The Factoring Loan

• 19Jul

  How to Establish Business Credit – Avoid These Common Mistakes When Using Your Business Credit Card

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  John Purfield asked:

  When you finally get that business credit card, it opens a lot of doors and creates opportunity for you and your business. One opportunity for a business with no credit is to establish business credit. However many business owners make mistakes that impact the business to the point of no recovery. What happens is the credit limit is so high on these cards that some business owners go on a spending spree and through the business in debt within a few months. Here are common mistakes businesses make.

  They don’t have a spending plan for the business credit card.

  You need to know how what you are going to buy with the business credit card. Remember, the reason for getting a business credit card is to establish business credit. Plus you can use it to increase your company’s purchasing power. Also, keep in mind that business credit cards come with an extremely high limit.

  It’s amazing what happens after some business owners get the credit card and see that limit. The feeling of euphoria sets in. Then all of a sudden they feel they have a pile of money to spend. However, nothing can be further from the truth. All it is a limit of how much money you can borrow and you have to be meticulous on how you plan to use the card.

  In all honesty, you want to start out simple, start with a few expenses you can charge on the card and then pay the balance when the bill comes. The best expenses to start with are reoccurring expenses from vendors that offer auto pay. It’s a great way to pay your bills on time. This leads me to my next mistake I would like to discuss.

  They don’t pay their bills on time.

  Not paying your credit card bill on time is one of the worst actions you can take if you are trying to establish credit for your business. For one, credit card company’s like to slap you with late fees if you’re only a few days late! If you are really late it can put a blemish on your credit report that lasts for many years. You are basically giving yourself permission to let things slide. When you own your own business you cannot let things slide or you’ll be sliding right back to being an employee. When you’re a business owner, you need to stay on top of a lot of things in order to be successful. Most importantly stay on top of your bills.

  Owning a business credit card to establish business credit is a great responsibility to any business owner. Unfortunately, many business owners who get a credit card for the first time make the common mistakes discussed above. However, with proper planning and making prompt payments will help you establish the credit that you need to apply for bigger loans to expand your business.

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  Tags: business credit cards, How Much Money, These Common Mistakes

• 12Jun

  Getting A Credit Card – The Right Business Credit Card For You

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  Vikram Kumar asked:

   

  A business credit card is essential for any business. If you have started a business of your own, you should look to establish credit in the name of the business. One way to do that is to apply for a credit card in the name of the business. This will not only enable your business to establish credit, but it will also help when it comes to separating business expenses from personal expenses. 

   

  When you are looking for a business credit card, you will see that you have many choices. They include getting a rewards credit card for your business.  Many business owners feel that the rewards credit card is right for their business, especially those that offer frequent flyer miles or other perks that are related to business. If you use the business credit card for all of your purchases, you can then get some rewards that can be used for both, business or personal reasons. 

   

  Another thing that you should look at when you are shopping for a business credit card is the annual fee. Many business credit cards charge an annual fee to keep the card. In some cases, the annual fee is well worth the low interest rate for the credit card and other perks it may offer. In other cases, the annual fee is not worth the money as you can get a better business credit card that offers you a lower rate and no annual fee. This is why it pays to shop around whenever you are looking for credit cards – both personal and business. 

   

  Shopping for a business credit card can be a bit overwhelming, but does not have to be. You can use a site online that will tell you everything that you need to know about credit cards and offer you selections on business credit cards right on the site. The more you learn about the business credit card, the better your choice will be. By using an online site, you can go into the world of the different credit card choices and choose one based upon information that you glean on this site. This can make it easy for you to make such an important choice as to what business credit card you should use. 

   

  Be sure to keep your finances separated when you are using credit cards for business and personal reasons and save all of your receipts as well as any business credit card statements. This will help you when it comes time to file your income taxes. Co-mingling of funds is a big no-no when you are in business, so having a business credit card is not only a way for your business to establish credit, but it can also help you avoid any problems with the IRS. 

   

  Take a look online at the different credit cards offered by various companies and choose the perfect credit card that is right for your business. Be sure to use your business credit card for business purposes only and save receipts and statements.

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  Tags: Business Card, Business Cards, business credit cards

• 28May

  Track Your Business Expenses With Business Credit Cards

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  Pamela Williams asked:

  Are you a business owner or do you have plans of venturing into business? If yes, then this article is for you. It doesn’t matter whether your business is old or new, or what type of business you’re into- if you’re in the business industry, you should take advantage of the benefits of business credit cards. Why is a business credit card a must for every business owner?

  Track Your Business Expenses Efficiently

  Primarily, business credit cards help a business manage its finances more efficiently. For instance, tracking business expenses can prove to be a challenge. Keeping inventory of the costs and making sure that not a single cent is missed involves a lot of work. However, this task is made much simpler with the help of business credit cards.

  How Do Business Credit Cards Help You To Manage Your Business?

  All purchases that are charged to your business credit cards are automatically included in your account history. Most business credit card companies provide an online account access option to its holders so you can check on the status of your business credit card account anytime. Monthly billing statements will also be sent regularly along with quarterly and yearly summaries of your account. Account summaries are indispensable tools when doing your accounting and bookkeeping tasks. These summaries are also wonderful references when filing your taxes. By checking into your account summary, you can easily identify the items or purchases that are qualified for tax exemptions.

  Another great feature of business credit cards is the option to distribute extension credit cards to your employees. This way, you can give out credit cards to your selected employees which they can use for official business expenses. Because all expenses charged to these extension credit cards will also be listed in your account statement, you can be sure that you can keep track of your employees’ spending habits and that the cards will be used accordingly.

  The use of business credit cards also enable a business establish a separate business credit history for the company. By using your business credit card, keeping within your given credit limit, and staying true to your payment obligations, you can build an excellent credit history for your company more easily. Of course, don’t forget that in order for your business credit to be recorded, you need to register with a business credit reporting agency like D&B and Experian.

  Furthermore, business credit cards help you separate your business funds from your personal money. This is a crucial factor especially as your business begins to grow and as expenses start to multiply and mount up. A separate business account helps you see exactly how much your budget is and thus, will enable you to make business decisions more effectively.

  Use Your Business Credit Card with Care

  Caution must also be taken when using business credit cards. For instance, some business owners carelessly use their business credit cards even for their personal purchases. Doing so can easily put you into credit card debt and can cause problems to your business. Therefore, make sure that you’ll use your business credit card strictly for business expenses only. Don’t use it when you’re at the mall or buying your groceries or when dining out with your family. Remember, your business credit card should be a tool to help you with your business and must never be used for personal whims.

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  Tags: Accounting And Bookkeeping, business credit cards, Credit Card Companies

• 05May

  Budgeting Expenses and Income Through Business Credit Cards

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  Richard Gilliland asked:

  The first three years of a business’ life are the most crucial. During this time, the business owner will need to carefully budget business expenses and realistically project income. This forces the owner to give the important numbers a good, hard think. It is important to develop a picture of the monthly cash flow, particularly in the first year. This ensures that you know where your money is going and that you are keeping tabs on every aspect of the business.

  The Small Business Administration says that many businesses fail because of undercapitalization – that is, not recognizing how much you really need to start the business and / or not having the means to access the capital. This is where business credit cards can help. Business credit cards are a common funding option for small businesses. So good, in fact, that there is a general observation that small business owners often overuse their business credit cards during their first years of business. And, if they do not yet have small business credit cards, they normally end up overloading their personal credit cards.

  Small business owners understandably heavily rely on business credit cards to help them over those rough periods when the bank balances are low. Unfortunately, in using the business credit cards, some of the small business owners defer paying off the balance for too long and often suffer the penalties of charges in late fees and interest as a result.

  The first thing to remember when it comes to using business credit cards is that you should reserve the use of business credit cards for short-term spending only. Business credit cards will allow your business to start building a credit history. If you pay off a large portion of your business credit card balance each month, or even the whole balance when you can afford it, this favorable credit behavior will enable you to build a solid credit reputation under the business name, which will make cheaper commercial loans accessible sooner. That kind of payment behavior also helps you avoid the dangers of falling behind on your business credit card bill.

  Remember you already have a budget worked out. Use the monthly statements for your business credit cards to note down your expenses and to track your cash flow status. The business credit card companies already classify your charges, so it should be much easier to do. You can even download your business credit card transaction history from the websites of the business credit card companies. This should speed up your expense reconciliations and give you the time to focus on making your business grow.

  Learn to use the discounts offered by business credit cards for business expenditures. Using business credit cards for certain purchases can entitle you to as much as 5 percent discounts. This feature in business credit cards can actually help you save and will go far towards balancing your budget.

  Wade Henderson – very Professional – 15 yrs in the Business Finance Field – reputation for getting the deal done. IMMFinancial.com medical receivables definition factoring accounts receivable aging accounts receivables factoring factoring account receivable account receivable financing factoring invoices factor receivables factoring broker factoring program

  Tags: business credit cards, Business Expenses, Important Numbers

• 24Feb

  Business credit cards?

  Uncategorized 1 Comment
  

  yahooaddict asked:
  
  
  I just started a lil rockabilly clothing line..so im in business for myself whoo..ok anyways..im getting these offers for a Business credit card. And i sure do need one to separte business costs from personal use.
  A few offers i got are from Advanta BusinessCard,Citi Professional Card,& Chase.
  There was also First Equity…
  Does anyone know which is the best out of these cards? I was thinking chase since i heard they are good..but just looking for opinions of people who know..thanks.
  
  Wade Henderson – very Professional – 15 yrs in the Business Finance Field – reputation for getting the deal done. IMMFinancial.com accounts receivable recourse medical accounts receivable factoring what is accounts receivable factoring receivables factoring company accounts recievable factoring factoring and accounts receivable accounts receivable factoring companies sell invoices olympic credit fund factor recievables

  Tags: Business Card, Business Costs, business credit cards

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