Tag: Work

PayPal Working Capital Review: Will It Work for You?

PayPal Working Capital is a funding option offered through the PayPal online payment service.  What do they offer? Are they a good option for you? Let’s find out. 

What Does PayPal Working Capital Offer, and Is It Right for You?

If it is a good fit, PayPal Working Capital can help you run and grow your business. However, it  isn’t right for everyone. The product is solid, but there are some major drawbacks that make it perfect for some, and not so much for others. 

PayPal Working Capital Review:  The Basics

PayPal Working Capital has a physical address at: 

2211 North First Street

San Jose, California 95131.

San Jose is the home of PayPal Working Capital’s corporate headquarters.

You can call them at: (888) 221-1161. Their contact page is here: https://www.paypal.com/us/selfhelp/home. They have been in business since 1998 but that is actually how long PayPal itself has been in business.

Paypal Working Capital Credit Suite

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

PayPal Working Capital Review: Amounts and Eligibility

PayPal offers flexible payments with a fixed fee and no credit check. The reason they can offer no credit check is that they use your PayPal business transactions as the basis for approval.  The amount of your loan and fees are all dependent on the amount of you take in each year through PayPal. In addition, your loan is repaid as an automatic deduction of collections through PayPal, so as long as you are collecting money through PayPal, they will get their money.

The maximum loan amount can be up to 30% of annual PayPal sales, and no more than $97,000 for a first loan. The third loan can be up to $125,000. Your business can get funding in minutes and there is no early payment penalty.

You must have a PayPal Business or Premier account for 3 months or longer to qualify. You also have to process more than $20,000 in annual PayPal sales if you have a Premier PayPal account.  A regular business PayPal account only requires $15,000 annually to be eligible. 

PayPal Working Capital Review: Rates, Terms, Fees and Repayment Options

Automatic repayments are deducted as a percentage of each PayPal sale. The fee is based on your business’s PayPal sales history, your loan amount, and the repayment percentage chosen. A higher payment percentage will lower the fee. 

You can use their calculator tool to get an idea of what fees might look like with different repayment percentages.  It can also help you get a feel for how everything works. You do have to pay a minimum amount over a 90-day period, which PayPal claims is easily met by most out of the daily sales percentage.  However, if there were a 90-day period where you were not able to hit the minimum out of sales, you can log on and make a payment. 

Keep in mind, you get to choose what percentage of sales is taken as repayment.  The calculator will show you several options, but the larger the percentage the lower the fees. The website offers these examples: 

  • If you borrow $10,000 ($9,800 loan + $200 fixed fee) and the loan is estimated to be repaid in 13 months based on your previous years’ PayPal sales, then your minimum repayment is 5% or $500, every 90 days.
  • If you borrow $30,000 ($29,500 loan + $500 fixed fee) and the loan is estimated to be repaid in 8 months based on your previous years’ PayPal sales, then your minimum repayment is 10% or $3,000, every 90 days.

PayPal Working Capital Review: The Brass Tacks

For those with steady, reliable PayPal sales, this is a great option.  Keep in mind however, the amount you are eligible to borrow will be limited by your PayPal sales amounts.  If you make sales via other platforms, that revenue will not be included in the decisions making process. 

What If I do not Qualify for PayPal Working Capital? 

One of the top reasons why business owners use PayPal Working Capital is that there is no credit check.  If credit is an issue, it’s time to get to work so you can have more funding options. Credit isn’t the only thing you have to work on however. It is possible the complete fundability of your business needs work.  

The Fundability Puzzle (for PayPal Working Capital and More)

Fundability is the ability of your business to get funding.  It is affected by many variables, only one of which is business credit.  The better your fundability, the more funding options you will have.  

What affects the fundability of your business?    The answer isn’t hard, but it is kind of long.  Sure, a great business credit score is important, but there are so many more pieces to the puzzle.  

The key is, a potential creditor needs to see that your business is legitimate and profitable.  Many loan applications are denied approval due to fraud concerns.  Others, simply because something didn’t match up and threw up a red flag. Maybe the addresses or phone numbers didn’t match on a couple of reports and it just looks unprofessional.  Business credit just isn’t the whole story.

If you understand what fundability is and how to get it, you can open up a world of funding options you never had before.

Paypal Working Capital Credit Suite

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

Building a Foundation of Fundability

The foundation of fundability is in how your business is set up.  It has to be set up to appear to be a fundable entity separate from you, the owner.  How do you accomplish this?  Well, like any foundation, it is best to start at the beginning.  It will be faster and easier if you do. However, if your business is already up and running, then you may not have that option.  That’s okay, it’s never too late to start, but start now.  For several reasons, the longer you wait the harder it will be. Here is what it takes to build a fundable foundation.

Contact Information Specifically for the Business

The first step in setting up a foundation of fundability is to ensure your business has its own phone number, fax number, and address.  That doesn’t mean you have to get a separate phone line, or even a separate location.  You can still run your business from your home or on your computer. 

You can get a business phone number and fax number easily that will work over the internet instead of phone lines.  Also, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline if you want.  Whenever someone calls your business number it will ring straight to you. 

An EIN Is Essential

The next thing you need to do is get an EIN for your business.  This is an identifying number that works in a way similar to how your SSN works for you personally.  You can get one for free from the IRS.

You Must Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It lends credence to your business as one that is legitimate. It also offers some protection from liability. 

Which option you choose does not matter as much for fundability as it does for your budget and needs for liability protection.  The best thing to do is talk to your attorney or a tax professional.  What is going to happen is that you are going to lose the time in business that you have.  When you incorporate, you become a new entity. You basically have to start over. You’ll also lose any positive payment history you may have accumulated, so the sooner you incorporate, the better.

A Dedicated Business Bank Account Cannot Be Ignored

You have to open a separate, dedicated business bank account.  There are a few reasons for this.  First, it will help you keep track of business finances.  It will also help you keep them separate from personal finances for tax purposes. 

However, there are also several types of funding you cannot get without a business bank account.  Many lenders and credit cards want to see one with a minimum average balance.  In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments.  Studies show consumers tend to spend more when they can pay by credit card.

Get Your Licenses

Fundability also includes being a legitimate business.  For a business to be legitimate it has to have all of the necessary licenses it needs to run.  If it doesn’t, red flags will go up.  Do the research you need to do to make sure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

Don’t Forget the Website

A business website can affect your ability to get funding.  These days, you do not exist if you do not have a website.  

Spend the time and money necessary to ensure your website is professionally designed and works well.  Pay for hosting also. Don’t use a free hosting service.  Along these same lines, your business needs a dedicated business email address.  Make sure it has the same URL as your Website. Don’t use a free service such as Yahoo or Gmail.

Other Pieces of the Fundability Puzzle

In addition to having a fundable foundation, you need these pieces to complete the fundability puzzle and have the complete picture.

Business Credit Reports 

Your business credit report also affects fundability.  That is the credit report, much like your consumer credit report, that details the credit history of your business.  It is a tool to help lenders determine how credit worthy your business is.  

Where do business credit reports come from?  There are a lot of different places, but the main ones are Dun & Bradstreet, Experian, Equifax, and FICO SBSS.  Since you have no way of knowing which one your lender will choose, you need to make sure all of these reports are up to date and accurate. 

Other Business Data Agencies 

In addition to the business credit reporting agencies that directly calculate and issue credit reports, there are other business data agencies that affect those reports indirectly.  Two examples of this are LexisNexis and The Small Business Finance Exchange. These two agencies gather data from a variety of sources, including public records.  This means they could even have access to information relating to automobile accidents and liens. While you may not be able to access or change the data the agencies have on your business, you can ensure that any new information they receive is positive.  Enough positive information can help counteract any negative information from the past. 

Identification Numbers 

In addition to the EIN, there are identifying numbers that go along with your business credit reports.  You need to be aware that these numbers exist.  Some of them are simply assigned by the agency, like the Experian BIN.  One, however, you have to apply to get. It is absolutely necessary that you do this. 

Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  Every credit file in their database has a D-U-N-S number.  To get a D-U-N-S number, you have to apply for one through the D&B website. 

Business Credit History

Your credit history has everything to do with everything related to your credit score, which is a huge factor in the fundability of your business.  

Your credit history consists of a number of things including: 

Paypal Working Capital Credit Suite

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

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

The more accounts you have reporting on-time payments, the stronger your credit score will be. 

Business Information

On the surface, it seems obvious that all of your business information should be the same across the board everywhere you use it.  However, when you start changing things up, like adding a business phone number and address or incorporating, you may find that some things slip through the cracks. 

This is a problem because a ton of loan applications are turned down each year due to fraud concerns simply because things do not match up.  Maybe your business licenses have your personal address but now you have a business address.  You have to change it. Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the correct information?  

The key to this piece of the business fundability is to monitor your reports frequently.   

Financial Statements

This encompasses a broad spectrum of things.  First, there is the obvious. Both your personal and business tax returns need to be in order.  Not only that, but you need to be paying your taxes, both business and personal.  

Business Financials

It is best to have an accounting professional prepare regular financial statements for your business. Having an accountant’s name on financial statements lends credence to the legitimacy of your business. If you cannot afford this monthly or quarterly, at least have professional statements prepared annually. Then, they are at the ready whenever you need to apply for a loan. 

Personal Financials

Often tax returns for the previous three years will suffice.  Get a tax professional to prepare them.   This is the bare minimum you will need.  Other information lenders may ask for include check stubs and bank statements, among other things. 

Bureaus

There are several other agencies that hold information related to your personal finances that you need to know about.  Everyone knows about FICO.  Your personal FICO score needs to be as strong as possible. It really can affect business fundability and almost all traditional lenders will look at personal credit in addition to business credit. 

In addition to FICO reporting personal credit, you have ChexSystems.  In the simplest terms, this keeps up with bad check activity and makes a difference when it comes to your bank score.  If you have too many bad checks, you will not be able to open a bank account.  That will cause serious fundability issues. 

For this point, everything comes into play.  Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record?  How about liens or UCC filings? All of this can and will play into the fundability of your business. 

Personal Credit History

Your personal credit score from Experian, Equifax, and Transunion all make a difference.  You have to have your personal credit in order because it will definitely affect the fundability of your business.  If it isn’t great right now, get to work on it.  The number one way to get a strong personal credit score or improve a weak one is to make payments consistently on time. 

Also, make sure you monitor your personal credit regularly to ensure mistakes are corrected and that there are no fraudulent accounts being reported. 

The Application Process

So much plays into this that you may not even think about. First, consider the timing of the application.  Is your business currently fundable?  If not, do some work first to increase fundability. Next, ensure that your business name, business address, and ownership status are all verifiable.  Lenders will check into it.  Lastly, make sure you choose the right lending product for your business and your needs. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs?  Choosing the right product can make all the difference. 

PayPal Working Capital Review: A Final Word

The more options you have, the better.  If you do a ton of business on PayPal, then PayPal Working Capital is a completely legitimate option.  However, regardless, it is best to ensure your overall fundability is in order so you can have as many funding options as possible. 

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Work Taxes– Depositing With The IRS

Work Taxes– Depositing With The IRS

You need to pay work tax obligations if your organisation has workers. The settlement system can be a little bit complex, so this post goes over exactly how to deal with transferring work tax obligations with the IRS.

Transferring Employment Taxes

To pay work tax obligations, you have to transfer the cash with the IRS. As is regular with tax obligation scenarios, the repayments are not really made to the IRS. Rather, you have to transfer the work tax obligations with a government vault.

To transfer the tax obligations, you ahead cash per the financial institution requirements. You will certainly additionally require to submit a Federal Tax Deposit Coupon, Form 8109, with the down payment.

When To Deposit

As soon as or two times a month, you need to transfer work tax obligations either. The IRS will certainly send you a timetable at the end of yearly for the succeeding year. As a basic regulation, you intend to submit within a couple of days of each pay duration.

Failing To Deposit

Gathering work tax obligations is a high concern of the IRS. In brief, make definitely certain you transfer the work tax obligations.

In Closing

There is nothing else means to place it– paying work tax obligations is a discomfort. Simply make certain you pay them to prevent the rage of the IRS.

To pay work tax obligations, you have to transfer the cash with the IRS. Rather, you have to transfer the work tax obligations with a government vault. You will certainly additionally require to submit a Federal Tax Deposit Coupon, Form 8109, with the down payment. You should transfer work tax obligations either as soon as or two times a month. In brief, make definitely certain you transfer the work tax obligations.

The post Work Taxes– Depositing With The IRS appeared first on ROI Credit Builders.

Work Taxes– What Are They?

Work Taxes– What Are They?

If you have staff members, you are in charge of paying a range of tax obligations at the government, state, and also regional degrees. You have to likewise keep specific tax obligations from the incomes of your staff members. What are work tax obligations?

Work tax obligations consist of the complying with.

1. Government revenue tax obligation withholding

2. Social Security as well as Medicare tax obligations

3. Federal joblessness tax obligation (FUTA).

Federal Income Taxes/Social Security and also Medicare Taxes

You usually need to hold back government earnings tax obligation from incomes paid to a worker. Type W-4 is made use of to identify the certain quantity, although the majority of pay-roll solutions or your accounting professional will certainly do this for you.

Social safety as well as Medicare tax obligations pay for advantages that households as well as employees obtain under the Federal Insurance Contributions Act (FICA). Social safety and security tax obligation pays for advantages for the retired, survivors, and also special needs insurance coverage circulation arrangements of FICA.

Generally, you have to transfer these tax obligations by check or money to a certified banks, usually your financial institution. Get in touch with your tax obligation specialist to ensure you are not called for to make use of the Electronic Federal Tax Deposit System (EFTPS). Despite the settlement approach, you will certainly after that report them on Form 941, the Employer’s Quarterly Federal Tax Return

Federal Unemployment Tax (FUTA).

FUTA is a mixed government and also state program that offers joblessness settlement to the jobless. As a local business owner, you are only in charge of paying this tax obligation, to wit, absolutely nothing is held back from the incomes of your staff members. FUTA is figured out by utilizing Form 940, yet you are motivated to utilize a tax obligation expert to identify settlement quantities.

Work tax obligations can be annoying for a small company proprietor. They are, however, an essential wickedness as your organisation expands.

If you have workers, you are liable for paying a range of tax obligations at the government, state, as well as neighborhood degrees. What are work tax obligations?

Social safety as well as Medicare tax obligations pay for advantages that family members as well as employees get under the Federal Insurance Contributions Act (FICA). Inspect with your tax obligation expert to make certain you are not called for to make use of the Electronic Federal Tax Deposit System (EFTPS). No matter of the settlement technique, you will certainly after that report them on Form 941, the Employer’s Quarterly Federal Tax Return

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Work Taxes– What Are They?

Work Taxes– What Are They? If you have staff members, you are in charge of paying a range of tax obligations at the government, state, and also regional degrees. You have to likewise keep specific tax obligations from the incomes of your staff members. What are work tax obligations? Work tax obligations consist of the …

Work Taxes– What Are They?

Work Taxes– What Are They?

If you have staff members, you are in charge of paying a range of tax obligations at the government, state, and also regional degrees. You have to likewise keep specific tax obligations from the incomes of your staff members. What are work tax obligations?

Work tax obligations consist of the complying with.

1. Government revenue tax obligation withholding

2. Social Security as well as Medicare tax obligations

3. Federal joblessness tax obligation (FUTA).

Federal Income Taxes/Social Security and also Medicare Taxes

You usually need to hold back government earnings tax obligation from incomes paid to a worker. Type W-4 is made use of to identify the certain quantity, although the majority of pay-roll solutions or your accounting professional will certainly do this for you.

Social safety as well as Medicare tax obligations pay for advantages that households as well as employees obtain under the Federal Insurance Contributions Act (FICA). Social safety and security tax obligation pays for advantages for the retired, survivors, and also special needs insurance coverage circulation arrangements of FICA.

Generally, you have to transfer these tax obligations by check or money to a certified banks, usually your financial institution. Get in touch with your tax obligation specialist to ensure you are not called for to make use of the Electronic Federal Tax Deposit System (EFTPS). Despite the settlement approach, you will certainly after that report them on Form 941, the Employer’s Quarterly Federal Tax Return

Federal Unemployment Tax (FUTA).

FUTA is a mixed government and also state program that offers joblessness settlement to the jobless. As a local business owner, you are only in charge of paying this tax obligation, to wit, absolutely nothing is held back from the incomes of your staff members. FUTA is figured out by utilizing Form 940, yet you are motivated to utilize a tax obligation expert to identify settlement quantities.

Work tax obligations can be annoying for a small company proprietor. They are, however, an essential wickedness as your organisation expands.

If you have workers, you are liable for paying a range of tax obligations at the government, state, as well as neighborhood degrees. What are work tax obligations?

Social safety as well as Medicare tax obligations pay for advantages that family members as well as employees get under the Federal Insurance Contributions Act (FICA). Inspect with your tax obligation expert to make certain you are not called for to make use of the Electronic Federal Tax Deposit System (EFTPS). No matter of the settlement technique, you will certainly after that report them on Form 941, the Employer’s Quarterly Federal Tax Return

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Work at a Startup: job list of YC companies most actively hiring for engineers

Article URL: https://www.workatastartup.com/job_list?utm_source=hn_jobs Comments URL: https://news.ycombinator.com/item?id=23033802 Points: 1 # Comments: 0

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What Stocks Are and also How Stock Market Investments Work

What Stocks Are as well as How Stock Market Investments Work

Individuals listen to concerning the supply market every day. Each time the supply market strikes a high, or a reduced, individuals listen to concerning them. And also why is it that individuals desire to do supply market financial investments?

The supply market is the market where the trading of business supplies occur. These supplies might either be the protections which are detailed on the supply exchange or those which are traded in an exclusive way.

Supply market financial investment occurs when an individual gets a share of a firm’s supplies that were placed on sale in the supply market. Each supply market financial investment is stood for by the individual that gets his share of supplies.

In the past, securities market financial investments were done by specific purchasers and also vendors. With time, nevertheless, this has actually altered as well as the marketplace individuals developed from private financiers to big companies. This modification in the tasks of securities market financial investment has actually likewise aided to manage motions in the marketplace.

To urge supply market financial investments, a company that wants to market its supplies to firms and also people can just do so if it comes to be a firm. Their supply market financial investments provided them the authority to case possession of the organisation.

In an independently held firm, the investors are couple of and also possibly recognize each other. Their securities market financial investments are understood per various other. The openly held firm, nonetheless, is had by a multitude of individuals that do securities market financial investments on the general public stock market.

Supplies are shares of a firm or company which obtains on sale in the supply market. Supply market financial investment occurs when an individual acquires a share of a business’s supplies that were placed on sale in the supply market. Each supply market financial investment is stood for by the individual that gets his share of supplies. To motivate supply market financial investments, a company that desires to offer its supplies to companies as well as people can just do so if it ends up being a firm. The openly held business, nonetheless, is possessed by a big number of individuals that do supply market financial investments on the public supply exchange.

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