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Why Use a Small Business Credit Card?

Wednesday, November 3rd, 2010

Article by Brad Stridgeon

As an owner of a small business, you want to be able to set aside cash while purchasing the supplies and equipment necessary to keep your business in good shape. How can that be possible? A small business credit card, when used properly, can help your business grow.

The following are six great reasons for using a credit card made for small businesses:

1. A small business credit card can help improve your credit standing. A good credit standing is essential to your business since it increases your chances of getting better loans to finance your business operations. To enjoy a high credit score, you need to pay off your obligations in full and on time. Also, you have to partner with suppliers and business contacts who will report your transactions to credit agencies.

2. It will give you control over your employees’ business-related expenditures. If you use a small business credit card, you can easily set restrictions on the spending of your employees. That means more savings for you. Just be sure to check the statements you receive from your employees so that you will be able to see if they spend within the limit you have set.

3. It has a higher credit limit than a personal credit card. This advantage makes small business credit cards a better option for business owners than credit cards made for personal use. In general, small business credit cards set credit limits of at least ,000. Such a high credit limit makes it a lot easier for you to purchase high-value items such as machines and equipment that your business needs.

4. It offers many business perks. As a small business credit cardholder, you get to enjoy certain rewards that are related to your business. Examples of perks that you may get from small business credit cards are discounts and special promos on shopping at business supply stores as well as on business travels. These special rewards are definitely useful in lowering your business expenses.

5. It stands on its own. With a credit card for small business, you are given a separate business credit. That means your transactions will not take into account your personal credit rating. Having a separate business credit also makes it easier for you to prepare your income tax returns since you do not have to sort out your personal and business transactions. That helps prevent future tax problems. In addition, using a small business credit card is your proof to the Internal Revenue Service (IRS) that you are managing your business finances skillfully.

6. It makes tracking business costs so much easy. Many small business owners find it challenging to make their year-end financial statements because of the numerous items on their expenditure list. As a business credit cardholder, you will receive a statement summary with itemized transactions from your credit card provider by the end of the year. You won’t have to sort out multiple receipts and vouchers to complete your bookkeeping tasks, thanks to a small business credit card.

Small business credit cards offer these and many other benefits to business owners who are struggling to make profits. As with credit cards for individuals, small business credit cards should be used carefully to avoid accumulation of more debts than you are able to pay off.

About the Author

Brad Stridgeon has written various articles for several years,usually for other poeple. He also maintains his sites which discusses finding the right remortgage companies and intricacies of remortgage loans to keep people informed.

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Why Your Small Business Needs a Credit Card

Saturday, October 2nd, 2010

Article by Rhett Downs

Small business plays a vital role in today’s economy. It is now easier than ever to establish a new business. According to the US Small Business Administration, small businesses pay over 45% of the US private payroll. Small businesses also employ over half of all private sector employees and provide 60-80 percent of new jobs over the past 10 years. With about 28.5 million small businesses in the US alone in 2005, virtually all financial institutions now offer small business loans to qualifiers for a percentage. So why apply for a small business credit card?

Keep Track of All Your Small Business Expenses

The first and most obvious reason for a small business credit card is to separate personal finances from business related purchases. With your small business credit card, you can make all your transactions by phone, internet or in person. Then get periodic statements detailing all of your business expenses.

Business credit cards are accepted virtually everywhere that you shop. Covering business purchases with employee’s personal money can get very messy. So instead of relying on cash, use a business credit card. Most credit card issuers offer a credit limit for employee cards as well as different methods to monitor how the card is used.

You no longer have to dread the year-end nightmare of trying to track where and when you spent your money. It’s like having all your book-keeping done automatically for you! In a digital world, why should your business have to collect every last printed receipt?

Establish Your Small Business

A credit card with your business name on it gives your business credibility. A business credit card looks a lot more professional than paying from your own wallet. It also gains the respect of financial institutions. Just by owning a business credit card, your business can build credit. So when you need that business loan, you will get the best interest rate and qualify for higher amounts. As your credit builds you might also qualify for a lower interest business credit card.

So even if your business doesn’t have a 6 figure budget, a business credit card could help your business grow. You never know when your business might suddenly need extra money. Office equipment might need immediate replacement. Without a business credit card, financing could drastically interfere with your daily routine.

Earn Rewards with a Business Credit Card

You can also save money and earn rewards. Certain business credit cards give you cash back on all your purchases. Other cards give you varying cash back percentages depending on where you shop…gas stations, grocery stores, office supply stores, etc. A cash back business credit card is a great way to increase your profit margin.

Other cards give you airline travel rewards just for using your credit card.. For instance, if your company has frequent business plane trips, then small business credit cards that offer travel miles, hotel accommodations or travel insurance are most suitable. This type of credit card could give you travel discounts, free flights, free companion travel or upgraded flight seating.

Not only does a small business credit card provide convenience and rewards, it also helps to build business credit for the future of your company as you watch it grow! Research the business credit cards available and find the card that best suits your business needs. Finance your business for today and tomorrow.

About the Author

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SBA Administrator Explains Important Health Care Tax Credit Info for Small Businesses

Friday, October 1st, 2010

Article by Kari Larson

May 27, 2010 — Administrator Karen Mills, of the U.S. Small Business Administration [SBA], has just written an open letter to small-business owners across the United States, explaining the immediate benefits available to small businesses as part of the Affordable Care Act.

Following, is the full text of her letter:

* * *

Dear Small-Business Owner,

For decades, access to affordable health insurance has been the No. 1 concern of small-business owners. To help you address that concern and provide quality, affordable coverage for your employees, the new Affordable Care Act gives you a number of new tools and benefits.

The most immediate benefit you should know about is the tax credit to help you pay for up to 35 percent of your employee premiums starting this tax year. An estimated 4 million small businesses may qualify for these tax credits, totaling about billion over the next 10 years. Go here to learn more about the tax credit, including new information that explains how this federal credit is in addition to state-level credits you might receive, and how dental and vision coverage are also eligible for the federal credit.

The Affordable Care Act also included reporting requirements if you pay another business 0 or more, starting with 2013 filings. Small-business groups have voiced concerns about the possible burden this places on people like you. That’s why the IRS is already planning to exempt from this requirement your transactions that use credit and debit cards.

Also, the IRS, SBA and others in the Administration are looking for additional ways to minimize burdens and avoid duplicative reporting. We welcome your comments and input as we move forward together to address implementation issues under the new law.

Over the last 16 months, this Administration has taken steps to provide tax relief that puts more money in the hands of small-business owners like you — including write-offs for new equipment, credits for hiring unemployed workers, and capital-gains exclusions for small-business investors. We know that sensible tax relief like this will help you grow your business, create new jobs, and continue drive America’s economic recovery.

With warm regards,

Karen Mills

* * *

For detailed information about the new Small Business Health Care Tax Credit, visit IRS.gov: http://bit.ly/SmallBizTaxCredit

SOURCES: Internal Revenue Service, U.S. Small Business Administration, The White House

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TAGS: Affordable Care Act, America, create jobs, economic recovery, employees, health care, health insurance, IRS, Karen Mills, letter, premiums, SBA, small business, tax credits, tax relief, U.S., workers, administrative simplification, affordable options, benefits, business credit, capital gains, CBO, Congressional Budget Office, coverage options, dental coverage, economy, eligibility formula, employees, entrepreneurs, entrepreneurship, federal credit, federal tax credit, GAO, General Accountability Office, health care affordability, health care coverage, health insurance coverage, health insurance exchanges, health insurance premiums, improved coordination of care for the patient, increased payment accuracy and timeliness, increases quality, job creation, job lock, lowering costs, payment transparency, purchasing power, reduced administrative cost and hassle factor for small businesses, SHOP Exchange, Small Business Health Care Tax Credit, Small Business Health Options Program, small-business employees, small-business owners, small-business tax credits, vision coverage

About the Author

Kari Larson, editor and publisher of GoodBiz113 [http://goodbiz113.blogspot.com], is committed to showcasing socially responsible small-business policies, partnerships and practices that serve the greatest possible win-win-win good.

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President Obama’s Budget Overview Backs $28 Billion in Small-Business Credit for FY 2010

Friday, September 10th, 2010

Article by Kari Larson

Feb. 26, 2009 — President Barack Obama’s FY 2010 Budget Overview offers full support for the U.S. Small Business Administration’s credit programs, authorizing SBA to support loan guarantees of billion to small businesses.

The FY 2010 Budget Overview provides a broad outline of the President’s budget priorities — including an appropriation for SBA of approximately 0 million. The full budget proposal with account level appropriation details is scheduled for release in April.

The spending cited in the broad proposal would be in addition to the 0 million funding provided for SBA credit programs in the recently enacted Recovery Act. That Act — for which most spending is targeted for use in 2009 and 2010 — authorizes SBA to raise guarantee percentages on some SBA loans to 90 percent, temporarily reduce fees on SBA-backed loans, expand funding for Microloans, and raise the maximum size of SBA-guaranteed surety bonds.

The bill outlines maximum authorization levels for SBA credit programs well above current demand for those programs. It sets a maximum of .5 billion for SBA’s 7[a] General Business Loan Guarantee program; .5 billion for the 504 Certified Development Company Loan program; billion for the Small Business Investment Company [SBIC] debenture program; and million for the Microloan program.

The bill also provides for .1 billion in direct disaster loans, and provides for the launch of a pilot program to test the use of SBA-guaranteed loans as part of the agency’s response to disaster declarations.

Aside from those credit provisions, the proposal: * Sustains funding for the agency’s technical assistance and training programs * Improves federal contracting data * Continues reviews of small-business size standards to help improve targeting of federal contracting opportunities for small businesses * Modernizes core agency information systems * Streamlines loan processes * Enhances human capital resources

The Budget Overview also includes the Obama Administration’s Small Business and Community Bank Lending Initiative, to expand small-business credit availability and affordability by unfreezing secondary markets for small-business loans as part of the larger plan to revive the flow of credit in the economy.

United States Senate Committee on Small Business and Entrepreneurship Chair Mary Landrieu [D-La.] and Ranking Member Olympia J. Snowe [R-Maine] today commented on the SBA components of President Barack Obama’s budget. They’re hopeful the additional funding will be spent on the most vital SBA programs after the agency’s funding was cut by 28 percent over the last eight years — the biggest cut of any federal agency.

“President Obama’s budget demonstrates that he will continue to make small-business recovery a top priority,” Sen. Landrieu said. “Increasing the SBA’s budget, coupled with 0 million for the agency included in the American Recovery and Reinvestment Act passed earlier this year, will put the SBA in a much better position over the next two years as it works to assist the nation’s small businesses and entrepreneurs. We have a long way to go to recover from the deep cuts of the last Administration, but this is an important step in the right direction.

“While we are still awaiting details on where the additional funding will be spent, I am hopeful that it will go to important programs, such as small-business lending, Women’s Business Centers, Small Business Development Centers, business assistance for veterans looking to start their own business, technical assistance for microbusinesses, and assistance to help small businesses — many of them owned by women, minorities and veterans — compete for and win federal contracts.”

“While I am disappointed that the President’s proposed budget for the SBA does not fully restore the funding cuts of the last eight years, it is a welcome and refreshing change from the previous administration’s SBA budget requests,” said Sen. Snowe.

“As former chair and now ranking member of the Senate Committee on Small Business and Entrepreneurship, I have seen the devastating effects of the SBA’s budget cuts on our nation’s small businesses,” Snowe added. “While I am withholding full judgment until I am able to review the complete Fiscal Year 2010 budget — in order to see how President Obama recommends allocating additional funding — I am pleased that a new emphasis has been placed on helping our nation’s true job generators succeed. It is critical that the additional funds be allocated in a manner that will bolster the SBA’s core non-credit programs.

“I will continue to review the overall budget with a particular emphasis on its potential effects on small businesses, to better determine its overall potential impacts on small businesses — including addressing the small-business health insurance crisis, a top concern for small businesses across our nation.”

GoodBiz113′s take: It’s going to take awhile to recover from the Bush administration’s virtual eight-year negligence of America’s small-business needs. President Obama’s FY 2010 budget marks a major leap for America’s small-business owners and entrepreneurs — the ever-growing backbone of our nation’s economy. It delivers on his campaign’s multifaceted plan to support small business and, from all indications, is just the beginning of good things to come. Thank you, Mr. President, for helping us to finally move forward.

SOURCES: Barack Obama and Joe Biden’s Plan for Small Business, FinancialStability.gov, Recovery.gov, U.S. Senate Committee on Small Business & Entrepreneurship, U.S. Small Business Administration, WhiteHouse.gov

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TAGS: 504, 7[a], American Recovery and Reinvestment Act of 2009, Barack Obama, budget, community, community banks, credit, disaster loans, entrepreneurs, federal contracting data, FinancialStability.gov, FY 2010, Joe Biden, lending, loan, loans, Mary Landrieu, Microloan, Olympia Snowe, Recovery Act, Recovery.gov, SBA, SBIC, small business, Small Business and Community Bank Lending Initiative, Small Business Investment Company [SBIC], U.S. Senate Committee on Small Business & Entrepreneurship, U.S. Small Business Administration, WhiteHouse.gov

About the Author

Kari Larson, editor and publisher of GoodBiz113 [http://goodbiz113.blogspot.com], is committed to showcasing small-biz policies and partnerships that serve the greatest possible win-win-win good.

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Finance Options for Small Businesses in a Tight Credit Market

Thursday, September 9th, 2010

Article by Direct Business Lending

Today’s lending environment poses many challenges especially to small business loans owner. Just a few short years ago, many small business owners were flush with cash and revenues seemed to be steadily increasing. As a result of good cash flows, many business owners neglected their banking relationships and selected to self finance capital acquisitions in lieu of debt. Unfortunately, with the downturn in economic activity this decision has left many business owners asset rich and cash poor.

For those business owners that have weathered the storm, sales remain contracted and many companies are having to manage operations with substantial decreases in cash flow. For this reason, many business owners have sought out their primary bank for a working capital cash injection only to find that their primary banker is not lending. For those seeking to finance a specific project or piece of equipment, the answer is often the same; put simply, banks are not lending to anyone but the most credit worthy of customers and any company with a contraction in sales is considered high risk.

After several turn downs from their local banks, business owners are left with few choices. Fortunately, a second tier of lenders exists to serve the needs of small and medium size businesses. These lenders are often private portfolios that cater to specific industries and specific types of lending products for businesses that greatly affect their business lines of credit. Furthermore, this second tier of lending solutions is constantly changing with new participants putting out their shingle and old participants shifting their product offerings to meet the demands of the current business borrower. Many of these 2nd tier lenders will say yes when the banks say no; however, finding and navigating the maze of 2nd tier lenders can be time consuming and unsuccessful without having some guidance and understanding of the process.

Some of the options available in today’s tight credit market include both short and medium term financing vehicles beginning with working capital facilities that pay out over 6-9-12 months or equipment leases structured over 36-60 month terms for new equipment purchases. Some providers will finance soft costs, many will not. Some providers will lend against average bank balances and/or credit card receivables and others will only lend against certain types of qualified receivables. Occasionally, a new product offering will emerge that is both competitively priced and structured for many businesses to qualify for. The challenge is knowing where to go with what type of request so as not to waste time and money fishing at the wrong pond.

For this reason, prudent business owners will often retain the services of a consultant or broker to help them obtain the financing they need to run their business. At Direct Business Lending, we work with hundreds of 2nd tier private lenders so you can focus on running your business while we secure the financing that your banks won’t do. Let’s face it, there simply is not enough time in the day for the typical business owner to do everything that needs to be done, let alone get a handle on the 2nd tier of lenders out there. At Direct Business Lending, we offer up solutions when the banks say no.

About the Author

Direct Business Lending is the leader in helping small-medium sized businesses get better positioned for funding. With a network of over 300 different lenders they know what it takes to get your business approved. They offer small business loans, startup loans, SBA loans and help your business lines of credit. Our system is designed to take the guessing game out of commercial lending for business owners. Let Direct Business Lending put you in touch with lenders that you have the highest probability of funding from.

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Tips For Small Business Credit Card Processing

Tuesday, September 7th, 2010

Article by Arthur Donnigan

When a small business owner implements the small business credit card processing service in its business, he or she tends to add to the growth of the company. small business credit card processing is easy process of money transaction via swiping of credit card and has become a big part of business world with both the customers and traders utilizing it.

Whether trading online or doing business on internet, small business owners can always us the new trend of business world to increase their sale and sta…

Keywords:merchant account small business credit card processing, business, apply, compare, merchant services, online,

Article Body:When a small business owner implements the small business credit card processing service in its business, he or she tends to add to the growth of the company. small business credit card processing is easy process of money transaction via swiping of credit card and has become a big part of business world with both the customers and traders utilizing it.

Whether trading online or doing business on internet, small business owners can always us the new trend of business world to increase their sale and status. But before making the use of such benefiting tool you should have a complete picture of requirements of small business credit card processing and the precautions to keep in mind while choosing a merchant account that suits a small business.

Before beginning with a small business credit card processing service you should know what a merchant account is and how it will affect a small business.

Merchant account is more or less like a bond between a trader and a credit card processor that permits a trader to provide a small business credit card processing to its customer. With a merchant account you can be sure of sudden development in your small business. Merchant account is also a must for those dealing on internet. Imagine a customer visiting your site and finds a credit card payment processing he/she will not just be amazed but also impressed with the service being provided by a small company. Merchant account is the best way to increase your customers and revenue.

But for a small business trade or company acquiring a merchant account can be difficult. Thus, it takes proper planning and complete idea of approach towards finding the right merchant account provider. Since a small business may not be able to afford bigger financial services for small business credit card processing, a trader can always opt for a reasonable credit card processor relating to its business.

Following are some of the small business credit card processing companies you can opt for as per the need of your business:

BankIndependent sale organizationThird party providerFinancial service providerAssociation

While you can always find a rational merchant account provider but if you are a small trader and finding it hard to get a decent and low priced merchant account, you can always go for trade associations which have a reputation of providing a merchant account or small business credit card processing at a low or discounted rate. Even a third party processor can be a good idea, as it has its own rules and terms.

While each of such merchant account providers comes with its own set of requirements and rules, you can always compare them and chose the one that suits your business. But before selecting a merchant account and getting started with the small business credit card processing there are few things to be taken care of. Such as, always search for 3 or more credit card account providers, compare their fees and services, get a complete idea of their terms and conditions and negotiate if possible.

Remember, since you a re an owner of a small business, merchant account provider will always want to see your background and credibility record as well as your capability of being a small business credit card processing service provider to customers. Thus, what makes a merchant account difficult for you is not your status of being a small company but your bad record or fraud history.

Once you have found the right merchant account and a small business credit card processing service for your small business, you are ready for a whole new experience in the establishing your business. For small business owners, who often trade in fairs and by visiting customers personally, utilization of a mobile small business credit card processing benefits more than they can imagine.

About the Author

Tim Greer is a iphone credit card processing expert and writes for free credit card logos web sites.

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