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Businesses need funding. It’s that simple. You would be hard pressed to find a business owner that doesn’t know that. However, what many do not know, is that there are more options than just traditional bank loans. In fact, here are 6 different types of small business loans, and that is just the tip of … Continue reading Comparing Types of Small Business Loans
There are so many options for business credit cards out there, it can be completely overwhelming to figure out which ones will work best for your business. First, you have to figure out what you actually qualify to get. Then, you have to determine if you need cash back rewards, dining rewards, an air miles business credit card, hotel rewards, or whatever other option you may have.
Love Your Business and Yourself With an Air Miles Business Credit Card
If your credit is good, you are going to have lots of rewards options. The thing is, you want to pick the card with the best rates and terms that has the most useful rewards option for you. Sometimes it’s a no brainer, and sometimes it’s not. If you travel a lot for business, an air miles business credit card may be the perfect way to show your business some love.
Here are 5 ways to love your business and share the love with air miles you earn from your business credit card.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
Save on Business Travel
It seems obvious, but many business owners do not realize how much of a savings this can be if used properly. If you use your card frequently and earn the most miles possible, you could feasibly save thousands of dollars a year in business travel. Of course, you would need to determine if you travel enough to make this the most profitable choice when compared to whatever other choices you have. If you do not travel for work frequently but you do frequent business dinners, dining rewards may work better.
If you travel often though, the savings from an air miles business credit card could be significant.
Save on Personal Travel
Here is an exciting truth. You do not have to use air miles from a business credit card for business travel. That means you can earn air miles on business purchases and then use them for personal travel.
If you do a lot of personal travel, or if you want to travel, this is a way you can use an air miles business credit card to show yourself some love. Business expenses are typically large enough to earn lots of miles, which can relate to major vacation savings for you. So, even if you do not travel a lot for business, this could be a good option.
Get New Clients
Here’s another tip. You do not have to use miles earned from an air miles business credit card on yourself. You can use them to purchase a ticket for someone else. Therefore, if you need to fly in a potential client or customer for a meeting, you can cover that expense with air miles.
This can happen in a couple of ways. You can transfer air miles to someone else, but there are usually limits on how many, and there are fees. You can also purchase a ticket for someone else directly through your air miles account. This usually will be the option that offers the most savings, but do your research to be certain it works best in your situation.
Keep Current Clients
In dangerof losing a current client? Need to show them some love to get them to stick around? Air miles and free travel can be a great incentive. Or, if you just want to show some good will toward all your customers in general, you could do a giveaway. Offer a round trip ticket for two for Valentine’s Day to a lucky winner!
Reinvest
Now, what do you do with all that savings? Reinvest in your business! Every penny you save is money you can put back into your business to grow and expand.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
What Are The Best Air Miles Credit Cards ?
It’s hard to say. There are tons to choose from. The one that will work best for you and your business will depend on a number of factors. You need to research all of your options and make an informed decision. Remember also that limits, fees, interest rates, bonuses, and other details can change frequently, so be sure to check with your credit card company now and then to see where you stand.
Here are some options to consider.
Capital One ® Spark® Miles for Business
The Capital One ® Spark® Miles for Business card has an initial annual cost of $0 for the first year. After that, it rises to $95. The regular APR is 20.99%. Of course, this is variable due to the prime rate.
Amazingly, you can get unlimited double miles on all purchases, with no restrictions. Earn 5x miles on rental cars and hotels if you book via Capital One Travel.
Furthermore, you can get an introductory bonus of 50,000 miles. Of course, you do have to meet the minimum spend requirement of $4,500 in the first 3 months after opening the account.However, this is a fairly low hurdle compared with the spending that can be required from other credit cards.
Ink Business Preferred ℠ Credit Card
Another great option is the Ink Business Preferred ℠ Credit Card. You pay a yearly fee of $95, and the regular APR is 15.99- 20.499%, variable. Sadly, there is no introductory APR deal.
Get 100,000 bonus points after spending $15,000 in the first three months after account opening. This works out to $1,250 toward travel rewards if you redeem through Chase Ultimate Rewards.
Also, get 3 points per dollar of the first $150,000 you spend with this card. That includes purchases on travel, shipping, internet, cable, and phone services. Plus, it includes marketing purchases made with social media sites and search engines.
You can get 25% more in travel redemption when you redeem for travel via Chase Ultimate Rewards.
Bank of America ® Business Advantage Travel Rewards World MasterCard® credit card
For no yearly fee while still getting travel rewards, check out this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases throughout the first 9 billing cycles. Afterwards, its regular APR is 12.24- 22.24% variable.
You can get 30,000 bonus points when you make a minimum of $3,000 in internet purchases within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
Get unlimited 1.5 points for every $1 you spend on all purchases, anywhere, each time, no matter how much you spend.
Also earn 3 points per every dollar spent when you reserve your travel with the Bank of America ® Travel Center. There is no limit to the number of points you can get and points do not expire.
Even better, you can earn up to 75% more points on every purchase if you have a corporate checking account with Bank of America and qualify for Preferred Rewards for Business.
An Air Miles Business Credit Card Is a Great Way to Show Your Business, and Yourself, Some Love
If you qualify for an air miles business credit card, it can be a great tool. It’s a way to handle business expenses and save money at the same time. However, this only works if you tend to travel frequently, either personally or for business. Or, of course, if you can use the miles as an incentive of some sort.
If you do not qualify, it may be time to do something about that. Try asking a business credit expert for help. You will be glad you did.
Enjin | Rust & Full-Stack Engineers | Remote | https://enjin.io/ Enjin’s mission is to tokenize all aspects of digital life. We are the creators of the most popular NFT standard ERC-1155 on Ethereum and we’re building tools that make blockchain accessible for developers, end-users, games, and enterprises. We’re currently expanding our Rust and Full-stack development …
Mobile advertising works, but only if your message makes it to the consumer’s inbox, and only if your ad is mobile-optimized.
It’s the only way to steer clear of the noise and get a positive return on investment.
Most online marketers laugh at the idea of SMS marketing because they think it’s more regulated than email marketing. But that’s a myth.
Watered-down, mobile-targeting tactics are costing you conversions, clients, and revenue.
Meanwhile, SMS marketing is lurking in the background, waiting for you to capitalize on it.
Here’s why (and how) you should revisit SMS marketing to generate revenue.
The Many Advantages of SMS Marketing
Do you think Instagram has good engagement numbers?
Wait until you see what text messages get.
SMS Marketing Advantage #1.Texting Has The Best Engagement Rate of Any Marketing Medium
Emails can sit unread for days, phone calls can go unanswered, but text messages are almost always read immediately after they’re sent.
We already talked about the comparatively dismal open rates for email. The average CTR for PPC ads is even worse at 2%.
The point is that SMS marketing is underrated and underappreciated.
But nothing great comes without its catch.
It’s neither ethical nor legal to send unsolicited messages with text-message marketing.
You need a written opt-in.
Fortunately, customers have an easy way to opt themselves in — or out — straight from their mobile phones with most text-marketing services.
Using Attentive’s patent-pending “two-tap” technology, customers can opt-in to a brand’s text messaging subscriber list seamlessly from their mobile website, social media, or other digital channels.
With one tap, a message will populate in their message inbox. They simply press send on the pre-populated text message to opt-in and receive a welcome message.
Here are some of the advantages of mobile text messaging.
SMS Marketing Advantage #2. It’s Trackable
There are countless texting platforms that allow you to manage your campaign all from your desktop.
Find a solution that will give you access to detailed analytics that lets you track each step in the conversion process, starting with the initial delivery and opening.
Mobile messaging makes it possible to get feedback from your recipients quickly via a quick tap on the ‘reply’ button or a click on your link.
You can deliver quick, simple messages that direct subscribers back to your site.
For example, Chipotle excels at using mobile messaging to drive sales.
It’s short and sweet. It gets straight to the point with “free chips and guac” if you play their game.
Not a bad deal, right?
Especially since they have queso now, too.
Get creative with your text-marketing campaigns and take a page out of the Chipotle playbook.
SMS Marketing Advantage #4. Immediate Delivery
Overall, mobile marketing is fast. Once you press “send,” your message goes out instantly.
You can set up a campaign and have hundreds of clicks within minutes.
SMS Marketing Advantage #5. Add a Personal Touch
Sending a text message via your mobile device gives you an informal opportunity to personalize the message.
For example, the Banana Republic often sends text messages that include words like “friends” and “your.”
Using words like “you” and “I” is one of my favorite techniques for driving engagement.
The Banana Republic also does an excellent job of tapping into local events that are relevant to the recipient.
See? The opportunities with SMS are endless.
You can personalize your message, direct users to fun games where they can win coupons, and track every step of the conversion process.
Here’s how it works.
The Basic Components of SMS Marketing
The two basic components of a typical SMS-marketing campaign are the keyword and the shortcode. Here’s an example:
Text “POPCORN” to 555555 for our weekly list of flavors!
“POPCORN” is the keyword that gets placed in the body of the message.
“555555” is the shortcode that gets put in the recipient box.
When a customer sends that message, they’re “opting in” to your campaign. It’s as easy as that.
From there you can do a few different things.
Go ahead and send them a single, automated response to follow up and let them know what to expect next. Or you can just add them to a list that will send additional texts over time.
Numbers received this last way have to be confirmed, however, since a customer could always enter a number incorrectly.
So before you add them to a campaign, you’ll have to confirm their participation with another message.
For example, you could send. “Text ‘YES’ to receive weekly coupons.”
Once they’ve opted in, customers can also respond to your messages with sub-keywords.
For example, sending the phrase “Hours” could trigger an automated text to send business hours, and “Stop” could remove the subscriber from the list.
Allowing customers to use sub-keywords gives them a way to interact with your business. It also enables them to opt-out of your campaign if they wish to stop receiving messages.
Once you’ve got the basics down, you can tap into creative ideas — like Chipotle’s game, which we covered earlier.
It’s giving you a simple one-click option to hook up your phone’s payment system with its offer.
Plus, the subscriber gets an extra incentive for taking this additional step. Customers don’t have to take an extra step to pay when they want to rent movies.
SMS Marketing Tip #2. Use Drip Campaigns
Drip campaigns are automated messages sent based on specific factors, such as how long someone has been a customer.
You can create triggers or tailored responses depending on each individual’s status.
In the context of coupons, for example, you could send a 5 percent off coupon right after the subscriber signs up, a 10 percent coupon after three weeks, and a 20 percent off coupon after two months.
The longer they stick around, the bigger the potential bonus. So you’re incentivizing the action you want.
Best of all, you can schedule these to run automatically.
One will be sent as soon as a customer signs up or opts in. That way, you don’t need to keep sending individual messages.
SMS Marketing Tip #3. Poll Your Customers
Polls let your customers text different keywords to cast a vote.
With most services, you can run polls to collect responses over a period of time and graph the responses from your online dashboard.
These are relatively simple when you think about it.
However, they offer an interesting content piece.
You can use the results internally to improve your operations.
Or you can reuse the results in both blog and social content to leverage your unique, proprietary information.
The people who left an answer will also be more eager to find out what the eventual results were and even help you share them.
SMS Marketing Tip #4.Run a Sweepstakes Contest
You can have customers sign themselves up for sweepstakes by texting a particular keyword.
Once again, this is a standard promotion tactic.
You can select some winners from everyone who opts in. Or you can also give away a smaller prize to every person who texts your keyword.
You can even use it as an opportunity for cross-promotions.
Sterling Vineyards and Uber did that to give away free rides to Sterling’s customer base.
SMS Marketing Tip #5. Send Photos and Videos
In addition to actual text SMS messaging, you can also send photos and videos.
Here’s what I mean.
Let’s say you wanted to send an eBook preview or another image-style CTA.
Check out this example I created to see what’s possible with just a few minutes worth of work.
Want to create this type of marketing message? I’ll show you how a bit later in this piece.
Use Facebook to Grow Your SMS List
Instead of putting all of your eggs in one basket, use multiple channels to segment subscribers.
SMS and Facebook Ads are excellent on their own. But they can be even better when you use them together.
I recommend checking out Facebook’s lead ads to integrate with your SMS campaigns.
Lead ads are great for collecting data and information to build up a large subscriber base.
Here’s how to get started.
Head to the Facebook Ads Manager and create a new ad, selecting lead generation as your objective.
After you’ve set your target audience, budget, and placements, head down to the lead form option to set up your ad and collect phone numbers.
Here’s what the finished product should look like.
Now you get a multi-step form that doesn’t bombard the user with an instant information grab.
Instead, it uses multiple steps to warm them up to your offer.
Pretty cool, right?
Here’s what the second step of the form looks like.
Once you’ve configured your settings, you’ve got a simple way to collect phone numbers immediately.
That means you’re almost ready to start getting your first SMS campaign off the ground.
How to Automate SMS Marketing
Since we’re into the idea of working smarter and not harder, I suggest automating the SMSM marketing process.
Let’s face it: Marketing automation saves precious time you can spend growing your business.
For example, you don’t have to manually export and import lead data. Instead, you can use a tool like Zapier to quickly build out an automated process.
Zapier connects with just about every marketing software you can think of, including MailChimp, Gmail, Facebook Ads, Slack, and many of the biggest CRMs on the market.
So if you get a few people submitting phone numbers in your Facebook lead ads, you can send them directly to your CRM, your messaging platform, and even various SMS marketing platforms. All at the same time!
Here’s a few of the texting apps they work with, or you can search here.
Let’s dive straight in, shall we?
First, select Facebook Lead Ads from the workflow ideas list.
Next, select it as your trigger.
So whenever a lead fills out your lead capture form, it will trigger the following action that you want to set.
I’ll show you how to set that up in one second. But it could be anything from sending that lead form information to your CRM to connecting it to your SMS marketing software.
Now, let’s select this action once you’ve connected your Facebook account to Zapier’s workflow.
The action determines what happens with the data from your lead forms.
For example, you can instantly add a new lead to your SMS app of choice. Then you can even automate the first message that will go out to them after they’re added.
All of this automation saves you countless hours of manually transferring data and information.
Conclusion
Let’s be honest: SMS marketing can be kinda spammy.
It has evolved a lot over the past few years, though.
People are attached to their phones more than ever, and SMS marketing allows you to get direct access to your customers.
If you can get them to opt-in, they’re never going to miss an update or offer from your company ever again.
Alternative business lending rose from the ashes of the 2008 crash. This was a time when lenders were giving almost no one money. It was virtually impossible to get a loan of any sort for any reason. Business loans were extremely hard to come by, and when you could get one, rates were terrible.
Alternative Business Lending: Your Questions Answered
Find out why so many companies use our proven methods to get business loans.
As a result, alternative lenders began to pop up. Funding Circle is credited with being the first, but others soon followed. That means this is a fairly new game. It can be hard to figure out if it is one you should play. This should help.
What is alternative business lending?
This type of lending is offered through private companies, not traditional financial institutions like banks and credit unions. They can be an option for those who do not qualify or who do not have the time to wait for a bank loan. These lenders explore other ways of verifying creditworthiness and other forms of collateral.
Collateral may include credit card transactions, open invoices, equipment, real estate and more.
How much is alternative business lending?
This is a question asked by many when they first start considering alternative lending options. The truth is, it depends. That’s the case with any loan. There are fees, and interest is a factor. Typically interest is higher with alternative lending. But if you can’t get anything else, you can’t really compare.
What are the pros of alternative business lending?
So, why choose alternative lending? Well, if you can’t get a traditional business loan you may need to consider this option. However, there are other reasons as well. For example, alternative lenders typically fund much faster. So, if you need fast cash, this could be the way to go.
Also, the application process is usually faster and easier. Often you can apply online in a matter of minutes. Repayment terms are usually more flexible as well.
What are the cons of alternative lending?
As already mentioned, interest rates with alternative loans are usually higher. There is also a breeding ground for scammers in this industry. It’s important to know how to recognize predatory lending practices to avoid being taken advantage of.
Is alternative business lending right for you?
If something is blocking you from being approved for a loan through a bank or credit union, then the answer to this question is probably yes. It is highly likely that this is a type of lending that can work well for your business. This is especially true if you have invoices, accept credit card payments, or need to finance equipment. Common types of alternative loans include:
Merchant cash advances
Invoice financing
Equipment financing
And real estate financing
There are other options as well, and they vary between lenders. These are some of the most
common however.
A credit expert can help you find the best alternative business funding for your business.
Now you need to figure out which lender and which products from that lender will work best for your specific business needs and goals. The best choice is to work with a business credit expert. This is someone that can help your maneuver through the process in the most effective and efficient way. That will help immediately. Beyond that, into the long-term, an expert in business credit can help you figure out why you are being denied funding, and help you fix the problem.
Where should you start when looking for alternative lenders? Here are some options to consider.
Find out why so many companies use our proven methods to get business loans.
Fundbox
Fundbox offers a line of credit rather than a loan. Still, it is a great funding option because there is no minimum credit score requirement.
They offer an automated process that is super-fast. Repayments are automatic, meaning they draft them electronically, and they occur on a weekly basis. One thing to remember is that you could have a repayment as high as 5 to 7% of the amount you have drawn currently, as the repayment period is comparatively short. This means you need to be sure you have enough funds in whatever account you connect them to so that it can cover your payment to Fundbox each week.
BlueVine
You will find with most any online lender, they often offer options more similar to invoice factoring and lines of credit. This is because those options present fewer risks than straight term loans. BlueVine is no different.
Upstart
Upstart is an online lender that uses a completely innovative platform for loans. The company itself questions the ability of financial information and FICO on their own to truly determine the risk of lending to a specific borrower. Instead, they choose to use a combination of artificial intelligence (AI) and machine learning to gather alternative data for use in making credit decisions.
This may include such things as mobile phone bills, rent, deposits, withdrawals, and even other information less directly tied to finances. The software they use learns and improves on its own. You can use their online quote tool to play with different amounts and terms to see the various interest rate possibilities.
Upstart’s innovative platform makes them one to research for sure.
Fora Financial
Founded in 2008 by college roommates, online lender Fora Financial now funds more than $1.3 million in working capital around the United States. There is no minimum credit score, and there is an early repayment discount if you qualify.
OnDeck
Obtaining financing from OnDeck is quick and easy. First, you apply the OnDeck website and receive your decision once application processing is complete. If you receive approval, your loan funds will go directly to your bank account. The loan amounts range up to $500,000.
Lending Club
Popular online lenderLending Club offers term loans. You can get a quote in less than 5 minutes. Funds are available in as little as 48 hours if approved. There are no prepayment penalties.
Kiva
Kiva is an online lender that is a little different. For example, the interest rate is 0%. That means even though you have to pay it back, it is absolutely free money. They don’t even check your credit. However, there is one catch. You have to get at least 5 family members or friends to throw some money in the pot as well. In addition, you have to pitch in a $25 loan to another business on the platform.
Find out why so many companies use our proven methods to get business loans.
Accion
If your personal credit is okay, Accion may be a good fit for small business startup loans. It is a microlender, a nonprofit, that offers installment loans to both startups and already existing businesses.
Credibly
Credibly is also a good option for business loans if you are already generating some revenue. They offer short term loans for both business expansion and working capital. You must be in business for at least 6 months to qualify, and Credibly will approve loans to those with credit scores as low as 500.
Alternative Business Lending Is a Great Tool, but Not a Forever Answer
I mean, it could be a forever answer, but there is a better way. If you work to build up your fundability, you can get a lot of perks offered by alternative business lending with the interest rates offered by traditional loans. You could have the best of both worlds. It takes time to get there however, and alternative loans are the best option for many in the meantime.
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