Day: March 11, 2022

What You Need to Know About How Personal Credit Impacts Business Operations

There are 125 factors that affect the fundability of your business. Personal credit is one of them. Since it impacts the fundability of your business, personal credit impacts business operations.

Personal Credit Impacts Business Operations in More Ways Than One

Fundability is the obvious one. This is the ability of your business to get funding. If you don’t have funding for your business, it can’t operate. 

However, there are more subtle effects as well. For example, if you are worried about your personal finances, business decisions can suffer. You may be more tempted to make decisions based on trying to control personal issues, rather than what is best for the business. Personal financial issues can distract you from running your business well. 

Control What You Can, Mitigate What You Can’t

Bad credit doesn’t have to be the downfall of your business. Some factors are out of your control. Others are not. The key is to know what is causing the problem, fix what you can, and mitigate the rest. 

One way to mitigate personal bad credit and its negative impact on business operations is to build strong business credit. It can also help to know which types of funding rely most heavily on the credit score from your personal report. 

Until you improve your credit, you may not qualify for a traditional business loan. However, there are other options.

Your Personal Score Even Affects the Types of Funding You Can Get

While you are working on improving your credit score, you don’t have to be stuck without funding. You just have to find those types of funding that you can qualify to get with a less than ideal credit score. 

Invoice Factoring

If you have open invoices and offer credit to customers in some form, then you can get paid faster with invoice factoring. Usually, this involves invoices with net terms, such as net 30, 60, or 90. You turn those invoices over to a factoring company, and they give you an agreed upon percentage of the total of the invoices. You get this amount of money immediately, and when your customer pays, the factoring company keeps their agreed upon fee while sending the balance to you. 

Merchant Cash Advances

A merchant cash advance (MCA) technically isn’t a loan. Rather, it is a cash advance based upon the credit card sales of a business. A small business can apply for an MCA, and have an advance deposited into its account fairly quickly. This is ideal for business owners who accept credit cards and are looking for fast and easy business financing. 

A lender will review 3 months of bank and merchant account statements, looking for consistent deposits. They’ll also verify revenue of $50,000 or higher per year and a time in business of 6 months or longer. A lot of Non-Sufficient-Funds (NSFs) showing on your bank statements will likely be a deal breaker, as will excessive chargebacks on merchant statements. 

Basically, they want to see that you manage your bank and merchant accounts responsibly. Of course, a decent number of consistent credit card transaction deposits each month is important for this type of financing as well. 

Alternative Lenders like Fundbox

Fundbox offers a revolving line of credit for up to $100,000 and will auto debit your weekly payment from your bank account. They connect directly to your online accounting software. You pay in equal installments over the course of a 12 or 24 week plan. 

You do need to have a 600+ personal FICO score and $100,000+ in annual revenue, and you must have a business checking account. Ideally, you will also have 6 months in business or more. 

Can You Fix Personal Credit?

If you have bad credit, it needs to be fixed. How do you do that? The short answer is, pay your bills. Still, if you already have bad credit, it will take some time for that to make a difference. 

Also, make sure your credit report is current and free of mistakes. YIn fact, you can get a free copy of your credit report annually. 

The three main reporting agencies when it comes to personal credit are:  

You can get a free report from all three each year. How? 

Per FTC.Gov: 

“You’re entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from annualcreditreport.com, the only authorized website for free credit reports, or call 1-877-322-8228. You will need to provide your name, address, social security number, and date of birth to verify your identity.”

Once you get your report, read it carefully and make certain all of your information is correct. Contact the appropriate credit agency in their preferred manner if you find a mistake. Each agency has its own procedures for corrections.  Generally, you can find them on their website. Online options for disputes are more common now due to the pandemic. 

These steps will help you get a jump on improving your credit score. 

Credit Monitoring

In addition to a free copy of your credit report each year, there are free monitoring services that will give you an updated credit score each month. New information that has been posted to your credit report is available with some of these services. As a bonus, some will offer suggestions as to which  factors are dragging down your score. Some of these services even provide real-time credit updates for a fee.

Good Personal Credit Also Affects Business Operations

Of course, a good FICO score will impact business operations as well. Business lenders will generally look at personal credit when you apply. Consequently, good credit will not only help you get approvals, but better rates and terms also. 

Maintaining good credit is important for a number of reasons.  Keeping your business running is one of them.  

The post What You Need to Know About How Personal Credit Impacts Business Operations appeared first on Credit Suite.

New comment by ska-zattoo in "Ask HN: Who is hiring? (March 2022)"

Zattoo | Onsite / Remote-friendly | Video and Playback Engineers | Video Team | Full-time

https://zattoo.com/de/company/jobs

The video development department at Zattoo is growing two of its teams with multiple roles open.

About Zattoo: Back in 2005, we pioneered Europe’s first TV streaming service. Today, we’re the world’s first certified climate neutral TV streaming provider. 3 million users across three countries. Over 230 colleagues of 47 nationalities.

Multiple open roles in the ads backend services team at Zattoo:

As a Software Engineer one will work on building and extending services for server-side dynamic ad insertion and delivery of personalized ads at scale. The team will work closely with our Video and Playback Team to ensure delivery of the world class video experience. The ads domain team is owning a microservice architecture that handles all aspects dealing with video ads at Zattoo. The core of it is driving our fragment-level ad stitching solution. From there it is also dealing with ad ingest, adserver communication and metadata communication. We are a team of diverse software engineers specialized in video technology.

– Backend Engineer (Golang)

– Software Engineer (C++ / Streaming)

– Software Engineer (C++ and Golang)

—

Multiple open roles in the playback team at Zattoo:

The playback team builds the technology that ensures a high-quality video streaming experience for all of our customers independently of the device they use.
We are a team of diverse playback engineers specialized in video playback technologies with senior experience in the streaming business and we work closely with the video backend team to deliver content in the best way possible.

– Web Playback Engineer

– Android Playback Engineer

– iOS / tvOS Playback Engineer

https://zattoo.com/de/company/jobs

The post New comment by ska-zattoo in "Ask HN: Who is hiring? (March 2022)" appeared first on Get Funding For Your Business And Ventures.

The post New comment by ska-zattoo in "Ask HN: Who is hiring? (March 2022)" appeared first on Buy It At A Bargain – Deals And Reviews.

“Why Business Credit Is A MUST For Every Entrepreneur!”

” Why Business Credit Is A MUST For Every Business Owner!”

As a business owner, you’re hardwired to take pleasure in a better degree of danger than the ordinary individual. Do you delight in the adventure of company as well as spending so a lot that you’re prepared to run the risk of:

-Being harassed by lenders?
-Declaring insolvency?
-Being rejected a home mortgage?
-Paying greater than your reasonable share of rate of interest on your car loans?
-Losing your residence?

If you addressed “no” to several of these inquiries, this might be one of the most essential record you’ve reviewed in a long period of time.

Since, if you’re like the majority of business owners, capitalists, and also entrepreneur I’ve satisfied over the previous 28 years, you’re in risk of encountering every one of these terrible issues.

Due to the fact that of your service, as well as it’s all.

You see, business owners normally make one or even more monetarily ravaging blunders when funding the launch, procedure and/or development of their companies. They do not recognize that they’re making an error.

As well as to level, also when they do recognize they’re slipping up … they time-out themselves right into believing that the repercussions will certainly be a small inconvenience.

Up until, someday, they can not get a home mortgage. Or they can not obtain the to-die-for funding used on the brand-new vehicle they’re purchasing. Or they’re pestered by lenders and also ultimately need to state insolvency.

Due to the fact that they utilize their individual funds to money the launch or growth of their organization, and also it is all. They after that utilize individual charge card to spend for overhead. Organization credit score is a must if you are in organization or believing regarding beginning an organization.

Allow me describe, a lot of entrepreneur have no concept that they can develop service credit history and also less recognize just how to just how to develop organization credit report. , if proprietors would certainly take the time needed to inform themselves concerning developing credit scores they would certainly no much longer have to utilize their individual funds for begin up resources or functioning resources.

.

They would certainly likewise have the ability to utilize company bank card which do not report to their individual credit scores records, consequently, not reducing the individual credit report.

The most crucial objective of service credit rating though is to acquire unprotected company lines of credit report, which can be done when the organization credit history account is established up effectively. As soon as a service acquires unsafe service lines of credit report, they after that have the functioning funding they require to begin a company or increase their company.

, if you have actually established up your service account appropriately there are a number of financial institutions that will certainly provide to brand name brand-new begin up company.. That is right, all new launch organization without record whatsoever. The financial institutions will certainly expand unsafe service lines of credit history so they can have the launch resources they require to fund business of their desires.

Make indisputable regarding it; service credit scores is a MUST for every single company owner. Do not place your individual properties in danger financing or fund your service!

If you are in company or assuming concerning beginning an organization, organization credit score is a must.

The most vital objective of service credit scores though is to get unprotected service lines of credit history, which can be done when the company credit scores account is established up correctly. As soon as an organization acquires unsafe organization lines of credit history, they after that have the functioning funding they require to begin a service or increase their company. The service proprietor has check publication control to utilize the company lines of credit scores as they want. As well as finest of all, the company lines of credit score do not report to the organization proprietor’s individual credit history record.