Small Business Financial Software

Posts Tagged ‘Credit’

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Personal Credit Repair Software (Personal Credit Builder

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Finally! Establish Business Credit Book.

Our Business Credit Membership provides weekly training,resources,vendor credit lines, cash credit sources and banking contacts. Great product with High Recurring commission. Low Returns and High Conversions.
Business Credit: No Personal Credit and No Personal Guarantee

Discover how you can build a complete business or corporate credit profile in 90 days! You can use business credit to get lines of credit to start or expand a business or purchase investment real estate including apartment buildings!
Secrets to Building Business Credit in 90 Days!

Our product teaches customers how to get loans for their business without personal guarantees and without personal credit checks. Great product with great commission. Low returns and high conversions.
Business Loans and Business Credit: Loans with no personal guarantee.

If you own a small business, you might just have significant monthly expenses that are required in its operation. But in many cases you may not yet have sufficient cash on hand to pay for those expenses. For those reasons, a business credit card or a small business credit card can come in handy, given the benefits offered for business owners in particular. It is a temptation indeed to spend more than one should with a credit card. This lack of control, however, is the primary source of the profits in the credit card industry. If you have the financial insight to manage your money as a business owner, business credit cards could give you the flexibility you need to manage day to day expenses. Business credit cards used with care could be just the thing you need to help you manage your growing business.

One difference between personal and business credit cards is the operation of purchase tracking. Your purchases are tracked under your company name, not your name, and so the marketing offers that you receive for your business would be based on what you have purchased with your business credit cards, not your personal cards. A benefit of this tracking would be that your company would have a business history which may prove to be a great asset.

Another difference is the way expenses are tracked. Your business credit card statement should come with a detailed list of transactions, broken down by type of expense. When you are arranging your monthly budgeting, or your yearly or quarterly financial projections for tax payments, these statements would come in handy when figuring out which expenses should be charged to which accounts, and which expenses are tax-deductible. This will be of significant use when you are managing your money, because you can trace individual transactions, and assign them to various parts of your budget.

Almost 75% of business experts surveyed have asserted that business credit cards and small business credit cards prove to be an easier way to manage expenses than a checking account. Checking accounts require the manual recording of transactions, and when people make mistakes or even forget to record those transactions, unpleasant surprises can turn up in the form of overdrafts. Your monthly statement will include every expense in detail.

Business credit card accounts also have some fringe benefits that personal credit cards do not always have. Your account should include extra cards, if necessary, for additional (trusted) employees, and it may even include travel insurance, both for travel cancellations, and even for accidents that happen to your employees (or to you!) while on business travel. These extra cards will really come in handy once your business starts to grow. If you are the primary decision maker, you often have several crucial decisions to make at once, and you are often involved in many elements of your business at one time. If you have purchases that are routine, having other employees who are authorized to make those purchases will free up a lot of your spare time. Since your business credit card would come with detailed expense tracking, you would feel the comfort of delegating these sorts of purchase decisions to others, leaving you more time to focus on growing your business.

As we progress into the information age, these detailed statements are now available online for your use in the comfort of your own office or home. Using the right accounting software, you could merge your online statements with your existing account files to automatically match expenses with budgeted accounts. Why pay an accountant to sit and match those expenses up when you can use a software package would do the same job at half the time and cost probably a lot less than the salary of an accountant? All you need to do is monitor the online merge process periodically.

And so we see how simple it can be for any small business to streamline its financial operations overnight. A small business credit card could end up being not just a source of financial flexibility, but also a surrogate accountant. Why not let the credit card company cover the overhead associated with tracking and sorting financial expenses? When you figure in the other benefits of a business credit card, such as bonus frequent flyer miles for airlines, or from rewards that come with cash rebates for purchases, the advantages of business credit cards begin to standout substantially. These benefits are available to any small business owner. The key is to remember to pay your balance and your fees in a timely manner, so that your credit rating as a business remains strong.

Small business owners fail to understand the advantages of having a separate business credit card account. They often use their personal credit cards for business purposes. Most of them are actually afraid of huge credit debt that may result due to business related purchases. However, this can be avoided with some proper credit card management strategies. On the other hand, the advantages using small business credit cards are immense. First and foremost, you can easily track each expense if done by a single card. For example, you deal with cleaning and sanitation products and make your payments with the business credit card. It becomes easy for you to keep a track of the purchases and expenses. In fact, referring to your card statement once in a month will give you all the required details. What else! Such debt can be repaid simply by giving one cheque in a month.

When you maintain a separate card for your business, chances are high that it will not be mixed with your personal transactions. In fact, co-mingling personal and business expenses can call for huge tax bills and other money management problems.

As said earlier, using separate cards for your company helps you to keep a track of your business related expenses. This information comes handy while filing your year-end tax file. All you need to do is ask your credit card prover to give a year-end card statement summary. Some of them also itemized such transactions. And there is no need to go through the huge and tiresome bookkeeping process anymore.

Having a business credit card account enables you to provide similar cards to the employees. Moreover, you can preset the maximum limits on these cards. This will save the time which is otherwise wasted when your office manager has to wait for your approval for purchasing certain office supplies. However, remember to monitor their spending and ask for separate statements for such purchases.

There are several credit card companies that offer that offer discounts and other reward programs, especially for small business owners, as a part of their promotional strategies. Use them for your advantage. See which are the companies that are offering such services and use them to buy your office supplies, software and other equipments.

You can also use these cards for your business related travels and cut your expenses considerably. In fact, some of these credit card providers give additional travel benefits to small entrepreneurs. Try to add as many business related travel arrangements as possible to avail such benefits. Apart from discounts and other monetary benefits, some of them also offer accident insurance coverage during your tour or assistance during emergency.

Finally, such cards help the new entrepreneurs to develop their business credit with much ease. They can also help in the overall growth of your business. One who pays his/ her credit card debts on-time and has never been a defaulter, can use the statements for future endeavors in terms of loans and other credit lines.

U.S. credit card agreements unreadable to 4 out of 5 adults
A CreditCards.com analysis of the contracts filed in a federal database shows most can’t comprehend the agreements their credit card issuers send them

Read more on FOX Business

If your business still does not have a merchant account that allows you to offer full credit card services, you are turning your back on profits. Just take a look at all of your competitors. All of those that pose serious competition accept credit card payments. Those that do not have credit card services do not have great sales figures to show, either. Even statistics point to the fact that companies that have credit card services earn much more than companies that do not have credit card services. The average credit card sale is $40 while the average cash sale is only $9. That means you are losing potentially $31 per sale.

You may also be spending more by accepting only cash and check payments in your business. The processing of cash and checks has been found to be more costly, requiring more manpower in handling. Studies have shown that the average processing cost of credit card payments is only 2.7% of a transaction while the average processing cost of checks is 4% of a transaction and the average processing cost of cash is 4.8% of a transaction. Once again, you are leaking profits by refusing to accept credit card payments.

So how do you accept credit card payments in your business? This is where credit card services come in. The old route is to apply for a merchant account in a bank. You will then have to lease the software and equipment necessary to actually process payments and send the data to your account. If you want to accept credit card payments online, you need to apply to a payment gateway that allows real time credit card authorization for online transactions. You should ensure that your payment gateway is compatible with the bank or financial institution where you have your merchant account, and with the software and equipment you have leased.

In choosing the bank or financial institution for your merchant account, consider their expertise in combating fraud and reducing chargebacks. Also make sure that they are experienced in handling merchant accounts with online transactions.

If you are a small business owner, stick to a bank or financial institution that caters to small businesses rather than large companies. You may be able to get better rates and packages designed for your specific niche.

There are options for credit card services that offer everything you need in one easy package. You will not have to deal with various entities or go through various procedures. Often, these options also have added benefits, among them, quick reporting on your credit card sales figures. They may also offer interest on your credit card sales income, even up to money market rates.

One very important feature of your credit card services that you may not know of is that it can automatically qualify you to avail of small business loans. Once you have established a record of sales through credit, most credit card services will allow you to make cash advances that are practically like getting previously approved small business loans without having to put up any required collateral. The credit card services consider your future income through credit card sales as your collateral. This can go a long way in further growing your business.

Payment will not be a problem, either. For as long as you have sales through credit payments, you automatically get to pay your small business loans. It does not matter how much your sales are. Your payments are automatically deducted as a percentage of your sales. You are always covered.

Now do you still need further convincing on the benefits of credit card services for your business?