Imagine if your business only accepted cash payments. How badly would it hit your bottom line? What if you didn't make sales on the phone, or online? Make no mistake, credit cards keep businesses alive. It's simple math: If you accept credit card payments, your revenue potential increases dramatically
If you're accepting credit card payments, you'll need to have a merchant account with your bank, you'll need a credit card processing terminal or maybe more. You're going to need to decide on a payment processor for Internet transactions, and potentially bring your company processes in line with PCIU compliance requirements.
Does your business accept credit cards as a payment option? If it does, you need to be PCI compliant. Failure to be PCI compliant can result in fines, an inability to take payments by credit cards, or a big hit to your reputation. Without your reputation, you aren’t going to get many customers, and if you don’t have customers, you probably won’t have much of a business
Mike Strawhecker at the financial services consultancy The Straw Group posted a pointed criticism of proposed changes to credit card processing laws. An amendment to the proposed financial regulation overhaul would give the Federal Reserve the authority to regulate “interchange transaction fees," or the charges paid by retailers to debit-card processors. Strawhecker's take: Beware of unintended consequences.
Some well-financed soul out there probably wants to lend money to your business. The question is, who is this person, and on what terms? We recognize that small business loans can be difficult to find these days. We want to make the process easier and more transparent for you. We describe the process of most small businesses’ search for a loan, starting at the gold standard – an old-fashioned bank loan – through other alternatives from nonbank lenders, so-called “hard money” lenders and asset-based lenders.
Separation of personal and business finances is essential for any business owner, and gives you a little protection from the IRS. How do you open a bank account for your business? It's not quite as simple as wandering into the local branch of the big bank on the corner.
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What's the difference between a business credit card, a line of credit, and other kinds of short-term financing? Here's the answer.
Usually, we call these "buyer's guides," but when you're factoring your receivables, you're not buying. You're selling. Specifically, you are selling your receivables to a third-party who, in turn, immediately pays you a price that is discounted from the face value of the receivable. Learn how it works here.
Remote check deposit allows you and your business to scan copies of your checks into your computer and send them to the bank as an electronic file, and the digital checks will then be processed as though you'd handed them over the counter to a clerk.