, or airplane. With each successive scan, the latest updates on the package are uploaded to the shipping company’s database. Through this available information, one can easily track packages. Usually, tracking numbers are provided that can be used on the shipping company’s website to see at what stage of the delivery process that package has reached.

5. Out for delivery
The package finally arrives at the destination location’s shipping company warehouse. Before being sent out for delivery, it undergoes a final scan. Once the package is delivered to the customer, the delivery status, recipient’s name, delivery time, and other relevant information are updated on the tracking system.

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Purchasing insurance can be an excellent financial decision. When you buy insurance, you make small payments called premiums to an insurance company so that you and your loved ones are protected during a financial emergency. However, there are a lot of factors to consider when buying an insurance plan. And more often than not, people make mistakes during the process, which cost them a lot more than they would otherwise pay. Opting for low premiums People often opt for a plan with a lower premium because it is easier on the pocket. However, such plans usually provide a smaller claim amount during an emergency. So, try to find a balance between the premiums you pay and how much money you get during a claim. Not trying other insurance providers Staying with the same insurer might make the documentation process easier when renewing the policy or buying a new one. However, it can cost you more in the long haul. The provider may not always offer the best price for a preferred plan. So, if your situation changes—for example, if you get married, buy a car, or move to a new state—compare different insurance companies before choosing one. Not reading the fine print Every insurance plan comes with terms and conditions.
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As a beginner investor, investing too much money at the start can be quite difficult and overwhelming. However, if you choose the right brokerage account, you can earn a lot back from it in terms of investment knowledge. So if you are looking for the best cost-free investment advisors to provide you with long-term portfolio management services, then you have come to the right place. Here is our collated list: Interactive Brokers Investment Brokers has an entity known as IBKR Lite, which offers commission-free trading on various commodities. It mainly covers exchange-listed stocks as well as exchange-traded funds (ETFs). It also offers low-priced access to various global markets without any account minimum or inactivity fee. Additionally, it offers the best competitive interest rates, while its client portal, which offers trading and account management services, is highly preferred by users. One of the most notable points is that IBKR Lite has been around for over 40 years, having earned the trust of a vast client base. You Invest by JP Morgan Chase You Invest Trade, offered by JP Morgan Chase, is one of the best low-cost investment advisors. It is complete with a range of commission-free ETFs and stocks that can be traded online.
Reverse mortgage eligibility and its criteria

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As you approach retirement, most of your money has been invested in your home. A reverse mortgage is an excellent way to tap into your home’s equity. If you have paid off a home loan or have only a small amount to be paid, it is a good option to meet various financial goals. Here are the criteria for reverse mortgage eligibility: Personal criteria Age You must be 62 years or older, to apply for a reverse mortgage. Generally, as you grow older the Home Equity Conversion Mortgage (HECM) amount increases. Property The home should be your primary residence, and you need to live there for the entire duration of the reverse mortgage. Rental properties and vacation homes do not qualify for such mortgages. Home equity You should be the owner of your home outright or possess a minimum of 50% home equity. There is a possibility that you may qualify for a reverse mortgage despite having some outstanding balance on your existing home loan. However, the criterion is that you must first pay off the remaining mortgage from the sanctioned amount and meet other liens. The balance funds may be used for any other purpose. Using a reverse mortgage to refinance existing debt is beneficial in reducing your monthly cash outflows.

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