Credit union can be referred to as a financial institution controlled and owned by the people who are member of that cooperative institution. The main aim of this institution i.e. the credit union institution is to promote savings of the members and also provide them with credit lower rates compared to other financial institutions. Other credit unions also go an extra mile to provide its members with other financial assistance to help in their daily upkeep. The existence of many credit unions does not go further than development of the community and if they do they are referred to as the international development. The credit unions are defined as nonprofit organizations by some countries policies. . The seller in this transaction is the provider of the products and services that are required by the buyer in response to the buyer’s request. After this there is passing of the property in question from the seller to the buyer the settlement therefore arises from the seller requiring passing ownership to the buyer. After the buyer gives his compensation of the product the seller now parts completely with the product. The purchaser, though a party to the sale does not execute the sale, only the seller does that. To be precise the sale completes prior to the payment and gives rise to the obligation of payment. If the seller completes the first two above stages (consent and passing ownership) of the sale prior to settlement of the price, the sale remains valid and gives rise to an obligation to pay. There are many means of sales techniques lie the direct sales which mainly involves the personal contact between seller and buyer. There are other sales that are agency based like the use of sales agents, use of branded presentation consultative sale telemarketing and many others. Sales can also be done by the use of travelling salesmen to like the hawkers but many of them are restricted access to some areas or homes. The means of sales will mainly be affected by the kind of product being sold and the risks associated with its sales. The credit unions vary vastly in the many areas of the world mainly in terms of their assets, some of the unions have only a group of few members with volunteer operations while you will still find some other credit unions with billions of dollars worth of assets and thousands of members. There are very many examples of credit unions all over the world like the credit union Sacramento, Don’t be confused by the many names and references given to credit unions. In many countries you will find the credit unions referred to as (SACCOs) Savings and Credit Cooperative Organizations while in Afghanistan the same unions are referred to as (IIFCs) Islamic investment and finance cooperatives. The credit unions have very big differences from the normal banks in that the members of the unions are also the owners of the union unlike banks where a member is just another customer. The members of a credit union also elect their own directors in a voting that is done democratically regardless of the amount of money the members have saved into the union. In normally instances it’s only a member of a Credit Union Sacramento that is allowed to save money or borrow from the union but in some other rare instances a non member can be allowed to credit money from the credit union but at a much higher rate than what is offered for the members.
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