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Easy Money Saving Tips for Merchant Processing!

April 18, 2013

The first thing you should know is that there are a series of what are called interchange levels which affect the cost of a charge at every stage, depending on a number of factors—including the type of card presented, specific information contained in the transaction and how/when the transaction is processed.

Here are tips on how you can prevent being assessed higher processing fees: 

1. Swipe the card, key-entered transactions are charged higher rates

2. Obtain a valid authorization from the terminal/register

3. Provide all original electronic authorization information at the time of settlement

4. Settle transactions daily (more…)

Tips For Financing Your Business

April 17, 2013

Tips and strategies for business financing as we move forward in the 2013 economy.

Q: What skills will entrepreneurs need to make the most of the credit environment?

Many more businesses are learning the value of expanding into the world market, but lenders need a higher comfort level to help them with these plans. Entrepreneurs have to be visionaries who are able to clearly project future revenue streams, understand what infrastructure is necessary to support those streams and how to develop it, and what the net results of putting that structure into place will be.

Then, they need to be able to communicate that clearly with strongly supported assumptions to their lender. The business owner capable of doing that will continue to grow no matter what the economy at large may do. (more…)

Traditional Crowdfunding Can Help Vets Start Businesses

April 11, 2013
Veteran crowdfunds for franchise, hires six employees 

Many veterans come home to a persistent high unemployment rate and a mountain of debt. They’re not welcomed by banks for small business loans because of their bad credit, their lack of assets and at the beginning, no cash flow. However, certain franchises are inexpensive to get into, and finding the kind of money that veteran Larry Colley needed to acquire an air conditioning service business can be relatively easy via crowdfunding.

Through the veteran themed crowdfund platform Sprigster, Colley found $4000, and soon after hired six people. This is surely one of the best ROI for jobs on record.

For determined veterans seeking to start a small business in a local setting, the help of friends, neighbors, veterans groups and eager consumers can quickly turn a well conceived dream into reality, with a built-in fan base. (more…)

Should Your Family Fund Your Business?

March 20, 2013

As families gather for the holidays, entrepreneurs might consider approaching family members for money to help fund and grow their business.

But is family funding a good idea?

Maybe.

Considerations include the amount of money involved, how involved the family members will be in the business, and the personal relationships between the borrowers and lenders.

Advantages of Family Investors

– They are not likely to conduct background checks or review credit scores.
– Relatives will do you a favor, banks and other professional lenders will not.
– Loans are often made at no interest. (more…)

Does Your Business Need an Emergency Fund?

February 15, 2013

After a hurricane or other natural disaster, many businesses find themselves severely compromised or crippled in the wake of its destruction. The devastating events surrounding Hurricane Sandy are a reminder of the costly impact that such disasters can have on a business and its ultimate sustainability. While it is impossible to predict when a disaster will strike, having an emergency fund can be a critical safety net in keeping your business afloat and running both during and after a storm.

Should a natural disaster or other unexpected devastation force your business to shut or slow down, access to immediate cash can help you keep going without further delay. Availability of cash also hedges against risk of submerging into an endless cycle of debt that can often stem from using credit cards for tending to immediate repairs and recovery. While emergency fund goals vary depending on each business’s income and expenses, it is typically recommended that a business put aside enough funds to cover at least four to seven months’ worth of expenses. (more…)