How the Small Business Finance Exchange Can Affect Your Business in a Recession: 4 Things You Need to Know

As the novel coronavirus continues to affect our economy, the SBFE remains committed to its mission. Let’s take a look at the Small Business Finance Exchange in a recession – because the chances of our economy going into a recession look rather high right now.

The Small Business Finance Exchange Affects the Way Lenders Do Business

The Small Business Finance Exchange, in a recession, can change the face of business credit. You need to know how. Solid business credit is necessary to business growth always, whether there is a recession going on or not. It is also important to the protection of your personal finances. Without a strong business credit profile, you will have to rely on your personal credit when it comes to business financing.

This is bad is so many ways. It may not seem so if you have great personal credit. The problem comes when you do not have separate business credit. Then anything that affects your business affects your personal score. If something doesn’t work out with the business, your personal credit score suffers.

It can work the opposite way also. A bad personal credit score can affect your ability to get business financing.

The remedy is to ensure your business has its own credit score, and to be certain that score is complete and accurate.

The Small Business Finance Exchange, also known as the SBFE, helps with that. Certain lenders and agencies have access to their data. How do they get your information? Does it affect your business credit? How can it affect your ability to get financing for your business?

What is the Small Business Finance Exchange?

To fully understand the role of the Small Business Finance Exchange in a recession, you need to understand what it is. The SBFE is a not-for-profit entity that gathers data on small businesses from its members. The data is then used to compile comprehensive credit information. Lenders use this information to make credit decisions.

The Small Business Finance Exchange does not lend money. It also does not create or distribute credit reports.

How Does the Small Business Finance Exchange in a Recession Work?

Generally speaking, it works the same way in recession as it does in solid economic times. The impact however, can change. The model they use is self-dubbed a “give-to-get” model. Members provide information about their borrowers. In return they can receive information from the exchange. This information can help them make future lending decisions.

Small Business Finance Exchange in a Recession

Keep your business protected with our professional business credit monitoring. It’s a worthwhile investment, saving you money even during a recession.

The process starts with members. The members report credit data from those companies that they do business with. This data will include payment history, among other things. This is one reason it is important to make payments on time. When businesses use the Small Business Finance Exchange in a recession, your payment history prior to the recession can affect your business even more.

Next, the SBFE normalizes the raw data into usable information. It then distributes this data to certified vendors. These include credit agencies that have a partnership with the SBFE. The distribution to certified vendors is step three.

Certified Vendors use the information to create comprehensive credit products for distribution to SBFE members only.

What Do Members Get?

Members can request data on any small business to whom they may extend credit, making the Small Business Finance Exchange in a recession hugely impactful. Since they gave information, they have information available to them. That means if you work with member lenders, they have access to even more information that can affect their decision than what is on a standard credit report.

Practically, it looks like this. A lender reports credit information about its current borrowers to the Small Business Finance Exchange. When a new potential borrower comes along, they request a credit report. This report does not come from the SBFE. The request is to one of the credit reporting agencies such as Dun & Bradstreet or Equifax. Because of their membership with the SBFE, they receive an extended report that includes the data received from the SBFE as well as that from D&B.

How Does Using the Small Business Finance Exchange in a Recession Affects Your Business?

There is so much more to a business than how and when they make payments. Making consistent, on-time payments is essential. However, not doing so for a period of time does not always tell the whole story. The Small Business Finance Exchange uses its data to paint a more complete picture so that creditors can be better informed.

The result is that even if your payment history is not pristine, the use of information from the Small Business Finance Exchange in a recession can be a good thing for your business. Their mission is to be an advocate for the safe and secure growth of small business. They know that lenders need the most complete and accurate information available to make a viable credit decision.

The Small Business Finance Exchange in a Recession Can Help Your Business in 4 Ways

1. It Can Help You Build Business Credit.

Strive to do business with SBFE members. When you do, you know your information is being reported, which means you are building business credit. How do you know if your lender or vendor is a member?

Small Business Finance Exchange in a Recession

Keep your business protected with our professional business credit monitoring. It’s a worthwhile investment, saving you money even during a recession.

Ask them. If they are not, considered mentioning that they become a member. However, there are enough members in the network that it should not be hard to find one.

2. They Can Help You Grow Your Business.

By working with members, you ensure your complete information is being reported. When creditors receive your information, you know they get a complete credit picture and not just one piece of it. If you are making your payments and working to build strong business credit, this can only help you.

3. You May Have Increased Funding Options.

The data available about your business from the Small Business Finance Exchange in a recession could open up additional funding opportunities that may not be available to you otherwise.

4. They Can Help You Make Wise Credit Decisions.

Small Business Finance Exchange in a Recession

If you are a small business that lends money to other businesses and has the ability to report that information, you can join the SBFE yourself. You will gain access to information about borrowers available exclusively to members. This information can help you make better decisions about your own business lending.

Who Can Become a Member?

Anyone who has the ability to report their small business lending information to the SBFE can become a member. The only way to gain access to the information that the exchange has in their Data Warehouse is to join.

Members include all types of lending institutions including banks, credit unions, and alternative lenders.

Certified Vendors

Certified vendors are agencies that have a partnership with the Small Business Finance Exchange. They distribute the data they receive from the SBFE. They do this by creating credit analysis products using the information that the Small Business Finance Exchange provides. Then they report the data to members who request a credit report on a business that is included.

Certified Vendors include Equifax, Dun & Bradstreet, and most recently, LexisNexis Risk Solutions. Of course, Equifax and Dun & Bradstreet are credit reporting agencies. LexisNexis sells lending risk insurance products.

While other credit agencies are available to lenders, when they are a member of the Small Business Finance Exchange, in a recession especially, they can get a double shot. If they utilize one of these certified vendors, they get the benefit of the vendor’s own information plus data received from the Small Business Finance Exchange. In a recession, this can be an essential link to risk mitigation and solid decision making.

What Goes Around Comes Around

As much as doing business with members of the exchange can help you, it can hurt you if you do not do things properly.

If you are doing business with SBFE members you eliminate the potential to not have any business credit. By default, members are reporting your information and therefore, you have business credit.

However, if you do not handle your business properly, the report members are getting about your business may not be favorable.

Members contract to report both positive and negative information.

How Do You Know If Data Related to Your Business is In the Warehouse?

If you are doing business with member entities, your data is there. How do you know if the companies you do business with are members? Ask them.

What Kind of Data do They Have on My Business?

They have identifying information related to your business. This would include your business name, DUNS number, EIN, address, and NAICS code.

They also have both positive and negative payment information. Bills paid to vendors, suppliers and business partners on time or early are all included. It also includes bills paid late, or not at all, to suppliers, business partners, and vendors.

The limits on your credit accounts, payment information on lease payments, and credit card payment history are also included.

What Action Do I need to Take?

The Small Business Finance Exchange, in a recession, can benefit small businesses. They want to see these businesses thrive and grow, and one way they do that is by offering comprehensive credit information to those who lend them money to do so.

As a small business, you are responsible for your business credit. You control what information ends up on your credit report. What can you do?

Pay your bills consistently on time
Do business with SBFE members.
If the businesses you currently work with are not members, encourage them to join.
Join the SBFE if you are eligible. (Remember you cannot self-report your own information, but by joining, you can make better credit decisions for your business.)
Monitor your credit information

Small Business Finance Exchange in a Recession

Keep your business protected with our professional business credit monitoring. It’s a worthwhile investment, saving you money even during a recession.

A Word on Credit Monitoring

There are a couple of ways to monitor credit. Remember though, that the Small Business Finance Exchange does not create or distribute any type of credit report.

You can request a report from one of the credit agencies such as Dun & and Bradstreet or Equifax. Even though they are members of the SBFE however, you cannot see that information specific to the exchange unless you are a member as well. You cannot be a member unless you extend credit to small businesses.

Working with members of the Small Business Finance Exchange in a recession is still beneficial, but it doesn’t really help with credit monitoring.

You can also join a credit monitoring service. This will give you continuous access to the information on your report, including your credit score and what is affecting it.

Use the information. Look for ways to build your business credit and report any mistakes. Send the agency a detailed explanation of what is incorrect, what the correct information is, and copies of all supporting documents available.

How to Take Advantage of the Small Business Finance Exchange in a Recession

It is a good idea to work with SBFE members regardless of the economic client. In a recession however, it can be even more beneficial for all the reasons already stated. The most prominent reason is that, by doing business with SBFE member, you ensure lenders see the most complete picture of your credit possible.

If the recession has been hard on you and you have missed a payment or two, those negative marks could have a reduced impact. This is based on information lenders receive from the SBFE. It may not make the bad things go away, but it can definitely add in other information that can help.

The Small Business Finance Exchanges in a Recession – Exists to Help Small Businesses

By offering a more complete credit picture to lenders, the SBFE ensures that more businesses have the financing available that they need to grow. As businesses grow, more businesses can be born. This is how we come out of a recession. Successful business begets successful business. And before you know it the economy is thriving again. It’s a win/win for everyone and the Small Business Finance Exchange, in a recession and out, is a superhero to all. Make your payments, do business with SBFE members, and your business can survive and even thrive during the recession.

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Check Out 5 Great Recession Vendor Accounts To Build Your Business Credit

The novel coronavirus has changed our economy. And it continues to do so. You may be thinking you cannot qualify for any great recession vendor accounts to build your business credit. But you can! Let us show you how to get the credit and cash your business needs – now, more than ever.

Check Out 5 Great Recession Vendor Accounts to Build Your Business Credit

Are you looking for 5 great recession vendor accounts that build your business credit? We’ve got them right here. Get the easiest business credit card!

When you are first starting to build business credit, your first step should be vendor or trade credit. You want to get into good credit habits. So this is everything from not borrowing too much, to paying your debts back on time. And it includes staying on good terms with your sources of credit.

You will need to start a business credit profile and score with what are called starter vendors. Starter vendors are ones who will give your small business initial credit. So they will do so even if your company has no credit, no score, or no trade lines.

Note that most stores like Staples will not give you initial starter credit, so don’t even try applying with them.

Here are 5 great recession business credit vendors that build your business credit. You can get a starter business credit card. This is the vendor credit tier, and these are our top 5 business credit cards for new businesses.

Learn more here and weather any recession. Get started toward getting up to 7 vendors that build your business credit.

Great Recession Vendor Accounts that Build Your Business Credit: 1. Uline

You can find Uline’s website here. They sell shipping, packing and industrial supplies, and they report to Dun & Bradstreet and Experian. You must have a D-U-N-S number and an EIN before starting with them. They will ask for your business bank information. Your business address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders might need to be prepaid initially so your company can get approved for Net 30 terms.

Qualifying

You need the following to qualify:

Entity in good standing with Secretary of State
EIN number with IRS
Business address (matching everywhere)
D-U-N-S number
Business License (if applicable)
Business Bank account

Apply with Them

Here’s how to apply with them:

Add an item to your shopping cart
Go to checkout
Select to Open an Account
Select to be invoiced

Great Recession Vendor Accounts that Build Your Business Credit: 2. Crown Office Supplies

Crown Office Supplies is an additional true starter vendor. They sell a variety of office supplies and take helping clients seriously. They state, “just starting your business, or maybe have an existing business, but you have a question regarding office supplies… we are here to help!” And they report to Dun and Bradstreet, Experian, and Equifax.

There is a $99.00 yearly fee, though they do report that fee to the business credit reporting bureaus. For other purchases to report, the purchase must be at least $30.00. Terms are Net 30.

Qualifying

Here’s how to qualify:Your business entity must be in good standing with the applicable Secretary of State
You must have an EIN and a D-U-N-S number
Business address (it has to match everywhere)
Business license (if applicable)A business bank account
Corporation must be at least 60 days old
Membership fee is $99 per year upon approval

Apply with Them

Apply online.

Great Recession Vendor Accounts that Build Your Business Credit: 3. Grainger Industrial Supply

You can find Grainger Industrial Supply here. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to Dun & Bradstreet.

Qualifying

To qualify, you need the following:

A business license (if applicable)
An EIN number
A business address matching everywhere
A business bank account
A DUNS number from Dun & Bradstreet
Business entity in good standing with the applicable Secretary of State

If your business doesn’t have an established credit, they will require additional documents like accounts payable, income statement, balance sheets, and the like.

Apply with Them

Apply online or over the phone.

Great Recession Vendor Accounts that Build Your Business Credit: 4. Supply Works

Supply Works is a great recession vendor. Visit them at: www.supplyworks.com. They are a part of the Home Depot. They offer integrated facility management solutions. Virtual addresses are not accepted. They report to Experian. Terms are Net 30.

Qualifying

To qualify, you need to have:

An entity in good standing with Secretary of State
EIN number with IRS
Business address (it must match everywhere
D-U-N-S number
Business license (if applicable)
A business bank account

Apply with Them

Apply online or over the phone.

Find out why so many companies are using this to weather any recession and improve their business credit – and check out even more vendors (7!) to help you build business credit.

Great Recession Vendor Accounts that Build Your Business Credit: 5. Strategic Network Solutions

Check out Strategic Network Solutions. Visit them at: https://stntsol.com. They offer technology training and tech support. A credit limit will start at $1000 for new businesses. It increases by an $500 increment if balances are paid in full and on time. They report to Experian and Credit Safe.

Qualifying

In order to qualify for business credit with Strategic Network solutions, you will need the following:

An EIN
To have your business entity squared away (corporation, partnership, LLC, etc.) and in good standing with the applicable Secretary of State
Business address (matching everywhere)
Business license (if applicable)
A D-U-N-S number
A business bank account

Apply with Them

Apply online.

Great Recession Vendor Accounts that Build Your Business Credit: Bonus: Marathon

Marathon Petroleum Company provides transportation fuels, asphalt, and specialty products throughout the United States. Visit them at: www.marathonbrand.com. Their comprehensive product line supports commercial, industrial, and retail operations. They report to: D&B, Experian, and Equifax. Terms are Net 22.

You can give a $500 deposit instead of using a personal guarantee if you have been in business for less than a year.

Qualifying

To qualify, you need:

An EIN
To have your business entity squared away and in good standing with the applicable Secretary of State
Business address (matching everywhere)
Business license (if applicable)
A D-U-N-S number
A business bank account

Apply with Them

Apply online.

Building Business Credit – Going Beyond 5 Great Recession Vendor Accounts That Build Your Business Credit

Getting vendor accounts for business credit means that you are on your way to getting good business credit. Get three or more vendor accounts. You want them all to be reporting with at least one bigger business credit bureau. And then you can start trying to get store credit.

Retail Credit

Once there are three or more vendor trade accounts reporting to at least one of the CRAs, then move onto revolving store credit. These are businesses such as Office Depot and Staples. These companies have even more of the goods you need.

You will always have to use your Social Security Number and date of birth for verification purposes. But use the small business’s EIN on these credit applications when it comes to credit check services small business.

Fleet Credit

Are there more accounts reporting? Then move to fleet credit. These are service providers such as BP and Conoco. Use this credit to buy, fix, and take care of vehicles.

Use your Social Security Number and date of birth for verification purposes. But make certain to apply using the company’s EIN for credit checks.

Cash Credit

Have you been sensibly managing the credit you’ve gotten up to this point? Then progress to cash credit. These are service providers like Visa and MasterCard.

Use your Social Security Number and date of birth for verification purposes. And apply using the company’s EIN for credit checks.

These are typically MasterCard credit cards. If you have even more trade accounts reporting, then these are attainable.

If it were all left up to you, how would you improve weathering any recession and working with 7 vendors to help you build business credit?

Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and deal with any inaccuracies ASAP. Get in the habit of taking a look at credit reports; so dig into the details, and not just the scores.

So we can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the business credit reporting agencies.

Update The Details

Update the details if there are mistakes or the information is incomplete. So at D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm.

And at Experian, go to: http://www.experian.com/small-business/business-credit-information.jsp.

Finally, for Equifax, go to: http://www.equifax.com/business/small-business.

Challenging Mistakes

What’s all this monitoring for? So it’s to challenge any errors in your records. Errors in your credit report(s) can be fixed. But the CRAs normally want you to dispute in a particular way.

Get your PAYDEX report for DNB small business at: http://www.dnb.com/about-us/our-data.html.

You can get your company’s Experian report at: http://www.businesscreditfacts.com/pdp.aspx?pg=SearchForm.

And get your Equifax business credit report at: http://www.equifax.com/business/credit-information.

Disputes

Disputing credit report errors typically means you send a paper letter with copies of any evidence of payment with it. So these are documents like receipts and cancelled checks. But never mail the originals. Always send copies and keep the original copies.

Disputing credit report errors also means you precisely spell out any charges you dispute. Make your dispute letter as understandable as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.

Dispute your or your company’s Equifax report by following the instructions here: http://www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute errors on your or your business’s Experian report by following the directions here: http://www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service telephone number is here: https://www.dandb.com/glossary/paydex/, to help you with disputes. It’s the only way they’ll let you dispute a DNB.com credit report.

Takeaways for 5 Great Recession Vendor Accounts That Build Your Business Credit

Always use credit responsibly! Don’t borrow more than what you can pay off. So monitor balances and deadlines for payments. Paying off punctually and in full will do more to increase business credit scores than nearly anything else.

Establishing small business credit pays. Great business credit scores help a company get loans. Your lender knows the company can pay its financial obligations. Because they know the small business is authentic. The company’s EIN links to high scores and loan providers won’t feel the need to require a personal guarantee.

And soon you’ll be able to move onto the top ten business credit cards – and beyond! Because no matter how it feels right now, the COVID-19 situation and recession will not last forever.

Discover this new way to weather any recession and find 7 (!) vendors to help you build business credit.

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The 5 Best Reputation Management Companies of 2020

Researchers at Womply analyzed 200,000 small businesses in every state, looking at a few dozen industries. They found that businesses with more than 82 total reviews earn 54 percent more money. It isn’t just about getting reviews either. Businesses achieved moderate to large jumps in revenue from the simplest tasks. Claim your profile on at …

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New comment by rsvpdd2 in "Ask HN: Who wants to be hired? (September 2020)"

Location: Boston, MA Remote: Yes Willing to relocate: Yes but only to NYC or Denver Technologies: Python (Pandas, Numpy, PyTorch, sklearn, Tensorflow, Flask), GCP (GCS, GKE, BigQuery, Pub/Sub, AI Platform), AWS, Terraform, SQL, Docker/Kubernetes, Airflow Email: igodfried@isaac26.com Portfolio: isaacmg.github.io Looking for data scientist and ML engineer roles. Specialty is in time series forecasting but have …

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Athene, MassMutual Made Over $3 Billion Takeover Offer to American Equity

A pair of insurance companies made a bid for American Equity Investment Life Holding last month, in a bet that the small Iowa insurer’s retirement-income products will continue to be popular with conservative savers.

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New comment by rsvpdd2 in "Ask HN: Who wants to be hired? (September 2020)"

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New comment by rsvpdd2 in "Ask HN: Who wants to be hired? (September 2020)"

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Contact Us Page Tips: Move From Blah to Yeah!

A visitor hits your website and wants to talk to you. What does that person start searching for?

Your Contact Us page.

It’s a page on your site that pushes visitors from browser to buyer.

Some companies don’t use them at all, and those that do have them often push these critical pages to the back burner during website revision projects.

That stops today.

I’ll share a step-by-step plan you can follow to strategize and revise this lowly web page. And I’ll use plenty of examples to spark your creativity.

Let’s get started.

What Is a Contact Us Page?

Think of a Contact Us page as a sort of digital business card. Sure, it’s short and concise. But if someone wants to reach out to you, they’ll use this page to do so.

About Us pages: Use this resource to explain your company’s history, goals, and direction. If someone wants to know how you became a leader in your field, the data is ready to go.
Help pages: Customers with critical product or service questions lean on this page to get their answers.
Employment pages: Job seekers need private, protected spaces to learn more about open opportunities.

A Contact Us page is different because you’re telling people more about getting in touch with you.

Your page should also embody your brand and entice that click. If your Contact Us page is the blandest one on your website, you’re not alone. The best contact us pages contain some value proposition, even when they don’t have a lot of text.

Do You Need a Contact Us Page?

A Contact Us page can’t be skipped because it is a trust signal. Share location information and highlight your phone number and email, and you’ll demonstrate to wary consumers that they can reach you at any time.

Trust and transparency matter in marketing. Contact Us pages start the process.

Five Key Contact Us Page Elements

You know you need a Contact Us page. But you have no idea what to put on the page. Push past the writer’s block, and follow this recipe for success.

A converting Contact Us page contains these critical pieces:

Your company name: Don’t beat around the bush. Use your full company name.
Your physical address: This can get tricky for multi-location companies. Maps often solve the problem (and more on that in a minute). If you share only one address, use the one associated with your corporate headquarters.
A map to your location: Google Maps hold immense power for marketers. When customers know where you are, even when they’re looking at a mobile device, your conversion rates can skyrocket. Boost that power by adding a Google Map to your Contact Us page.
Your contact information: Include a phone number, email address, and a quick data-collection form. Customers need plenty of calls to action. Fight off spam with a CAPTCHA as well.
Links to relevant pages: If you know customers have product questions, show them to your Help page. If you have plenty of job seekers, highlight that Jobs page.

Don’t be tempted to clutter up the page with more details and data. Keep things clean and streamlined with this list.

Build the Perfect Contact Us Form

If you’re looking for a way to streamline customer conversations, forms are key. If you build forms correctly, routing questions is a snap.

Your form could include several fields, including:

Name
Location
Current customer (Y/N)
Question
Email address
Phone number

You might be tempted to add all of these fields to your form. The more data you have, the better, right?

Not always.

When customers face a sea of questions, they tend to click away. Form completion rates and added fields are inversely related.

To keep those conversion rates up and deliver exceptional user experience, only ask critical questions.

10 Exceptional Contact Us Page Examples

I’ve talked a lot about what should and shouldn’t go on a Contact Us page.

These ten companies have lessons anyone can apply.

Streamlined and Simple: Scorpion

Scorpion offers internet marketing services to law firms, hospitals, franchises, and more. The company shows off robust design skills on all other web pages. But this one is remarkable in its simplicity.

Customers answer one simple question with a dropdown. The answer routes them to an appropriate secondary form.

Customers can also skip the hassle of forms altogether, call the number in the top-right corner of the screen, or visit one of three locations listed at the bottom of the page.

Brand Promise First: BarkBox

A subscription service for happy dogs should have a dog’s photo on a Contact Us page. And that dog should look happy. BarkBox has that element covered.

Customers have three different contact options sitting below that big image. They can search FAQs, start a live chat, or send an email. It’s a simple, streamlined interface made for busy dog lovers.

Personality Plus: Kick Point

This Canadian marketing firm kicks off the About Us page with a chatty, conversational tone.

Keep scrolling, and that clever voice keeps speaking. When you reach the bottom of this page, you know just how these employees talk and write.

another kick point contact us page example

The cleverness doesn’t impede clear communication. You’re told the company’s address, email address, phone number, and more.

Crisis Communication: Powell’s Books

Powell’s puts customer communication front and center on this Contact Us page. Timely content about shipping delays comes first. Keep scrolling, and you’re taken to email addresses and phone numbers.

Typically, converting Contact Us pages are short. But you can break the rules when the unexpected happens.

Arresting Graphics: Parker Lee

People hire Parker Lee to design logos, websites, and other branded elements. He puts those skills to work on this visually arresting Contact Us page. The page begins with a brand statement, but scrolling past that is a snap.

A simple form with just four fields appears, and a clever map rounds out the page.

Forms Do the Hard Work: Six Leaf Design

This company emphasizes sales on this Contact Us page. A three-field form, with a tiny multiple-choice quiz, gets potential customers a price quote.

A blue button for anxious customers leads right to a 20-minute consult appointment. For companies hoping to emphasize lead generation, this is a smart model to follow.

Friendly Faces: Byte

Who will customers talk to when they reach out? Byte answers this question with photos of real-life customer service reps ready to respond to questions.

Choose from multiple contact formats, including text, email, Facebook message, and email. All of this data is streamlined, so white space surrounds the page.

Product Photography: Freshly

Freshly offers meal-kit delivery services, and an enticing product takes up about half of this Contact Us page. Putting the product first could attract customers to jump into a purchase.

The contact box is the clever bit. Customers can chat, call, text, or skip to email.

This is a simple, friendly interface that puts the product first.

Multi-Location Mastery: Wendy’s

How do you handle inquiries when customers have dozens of locations to choose from? Wendy’s handles this question with a “Find Wendy’s” button at the top of the page.

Customers with questions can text or call a number displayed in big, black text. It’s nearly impossible to miss. A clever, short form rounds out the page.

Short and Sweet: My Own

I put best practices to use on my website’s Contact Us page. I use a drop-down to route questions, and I ask customers to fill out just three fields.

I keep the branding light on this page, but the colors remind my guests that they’re still on my site.

I also link to relevant social media sites to follow me through those platforms. My digital marketing consulting contact form is similar. Short and sweet with just the information I need to know.

Contact Us Page Do’s and Don’ts

We’ve walked through several examples of pages that convert. And we’ve shared quite a few tips you can put to use right now.

But there’s more to learn.

As you’re working on your Contact Us page, be sure to:

Be a good journalist. Put the important stuff first. Your visitors are there to connect with you. Make those opportunities easy to find and deliver an exceptional user experience. Save the rest for last.
Promote your page like a pro. Put a link to your page in your email signature and link it to your social media accounts. Make sure customers know you’re interested in a connection.
Link to your page. Customers look in the top-right corner of a page for Contact Us links. Make sure each page on your site connects to that critical page.

Before you publish your Contact Us page, be sure to avoid:

Cluttered design. Don’t fill the space with tons of graphics, jokes, or text blocks. Respect what your consumers are there to do – contact you.
Overconfidence. Use A/B testing to find the design your customers want. Don’t be overconfident about your design prowess — you might be surprised by what works!
A desktop-first mentality. Test your site on mobile devices. Try out the form fields. Plenty of customers will visit you on the go; make sure their experience is a good one.

It takes time to design a Contact Us page that converts. Don’t be afraid to slow down, test, and head back to the drawing board. You can’t afford to make mistakes on such an essential piece of your website.

Conclusion

Your Contact Us page is one of the most critical assets on your website. People head here when they want to reach you. Make that communication as quick and painless as possible.

Publish with confidence, and watch those conversion rates. If you don’t see the response you want, change it!

With experimentation and vigilance, you can develop the right Contact Us page that works for your customers, your company, and your community.

Is your current Contact Us page lacking? What can you change to make it more effective?

The post Contact Us Page Tips: Move From Blah to Yeah! appeared first on Neil Patel.

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3 Ways to Fix Business Credit in a Recession

Learn How to Fix Business Credit

Do you need to repair your business credit? Is your business credit score nothing to write home about? Was it good once but now, not so much? Here are three easy and effective ways to fix business credit and get back on track.

Recession Period Funding

The number of American financial institutions as well as thrifts has been decreasing progressively for 25 years. This is coming from consolidation in the marketplace in addition to deregulation in the 1990s, decreasing obstacles to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets concentrated in ever‐larger financial institutions is problematic for small business proprietors. Big financial institutions are much less likely to make small loans. Economic recessions mean financial institutions come to be a lot more mindful with financing. Thankfully, business credit does not rely on financial institutions.

Fix Business Credit: 1 – Make Sure Your Credit Scores Are Accurate

Perhaps the easiest way to repair business credit is to assure that all of the reporting on it is correct and complete. This can help you locate feasible issues and stay informed on your business credit profile. So the first thing you want to do is, request your reports.

Business Credit Reporting Agencies

FICO SBSS

FICO’s SBSS (Small Business Scoring Service) Score will be generated when you apply for a loan. The lender will send your company’s documents and information to FICO. Then FICO will collect more data from the credit reporting agencies (Equifax, Dun & Bradstreet, and Experian).

Dun & Bradstreet’s PAYDEX

A PAYDEX Score works as Dun & Bradstreet’s dollar-weighted numerical rating of how your company has paid the bills during the last 12 months. Get your PAYDEX report here and you can contact their Customer Service department here.

Equifax

Order your business’s Equifax report here.

Experian

Order your company’s Experian report here.

Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and attend to any errors as soon as possible. Get in the habit of checking credit reports and digging into the details, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less.

At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.

Update Your Information

Update the data if there are inaccuracies or the info is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.

Fix Business Credit

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

Get your small business’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

Disputes

Disputing credit report errors generally means you send a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always mail copies and retain the originals.

Fixing credit report mistakes also means you specifically spell out any charges you challenge. 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 mailed in your dispute.

Dispute your or your small business’s Equifax report by following the instructions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute errors on your or your company’s Experian report by following the instructions here: www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service phone number is here: www.dandb.com/glossary/paydex.

Disputing Charges with Your Creditors

Much like you disputed the charges to the reporting agency, you may also need to dispute them to the creditor itself. Again, you will need to make your case in writing and enclose copies of any proof of payment. Be specific about what you are disputing.

Fix Business Credit: 2- Understand Your Scores

Understanding your scores is a great way to start to fix business credit. This way, you spend your time on activities which are most likely to help you. That is, you can get the best bang for your buck. Even in a recession, fixing business credit scores is easier if you understand your scores in the first place.

Dun & Bradstreet’s PAYDEX Business Credit Score

A PAYDEX Score from Dun & Bradstreet ranges from 0 to 100. This score has a basis in payment information which is on report to the agency. Or it is on report to data-gathering firms partnering with the CRA. https://creditreports.dnb.com/m/business-glossary/paydex-score.html

D & B uses this data, along with a credit score and Financial Stress Score, so as to advise just how much credit a lending institution should extend to your company.

Getting a PAYDEX Score

To get a PAYDEX score, you must file for a D-U-N-S number by using Dun & Bradstreet’s site. The number is at no cost. Plus the CRA will need to have reports of your payments with four or more merchants.

Your firm’s PAYDEX score reveals if your payments are usually made promptly or in advance of schedule. As you might expect, a higher number is better.

PAYDEX Score Details

The scores break down as follows:

80 – 100: A low risk of late payments
50 – 79: A medium risk of late payments
0 – 49: A high risk of late payments

D&B Business Credit Scores

Your company’s credit score ranges from 1 to 5. 1 is the best score. This matches your firm with other companies with similar payment histories. The score demonstrates just how usually those business often tend to pay immediately.

This information can actually assist loan providers to acknowledge your business’s standing. But it does not really reflect all of the payment documents from your business.

Financial Stress Score

The Financial Stress Score also runs from 1 to 5. It matches your company with various other business sharing comparable financial and business characteristics.

These resemblances are in areas such as size or amount of time in business. This score shows how often those businesses have a tendency to pay on schedule. As before, 1 is the very best score. This score is a more thorough examination of the business landscape, versus an evaluation of your company’s actual payment history.

An awesome PAYDEX score for your business is 80 – 100.

Experian Credit Scores

Experian’s scoring system is called Intelliscore Plus. http://www.experian.com/business-information/credit-risk-management.html

What is the Intelliscore Plus Credit Score?

The Intelliscore Plus credit score is a statistically based credit-risk analysis. The key function of Intelliscore Plus is to aid companies, investors, and possible future loan providers make wise judgments about who they should or should not do business with.

Like an auto dealer uses a consumer’s FICO score to quickly figure out just how much of a credit risk a potential customer might be, the Intelliscore Plus credit score can provide understanding on just how much of a credit risk a company or business owner may be.

Intelliscore Plus Credit Score Range

The Intelliscore ratings vary from 1 to 100. So the higher your rating, the lower your risk class. The chart below details each Intelliscore Plus credit score range as well as its associated meaning.

Score Range/Risk Class

76 – 100 Low
51 – 752 Low – Medium
26 – 503 Medium
11 – 254 High – Medium
1 – 105 High

Computing an Intelliscore Plus Credit Score

In the credit world, Intelliscore Plus is considered one of the most trusted tools in successfully forecasting risk. Among the ways Intelliscore Plus maintains this claim to fame is by acknowledging the major variables that reveal if a firm is likely to pay their debts.

Though there are over 800 industrial and owner variables constituting an Intelliscore Plus credit score, the variables can be broken down into these essential factors:

Payment History

The bureaus call this recency yet in the real world, it’s nothing more than your current payment status. This includes the number of times your accounts become delinquent, the number of accounts that are currently overdue, and your overall trade balance.

Frequency

Just like payment history, frequency accounts for the quantity of times your accounts have been sent out to collections, the amount of liens as well as judgments you may have, and any bankruptcies connecting with your business or personal accounts.

Frequency can likewise consist of information associating with your payment patterns. Were you regularly slow or late with payment? Did you start paying expenses late, yet over time, quit doing so? These elements will certainly all be considered.

Monetary

This particular aspect focuses on exactly how you use credit. As an example, just how much of your readily available credit is presently in operation? Do you have a high ratio of overdue balance in contrast with your credit limits?

If you will start a company or are fairly new to this game, the listing above may seem a bit overwhelming. If you haven’t begun or do not have a lengthy history of business-based deals, exactly how will Intelliscore Plus rate you?

Intelliscore Plus handles these scenarios by using a blended model to develop your score. This suggests that they consider your personal credit score when determining your business’s credit score.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Equifax Business Credit Scores

The Equifax Credit Risk Score comes from a model which they use to place specific risks. Equifax uses these information in its computations, consisting of the depth of the credit information Experian can get the length of your small business’s credit history, as well as your business’s payment delinquency history. http://www.equifax.com/business/equifax-risk-score

http://www.equifax.com/assets/USCIS/efx-00178_efx_risk_score.pdf

http://www.equifax.com/assets/USCIS/efx-00164-9-13_efx_bni.pdf

Equifax then segments some 5 different scorecards with each other, by using statistical analysis. In order to improve their accuracy, Equifax recommends combining their Credit Risk Score with their proprietary Equifax Bankruptcy Navigator Index.

The Bankruptcy Navigator Index helps forecast the likelihood of your company going bankrupt in the next 24 months. Equifax bases its predictive model on over 270 million separate accounts.

Equifax shows three separate business determinations on its commercial credit reports. These are the Equifax Payment Index, your company’s Credit Risk Score, and its Business Failure Score.

Equifax Payment Index

Comparable to the PAYDEX rating, Equifax’s Payment Index, which has its measurement on a range of 100, demonstrates how many of your company’s payments were made punctually. These consist of both data from credit companies and vendors.

However it’s not implied to anticipate future behavior. That is what the other two ratings are for.

Equifax Credit Risk Score

Equifax’s Credit Risk Score assesses how likely it is your business will come to be drastically delinquent on payments. Scores range from 101 to 992, and they review:

Available credit limit on revolving credit accounts, e. g. credit cards
Your business’s size
Evidence of any type of non-financial transactions (e. g. vendor billings) which are delinquent or were on charge off for two or more billing cycles
Length of time since the opening of the earliest financial account

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Equifax Business Failure Score

Finally, Equifax’s Business Failure Score takes a look at the risk of your small business closing. It ranges from 1,000 to 1,600, reviewing these aspects:

Total balance to total current credit limit average utilization in the previous three months
How much time since the opening of the oldest financial account
Your company’s worst payment status on all trades in the previous 24 months
Documentation of any non-financial transactions (e. g. vendor billings) which are overdue or have gotten on cost off for two or more billing cycles.

Equifax Scoring Analysis

For the credit risk as well as business failure scores, a rating of 0 means bankruptcy.

An outstanding Equifax score for your firm is as follows:

Payment Index 0 – 10
Credit Score 892 – 992
Business Failure Score 1400 – 1600

FICO Business Credit Scores

FICO uses its SBSS (Small Business Scoring Service) Score to incorporate consumer bureau, monetary, application, and business bureau information. FICO then validates their SBSS models for purchases such as Credit line transactions, Term Loans, and Commercial Card obligations which go up to $1 million. Their idea is to evaluate how your business repays all kinds of loans. http://www.fico.com/en/node/8140?file=6045

Business credit providers make use of the FICO SBSS score as a device to make a decision whether they should authorize a loan to your small business at all.

The SBA employs this score as well, to authorize or approve company loans. It has a basis in your company and consumer credit history and not simply your company’s financial health.

The score factors in the examination of the risks inherent in your company’s credit applications. With SBSS, lending institutions make their determinations in a matter of hours, as opposed to days. Lenders are more confident in their lending judgments, and your business gets swifter decisions on your loan applications.

The SBA’s Participation

The FICO Small Business Score or SBSS score is the main figure that the SBA considers while establishing to approve a loan, especially when it involves the SBA’s 7(a) loans.

Computing a FICO SBSS Score

The FICO SBSS Score reveals the likelihood or possibility of you, the candidate, covering your month-to-month bills promptly. The score runs from 0 to 300. A higher score means reduced risks and typically creates more favorable credit terms. The score comes from your company and personal history of credit use along with your business’s financial data. Variables also involve your company’s age, as well as its years or complete time in business.

As of 2014, all SBA 7(a) loans must go through a business credit score pre-screen, as well as for SBA loans, you might perhaps not get an approval if you had a score less than 140. However the cutoff was generally set to 160, and frequently, a score under 160 meant a rejection. A lot of lending institutions will only approve scores above 160 or 180, to lend as much as $1 million. However a score lower than 160 or 180 can still qualify you for a smaller sized loan.

The formula for the FICO SBSS Score is as follows:

The last year of PAYDEX scores from Dun & Bradstreet
Amounts and types of any judgements against your firm
The amounts and kinds of any liens against your business’s real or personal property.
Your company’s available resources
Your company’s profit
And other, less distinct monetary information

If you have no record of company credit and had a small or quick time in your business, then the possible highest FICO SBSS score you can perhaps expect is 140.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Usage and Sorts of SBSS Model Lenders

A FICO SBSS rating includes the choice to opt for particular models which are market-specific for enhanced and much better decision making. For instance, one model is an agricultural leasing and lending model. Another model was made especially for Canada. Additionally, the insights of the SBSS score provide support for the SBRI (Small Business Risk Insight, from Dun & Bradstreet) and the SBFE (Small Business Financial Exchange) data databases.

Confirming the SBSS models is necessary for credit lines, commercial cards, as well as term loans of as much as one million dollars. If you are requesting one million dollars or less from bank financing, then there are chances that your SBSS score will be under review.

The Kind of Information in the Score

The SBSS offers the credit issuers of businesses various information blends to guarantee that they can evaluate your company’s credit risks. For instance, a particular issuer of credit can choose only to examine a principle proprietor’s application information, or the credit provider can select to include one or multiple business bureaus’ data.

Or the credit issuer can only decide to prioritize one aspect over another. This intelligent score originates from various business bureaus on an automated basis, in any type of order or whatever priority the issuer of the credit likes. For that reason, if the loan provider selects the score of Dun & Bradstreet’s PAYDEX as its default, the SBSS will pull that set of information.

SBSS Credit Offer Index: Exactly How It Works and Why It Is Important

The Credit Index is an element of the FICO SBSS Credit Score for your business, made to help credit issuers understand your capacity. It works as the standards against all the businesses with similar profiles.

The SBSS Credit Offer Index includes economic application info, business credit bureau documents, and credit bureau information for consumer. It gives a percentile ranking of the present versus other smaller sized businesses with identical or comparable attributes and total requested money from all those companies.

The Updated SBSS

Reporting agencies like D&B power the newer FICO SBSS Score model. The SBFE information may be used to anticipate charge-offs, bankruptcy, or three plus cycles overdue or delinquency over a duration of two years.

SBA Credit Scoring

The SBA’s tool has a basis in FICO. Their idea is to accelerate their credit choices for loan approvals. The tool uses several data sources and over one hundred combinations of business and consumer analytical models. They use a designated cutoff. https://www.sba.gov/offices/district/mo/st-louis/resources/small-business-loan-credit-scoring

Their total stats on their over $60 billion profile show that companies with scores at, or over the assigned cut-off will have very good payment history. So when you fix business credit, you might just want to fix your personal credit as well.

Fix Business Credit: 3 – Improve Your Payment History

Fixing credit issues means you need to fix bad habits and not repeat them. Mostly importantly, this means paying your bills on time and as completely as possible. A bonus to paying on time and in full means you pay considerably less interest on your debts.

Your payment patterns and history are a driving force in your overall credit score. Over time, paying your invoices on schedule will help establish your company as one that pays their financial obligations. This will inevitably help push your score up as well as show other firms you are a low risk.

Fix Business Credit: Bonus – Keep Your Debt-to-Income Ratio in Check

The more debt you have on your plate, the more invoices you have, and the less disposable income you have. If your total debt approaches or surpasses your income level, then you’re probably to be seen as high-risk.

Keep your financial obligations in check and consistently pay them off to keep a healthy balance between what you make and what you owe.

Fix Business Credit: Bonus – Use Your Credit

Keeping your financial obligations low remains sound recommendations. Still, opening and sensibly capitalizing on business credit accounts can help you increase your available credit and fix business credit.

Bonus – Improve Your Personal Credit Score, Too

Why is your personal credit score important to your business credit score? Your personal credit is fair game when it pertains to your Intelliscore Plus score.

Running a company is difficult work, but don’t let your individual finances suffer. Stay on top of your personal monthly bills. Also, stay clear of unnecessary credit inquiries. And avoid compromising your personal credit for company demands.

Fix Business Credit: Takeaways

Check your business credit scores and stay on top of your bills. Dispute errors and monitor your profiles so you’re never caught unawares.

The post 3 Ways to Fix Business Credit in a Recession appeared first on Credit Suite.