How to Build Business Credit Quickly: Awesome Secrets for Long Haul Truckers

Long Haul Truckers: Here’s How to Build Business Credit Quickly

Who needs business credit for trucking? We can help you get it. Here’s how to build business credit quickly.

Why, exactly, do you need business credit for trucking? We’ve got the answers here – business credit works for all business and not just traditional companies!

Business Credit for Trucking: Why get Business Credit in the First Place?

If you’ve got an EIN, then the IRS says you’ve got a business. But if you only have personal credit, then you’ll be accountable for your business’s debts, its tax bills, and its bankruptcy, if that happens. You don’t want this. Separate business from personal credit and it won’t.

And specifically, fleet credit will precisely help your trucking business. And gasoline credit cards will, too. We all know how pricey it is to fill up these days.

Building Business Credit for Long Haul Trucking: The Benefits

Business Credit is credit obtained in a business’s name. With business credit the firm builds its own credit profile and credit score. With an established credit profile and score, the company will then qualify for credit.

Since the business gets approval for the credit, in some cases, there is no personal credit check needed from the firm owner. The business can utilize its credit to get approval for retail credit tier credit cards.

These come from places like BP, Sunoco, Exxon, Shell, Ford, RGS Fleets, Walmart, even MasterCard, Visa, and AMEX. Additionally the company can utilize its credit to get approval for fleet credit for repair and maintenance of business vehicles including semis. And the firm can also qualify for lines of credit and loans.

How to Build Business Credit Quickly: Start With Business Credit Profiles

A credit profile can be created for a business which is utterly independent from the firm owner’s personal credit profile. This offers firm owners two times the borrowing power as they have both personal and business credit profiles.

A business owner can get credit much more quickly using their business credit profile rather than their personal credit profile. Approval limits are much higher on business accounts as opposed to personal accounts. According to the SBA, credit limits on business cards are usually 10 – 100 times higher than for consumer credit.

How to Build Business Credit Quickly: Get a PAYDEX Score

Dun & Bradstreet’s Business PAYDEX scores are based upon payment history.

But personal credit scores are based on 5 factors:

payment history (35%)
utilization (30%)
length of credit history (15%)
accumulation of new credit (10%)
and credit mix (10%)

When done right, business credit can be established without a personal credit check and irrespective of personal credit quality, without any personal credit reporting of business accounts. Most business credit may be obtained without having the owner assuming personal liability, or a personal guarantee.

How to Build Business Credit Quickly: Defend Your Assets

Hence in the event of default, the company owner’s private assets can’t be attached. When a business owner applies for financing, their business credit is under review. Not having business credit built will get an owner declined for funding. There are no regulations requiring lenders to notify the business owner for their reason for rejection, so many never know.

Virtually any company can get business credit so long as it has an EIN number and entity set up. You do not need to have collateral or financials. Your firm can be a startup company. You simply need to understand the proper building steps. All highly-successful firms have business credit; it’s a “rite of passage” to ever attain real success.

A firm starts developing a brand new credit profile almost the same as a consumer does. The business starts off with no credit profile. The company gets approval for new credit which reports to the business CRAs. Then the company uses the credit and pays the bill promptly. A favorable business credit profile is established.

As the business continues using credit and covers bills promptly it will get approval for more credit.

How to Build Business Credit Quickly: Developing Business Fundability

The understanding lending institutions, retail merchants, and creditors have of your company is important to your ability to establish strong business credit. Before making an application for business credit a firm must properly insure it meets or surpasses all lender credibility specifications. There are over 20 credibility points that are needed for your business to have a solid, reputable foundation.

It is essential that you use your exact business legal name. Your full firm name should include any recorded DBA filing you are using. Make sure your company name is precisely the same on your corporation papers, licenses, and bank statements.

How to Build Business Credit Quickly: Corporate Entities and EINs

You can build business credit with virtually any type of corporate entity. If you truly wish to separate business credit from personal credit your business must be a separate legal entity. Hence it cannot be a sole proprietor or partnership.

Unless you have a separate business entity (Corporation or LLC) you might be ‘doing business’ but not truly ‘a business’. You need to be a Corporation or an LLC to differentiate personal from business.

Whether you have employees, your business entity must have an EIN. Your EIN is used to open your bank account and to establish your business credit profile. So take the time to verify that all agencies, banks, and trade credit vendors have your business on file with the exact same EIN.

How to Build Business Credit Quickly: Business Addresses, Phone, and Fax Numbers

Your firm address must be a genuine brick-and-mortar location, with a deliverable physical address. It cannot be a home address, a PO Box, or a UPS address. Some lending institutions will not approve and fund unless these requirements are met.

Virtual Addresses

However, virtual addresses are terrific business address solutions. For address only, you will receive mail and packages at a dedicated business address. For a virtual office, you get a professional business address, and dedicated phone and fax numbers. And you also get receptionist services and part-time use of fully furnished offices and conference rooms.

And for a genuine office, you’ll have your own full-time private office with receptionist services, dedicated phone and fax, internet, full furnishings, conference rooms, and more.

Phone Numbers

You must have a dedicated firm phone number listed with 411 directory assistance, under the company name. Lenders, vendors, creditors, and even insurance providers will validate your business is listed with 411. A toll-free telephone number will give your company credibility. But you need to have a local business number for a listing with 411 directory assistance.

Lenders view 800 number or toll-free phone numbers as proof of business credibility. Even if you’re a solitary owner with a home-based business, a toll-free number makes you seem like an even bigger business. It’s very easy and affordable to set up a virtual local telephone number or a toll free 800 number.

A cell or home telephone number as your main business line could get you flagged as a non-established firm, which is too high of a risk. Do not give a personal cell phone or residential telephone as the company telephone number! You can forward a virtual number to any cell or land line telephone number.

Fax Numbers

Lenders also feel a firm is more legitimate if it has a fax number. As a business you will need a fax number to receive important documents, you will also need it to fax in some of your credit applications. You can set up an e-fax going directly to your email.

How to Build Business Credit Quickly: Business Websites

You will also need a business website. Credit providers will research your business on the net. It is best if they discovered everything directly from your business website. Not having a website will significantly damage your chances of getting business credit.

There are many places on the internet offering inexpensive company websites. That way, you can have an internet presence displaying an overview of your firm’s services and contact information.

Plus, it is critical to get a company email address for your company. It’s not only professional, but significantly helps your chances of getting an approval from a credit provider.

Setting up a business email address is just too simple and inexpensive to overlook. When it concerns your business email, never use free email services like Yahoo and Hotmail. The email address should be at yourcompany.com.

How to Build Business Credit Quickly: Business Banking and Licensing

Your company banking history is important to long term success in acquiring more substantial business loans. The date you establish your business bank account is the day that loan providers consider your company launched, no matter when you incorporated or achieved any other business milestone. The longer your business banking history, the better your borrowing potential is.

Having a high account balance is crucial in obtaining an excellent Bank Rating. And a good Bank Rating is essential for loan approval later on. Try to keep a bank balance of $10,000 or more for a 5 Bank Rating. In that way, you are more likely to get approval for loans eventually.

State Licensing

A common mistake when developing credit for a firm is non-matching business addresses on the business licenses. Even worse is not having the licenses necessary for a trucking company to operate legally.

Contact the State, County, and City Government offices to see whether there are any necessary licenses and permits to operate your trucking business. This includes your commercial driver’s license. You must list your business filings correctly at the state, county, and city levels. Plus your IRS filings must have correct listings.

How to Build Business Credit Quickly: Company Listings

Also make sure to confirm that main agencies (State, IRS, Bank, and the 411 national directory) have the same listing for your company and with your precise legal name. Also make certain every single bill you get has a correct listing for your business name and comes to your company address.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

How to Build Business Credit Quickly: Get a D-U-N-S Number

Make sure your firm has a listing with Dun and Bradstreet. If it isn’t, then get a D-U-N-S Number. This number starts the process of developing your business credit profile with them. Your D-U-N-S number will also play an important role in allowing your company to borrow without a personal guarantor. You can get your D-U-N-S number here: dnb.com. And you can also enroll for the DNBi SelfMonitor to monitor your credit. A subscription is $39-99/ month.

And check out creditsuite.com/monitoring for the lowest-price monitoring. We can save you 90%!

How to Build Business Credit Quickly: Get Your Other Business Credit Reports

Our business finance suite includes monitoring.

Don’t want to take the plunge yet? Then visit smartbusinessreports.com for a copy of your Experian Smart Business report. It costs $49 – 99. Learn how many trade lines are reporting, and see if you have a business credit score assigned. See if you have an active Experian Business Profile, and check on recent inquiries.

Buy a copy of your Equifax Small Business Credit Report here: https://www.equifax.com/business/business-credit-reports-small-business. It is $99.95 for a full report.

Business Credit for Trucking: Start with the Vendor Credit Tier

This is the beginning of business credit for trucking companies.

It is when a vendor extends a line of credit to your company on ‘Net 15, 30, 60 or 90’ day terms. This means you can buy their products or services up to a maximum dollar amount. And then you have 15, 30, 60 or 90 days to pay the bill fully.

So if you’re set up on Net 30 terms and purchased goods today, then repayment is due in the next 30 days. Get products for your business needs and postpone payment on those for 30 days, thereby easing cash flow. Some merchants will approve a firm for Net 30 payment terms upon verification of as little as an EIN and a 411 listing.

True Starter Vendors

We have a great list of starter vendors here: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Be sure to apply first without using your Social Security Number. Some vendors will request it and may even tell you on the phone they need to have it. But submit first without it. Keep in mind: A Social Security Number is required for business loans but not for initial vendor credit building.

Some vendors require an initial prepaid order before they can authorize your firm for terms. When your first Net 30 account reports your trade line to Dun and Bradstreet, the D-U-N-S system will automatically activate your file if it isn’t already. This is also true for Experian and Equifax.

Help Yourself with On-Time Payments

Repay all Net 30 vendor accounts in full and promptly. Be patient and allow time for the vendors’ reporting cycles to get into the reporting systems.

It commonly takes 3 cycles of Net accounts reporting to develop credit scores. Most merchants and major retailers offer business credit, but don’t publicize it. Having said that, there is no benefit to the merchant to promote credit without personal liability if a business owner agrees to take on that liability. So they do not promote their business credit cards and frequently demand an SSN.

You must have a total of at least five (5) Net 30 day pay accounts reporting although eight (8) are better, to move onto the next tier.

Business Credit for Trucking: Attain the Retail Credit Tier

After you set up 5 – 8 trade lines by utilizing vendor accounts, getting retail accounts is the next step. These are cards which a business owner can make use of and they don’t have to pay the full balance owed each month.

Retail credit tier approvals will start coming from stores. You must get retail credit prior to you, the business owner, can start getting Visa, MC, and Amex-type cards.

Most stores will not approve a business owner for business credit unless the owner has an established credit profile and score, a lot like in the consumer world. Vendor accounts must be utilized first to set up a profile and score, and after that your firm can get store credit. It generally takes a mere 90 days or less to set up a score and profile with trade lines.

Most major stores offer business credit such as: Racetrac, the Fuelman MasterCard, Ally Car Financing, and Phillips 66/Conoco/76 Commercial.

Once 10 total accounts are on report, a firm owner can then start applying for Visa, MC, and Amex-type credit. Approval amounts will equal the greatest credit limit account on the business report.

For that reason, try to have 10 accounts with at minimum one of them having a $10,000 high limit. Keep using the credit, and keep applying for more, and speak with credit providers to increase credit limits. If you do this, your business credit will keep growing until you can get higher limit credit lines, normally within 6 – 12 months.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Business Credit for Trucking: Getting to the Fleet Credit Tier

As soon as you have 10 – 15 accounts, you can begin to get approval for fleet credit and auto vehicle financing. You must have at least one account with a $10,000 high credit limit to get authorization for most fleet credit sources.

Plus you must have higher scores, 75 or higher with Dun and Bradstreet. This score just confirms you pay your bills on time. Fleet credit is for everything to do with business vehicles and can be used at multiple locations. Its uses include fuel purchases, and vehicle repair work and maintenance.

Business Credit for Trucking: Going Beyond the Fleet Credit Tier

As you keep building more business credit, you’ll get approvals for more high-limit accounts. Many loans will ask for a personal guarantee and credit check for approval.

And you will need well over 20 reported accounts, a bigger number of employees, and higher revenue and profits to get loans without these. Being responsible with fleet credit will lead straight to getting vehicle financing.

Business Credit for Trucking: Unsecured Credit

This is one more practical option. Unsecured credit is not secured with collateral. Good personal credit gets you unsecured credit cards with a personal guarantee; this normally means a 685 score or better. Good business credit gets you unsecured credit cards without any personal guarantee. The amount you can finance is often very high, as in $10,000 – 50,000, and you can get it in 1 – 4 weeks.

You can also get cash flow-based lending; these are short term loans of 6 – 18 months, with amounts as much as $1 million. The loan amounts are equal to 8 – 12% of annual revenue, with rates of 10 – 45%. A 520 credit score is accepted, but good bank statements are required.

Business Credit for Trucking: Revenue Loans and Lines

A revenue loan (or revenue-based loan) is an alternative kind of loan. In contrast to a bank loan, it doesn’t require collateral or substantial assets. And unlike angel investing or venture capital, they do not give you cash in trade for a portion of the business. Rather, you repay the loan (or credit line) as a percent of incoming revenue. See: https://en.wikipedia.org/wiki/Revenue-based_financing.

Revenue-Based Financing Details

The lender (investors, really) will take an equity warrant which means they have a fixed price if they want to buy stock in the business until an expiration date. And the business owner does not need to back the loan with their own personal assets. They do no valuation on the company’s assets.

All you need is:

The company needs to be producing revenue
It needs to have good gross margins to be able to afford the payments

One way to get revenue-based financing is via crowdfunding platforms. Interest paid is often a tax deduction for the firm. Costs tend to be more than for traditional bank loans. It’s not for very early stage startups, by definition. But it may be a decent choice for a firm about 2 – 4 years old, with revenue coming in but banks still aren’t providing loans.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Fundbox

Our preferred provider is Fundbox. It’s a suitable option for short-term financing. The gist is you borrow on a line of credit to be repaid every week for up to 12 weeks. This is done via automatic deductions from your business bank account. $1,000 – $100,000 is available. There are no minimum credit score requirements.

Requirements:

Six or more months in business
Yearly revenue of $25,000 or greater
The company must have business checking account

Find them online at: https://fundbox.com/lines-credit.

Business Credit for Trucking: Takeaways

You have a lot of options when it comes to getting business credit for trucking companies.

The post How to Build Business Credit Quickly: Awesome Secrets for Long Haul Truckers appeared first on Credit Suite.

Get a Discover Business Card for Your Company Today

Discover Business Card Specials – and Check Out How They Can Help YOUR Business

We reviewed a ton of company credit cards, and did the research for you. So here are our favorites. We found great Discover business card specials and more!

Per the SBA, company credit card limits are a whopping 10 – 100 times that of consumer credit cards!

This reveals you can get a lot more cash with business credit. And it also shows you can have personal credit cards at retailers. So you would now have an extra card at the same retail stores for your small business.

And you will not need collateral, cash flow, or financials in order to get small business credit.

Business Credit Card Benefits

Benefits can differ. So, make certain to pick the perk you like from this assortment of alternatives.

Reliable Low APR/Balance Transfers Business Credit Cards

Discover it® Cash Back

Have a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.

Details

You can get 5% cash back at different places every quarter. So, these are places like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Additionally, automatically earn unlimited 1% cash back on all other purchases.

You will earn an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Credit Builder Company Credit Cards – Make Your Credit Surge!

Discover it® Student Cash Back

Be sure to take a look at the Discover it® Student Cash Back card. It has no annual fee. The card also offers a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.

One distinct feature is that it provides an incentive for students to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or better each school year, the card will award the $20 statement credit annually for up to five years.

Details

Use this credit card to build personal credit. While this is a personal credit card versus a business card, for new credit users, their FICO scores will be important. And this card provides an outstanding way to raise FICO while also getting rewards.

You can earn 5% cash back at different places each quarter such as grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this card offers unlimited 1% cash back on all purchases.

In the initial year, all cash back rewards are matched 100%.

Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is greater. And though they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Unbeatable Cards for Jackpot Rewards

The Discover it® Student Cash Back card also works in this category. This is in addition to being a Discover business card for credit building.

Secure Business Credit Cards for Average Credit

We did not find a good Discover business card for average credit. so instead we are showing the Capital One Spark Classic for Business.

Capital One® Spark® Classic for Business

For average credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card earns an unlimited 1% cash back on all purchases. There is an annual fee of $0.

With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.

But BEAR IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Small Business Credit Cards with 0% APR – Pay Zero!

The Discover it® Student Cash Back card can fit under this category. So this is in addition to being a Discover business card for credit building.

Here are two other cards we liked. But keep in mind, neither of them is a Discover business card.

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no yearly fee and comes with a 0% introductory APR on purchases for the initial nine months. Afterwards, the card has a 13.24 – 23.24% variable APR

Earn 3 points/dollar spent when you book travel through the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can get unlimited points and points never expire.

Details

There is a 25,000-point sign-up bonus when you spend $1,000 in the first 60 days of opening the account. Cardholders get travel accident insurance, and lost luggage reimbursement.

They also get trip cancellation coverage, trip delay reimbursement and other benefits.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

JetBlue Plus Card

Take a look at the JetBlue Plus Card for an additional offer of a 0% introductory APR

Earn six points/dollar on JetBlue purchases, two points/dollar at restaurants and grocery stores. And get one point/dollar on all other purchases.

Details

Spend $1,000 in the initial 90 days and pay the annual fee, and earn 40,000 bonus points. New cardholders receive a 12 month, 0% introductory APR on balance transfers made within 45 days of account opening.

Afterwards, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based on creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 yearly fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Terrific Cards for Cash Back

The Discover it® Cash Back card and the Discover it® Student Cash Back card also work for this category. This is in addition to each of them being a Discover business card for balance transfers or credit building.

Remarkable Business Credit Cards with No Annual Fee

The Discover it® Student Cash Back card also works in this category. That is in addition to being a Discover business card for credit building. For the other cards in this category, they can also work as good cards for travel points.

However, none of them are a Discover business card, unfortunately.

Uber Visa Card

Check out the Uber Visa Card. Uber is the very first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card provides 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, get 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases.

So, this includes retailers and subscription services like Uber and Netflix. And get 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly within the app.

By spending at least $500 in the initial 90 days, users can earn a $100 sign-up bonus. Cardholders spending a minimum of $5,000 per year are eligible to receive a $50 credit toward online subscription services.

Details

If you pay your cellphone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to certain events and offers. Uber anticipates most of these offers will be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. The APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.

Also, there are restrictions on Uber credits. To redeem points as credits in the Uber app, accrue at least 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, in a given day.

Get it here: https://www.uber.com/c/uber-credit-card/

Costco Anywhere Visa® Business Card by Citi

Not taking Uber? Then you’ll need to fill your gas tank somehow. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This credit card earns cash back with every purchase. Get 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Get 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

Note: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus offered with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Get 2 miles/dollar with United and at restaurants, filling stations and office supply stores. All other purchases get 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the first three months from account opening.

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. On top of that, get early check-in and late checkout. And get an auto rental collision damage waiver.

Plus, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business

Starwood Preferred Guest® Business Credit Card from American Express

Another choice is the Starwood Preferred Guest Business Credit Card from American Express.

This credit card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Earn six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.

And get four points per dollar at American restaurants, US filling stations, and on US purchases for shipping.

Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, get two points per dollar.

Details

Get 75,000 bonus points when you spend $3,000 in the initial three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection.

Plus you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.

The biggest issue is the yearly fee. There is a $0 introductory annual fee for the first year, then it’s $95 thereafter. Plus there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR

Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card

Ironclad Secured Credit Cards

We could not find a secured Discover business card. So we are offering this alternative instead.

Wells Fargo Business Secured Credit Card

Have a look at the Wells Fargo Business Secured Credit Card. It charges a $25 annual fee per card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is designed to help cardholders establish or rebuild their credit.

Choose this credit card if you wish to get 1.5% per dollar in purchases without any limits or earn one point for every dollar in purchases. You also get 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

Details

Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.

APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a credit card for balance transfers.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

The Perfect Discover Business Card for You

Your outright best Discover business card will hinge on your credit history and scores.

Only you can choose which features you want and need. So make sure to do your homework. What is outstanding for you could be catastrophic for another person.

And, as always, make sure to establish credit in the recommended order for the best, quickest benefits.

The post Get a Discover Business Card for Your Company Today appeared first on Credit Suite.

How to Set Up a New Business in West Virginia

Starting a Business in West Virginia

A new business in West Virginia is not out of reach. So have you been wondering: how do I start a business in West Virginia? And more importantly, can I do so no matter what the economic conditions are? Can I start a new business in West Virginia during a recession?

New Business in West Virginia: Advantages and Disadvantages

Business Insider pegs West Virginia as the ninth worst state to start a business in, per a 2016 article. This is for the whole country. The state has the lowest density of startup businesses. There are 51.1 startup firms per 1,000 firms. It also has the third lowest percentage of people starting companies in the country. Potential employee education levels are above average. So is the percent of employees available to work.

But more businesses close than open in West Virginia. Also, the state has a low per capita GDP.

West Virginia has a variety of tax programs designed to bolster growth in specific industries.

Recent Changes?

In 2018, Forbes ranks West Virginia at number 49. Also in 2018, Fit Small Business clocks in West Virginia at number 44.

Why the small discrepancies? Of course all three of these sites have different methodologies. Nonetheless, the findings are pretty similar.

Fit Small Business says West Virginia is decent for taxes and cost of living. Costs of starting a business are in the middle of the pack. But quality of life is sub-par. And everything else is in the bottom ten. This includes a 48 for labor market. That is a measure of the desirability of an area and the number of people with bachelor’s degrees.

Forbes says West Virginia only has a decent ranking for business costs. Otherwise, all other measurements are in the bottom ten. Labor supply is dead last. For Forbes, the only state worse is Alaska.

Signs point to starting a business in West Virginia as being expensive. Only you can decide whether it is worth it.

New Business in West Virginia: Initiatives

The state also offers manufacturing businesses access to credits for qualified investments made in productive property. These credits can be used to offset up to 60% of a business’s income and franchise tax liabilities.

West Virginia also provides a credit on raw materials and also goods held in inventory by manufacturers. In addition, there is a High-Tech Manufacturing Credit. It can be used to offset up to 100% of a company’s tax obligation. But this is only if the company can meet job creation benchmarks.

Start a New Business in West Virginia – West Virginia Top Industries

Per the West Virginia Department of Commerce, the biggest industries in West Virginia are aerospace, energy, and also manufacturing. More top industries in West Virginia are metals, building products, and also automotive.

Yet more West Virginia top industries are chemicals and polymers, and fulfillment distribution. Another group of top West Virginia industries are technology and also information services. As in most states, the health care and social assistance fields are also large employers.

West Virginia Business Ideas

Smart business owners can find new opportunities. Work with the bigger industries in the state. Offer goods or services such as the development and distribution of safety equipment. Another idea is trucking for any industry. More new business ideas are computer support in areas such as programming and also data. Yet another idea is developing chemicals and also pharmaceuticals.

Here is how to start a new business in West Virginia.

Start a New Business in West Virginia – West Virginia New Business Secretary of State Requirements

Register a Business Name

Check for business name availability on the West Virginia Secretary of State’s website.

Corporations

A West Virginia corporation must have a unique name. Search online records and other records and catalogs to see if a name is available. Start by searching the database of registered West Virginia corporations available at the West Virginia Secretary of State website.

Corporate Name Reservations

You do not need to reserve a corporate name before you file to incorporate your small business. However, if a business owner wants to reserve a certain name for a corporation before the time that they file to incorporate, they should submit a name reservation application to the office of the West Virginia Secretary of State.

Download a name reservation application form at Reserve a West Virginia Corporation Name on the West Virginia Secretary of State website. The name chosen will then be reserved for a period of 120 days. There is a filing fee of $15.00 to reserve a name.

Business Permits and Licenses

Check out pages 4 and 16 of the Secretary of State’s Guide to Starting a Business for the best lists of professions that need licenses and where to get them.

Local Permits and Licenses

The Secretary of State offers a comprehensive roundup of West Virginia County websites.

Start a New Business in West Virginia – Business Registration

The West Virginia Secretary of State keeps forms you can file online. There is also an online business portal to help.

Tax Registration

Be sure to register with the West Virginia State Tax Department.

Start a New Business in West Virginia – Virtual Offices

Alliance and DaVinci do not offer West Virginia virtual business offices.

Regus offers West Virginia virtual business office space for Wheeling in Canonsburg, Pennsylvania, which is just over the border. For West Virginia virtual office space in Huntington, Morgantown, or Parkersburg, and in other parts of the state, ask local business owners. Also try computer user groups for leads in this area.

Other options may be virtual business office space in nearby states. These are Kentucky, Maryland, Ohio, Pennsylvania, and also Virginia.

Start a New Business in West Virginia – Build Business Credit

Small business credit is credit in a small business’s name. It doesn’t attach to an owner’s personal credit, not even when the owner is a sole proprietor and the solitary employee of the small business.

Consequently, a business owner’s business and personal credit scores can be very different.

The Advantages

Given that business credit is distinct from individual, it helps to safeguard a small business owner’s personal assets, in the event of litigation or business bankruptcy.

Also, with two distinct credit scores, a business owner can get two separate cards from the same vendor. This effectively doubles purchasing power.

Another benefit is that even startups can do this. Visiting a bank for a business loan can be a formula for disappointment. But building business credit, when done the right way, is a plan for success.

Personal credit scores depend on payments but also additional considerations like credit utilization percentages.

But for company credit, the scores actually merely hinge on whether a small business pays its debts punctually.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

The Process

Building company credit is a process, and it does not occur without effort. A company must proactively work to develop company credit.

Nonetheless, it can be done readily and quickly, and it is much swifter than building personal credit scores.

Merchants are a big aspect of this process.

Undertaking the steps out of order will lead to repetitive rejections. No one can start at the top with business credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Start a New Business in West Virginia –Company Fundability

A small business must be fundable to loan providers and vendors.

For that reason, a business will need a professional-looking web site and e-mail address. And it needs to have website hosting from a company such as GoDaddy.

In addition, business telephone and fax numbers should have a listing on 411.com.

Also, the business telephone number should be toll-free (800 exchange or the equivalent).

A business will also need a bank account dedicated only to it, and it needs to have all of the licenses necessary for operation.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Dealing with the IRS

Visit the Internal Revenue Service web site and obtain an EIN for the small business. They’re free. Select a business entity such as corporation, LLC, etc.

A company can begin as a sole proprietor. But they will probably wish to switch to a type of corporation or an LLC.

This is in order to diminish risk. And it will take full advantage of tax benefits.

A business entity will matter when it concerns taxes and liability in the event of litigation. A sole proprietorship means the owner is it when it comes to liability and taxes. No one else is responsible.

Sole Proprietors Take Note

If you operate a business as a sole proprietor, then at the very least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the company name. As a result, you can end up being directly accountable for all company financial obligations.

Additionally, per the IRS, using this structure there is a 1 in 7 possibility of an IRS audit. There is a 1 in 50 probability for corporations! Steer clear of confusion and considerably reduce the odds of an IRS audit simultaneously.

Setting off the Business Credit Reporting Process

Begin at the D&B web site and get a totally free D-U-N-S number. A D-U-N-S number is how D&B gets a company in their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s sites for the small business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

By doing this, Experian and Equifax will have activity to report on.

Vendor Credit Tier

First you need to build trade lines that report. This is also known as the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can start to get credit in the retail and cash credit tiers.

These types of accounts tend to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are credit issuers who will give you initial credit when you have none now. Terms are often Net 30, instead of revolving.

Therefore, if you get an approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, such as within 30 days on a Net 30 account.

Details

Net 30 accounts must be paid in full within 30 days. 60 accounts have to be paid fully within 60 days. In comparison with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you used.

To start your business credit profile properly, you need to get approval for vendor accounts that report to the business credit reporting agencies. As soon as that’s done, you can then make use of the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit Tier – It Makes Sense

Not every vendor can help like true starter credit can. These are merchants that will grant an approval with hardly any effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may need to apply more than once to these vendors. So, this is to demonstrate you are dependable and will pay on time.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then progress to the retail credit tier. These are service providers which include Office Depot and Staples.

Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

One such example is Lowe’s. They report to D&B, Equifax and Business Experian. They want to see a D-U-N-S and a PAYDEX score of 78 or higher.

Fleet Credit Tier

Are there 8 to 10 accounts reporting? Then progress to the fleet credit tier. These are companies such as BP and Conoco. Use this credit to purchase fuel, and to repair, and take care of vehicles. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the business’s EIN.

One such example is Shell. They report to D&B and Business Experian. They want to see a PAYDEX Score of 78 or higher and a 411 small business phone listing.

Shell may say they want a certain amount of time in business or revenue. But if you already have enough vendor accounts, that won’t be necessary. And you can still get an approval.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Cash Credit Tier

Have you been responsibly handling the credit you’ve up to this point? Then move onto the cash credit tier. These are service providers like Visa and MasterCard. Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

One such example is the Fuelman MasterCard. They report to D&B and Equifax Business. They need to see a PAYDEX Score of 78 or higher. And they also want you to have 10 trade lines reporting on your D&B report.

Plus, they want to see a $10,000 high credit limit reporting on your D&B report (other account reporting).

In addition, they want you to have an established small business.

These are businesses such as Walmart and Dell, and also Home Depot, BP, and Racetrac. These are typically MasterCard credit cards. If you have 14 trade accounts reporting, then these are feasible.

Start a New Business in West Virginia – Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and fix any mistakes ASAP. Get in the practice of taking a look at credit reports and digging into the specifics, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs. See: www.creditsuite.com/monitoring.

Update Your Record

Update the data if there are inaccuracies or the data is incomplete.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any mistakes in your records. Mistakes in your credit report(s) can be fixed. But the CRAs normally want you to dispute in a particular way.

Disputes

Disputing credit report inaccuracies commonly means you send a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never send the original copies. Always mail copies and retain the original copies.

Fixing credit report errors also means you specifically detail any charges you dispute. Make your dispute letter as crystal clear as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you sent in your dispute.

A Word about Building Business Credit

Always use credit smartly! Don’t borrow beyond what you can pay back. Keep track of balances and deadlines for payments. Paying off punctually and completely will do more to elevate business credit scores than nearly anything else.

Establishing business credit pays. Excellent business credit scores help a company get loans. Your lending institution knows the business can pay its financial obligations. They recognize the company is bona fide.

The business’s EIN links to high scores and lenders won’t feel the need to call for a personal guarantee.

Business credit is an asset which can help your small business in years to come.

Learn more here and get started toward opening a new business in West Virginia.

Want to start a new business someplace else in America? Then check out our handy guide to starting a business in any state in the country.

The post How to Set Up a New Business in West Virginia appeared first on Credit Suite.

Methods For Small Business Success

For many individuals, the desire for seeking a small company possibility has actually come to life. What are a few of the most effective methods to make sure that your local business chance embellishments? When starting with your very own little organisation chance, right here are a couple of standards to bear in mind.

Take the time to inform on your own regarding running a company itself, so that when you do start to seek your tiny organisation chance, you are equipped with understanding that will certainly aid maintain you from losing important time and also power. When looking for success with your tiny organisation chance, one more crucial point to bear in mind is that education and learning requires to be continuous. As your company expands as well as the globe around you proceeds, there will certainly constantly be brand-new modifications and also difficulties in the globe of your tiny company possibility.

Bear in mind, completely satisfied clients are the trick to success in your tiny service possibility. After you have actually done this, take treatment to create a technique for your little company possibility that allows others understand specifically why your item or solution is completely fit to their demands.

One more great item of recommendations for those starting a local business chance is to function intentionally, making sure to construct a structure that will certainly last. Invest time paying attention to them as well as locating out what it really is that they require as well as desire when you locate clients for your little service possibility. Recognize that if you can establish a top quality connection with your clients, this will certainly bring fantastic advantages to your local business chance for several years in the future.

While attempting to be not ridiculous and also pleasant, still constantly be on the search for a possible customer or consumer that might be interested in what your little service possibility has to supply. Lug expert company cards with you at all times, and also make certain your pals as well as family members have added cards advertising your little organisation chance.

When constructing your little service possibility, be certain to function on one element at a time. In time, structure upon that will certainly generate superb outcomes for your little company possibility.

Going after and also creating your very own local business chance does take a reasonable quantity of preparation and also job. Getting to the objectives you have actually established for your really own tiny service possibility can be one of the most fulfilling experiences of a life time.

Take the time to enlighten on your own regarding running a service itself, so that when you do start to seek your little service possibility, you are equipped with understanding that will certainly assist maintain you from squandering useful time as well as power. As your organisation expands as well as the globe around you advances, there will certainly constantly be brand-new modifications as well as difficulties in the globe of your little organisation chance. When you discover clients for your tiny organisation chance, invest time paying attention to them as well as locating out what it genuinely is that they require as well as desire. Lug expert service cards with you at all times, and also make certain your good friends and also family members have added cards advertising your little service chance.

When constructing your little company chance, be certain to function on one element at a time.

The post Methods For Small Business Success appeared first on ROI Credit Builders.

Methods For Small Business Success

When constructing your little company chance, be certain to function on one element at a time.

The post Methods For Small Business Success appeared first on ROI Credit Builders.

Take Courage and Don’t Let Difficult Customers Drag You Down –10 Brilliant Business Tips of the Week

The Hottest and Most Brilliant Business Tips for YOU – Handle Difficult Customers and More Our research ninjas at Credit Suite smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. Yes, you can even … Continue reading Take Courage and Don’t Let Difficult Customers Drag You Down –10 Brilliant Business Tips of the Week

Take Courage and Don’t Let Difficult Customers Drag You Down –10 Brilliant Business Tips of the Week

The Hottest and Most Brilliant Business Tips for YOU – Handle Difficult Customers and More

Our research ninjas at Credit Suite smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. Yes, you can even take that to the bank – these are foolproof! You don’t have to let difficult customers defeat you!

Stop making stupid decisions and start powering up your business. Demolish your business nightmares and start celebrating as your business fulfills its promise.

And these brilliant business tips are all here for free! So settle in and scoop up these tantalizing goodies before your competition does!

#10. Email Marketing Works If You Can Get Your Customers Engaged With It

Our first jaw-dropping tip is all about getting more email marketing engagement. Foundr says there are four things you can do. We highly recommend reading the entire article to get the full benefit. So instead we’ll just concentrate on a part of the article.

Relevance

Our favorite tip was all about creating relevant content which your customers and prospects actually want to read. Personalization matters! Why should your customers and prospects read your ad copy if it doesn’t relate to them personally? Admit it – you wouldn’t, either.

So spend some time, and personalize what you can. Yes, you’re busy. We all are.

But email marketing is truly great. It can have a terrific open and conversion rate.

But you need to put the work in.

#9. Where Will Your Advertising Dollar Go? Where Will They Do You the Most Good?

The next awesome tip is about creating the best, most cost-effective ads. Wordstream tells us there are a ton of reasons why you would want to get started with digital advertising. That is, in contrast to traditional advertising.

We recommend checking out the article in its entirety. It gets into the specifics of cost per click on platforms such as Google search, LinkedIn InMail, Google maps ads, Amazon sponsored advertising, and more. The article has details on industries. You’re bound to find yours!

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Don’t let difficult customers defeat you!

#8. Churn, Baby, Churn? Er, Actually, Please Don’t

Our following life-changing tip concerns how to get to net negative churn with your pricing. Open View Partners lays the facts on us.

What the heck is churn? And why do you want it to be negative?

Churn is when your subscription business loses customers. Why does it happen with subscriptions so much?

It all has to do with billing.

So if you see a subscription service which you think you’re going to love, you might even be happy to pay for a month or two, to see what it’s all about. But when you get to the second or third month (or perhaps later), you realize the Spaghetti of the Month Club (or whatever) isn’t worth the $85 you’re paying per month (or whatever).

If you don’t think you’re getting value, then you’ll be reminded of that the moment the bill comes due. And then you’ll cancel.

On the business side of things, of course we don’t want that.

So, what do we do?

Let’s Cut Through the Math

There’s some esoteric math in this article but we’ll try to translate it.

Our fave idea is to determine what your customers want to do, and then put a value on that.

The idea of goal-oriented pricing makes sense to us. Further, the article goes into a fascinating rule of thumb. For whatever money the customer thinks they will save with your solution, charge one-tenth of that.

Hence if you create a solution which will save them $100 per month, then the way is clear. Charge ‘em $10 per month.

But that price is not set in stone! Adjust, test, and see what you get. That brings us to another rule of thumb. If you raise your prices, you can keep doing so until you get more than 20% of your prospects balking at the cost.

Because when that happens, you know you’ve gone too far.

#7. Oh, Behave!

For our next sensational tip, we looked at using buyer behavior to grow your business. Founder U has the answers. What are your buyers doing? And why? Because if you can tap into what motivates your customers, you’ll be really onto something.

We loved the idea of helping people to buy more. This is basically when you get a notification from (for example) from Amazon that tells you people who bought X were likely to also buy Y.

So one idea we liked was that of using social proof. Social proof is when you show prospects how people are using your product or service. So if you sell women’s clothing, you can show women wearing your creations for job interviews or for parties or whatever you like. Because sometimes it helps to see the product in the wild, as it were.

#6. Talk to Your Difficult Customers – Here’s How

This tip is so helpful, and it works! Freelancers Union gives us the lowdown on the kinds of communications solutions you need to draw on to deal with difficult customers.

These communications solutions are actually good for talking to pretty much anyone. Possibly the best tip is to restate their concerns. Why do you want to do this? Because it makes it clear whether you understand what it is they’re complaining about. Or maybe you don’t. Just going ahead without clarification is a recipe for more difficulties.

Another reason is to be able to restate their concerns and complaints in language which softens the situation.

“Oh my God! You’ve ruined me!”

But maybe they really mean: “Delivering my order late is costing me money!”

The softer statement is also far more specific. It has details in it which may be actionable.

One Person’s Meat is Another Person’s Poison

True story time.

Before the internet was much of a thing, your intrepid blog post writer was a data analyst.

This was difficult, slow work, requiring lots of precision. My boss at the time was a rather disorganized person. Furthermore, this person just plain did not like dealing with a certain internal customer.

As a result, when this internal customer asked for reports, their requests were often buried under mountains of paperwork. This meant that not only didn’t an acknowledgment go out – it also meant the reports were often done under extreme pressure. Because the request for a report might have come on the first of the month, but the request didn’t actually get to me until the last day of the month.

You know, the day before the report was due.

This was a lousy way to do things and I told my boss as much. When the boss was away on business, I took to looking through the top of their desk (not in the drawers; that would have been far too intrusive) to see if there were any buried report requests. I would do them, assuming I could find them.

One day, the internal customer called and demanded to speak with me. My boss said, “You’re about to get an earful. I’m sorry.”

Instead, the customer was calling to thank me for being on top of things. And we arranged for this customer to make requests directly of me, thereby leaving my boss out of the equation entirely.

My boss was relieved, my stress level went down, and the customer got what they needed.

Ducking and avoiding this hard to work for internal customer was the worst way to handle things. Please don’t do that to your hard to work for customers and prospects!

#5. Don’t Be Daunted by Difficult Customers Demanding Discounts

Grab this mind-blowing tip while it’s hot!

Difficult customers getting you down? Are they demanding a discount? You’re not alone. Fortunately, HubSpot has the solution.

It’s All About the Strategy

There are several reasons why difficult customers might want discounts. And sometimes they’re not even trying to be difficult! So, when do you give in?

HubSpot says it’s more important to figure out why, and how.

Haggling For the Sake of Haggling

If you don’t think this exists, think again. Possibly our favorite tip concerned this very subject. Essentially, if you seem close to a meeting of the minds, but the rug keeps getting yanked, that should tell you something.

Sometimes, customers and prospects push for discounts because they unfairly believe every product and service is overpriced. How do you deal with these difficult customers? Ask why they want a discount.

Having to give a reason is very powerful. If they can’t – that is, it’s not a budget consideration – a lot of people will back down.

Quid Pro Quo

Another great strategy is a form of compromise. Such as, I’ll give you 15% off if you commit to an extra year on your service contract. Or whatever bargain you think is best.

But no matter what, don’t just hand out discounts willy-nilly, to anyone who wants them. That’s a sure-fire way to fail in business. You just won’t make enough money. Your difficult customers and prospects will smell blood in the water, and they’ll all want less.

And, most importantly, it gives off a clear signal that you don’t believe in your own work product.

Ouch.

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Don’t let difficult customers defeat you!

#4. Tackle the Triple Bottom Line

Check out this spectacular tip, all about balancing your profits to a higher purpose. Startup Professionals says there’s currently a kind of triple bottom line. It’s not enough to just make money. You also have to be socially responsible. And green. Also known as people, planet, and profit.

So, how do you juggle all of that?

What Does Success Mean to YOU?

That’s the first step, and we could not agree more. If your sole concern is social responsibility and being green, you may find you don’t make too much money. And so the article (rightfully, we think) suggests you might not want to be an entrepreneur. Maybe a nonprofit or a government role is more your speed.

You know, there’s nothing wrong with either.

Measure!

Hey, there’s our favorite thing to do. Measure not just your profits. How about seeing if you can quantify how much you’re helping the planet? One ton less paper used every quarter is something you can point to. It’s tangible. And you can adjust as well. Maybe that’s hard to do. Or maybe it’s a lead pipe cinch, and you can do better. But you won’t know that until you start measuring.

#3. Get More Done – Yes, You Can!

It’s not your imagination: this winning tip can help make you more productive. Fundera tells us a lot of it is about procrastinating. We all do it. So what happens if we do something at least semi-productive during that down time?

Two ideas they had which we really liked were to do minor chores and to change your scenery. If you’re putting off a task, how about spending a few minutes tidying up your desk? If you’re procrastinating about something, why not change the venue? You may find getting a little exercise, or just a new set of walls to stare at, can bring your productivity mojo back.

So one of our favorites was a bit of relaxation therapy. Apparently, there’s a real-live Japanese study which supports a few minutes looking at pictures of baby animals can increase your concentration and, thereby, your productivity.

Note: we said minutes, not hours.

One, two, three, everyone – awwww.

#2. Back to Email Marketing – We’re Talking About it a Lot Today…

Our second to last unbeatable tip can give you a new perspective on email strategy. Sumo has some excellent ideas.

Now, we’ve looked at this kind of marketing before. Yet it bears repeating. Essentially, one of the things you want to do is communicate with your customers and prospects at logical times.

Sumo shows off two different flavors of welcome emails. One is a welcome for signing up for a webinar. The other is a welcome with a giveaway. By using two separate welcome emails, why not try a little A/B testing?

Our fave bit was the emails both set expectations. They both tell you how often you’ll hear from Sumo. So if it’s too much or too little email, you can’t say you didn’t know.

#1. Human Resources Means Managing Actual Humans

We saved the best for last. For our favorite remarkable tip, we focused on HR management tips. Effortless HR says communications are key. Kind of like our tip #6, although presumably your employers are easier to take than your toughest customers!

So our fave idea was one which we truly hope is something of a no-brainer. That is, encourage all opinions and ideas.

Yes, even the ones that maybe aren’t so positive. You just might learn something.

So which one of our brilliant business tips was your favorite? And which one will you be implementing now?

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Don’t let difficult customers defeat you!

The post Take Courage and Don’t Let Difficult Customers Drag You Down –10 Brilliant Business Tips of the Week appeared first on Credit Suite.

How The Best Business Line of Credit Can Help You Grow Your Business

A Business Line of Credit is Like Steroids for Your Business

A business line of credit can be an incredible tool for your business. You don’t want just any line of credit however. You want the best business line of credit for your business needs.

Not all businesses are the same, and not all lines of credit are best for all businesses. Different limits, rates, and terms work better for some than others.

What’s a Line of Credit?

It can help to get a quick rundown of exactly what a line of credit is. The most basic definition is that it is a revolving line of credit, similar to a credit card. You have a limit and continuous access to that limit while making payments only on the portion you use each month.

For example, if you have a $10,000 line of credit, you can use however much of those funds you need each month for whatever you want, unless your lender issues some sort of restriction. If you use $2,000, then when you get your statement you will have to pay $2,000 plus the interest, rather than a payment plus interest on the entire amount of the loan.

If you were to pay $1,000, then spend another $500, you would pay on the $1,500 balance the next month. Your payments change as your balance changes. Just like with a credit card.

Access is most typically granted through checks or a card connected to the line of credit account.

The Best Business Line of Credit vs. Credit Cards

Business owners often ask what the difference is between a line of credit and a credit card, and why is one better than the other? The truth is that in some cases, a credit card may be the better option. This is a choice to make based on several different factors.

The main difference between the two that most borrowers need to know is that a line of credit typically has a lower consistent interest rate. Also, there are no perks like 0% interest or cash back that you sometimes see with credit cards.

How do I Find the Best Business Line of Credit for my Business?

There are several steps to this process.

1. Consider why you need a credit line.

This is the crux of how you find the best business line of credit for your needs. You have to know your needs. Here are some examples how a business may use a line of credit.

Take advantage of a sale on inventory, raw materials, or supplies. This can reduce cost of goods sold and consequently, increase the bottom line.
Purchase or repair minor equipment when needed. This would be like a new printer or laptop, not an industrial oven, freezer, delivery truck, or a large machine used in a plant of some sort. Larger equipment would best be purchases with an equipment loan.
Bridge temporary cash gaps or continuous, known cash gaps due to timing issues. An example of this would be several bills that are due at the beginning of the month when you know your largest contracts pay at the end of the month. The money is coming, it is reliable, but the bills come due before the money comes. You can pay the bills with the line of credit, then pay off the line of credit when the contracts pay.

Another example of this is a seasonal line of credit for a business that does the majority of its sales during a certain time of the year. A florist does a large percentage of sales during Valentines day, so a seasonal line of credit can come in handy to bridge the cash gap during other times of the year.

2. Find out what is available.

Shop around with various financial institutions to determine which ones offer the best business lines of credit. You will want to look at factors such as interest rate and credit limit in relation to what you need and can afford.

Check with various types of lenders to get a feel for which ones offer what you need. Check with larger commercial banks, small local institutions and credit unions, and alternative lenders such as those that operate exclusively online.

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

3. Know your business credit.

Your ability to get approval for the best business line of credit will be directly related to your business credit. While lenders may also consider income and cash flow, they are going to rely most heavily on your business credit score when making an approval decision about a line of credit.

A lower business credit score does not necessarily mean you can’t get approval, but it could greatly affect your interest rate and credit limit.

Consider signing up for a credit monitoring service that lets you keeps tabs on your business credit and what is affecting it each month. The one offered by CreditSuite.com is easy to use and cost effective.

Once you have a handle on why you need a business line of credit, what is available, and what you may actually be eligible for, you can make a decision as to where you are going to apply and which product you are going to apply for.

Determining which of these lenders is offers the best business line of credit for your business goes back to knowing what you need, who has it, and who will approve you for it.

When Is a Line of Credit Better than a Credit Card?

If you are going to need to make payments, a line of credit is a better option. There reason is pretty simple. The credit rate is almost always lower. The few exceptions are those cards that offer 0% APR for a short period of time.

If you are going to use a credit card to make regular purchases that you are going to pay off immediately, and you qualify for a card with perks such as cash back, then you may find that you can benefit from using a credit card over a line of credit.

An example would be if you wanted to use your business credit card to make your monthly supplies purchase each month and then pay it off in the following month so that you could take advantage of the cash back.

To float a cash flow gap or make significant purchases that you will need pay out over a short amount of time, a line of credit is almost always the best choice.

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Where To Find the Best Business Line of Credit

Since most small businesses will have a hard time getting approval from a traditional lender due to poor credit or a lack of sufficient credit history, we found examples of what alternative lenders are offering currently.

Kabbage

Kabbage offers a credit line of up to $150,000 with no credit score required. The catch is that the interest rate is between 32 and 108%1 The business must have been in existence for at least one year. And the business must have revenue of at least $50,000.

Due to the extremely high interest rate, this is really only an option for those businesses that cannot get financing. So that would be due to a low or nonexistent credit score. Plus a business would have to need something immediately. Otherwise, when it comes to interest rates, you can do better.

StreetShares

There is a credit line available here of up to $100,000. It is for those who have a business credit score of at least 600. You must have been in business for at least one year. And you must have at least $25,000 in revenue.

It requires weekly repayment.

Due to the lower revenue requirement, this is a good option for smaller businesses that are okay in the credit department.But they might have trouble meeting higher revenue criteria. Also, the interest rate minimum is lower, with the low end at 9%.

OnDeck

If you have a credit score of at least 500 you can get a credit line of up to $100,000 with OnDeck. There is a $20 per month maintenance fee, and weekly repayment. The interest rate is a little higher here than with those requiring a higher credit score minimum. It ranges from 13.99 to 39.99 percent.

Again, due to the higher interest rate, this should only be an option if you cannot meet the higher credit score requirement.

Lending Club

The credit line on offer from Lending Club goes up to a limit of $300,000. It requires a credit score of 600, at least one year in business, and at least $50,000 in revenue. The repayment term is 25 months. Also, they require collateral for limits over $100,000.

This is a good option for those who meet the requirement. This is because there is a higher limit available with collateral, and the interest rate can go as low as 6.25%. The repayment terms are much friendlier as well.

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

You Can Find the Best Business Line of Credit for Your Needs

A business line of credit is a great financing option. It offers flexibility that isn’t always available with a term loan. Interest rates are often better than those offers by business credit cards. And with alternative lenders they are an option for most small businesses. Have you found the best business line of credit for you? We would love to hear about it. Tell your company’s story about when you used the best business line of credit.

The post How The Best Business Line of Credit Can Help You Grow Your Business appeared first on Credit Suite.

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How The Best Business Line of Credit Can Help You Grow Your Business

A Business Line of Credit is Like Steroids for Your Business

A business line of credit can be an incredible tool for your business. You don’t want just any line of credit however. You want the best business line of credit for your business needs.

Not all businesses are the same, and not all lines of credit are best for all businesses. Different limits, rates, and terms work better for some than others.

What’s a Line of Credit?

If you were to pay $1,000, then spend another $500, you would pay on the $1,500 balance the next month. Your payments change as your balance changes. Just like with a credit card.

Access is most typically granted through checks or a card connected to the line of credit account.

The Best Business Line of Credit vs. Credit Cards

How do I Find the Best Business Line of Credit for my Business?

There are several steps to this process.

1. Consider why you need a credit line.

This is the crux of how you find the best business line of credit for your needs. You have to know your needs. Here are some examples how a business may use a line of credit.

Take advantage of a sale on inventory, raw materials, or supplies. This can reduce cost of goods sold and consequently, increase the bottom line.
Purchase or repair minor equipment when needed. This would be like a new printer or laptop, not an industrial oven, freezer, delivery truck, or a large machine used in a plant of some sort. Larger equipment would best be purchases with an equipment loan.
Bridge temporary cash gaps or continuous, known cash gaps due to timing issues. An example of this would be several bills that are due at the beginning of the month when you know your largest contracts pay at the end of the month. The money is coming, it is reliable, but the bills come due before the money comes. You can pay the bills with the line of credit, then pay off the line of credit when the contracts pay.

2. Find out what is available.

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

3. Know your business credit.

A lower business credit score does not necessarily mean you can’t get approval, but it could greatly affect your interest rate and credit limit.

Determining which of these lenders is offers the best business line of credit for your business goes back to knowing what you need, who has it, and who will approve you for it.

When Is a Line of Credit Better than a Credit Card?

To float a cash flow gap or make significant purchases that you will need pay out over a short amount of time, a line of credit is almost always the best choice.

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

You Can Find the Best Business Line of Credit for Your Needs

The post How The Best Business Line of Credit Can Help You Grow Your Business appeared first on Credit Suite.

Success again was achieved… $250,000.00 in Business Revenue financing!