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Category Archives: Finance

Five Ways to Fix Bad Credit for Your Small Business

Credit score is a primary concern among small enterprises. Regardless of how hard you work to keep your books straight, there will always be bills to pay, suppliers to please, and loans to clear. The longer a debt remains overdue, the worse its impact on your credit score.

Bad credit typically becomes an issue when you need a loan or line of credit, and are either charged higher than usual or denied funding altogether. For the best chance at long-term success, therefore, every merchant should work towards maintaining a favorable credit score.

If your business has been suffering from the effects of bad credit, the tips below will help you rebuild your score.

  1. Settle debts on time

As per the Better Business Bureau (BBB), your debt payment history accounts for more than one-third of your credit score. Every unpaid bill or short-term loan at the end of the month will add new negative information to your credit report. It’s therefore important to deal with business debts head-on.

If you have bills in collections, contact your agency and make a payment plan. You could also consider taking out an alternative business loan to pay overdue debts. The best way to build credit is to establish a reputation of clearing bills on time.

  1. Open a new credit account

Many business owners have bad credit because of credit cards and are therefore reluctant to open new accounts and suffer the same fate all over again. However, using credit wisely is the quickest and most effective way to rebuild your score.

Getting a new credit account with bad credit can be challenging, but it’s not impossible. A high-risk company like First American Merchant can set you up with a new account and a line of credit, even when your business has a low credit score. Once you have your account, work hard to pay it off every month. Each payment will contribute positively to your score.

  1. Talk to your creditors

Small businesses often end up in a financial hole because of justifiable reasons like low-season slowdowns, new business regulations, and economic shifts. If you find yourself struggling with accounts payable, don’t hang your coat and boots. Inform creditors of your situation and let them know you’re working tirelessly to pay down your bills. Some may be willing to listen and work out a payment plan, without raising a red flag to credit-reporting bureaus.

  1. Build trade credit

Another easy way to build credit is by establishing credit with vendors and regularly clearing the invoices on time. If the suppliers report their trading information to credit-reporting agencies, they can help you nurture a better business credit score.

  1. Change your habits

Unhealthy practices like over-leveraging your enterprise, buying excess inventory and not having a proper payment plan will quickly drive your credit score to the ground. Establish a financial system that keeps your purchasing habits within your budget, so that you only buy what you can pay on time. Similarly, if you apply for a loan, make sure you can afford to remit timely installments every month. These good practices will keep your score high for the long-run.

How to Get a Business Loan with Bad Credit?

In recent years, bad credit could kill your business even before its birth. With a Bad Credit; a merchant could limit his/her ability to obtain a bank account, card processor, or even a business loan. Even worse is the fact that Bad credit limited an entrepreneur’s ability to rent a building for business purposes.

If you appeared for a business loan with Bad credit, you could be turned away even before your idea was heard, but thanks to new ways of thinking, today things have changed. While traditional banks and payment processors still view bad credit as a turn-off, several “off the cuff” payment processors are stepping in to embrace these merchants and supporting their business ideas.

Retailers with bad credit who still believe there’s no way to secure a business loan turn to relatives and peers for financial help, others try social media and “crowdfunding” sites, e.g. GoFundMe. While these two can work to the advantage of some entrepreneurs, others may find the process lengthy and tedious.

For businesspeople who wish to take a small amount loan, a GoFundMe campaign is a perfect way to go. But, for individuals targeting $10,000 and above, the application process can be a lengthy and very disappointing if you don’t secure one in the end. With GoFundMe, you are operating on a “no strings attached” kind of relationship, but other crowdfunding sites will require you to offer the donors something in return. A small donation worth $50 may lead to a free product, which can quickly fix your struggling business.

While it is possible to secure a bad credit business loan, which is the first option for most hassling merchants, you need to confirm that the lender you are seeking funds from is experienced in your industry. Remember, not all of them will match your field, and while some may stomach the issues with some businesses, others will not.

Most lenders never realize the damage their payment models cause to businesses. For business loans, merchants must begin paying back almost immediately. This could be a hard nut to crack for a struggling company since each late payment comes with increased interest rates.

Instead of rushing to your nearest bank to secure a business loan, contact your merchant account processor e.g. First American Merchant, they will provide offer you a business loan or the necessary funding to support your company in spite of your bad credit.

Tips to be Safe Instant Money Transfers

The instant money transfer uses swift transfer protocol to send money securely across the globe. Not only is this easy money transfer but also effective, as the beneficiary does not need to have a bank account to receive the payment.

Recognize imposters: Often, strangers pose as officials, friends or family; for example: a bank official or a company that you usually associate with. It cannot be stressed enough to never transfer money or discuss personal information when requested via a text, phone call, or email.

It is also important to not trust your caller ID, in a distress message by a loved one to transfer money. One must always call and confirm if the individual is an imposter.

Recognize Fake offers: There are million of spam messages, lotteries, lucky draws and job offers that can find your information and offer you a lucrative deal for a mere sum, which may not seem steep. Never transfer money to anyone offering you a huge sum of money as these are most often frauds. Always call and confirm from the organization they pose to be affiliated with.

Review the Internet: Always evaluate the request or offer received on the search engine of choice and search for keywords like “complaint” or “scam” or more particular to your situation. One can even search the phone number or account details to see any linked frauds.

Set appropriate passwords: Always make sure the passwords on your computer, mobile phone, and other smart devices are secure and not common. As in the case of theft or misplacement of devices, one many try to use net banking details or mobile wallet to make transactions. Never share your passwords with strangers and keep changing the same periodically.

You can get Risks of Money Market Accounts

Start with the riskiest kind of investment: stocks. With a stock, you are literally buying a small piece of a company. The price of that company’s stock is usually tied to its earnings growth. However, there are many other factors affecting a stock’s price that have nothing to do with the company itself. Outside risks could be generated from the economy, from economic policy, from fiscal policy, from unforeseen events, from…just about anything. Investors, however, are usually rewarded for taking this risk. They could lose all their money, but in exchange could also multiply their investment several-fold.

Bonds allow an investor to loan money to a company. All the same risks apply to bonds that they do to stocks, but with a few differences. A company must pay its obligations to bondholders before any other investors. If the company goes bankrupt, bondholders are first in line to take control of any remaining assets. This all translates to less risk, and therefore less return. Corporate bonds may return anywhere from 3% to 10%, depending on the financial health of the company.

Government bonds are next on the scale of risk. Because the federal government is highly unlikely to default on any payment to its lenders (such as investors who purchase government bonds, known as Treasuries), there is virtually no risk attached to these bonds. The longer the maturity of the bond, the higher the interest rate. This is because an investor should be rewarded for tying up his money for a longer time, and because there is a theoretical risk that the longer the loan, the greater the possibility of default. 30-year government bonds yield 3.35% right now, while 5-year bonds yield 0.95%, and 1 year bond yield a tiny 0.08%.

Certificates of deposit are vehicles where an investor loans a bank money. It’s a bit like investing in a bank bond. The bank gets to keep the money for a set period of time and, like a government bond, the longer the period, the higher the yield. However, because these loans are guaranteed by the FDIC, the investor is taking on negligible risk. Therefore, he’ll get negligible return. Yield is really just tied to maturity. You may find that a higher investment also yields a higher return. To compare to government bonds, a 5-year large-balance CD pays around 2.2%, whereas a 1 year CD pays about 1.2%.

Bank checking and savings accounts are at the bottom of the risk scale. They are FDIC insured, and yield about the same as a 1 year government bond.

What is a money market account? Money market accounts are a happy medium for many investors. Because they are FDIC insured, they offer virtually no risk whatsoever. Nevertheless, they offer competitive yields. A large-balance money market account yields around 1% annually, the same as a five-year government bond! In addition, whereas CDs require you to tie up your money for a year, a money market account gives you total access to your money for just a tiny fraction less on the yield.

Earn Money Every Day

In finance term, leverage is the use of various financial instruments or borrowed capital to increase the potential return of an investment. If you already have a mortgage, you are already leveraging on other people’s (the bank) money. You use as little money to get a significant, positive impact on your net worth. I am sure you can appreciate why real estate investment makes you more money than working full time all your life.

Besides leveraging on other people’s money which requires some initial capital, we can leverage on other people’s time, work, experiences and ideas. I am sure you’ve heard it before…people living the life of their dreams without working or just working only part time!

You can achieve it through leveraging and it is the main reason why I was attracted to the network marketing business model. It is the best and very simple way to start your journey towards financial freedom.

In my previous career as senior management in Asia Pacific, I had a great income but I realized that the companies that I worked for are leveraging on my time, my experiences and my talent. I am trading my own time which is limited by 24 hours a day to earn my income. They are not going to pay me if I stop working.

Then, I discovered the idea of having a home business that gives me a 24/7 mall without walls and a solution to convert daily spending into earning. So, I decided to embark on this amazing business model that was built on leveraging the time and efforts of people who are passionate to be successful.

All about Community Trust Bank

The bank feels glad to provide convenient options along with benefits for such specialized checking accounts. Some highlighted options along with benefits include:

  • Avoiding low monthly maintenance fee when low balance is maintained
  • Free flex debit card
  • Access to 24-hour banking through round the clock convenience line
  • Mobile banking
  • Internet banking with bill payment option
  • If you have a branch of Community Trust Bank nearby your dwelling place, then it will be good to avail membership in order to fetch numerous benefits.

Availability of Electronic Transfer Account (ETA)

Some highlighted benefits in association with Electronic Transfer Account include the following:

  • Easy availability of account to individuals who receive a federal benefit payments
  • You need to provide minimum deposit per month. It may include federal benefit, wage, salary or retirement payment.
  • Transactions must be related to over-the-counter and ATM card only
  • There remains no requirement of holding the minimum balance
  • Highly nominal and justified monthly maintenance charge needs to be paid. It generally fluctuates between $3 and $5.

Flexible Checking

Flexible checking by Community Trust Bank Surrey is gaining high popularity due to the following reasons:

  • You need only about $100 for opening such an account
  • Practically, it requires no monthly maintenance fee and minimum balance
  • You may easily go for unlimited writing of check
  • You may use first few checks free of cost
  • Enjoy unlimited deposits
  • Get monthly statement
  • Enjoy flex Debit card and transaction free of cost

Unlimited Checking

In a case of unlimited checking, if you are holding minimum daily ledger balance of about $500, then you need not pay any penny for monthly maintenance. You will also get benefitted with unlimited check writing, monthly image statement along with free flex ATM card and transactions.

The bonus pack option includes the following choices:

  • Savers Club
  • Purchase Protection and Extended Warranty
  • Payment Card Protection
  • MyIDMattersSM
  • Medical Emergency Data Card
  • Key Ring Protection
  • Discount Shopping Service
  • Accidental Death Insurance
  • Rx Advantage Prescription Drug Program

Saving Money on Everyday Expenses

Another thing that you should consider is the possibility of cutting back on the alcohol that you are drinking while you are out on the town. At the very least, trying to hit the restaurants during the time when they are offering some type of special, such as two-for-one happy hour. You might be surprised with how much money you are able to save when you get two glasses of wine or two drinks for the price of one. Otherwise, volunteer to be the designated driver and let everyone else enjoy themselves while you save money.

There may also be some type of special available which will allow you to try a number of different things in your area. For example, if you live in the bay area, you might want to try a San Francisco city pass. This will allow you to try some of the local restaurants and even some other enjoyable options, such as a massage in San Francisco. In a similar way, you can check the local coupons that come in the mail on a weekly basis. If you go out with a stack of these coupons in hand, you will have a number of options available without breaking the bank.

Finally, try to choose a restaurant that has a special which is both delicious and affordable. Most restaurants are going to showcase their services at sometime or another to the general public and if you are able to hit them at the right time, significant savings will be available to you. This also gives you the opportunity to try something different and to expand your choice of restaurants, if you should happen to go out on the town at sometime again in the future.

Information of Hide Money In Offshore Bank

The Panama laws have opened new chances for investors, permitting them to take out two targets with one shot. The Panama laws state this bank account can’t be investigated by the offshore depositor’s legislature paying little respect to create or excuse for why. What’s more since enactment and court judgment in the investor’s home nation don’t arrive at or have any consequences for these offshore banks, the identified offshore bank account are totally unlimited of any danger of being solidified.

This bank account which is out of the offshore investor’s legislature’s information provides concealment, along these lines permits the investor to not proclaim the wages from which the deposits in his offshore account claim roots in, without any stress of being gotten and charged of tax avoidance. Having an offshore account at an offshore bank in this manner permits the investor to completely keep away from bank account solidifying while in the meantime evading the charges supposedly charged on the exercises from which he earned the stated offshore deposits.

An offshore card is the cheapest and most advantageous tool to gain entrance to the offshore investor’s bank account. It permits its owner to track the transaction and money streams of his offshore account, or withdraw from it, through any ATM outlet anyplace on the world. This card can likewise be used the same path like a global Master card, in making buys and installments. Be that as it may unlike Visas that permit the owner to use cash which he doesn’t have, credit card permit their owner to use at a most extreme just the parity of the identified offshore account.

There are moreover advanced credit card providers that furnish an offshore SIM card with their package. The stated SIM card is interfaced to the offshore depositor’s bank account and offshore platinum card. The SIM card permits the investor to track and verify transactions through his mobile phone. The SIM card likewise permits control installment of calls from the offshore bank account, at greatly discounted rates. The offshore SIM card can even now be used for calls and content informing, much the same as customary SIM cards.

Hide your money in your particular bank account now and stay informed regarding it using your card and offshore SIM card. Get the 2-GetCash offshore credit card now that accompanies a virtual personal account and a SIM card. The SIM card not just offers 400 unlimited call minutes and yet permits access to your extraordinary voice over web methodology account that permits worldwide calls at extremely flat costs.

Tips Set up Bank Account

Choose the Bank: A modern person has options to choose from several forms of bank accounts. Similarly, you can also choose from a number of local or global banks. However, it is very much important for an individual to choose a bank that he can visit without facing any inconvenience. You can simply browse through the websites of banks having branches located in your area. Also, the information posted on the website will help you in understanding some of the important points associated with your bank account like the maximum amount you can withdraw from the ATM on a single day and the minimum quarterly balance that you will be required to maintain.Decide the Type of Account You Want to Set up: Each bank in UK allows its customers to choose from a wide range of accounts based on their specific needs. If you are planning to use the bank account for business purposes, you must set up a bank account that enables you to issue cheques, withdraw cash from the ATMs, along with making transactions using the debit or credit cards.

At the same time, the normal savings account will suit the needs of individuals who prefer to deposit a specific sum of money in the account. However, the banks require their customers to pay specific fees or to maintain specific quarterly balance to enjoy these additional facilities.

Understand the Required Documentation: You also have to submit specific documents to set up a bank account with debit card and other facilities. Normally, the banks require a new customer to submit a photo ID along with proof of his address. A customer can submit photocopies of his passport, driver’s license or student identification card as photo ID proof. Similarly, you can use your electricity or telephone bills as your address proof. Along with the amount of funds you have to deposit in your bank account, the information about the required documentation will make it easier for you to visit the branch and set up your first bank account.

Follow the Account Opening Procedure: Each bank uses its standardized account opening form to gather the information from customers. You can download the account opening from the website of the bank or visit the local branch to collect a copy of the form. The account opening form needs to be completed duly, and submitted along with proofs of your identity and address. Before submitting the duly completed account opening form, you must check it thoroughly to ensure that the details are entered in an exact and accurate manner. Also, you must read and understand the policies and regulations of the bank, before signing the paperwork.

All about Credit Card Shuffle

Keep in mind that applying for multiple cards in a short period of time can have a devastating effect on your scores. Potential creditors look at a flurry of applications and interpret it as a potential financial hardship, meaning it will become increasingly difficult to obtain credit as your rejections pile up. If you want to protect your score but are in need of credit, consider applying at your local bank branch where you have an existing relationship. In many cases, they are more willing to extend credit to individuals they know as opposed to people off the street who may have run into a bit of trouble.

However, when trying to lower the overall cost of your debt, there are several steps you can take depending on your financial situation. First, many people have success simply by calling the credit card company and requesting an interest rate drop. In many cases, a creditor would rather keep you as a customer rather than lose you to a balance transfer, so use this knowledge as leverage during your conversation with them.

If you have a second card with a lower interest rate, consider switching your current debt to that card so that you can save money as well as consolidate all your monthly payments into one bill. Many companies charge a fee that falls well short of the eventual financial savings for a balance transfer.

You’ll want to take some time to document any unsecured debt you have, and if possible, move this debt either to a new card or loan with a cheaper interest rate or to the lowest existing option available to you. The latter is especially attractive if you want to protect your credit score and avoid hard inquiries.

Whatever you decide to do, you should pay off your most expensive debt first. That is, whatever has the highest balance and highest interest rate should receive top priority in your monthly budget. Obviously, you should make all necessary minimum monthly payments to avoid further debt and negative credit marks from occurring.

As you begin to repay your expensive debt on the cheapest card, consider moving more debt to the cheaper interest rate if there was not room in previous months, as even doing so later than planned can lead to savings long term.