Author: Joel Daniels

5 Companies that Build Business Credit

Building business credit is not hard, if you know what you are doing.  It doesn’t happen without some intentional action on your part.  You need to know how to set up your business, and then you need to do business with companies that build business credit. 

How to Use Companies that Build Business Credit to Your Advantage 

It can seem almost impossible to get business without business credit.  They cannot get approved for accounts because they do have business credit.  But they do not have business credit because they do not have accounts reporting positive payment history. 

What do you think of when you hear about companies that help build business credit?  Probably  not what they actually are.  These are companies that will offer net terms on invoices without a credit check. Then they will report your payments on those invoices to business credit reporting agencies.  Of course, they have to reduce risk in other ways since there is no credit check.  They may require a minimum order, a certain amount of pre orders, a minimum amount of time in business, or any number of things. 
Companies that Build Business Credit

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Why Business Credit?

What is business credit, and why do you need it?  Many business owners ask themselves this very question, especially if they have good personal credit.   They think they can get all the business funding they need with their personal credit, and fail to understand the need for business credit.  

The thing is, you need your personal credit for personal things, like buying a house and a car.  Generally, business expenses are much higher than personal ones.  They can eat up personal credit limits in a heartbeat.  This means your balances are always hovering at your limit, even if you make payments like you should.

With personal credit, this means your debt-to-credit ratio is always high, which knocks your personal credit score down.  Then, not only do you not have the open credit you need to handle your personal finances, you also ruin your personal credit score.  That crushes your chances of additional personal credit, and reduces your ability to grow our business in the future. 

The solution is business credit.  That is credit in the name of your business that is not attached to your personal credit report at all.  Typically, business credit limits are much higher.  This means you do not run as much risk of maxing out.  Also, the debt-to-credit ratio does not affect business credit the same way it does personal credit.  Even if you do max out business credit, your score will not be affected.  Your business credit score is much more reliant on making consistent, on-time payments. 

More Differences Between Business Credit and Personal Credit

Business credit is vastly different from personal credit.  They are affected differently by late payments, amounts reported, balances, and even inquiries.  

Of course, both are affected greatly by late payments.  However, business credit is affected much more quickly. Late payments are not typically reported to your personal credit report until they are 30 days late.  Late payments on business credit accounts hit your business credit report when they are as little as one day late.

Here is the biggest difference though.  With personal credit, almost every account reports to the credit reporting agencies.  In contrast, only about 7% of business credit accounts report to business credit reporting agencies.  This means you have to be intentional to get accounts reporting to business credit. 

Start by setting up your business as a separate entity from you as the owner.  Then, work with companies that build business credit.  

Companies that Build Business Credit: Set Up Your Business to Be Fundable

If your business is set up properly, you are very likely to meet most of the requirements set forth by companies that build business credit.  other than minimum time in business or minimum revenues.  These things, of course, are a function of being in business for enough time.  

How do you set up your business to build business credit and be fundable so you can take full advantage of companies that build business credit? 

There are a number of steps you need to take to ensure your business is set up in the best way to build both fundability and business credit. 

Get Separate Contact Information

Your business needs it’s own business phone number and fax number.  You can get both pretty easily that will work over the internet instead of phone lines.  In addition, 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. 

Faxes can be sent to an online fax service, if anyone ever happens to actually fax you.  This part may seem outdated, but it does help your business appear legitimate to lenders. 

You also need a separate business address. You can use a virtual office to accomplish this, even if your business is run out of your home. This is a business that offers a physical address for a fee, and sometimes they even offer mail service and live receptionist services.  In addition, there are some that offer meeting spaces for those times you may need to meet a client or customer in person. 
Companies that Build Business Credit

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Get an EIN

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

You Have to Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It makes your business appear more legitimate and offers some protection from liability. 

The option you choose does not matter other than for your budget and needs for liability protection.  The best thing to do is talk to your attorney or a tax professional.  Keep in mind that your time in business will start over at the time of incorporation. Remember many companies that build business credit require a minimum time in business to extend net terms.  That is why it is essential that you incorporate as soon as possible. 

Open a Business Bank Account

You have to open a separate 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. Also, a lot of companies that build business credit want to see a business bank account with a minimum average balance.  

Licenses

For a business to be legitimate it has to have all of the necessary licenses. If it doesn’t, credit issuers will be concerned.  Do what you have to make sure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

Website

Spend the time and money necessary to ensure your website is professionally designed and works well.  Pay for hosting too. 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. 

Companies that build business credit may not check this, but they may.  Regardless, your website is your first impression on almost everyone, and this is a vital part of setting up your business to be fundable. 

Finding Companies that Build Business Credit

Once you set your business up right, you still have to find the companies that will extend net terms and report payments.  That first part is pretty easy.  Lots of companies extend net terms on invoices.  However, most of them do not report those payments to the business credit reporting agencies like Dun & Bradstreet, Experian, and Equifax.  

Furthermore, the ones that do report do not make that information readily available. Here are a few however, just to get you started.  

Strategic Network Solutions

Strategic Network Solutions sells eBooks, software, and even office supplies.  You do have to register to see their products, but the process is fast and easy.  You will have to make a $75 or more initial purchase to be eligible for a net30 account.  They report to Experian and Credit Safe.

Grainger Industrial Supply

Grainger Industrial Supply sells industrial equipment for outdoors as well as standard tools, and more. To gain net 30 approval you will need a business license, a DUNS number, and bank reference among other things.  You will also need to make a $50 initial purchase.  They report to Dun & Bradstreet.

Summa Office Supplies

This is another office supply provider.  You can order anything from paper to staples, pens to printer ink, and pretty much anything you can think of in between from Summa.  They require a $75 initial purchase to report. They report to Equifax.

Uline

Uline sells shipping, industrial, and packing materials.  They also offer industrial and janitorial products. As a general rule, orders ship the same day.  You can get approval for net 30 terms when you order, but the credit department may make you do a few pre-paid orders first. 

Crown Office Supplies

Crown Office Supplies offers paper and other office supplies. They report to all three of the major business credit reporting agencies, which of course include D & B, Experian, and Equifax. It can be hard to find vendors which report to Equifax, so getting credit with Crown is a good move.  They do have a $99 membership fee.

This is a good start, but it isn’t enough.  You will need many more of these types of accounts to really build business credit.  How do you find them if they don’t make it publicly known whether or not they report?  You need a qualified expert to help walk you through the process. 

Another Option for Building Business Credit

Doing business with companies that build business credit is a vital step in the process, but there are some ways to make it go even faster. One of these is the credit line hybrid. 

What Is the Credit Line Hybrid? 

A credit line hybrid is a way to fund your business without putting up collateral.  Also, you only pay back what you use.  You do need a personal credit score of at least 605.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months you should have less than 4 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit. But, if you do not meet all of the requirements, you can still use this type of funding.

Here’s how.  You use a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to help fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding, and as long as you make the payments, you can still build business credit.  

Companies that Build Business Credit

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Companies that Build Business Credit: Next Steps

Once you have companies reporting your on-time payments you will start building business credit pretty fast.  Then what?  Then you will be able to get approval for business credit cards.  In the beginning, it will be easiest to qualify for store cards like those offered by Office Depot or Best Buy.  These are cards you can only use at the specific store that issues them. 

After that, you should be able to get approval for fleet cards.  These cards can be used for vehicle maintenance and repair, and gasoline purchases. 

Once you have several of these different types of accounts reporting consistent, on-time payments, your business credit should be strong enough to handle whatever comes its way.

Companies That Build Business Credit Can Help You Meet Your Goals

Unlike personal credit, you have to work to intentionally build business credit.  The first step is setting up your business to be fundable.  It doesn’t stop there though.  Since few business accounts actually report to D&B, Experian, Equifax, or any other business credit reporting agency, you have to work with companies that you know will report.  That takes some work and intentionality.  Find a qualified business credit expert that can help you find these companies and get approval.  Then you will be well on your way.

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Hopper | Senior Software Developer – iOS (Remote) | Montreal, Toronto, Boston or 100% remote | Full-time, Salary + Options

Hopper is a mobile first travel company aimed at making it simple and stress free for users to book travel. We predict Hotel and Airline prices, and help customers optimize for price by advising them when to book, and when not to book.

Amongst a range of products built to reduce the stress and complexity involved in travel, we, for example, back our price predictions by offering users the option to freeze a specific price (we cover the difference if the price doesn’t drop quite as far as we predicted). We’ve been helping users who are forced to travel during these challenging times by scaling out capacity for our “Cancel for any Reason” product, and are gradually rolling out other products in a similar vein.

We’ve raised 70m in funding in May, and are well situated to survive the pandemic. We’re looking for senior engineers with iOS chops.

https://www.hopper.com/careers/senior-software-developer—i…

Small Business Crowdfunding: Is it For You?

Small business crowdfunding is just one of many funding options.  How do you know which one is best for you? Crowdfunding is an innovative way for a business to get funding.  Honestly, it seems to be perfect. Except, it doesn’t work for everyone 

Small Business Crowdfunding is Not for Everyone

The problem is, a huge number of crowdfunding campaigns are not successful.  That doesn’t mean you won’t see success, but crowdfunding for startups really isn’t for everyone.  It works much better for some types of businesses than others.  

In addition, how you run your campaign makes a huge difference in your success.  We have the secrets to both successful campaigns and which businesses do best with small business crowdfunding.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

What is Small Business Crowdfunding

small bus crowdfunding Credit SuiteCrowdfunding sites let you get the word out about your business to thousands of micro investors at once. Anyone interested can invest as much or as little as they want.  

They can pledge a wide range of amounts depending on the campaign and the platform in use. They may give anywhere from $50 to $500. Heck, pledges can even go as low as $5.

Most offer rewards to investors for their giving. Usually, this is the product the business will be selling. However, often different levels of giving result in different rewards. For example, a $5 gift may get you a thank you note, and a $100 gift will get you an early release of the product.

What Types of Businesses Do Best with Small Business Crowdfunding?

Any business can give crowdfunding a shot, and success is always possible.  However, historically these types of businesses have done best. 

New Local Services 

This one was surprising to me personally, but it makes sense.  If you want to open a local business, especially in an area where there is a direct need, it could do well with small business crowdfunding for startups.  It may depend on your platform, more on that later. For now, Local Lift is designed specifically for local businesses to request funding, gauge interest, and even build a customer base before opening.

New High-Tech Gadgets

This doesn’t mean just a new take on what is already out there.  Rather, this is something that is completely unique. That is what is going to get the most support.  Also, it needs to have a working prototype and there needs to be research behind it. 

Unique Inventions for the Home

This category gets a ton of support, especially for items that solve everyday problems. For example, the fly killing salt shotgun and the wet diaper sensor have done really well!

New Tools for Cooking at Home

Think things that will let you do something at home that you normally can’t, like carbonate your own soda, or something that lets your cook things faster, or easier.  Items that serve multiple purposes are another option. Maybe an easy way to make sushi at home? New kitchen tools for the home are often a big hit. 

Small Business Crowdfunding Platforms

Suppose you have one of these highly successful ideas, or even if you do not and you want to give small business crowdfunding a shot anyway, you need to find the right platform.  Now more than ever, with the economic downturn due to coronavirus, you have to choose your platform carefully.  Here are a few to start with. 

Kickckstarter

With over 14 million backers, Kickstarter is one of the largest crowdfunding platforms in the world.  They boast over 130,000 funded projects. These include products and services related to: 

  • Publishing
  • The arts and film
  • Comics and illustration
  • Design and tech

Kickstarter requires you to  have a prototype. In addition, projects cannot be for charity.  However, nonprofits can use Kickstarter.  Also, you are not allowed to offer equity in a company as a perk. 

Other banned projects and perks include anything to do with:

  • Contests and raffles
  • Cures and medicines
  • Credit services
  • Live animals
  • Alcohol
  • Weapons

Creators collect a 5% fee on all funds.  They also use a payment processor, Stripe, that applies payment processing fees (roughly 3-5%). Unsuccessful campaigns do not pay a fee. There are also fees of 3% + $0.20 per pledge. Pledges under $10 have to pay a discounted micro pledge fee of 5% + $0.05 per pledge.

Indiegogo

Indiegogo has over 9 million investors. They do not allow campaign goals below $500. Also, they charge 5% platform fees and 3% + 30¢ third-party credit card fees. Note that fees are deducted from the amount raised, not the goal. As a result, if you raise more than your goal, you will pay more in fees. They do not accept PayPal.

Indiegogo is noteworthy because they offer flexible financing in addition to fixed financing options. So, if you do not make your goal and you chose flexible funding, you can at least hold onto what you collected. This is the opposite of how crowdfunding normally works.

RocketHub

RocketHub is better suited for those who need venture capital. They give you an ELEQUITY Funding Room. There, you can pitch your idea and see if it stimulates any interest from donors.

This platform is specifically for business owners working on projects related to: 

  • Art
  • Business
  • Science
  • Social

If you achieve your fundraising goal, you will pay a fee of 4%. In addition, you’ll pay a 4% credit card handling fee. But if you do not reach your goal, then that fee jumps up to 8% plus the credit card handling fee. That means RocketHub is best for companies that are more confident they will make their goals.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

CircleUp

CircleUp aims to help up and coming brands and companies raise capital for growth projects. However, companies must apply and show revenue of at least $1 million to get a listing on the site. That said, the platform will sometimes make exceptions.

CircleUp can be good for those who already have a somewhat established business. That includes business owners who want both funding and guidance in order to take their businesses to the next level.

If your business gets approval for listing on CircleUp, the fee percentage comes from the total amount you raise. 

GoGetFunding

GoGetFunding has been around since 2011. They let fundraisers keep the money they raise, regardless of whether they meet their target. If your business idea is unproven and you are unsure of whether you can meet your funding needs with a crowdfunding for business campaign, flexible funding can be a great option. 

They charge a 6.9% fee. This is pretty high, but it includes both the platform fee and the payment processing fee. Therefore, it is actually more cost-effective than many other crowdfunding for business options.

Crowdfunder

With Crowdfunder, investors purchase equity in promising companies. They consider campaigns to be deals, and its donors are investors. Basic listings are $449/month. Self-start listings are $499/month. Self-start plus is $999/month.  In their community, there are over 15,000 investors and 200,000 startups.

Fundable

This is a crowdfunding for business platform that allows companies to raise funds from investors, customers, and friends. They have over $80 million in funding commitments.

Fundable does allow equity campaigns. Also, they charge $179 per month to raise funds. Fees on rewards are: 3.5% + 30¢ per transaction. They do not charge success fees.

Fundly

Fundly allows for crowdfunding for creative ventures. If your business has a creative lean, this might work for you.

There is no minimum amount to fundraise or to keep money you raise. You can usually withdraw payments within 24 – 48 hours of the donation. In addition, they offer automatic transfers. It is free to create and share an online fundraising campaign. 

Yet, Fundly will deduct a 4.9% fee from each donation you get. A credit card processing fee of 3% is also taken out from each donation. Also, there are nonspecific automatic discounts for larger campaigns.

Keys to a Successful Small Business Crowdfunding Campaign

There is no such thing as guaranteed success.  These steps can help make sure you give yourself the best chance possible when it comes to crowdfunding for business. 

Do the Research 

You have to know your market and what demand looks like.  The only way to find that out is to research. Figure out how much money you actually need before you set your goal. Lots of business owners have started crowdfunding campaigns only to find the demand isn’t there or their goal fell short of the actual need.

Create a Prototype

Trulty, you have to have a sample to show investors. It’s important. People are generally more likely to let go of money if they can see something tangible. This is so vital that Kickstarter actually mandates that you to have a prototype to show potential investors

Consider Your Platform

Once you know who your target audience is, you can determine if you would be best served by Kickstarter, Indiegogo, or another successful platform that is not as well known. If your audience doesn’t use the platform you are on, it won’t matter how great your idea or product is. They’ll never see it.

Give Awesome Incentives

This is huge.  Don’t make promises you can’t keep, and don’t give away the company. Still, if someone one is going to help you get started, they deserve something amazing.  Offer more than a thank you note. Be bold with what you offer as a reward for their support, without harming your success.

Set a Goal

Setting goals you can reach is necessary to success. Make certain you look at the numbers in relation to actual facts before you set a fundraising goal. Be certain you have production facilities on the line that can meet the timeline goals. Do not randomly set goals with no clue what it will take to reach them.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

It’s All in the Marketing

You can’t just willy nilly throw a campaign together. If you create a video, it needs to be professionally edited. Any social media should be specifically targeted toward your audience. If they are a cheesy, audience, then that is how your social media and videos need to be.  A more sophisticated audience will need a different feel. 

Whether Small Business Crowdfunding Works for You or Not, You Need Strong Fundability

What is fundability?  It’s the ability of your business to get funding.  What affects the fundability of your business? How do you make your business fundable?  Those are short questions with very long answers. Here’s a brief rundown. 

How Do You Make Your Business Fundable? 

Your business will never build fundability if you do not set it up to do so.  These means: 

  • Having a separate phone number, address, and email address for your business.  Don’t use your own. 
  • Incorporating as an S-corp, LLC, or corporation.
  • Opening a separate, dedicated business bank account. 
  • Have all the licenses necessary to operate. 
  • Getting an EIN from the IRS.
  • Getting a D-U-N-S number from Dun & Bradstreet.
  • Having a professional, user friendly business website. 

That’s just the setup however.  This doesn’t cause your business to be fundable, it just gets it ready.  If everything else is stellar and your business isn’t set up this way, it will not be fundable. 

What Affects the Fundability of Your Business? 

This list is much more complicated.  All of these things fit together like the pieces of a very strange puzzle.  Some of it has to do with the past, some the future, and some deal with what is happening right now.  For example, some things related to you personally, such as liens, traffic tickets, and person credit can actually affect the fundability of your business.

That said, if you flood the agencies that report this information with enough positive information, the older information will not matter as much.  At the same time, you have to work to actively build business credit, which is a whole other animal.  It affects fundability in a huge way, but contrary to personal credit, it doesn’t build on its own.  

Is Small Business Crowdfunding for You?

It might be.  If you fit into one of those categories known to be the most successful, give it a shot.  Even if you don’t, there’s nothing that says you can’t try. Either way, be sure to follow our tips for a successful campaign, and work on fundability at the same time.  In the future, you will most definitely need it.

The post Small Business Crowdfunding: Is it For You? appeared first on Credit Suite.

New comment by freelancesecops in "Ask HN: Freelancer? Seeking freelancer? (April 2020)"

SEEKING WORK | Utrecht | Local or remote Seeking work as a freelance DevOps engineer. Technologies: • Ansible (RHCE) • Docker Containers and Docker Swarm • Linux (RHCSA) • Scripting in Python, Javascript, Bash • CI/CD pipelines with Jenkins, Gitlab • Terraform My main drives are to build clean IaC, automate everything that can be … Continue reading New comment by freelancesecops in "Ask HN: Freelancer? Seeking freelancer? (April 2020)"

What is Fundability in Reference to Business Credit

As a business owner, you may be beginning to hear the word fundability a lot.  It may come from lenders, various media platforms, or your own current creditors.  What is fundability? What does fundability really mean in relation to business credit?  Fundability in reference to business credit is how lenders see your business when considering whether or not to lend money. 

What Affects Fundability in Reference to Business Credit

It is one this to know what fundability is.  Understanding what is means when it comes to business credit is another thing altogether.  What does fundability look like practically when trying to get business funding? 

When discussing fundability in reference to business credit, we are looking more at what credit issuers and loan providers want to see. 

Find out why so many companies use our proven methods to get business loans.

Why Does Fundability in Reference to Business Credit Even Matter?fundable for corporate credit Credit Suite

All businesses need funding. However, there is more than one way to get it.   

(1) Grants

(2) Selling assets such as land, vehicles, equipment, or office space in buildings 

(3) Crowdfunding

(4) Angel investing or venture capital payments, or

(5) Loans

When we talk about fundability in reference to business credit, we are talking about loans and other forms of debt. I mean, lenders are not going to hand out money to just anyone.  Instead, they want to see if a business is a good credit risk. They need to know they will make money.

What Makes a Business Fundable in Reference to Business Credit? 

There are way more factors that contribute to fundability in reference to business credit than most realize.  You see, it is a complicated web that intertwines your personal life with your business in ways you may never truly understand.  We try to break it down here. 

Fundability in Reference to Business Credit: It Starts at the Beginning

Fundability, in reference to business credit, truly starts with how your business is set up. If your business is not already set up in the following way, it isn’t as fundable as it could be. 

Contact Information

The first step to setting up a fundable business is to ensure your business has its own business phone number, fax number, and business 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. 

EIN

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

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. 

Time in business affects fundability also, and that starts at the point of incorporation.

Business Bank Account

You have to open a separate, dedicated business bank account.  There are a few reasons for this.  First, it will make keeping personal and business expenses separate for tax purposes much easier.  Next, it will help provide separation between the business and you as the owner for business credit building. There are many other reasons as well. 

Licenses

Business licenses are necessary for a business to be legitimate.  If it doesn’t, red flags are going to fly up all over the place.  Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

Website

I am sure you are wondering how a business website can affect your ability to get funding.  Here’s the thing.  These days, you do not exist if you do not have a website. However, having a poorly put together website can be even worse.  It is the first impression you make on many, and if it appears to be unprofessional it will not bode well for you with consumers or potential lenders. 

Spend the time and money necessary to ensure your website is professionally designed and works well.  Pay for hosting too. 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.

Find out why so many companies use our proven methods to get business loans.

Fundability in Reference to Business Credit: After the Set Up

How your business is set up is just the beginning of fundability when considered in reference to business credit. Here are the other things that affect the fundability of your business. 

Business Credit Reports

Your fundability in reference to business credit hinges largely on the information in your business credit report.  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.  However, the main ones are Dun & Bradstreet, Experian, Equifax, and FICO SBSS.  Make sure your reports are updated and accurate.  You have no clue which ones your lender will choose to use.  

Other Business Data Agencies 

Some business credit reporting agencies directly calculate and issue credit reports.  There are other business data agencies that affect those reports indirectly.  Two examples 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.  When considering what is fundability, you need to be aware that these numbers exists.  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

This is where you really get to the heart of things when it comes to business credit reports.  Your credit history has everything to do with all things related to your credit score.  Of course, your business credit score is a huge factor in the fundability of your business.  

Credit history consists of a number of things including: 

  • 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. 

Consistency in 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, some things slip through the cracks.  When adding a business phone number and address or incorporating, you can forget to make updates.

This is a problem because of fraud concerns.  Per a 2009 Experian report, fraud-related costs for U. S. businesses are more than $50 billion annually. This could actually understate the extent of the problem, since some estimate up to 30 percent of all bad-debt commercial losses are due to ‘soft’ fraud.  This is usually from material misrepresentation on an application. 

When you consider this, along with the fact that business fraud is estimated to be three to 10 times more profitable than consumer fraud, you can see why it’s a problem. 

Keep your information updated and consistent.  In doing so, you’ll reduce the number for fraud signs sent up by your business. 

Financial Statements

All financial statements count when discussing fundability in relation to business credit.  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

Honestly, 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

Sometimes, 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

Surprisingly, 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. 

Likewise, everything comes into play for this point.  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.  Furthermore, 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 week 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. 

Find out why so many companies use our proven methods to get business loans.

The Application Process

Truly, so much plays into this that you may not even think about. For example, 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 to apply for can make all the difference. 

Fundability is Reference to Business Credit is a Whole New Ballgame for Some 

The concept of fundability in reference to business credit is a new one for some business owners to grasp.  Since business credit and personal credit are totally separate, it is hard to comprehend how one can truly affect the other in terms of fundability. The truth is, while one does not affect the other directly, the indirect effects of all of the above are far reaching.  

Remember, to keep things moving smoothly, it is important to keep an eye on both your personal and business credit report.  You can get a free copy of your personal credit report each year. In addition, there are a number of options for continuous personal credit monitoring for free. 

Now, Business credit monitoring isn’t free.  There are lower cost options for business however, if you know where to look. 

The post What is Fundability in Reference to Business Credit appeared first on Credit Suite.

Linking the space with Call Center Customer Support Services

Linking the space with Call Center Customer Support Services

Call facility consumer assistance solutions being an important component in call facility sector mostly purpose to supply the telephone call focuses customers the ideal phone call facility consumer assistance solutions not just for the advantage of the consumers yet for the business. It is not also unusual that the continual extensive of clients that want customer support is the major reason for lots of call facility consumer assistance solutions today.

Call facility client assistance solutions being a device for much price financial savings and also earnings lead the procedures of much phone call facilities in other places in the globe. Call facility client assistance solutions are not just apparent in the real telephone call facility atmosphere yet likewise highly-applied in many website throughout the net. Numerous of those internet websites that use call facility client assistance solutions share the exact same suggestion on why they provided such points, that is to assist its consumers enhance the client retention as well as advancement and also to minimize the expense distribution.

Nowadays, as we went into the ball of extremely valued modern technologies, lots of call facility client assistance solutions not just provided solutions that are just one-to-one document that is simply operator-customer all-natural discussion yet many of those call facility client assistance solutions include also all those that very automated. Along with this, lots of call facility consumer assistance solutions have choices that are useful to both consumers and also the firm, and also those call facility client assistance solutions include variables such as rate of solution, initial phone call resolutions, long range stories, and also personality language distribution.

Each degree of those call facility client assistance solutions has not simply a solitary solution yet several telephone call facility consumer assistance solutions. In certain, the telephone call facility consumer assistance solutions under the client solution, invoicing as well as questions entail account upkeep, solution send off, as well as also consumer relationships to give the customers call facility consumer assistance solutions and also payment questions with completely bound representatives.

Several of those internet websites that provide call facility consumer assistance solutions share the very same suggestion on why they used such points, that is to assist its clients boost the consumer retention and also advancement as well as to decrease the expense shipment.

Along with this, numerous call facility consumer assistance solutions have alternatives that are advantageous to both consumers and also the firm, and also those call facility consumer assistance solutions entail variables such as rate of solution, very first phone call resolutions, long range stories, as well as personality language distribution. In certain, the telephone call facility consumer assistance solutions under the client solution, invoicing and also queries include account upkeep, solution send off, as well as also consumer relationships to supply the customers call facility consumer assistance solutions and also invoicing questions with entirely adhered representatives.

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New comment by cobalternate in "Ask HN: Who is hiring? (January 2020)"

zeroheight (YC S19) | London, UK | Onsite | Full-time | https://zeroheight.com

We think design systems have the potential to change how companies build products. We’ve already built a great product for design documentation. Our goal now is to give companies all the tools they need to build a full “design system” and maintain design consistency as their products scale.

We’re still hiring our first few engineers so this is a fantastic opportunity to have a large impact on the future of the product process.

Role: Full-stack Product Engineer | £45 – 65k + equity

Tech: JavaScript (React | Backbone), Ruby (Rails), AWS (RDS | EC2 | Lambda)

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The U.S. Economy Helps Sink The Middle Class

The radiant financial records are blowing away the center course. Tiffany the high-end jewelry expert revenue climbed as sales went up 20% to $ 662.6 million. The having a hard time center course are really feeling the pinch.

The attractive residence market has actually dropped level for the having a hard time center course. The inadequate are still bad as well as the center course is having a hard time to remain center course. The case is various other areas of the economic situation are healthy and balanced.

That and also what are the records referring to? What this implies is if the reduced to center course revenues are stagnate while rising cost of living is climbing, the healthy and balanced economic climate exists for the abundant. There are numerous methods to make the nationwide economic climate show up healthy and balanced than it is for the typical functioning course household.

Readjusted for rising cost of living the government minimal wage has actually dropped 42% in June 2006 given that its optimal. The U.S. economic situation is partially constructed on the pharmaceutical as well as food corporations. Assume concerning it you have to consume so there is constantly a market for what the food sector creates.

The U.S. economic climate is sustained by the functioning course. If the U.S. economic situation sinks the center course, it will certainly resemble believed the entire economic situation.

The chances for wide range still exist in this economic situation. Their purchasing power and also customer costs feed the economic situation. The inquiry is whose economic climate.

When paying attention to the records on the economic situation you have to ask where Middle America is. It is being sunk by the individuals that assert to be holding the economic climate with each other.

What this implies is if the reduced to center course earnings are stagnate while rising cost of living is climbing, the healthy and balanced economic situation exists for the abundant. There are lots of methods to make the nationwide economic situation show up healthy and balanced than it is for the typical functioning course household.

The U.S. economic climate is sustained by the functioning course. If the U.S. economic climate sinks the center course, it will certainly resemble assumed the entire economic climate.

When paying attention to the records on the economic situation you have to ask where Middle America is.

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