Zoho Books VS Wave

ZohoBooks-vs-Wave

Zoho Books VS Wave

Accounting

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Features

Pricing

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Hardware & Software Requirements

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Users & Permissions

Ease of Use

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Mobile Apps

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Customer Service & Support

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Negative Reviews & Complaints

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Positive Reviews & Testimonials

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Integrations

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Security

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Final Verdict

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When you think of accounting software, you usually think of big names like Xero or QuickBooks. But what about the programs that are designed specifically with the small business owner in mind? In this post, we’re going to put two of the top small business accounting software programs face to face: Zoho Books and Wave.

Redesigned in 2014, Zoho Books is a scalable, full-featured accounting software that even gives QuickBooks Online a run for its money. The software has only improved over the years. It features beautiful invoicing, strong mobile apps, excellent customer support, and decent integrations. It also gives users the unique ability to send invoices in over 10 different languages.

Wave is free accounting software that has only gotten better as time goes on. The software has grown to support over 3.5 million users and offers a robust feature set with unique additions like lending, scheduling recurring invoices by timezone, and a brand-new light ecommerce tool. The software also offers professional bookkeeping services and supports personal and business accounting.

But which service comes out on top? And more importantly, which is right for your business?

Read on to find out.

At Merchant Maverick, our goal is to help you to find the best software for your small business needs. To make your decision easier, we’ve carefully researched and tested both products. We’ll compare Zoho Books and QuickBooks Online (QBO) based on features, pricing, customer experience, reputation, and more, so you don’t have to.

Don’t have time to read the whole post? Or looking for a different accounting option? Check out our top-rated accounting solutions to see our favorite recommendations.

Accounting

Winner: Wave

Both Zoho Books and Wave offer strong accounting features. Each software uses double-entry accounting and offers both cash-basis and accrual accounting. Both support accounting reports, a customizable chart of accounts, journal entries, bank reconciliation, and fixed asset management.

The two are almost neck and neck in this area, although Wave sets itself apart by having recently added an additional bookkeeping service called Wave+ where users can purchase additional accounting help from professional bookkeepers. Wave also has built-in personal accounting tools.

Features

Winner: Zoho Books

Zoho Books Features Wave

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Invoicing

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Multiple Invoice Languages

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Estimates

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Expense Tracking

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Bank Reconciliation

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Chart Of Accounts

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Fixed Asset Management

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Contact Management

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Accounts Payable

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Time Tracking

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Project Management

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Inventory

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Reports

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eCommerce Checkouts

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Tracking Categories

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Multi-Currency Support

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Sales Tax

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Tax Support

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Importing & Exporting

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Lending

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Zoho Books and Wave have a lot of similar features. Both offer expense tracking, invoicing, contact management, and more. The difference is the depth and functionality of these features.

While Wave has a strong feature set and unique additions like a lightweight ecommerce tool and lending, Zoho Books’ features are far more advanced. Zoho Books offers some of the best invoicing on the market with 15 different templates and international invoicing. The software also offers project management (which Wave lacks entirely), better inventory, better time tracking, and better reporting, making it the clear winner here.

Pricing

Winner: Wave

Zoho Books offers three scalable pricing plans ranging from $9 – $29/month. Wave is completely free. The only additional costs are payroll, payment processing, and Wave+.

When it comes to pricing, you can’t beat free. And unlike most free software, Wave doesn’t put artificial limits on features like invoicing and estimates. You get complete access to fully-functioning features for $0/month. Another point in favor of Wave is that the software actually offers payroll. The service may cost extra, but in contrast, Zoho Books doesn’t have any payroll support or payroll integrations.

Hardware & Software Requirements

Winner: Zoho Books

As cloud-based software, both Zoho Books and Wave work with nearly any device so long as you have an internet connection.

Users & Permissions

Winner: Zoho Books

Depending on your plan, Zoho Books supports between 1 and 10 users, although you can purchase additional users for an extra cost. The software offers very basic user permissions. Wave is designed for the small business owner, meaning there are no additional users. You can technically invite “collaborators” who can have “view-only” or “view & edit” access to your Wave account, but the features they are able to access are limited, making Zoho Books the winner here.

Ease Of Use

Winner: Wave

Both Wave and Zoho Books are easy to use. They each have a modern UI that is well-organized, and setup is quick. However, because of Zoho Books’ sheer number of features, the software is a bit harder to navigate and get used to. Wave, on the other hand, is easy enough for anyone to use, no matter what their accounting background (or lack thereof) looks like.

Mobile Apps

Winner: Zoho Books

It’s no question that Zoho Books is the winner here. Zoho Books has always been known for strong, fully-featured mobile apps. Their Android and iPhone apps receive high ratings across the board, and the company supports smartwatch, Microsoft, and Kindle apps as well.

Wave’s mobile apps could stand improvement. Right now, there are two separate apps, one for invoices and one for receipts. Existing Wave users complain that they want one, full-featured app.

Customer Service & Support

Winner: Zoho Books

Zoho Books offers the most excellent customer support by far. Zoho Books’ phone support has hardly any wait times, and in my experience, representatives are friendly and helpful. The company also has an expansive help center, email, live chat, videos, and more.

While Wave does offer good resources like a well-developed help center and strong blog, you can only contact Wave support by email (unless you purchase payroll or credit card processing, in which case you get phone and chat support). Wave’s email response times often take over a day.

Negative Reviews & Complaints

Winner: Tie

Both Zoho Books and Wave receive mostly positive customer reviews from satisfied customers. They have a similar ratio of negative to positive reviews, resulting in a tie for this section.

The few complaints Zoho Books users have are about the lack of payroll and limited integrations. Complaints about Wave revolve around poor mobile apps, limited integrations, and limited features.

Positive Reviews & Testimonials

Winner: Tie

Both Zoho Books and Wave have many satisfied customers and high customer ratings. Zoho Books receives 4.5/5 stars on Capterra and 4.6/5 stars on G2Crowd, while Wave receives 4.4/5 stars on G2Crowd and 9/10 stars on TrustRadius.

Zoho Books users appreciate the software’s ease of use, strong mobile apps, affordable price plans, and constant updates. Wave users praise the software for its ease of use, free price, personal accounting, and feature selection.

Integrations

Winner: Tie

Zoho Books offers 33 integrations while Wave only has 3 integrations. However, both Zoho Books users and Wave users complain about a lack of integrations. Each software’s saving grace is that they both connect with Zapier, an integration that connects them to 1000+ other third-party apps.

Security

Winner: Zoho Books

Both Zoho Books and Wave offer strong security. Each uses 256-bit SSL encryption, regular data backups, and 24/7 data monitoring. We gave Zoho Books the victory in this section because Zoho Books is far more forthcoming about their security information so users can be 100% confident that their data is protected.

And The Winner Is…

Zoho Books VS Wave

Wave is powerful software that puts up quite the fight, but it just doesn’t have the features and capabilities of Zoho Books — at least not yet. A more robust feature set, strong mobile apps, more integrations, forthright security, and excellent customer service give Zoho Books the advantage.

Zoho Books is ideal for small to medium businesses in need of strong accounting that want the capabilities of QuickBooks Online without having to pay the price. Zoho Books is an affordable QBO alternative with a robust feature set and some of the best invoicing on the market, which is why we’ve named it the Best Accounting Software for Invoicing. Zoho Books’ invoicing features make it ideal for business in need of international invoicing. The only drawback is the lack of payroll, which could be a deal-breaker for some businesses.

If your business does need payroll or if you’re looking for free accounting software, Wave might be the better choice for your business. Wave is ideal for small business owners looking for easy bookkeeping software to manage their businesses with. There’s a reason we’ve named it the Best Free Accounting Software. Wave has an impressive features set — particularly for a free app — and offers a few key additions that Zoho Books lacks(payroll, lending, and the brand new eCommerce checkouts tool). It also has a strong Etsy integration, making it ideal for Etsy sellers.

Maybe after reading about Zoho Books and Wave, neither option seems like the perfect fit for your business. Don’t worry! Our comprehensive accounting reviews can help you find the best software for your business. If you need extra help deciding, read our Complete Guide To Choose Online Accounting Software.

Check out our full Zoho Books and Wave reviews for more information. Take advantage of Zoho Books’ free trial or start a free account with Wave to get a feel for each software, and feel free to reach out with any questions you may have.

The post Zoho Books VS Wave appeared first on Merchant Maverick.

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FreshBooks VS Wave

Freshbooks-vs-Wave

FreshBooks VS Wave

Accounting

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Features

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Pricing

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Tie

Hardware & Software Requirements

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Users & Permissions

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Ease of Use

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Mobile Apps

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Customer Service & Support

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Negative Reviews & Complaints

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Positive Reviews & Testimonials

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Integrations

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Security

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Final Verdict

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ReviewVisit

ReviewVisit

Choosing the right software for your business isn’t easy, especially when you have two great choices to pick from like FreshBooks and Wave.

FreshBooks has been helping small business owners with their invoices and expenses since 2003. The software offers strong mobile apps, excellent customer service, and good customer reviews. A recent redesign has made the software easier to use than ever.

Wave is completely free accounting software that has grown to support over 3 million users. The app offers strong accounting with ample features including project management, invoicing, and a basic ecommerce tool. Wave is also the only accounting software besides QuickBooks Online to offer lending services.

But which software is better? That’s what we’re here to tell you.

At Merchant Maverick, our goal is to help you to find the best software for your small business needs. So to make your decision easier, we’ve carefully researched and tested both products. We’ll put FreshBooks and Wave head to head by comparing features, pricing, customer experience, reputation, and more, so you don’t have to. Read on to see which software is best for your business.

Don’t have time to read the whole post? Or looking for a different accounting option? Check out our top-rated accounting solutions to see our favorite recommendations.

Accounting

Winner: Wave

This one’s easy. Wave wins by default because FreshBooks is not accounting software. While FreshBooks does offer a few basic bookkeeping tools, it does not use double-entry accounting. It also has no bank reconciliation features, no accounts payable, and no customizable chart of accounts.

Wave, on the other hand, uses double-entry accounting and offers both accrual and cash-basis accounting. The software offers bank reconciliation, journal entries, a detailed chart of accounts, and basic reporting,

Features

Winner: Wave 

FreshBooks Features Wave

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Invoicing

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Estimates

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Client Portal

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Expense Tracking

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Bank Reconciliation

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Chart of Accounts

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Accounts Payable

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Inventory

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Time Tracking

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Project Management

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Reports

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Journal Entries

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Sales Tax

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Multi-Currency

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Lending

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The two programs are pretty on par in terms of invoice template choices, time tracking, importing/exporting, and multi-currency support. However, Wave’s features are more developed than those of FreshBooks. Wave offers 5 more reports than FreshBooks, better project management, and better inventory. Wave also offers key features that FreshBooks is missing like bank reconciliation, vendor management, accounts payable, and a brand new ecommerce tool called Checkouts.

Pricing

Winner: Wave

You can’t beat free. Wave costs $0/month — no gimmicks, no tricks, no limitations. The only thing you have to pay for is adding payroll, payment processing, or bookkeeping help from a professional Wave advisor. FreshBooks costs $15/month – $50/month. FreshBooks is more expensive and offers fewer features, so businesses get a lot more bang for their buck with Wave.

Hardware & Software Requirements

Winner: Tie

As cloud-based software, both FreshBooks and Wave are compatible with nearly any device so long as you have an internet connection.

Users & Permissions

Winner: Tie

Neither FreshBooks nor Wave shines in the “additional users” department. With FreshBooks, each pricing plan only comes with one user. You can add additional users for $10/month each, but you can’t set any user permissions. Wave was designed for the small business owner, meaning it’s not possible to have additional users. You can add “collaborators” who can view or view and edit your Wave account, but there are no permissions available here either.

If you’re looking for multiple users and strong users permissions, take a look at Zoho Books, QuickBooks Online, or Xero instead.

Ease Of Use

Winner: FreshBooks

Both Wave and FreshBooks have attractive interfaces that are well-organized and easy to use. However, FreshBooks has better customer support which helps you learn to navigate the software faster.

Mobile Apps

Winner: FreshBooks

FreshBooks is well-known for its strong, full-featured mobile apps. Wave, on the other hand, has separated its apps into Receipts by Wave and Invoices by Wave. Neither app is full-featured and many users complain that they want a single, all-encompassing Wave app instead.

Customer Service & Support

Winner: FreshBooks

When it comes to customer support, FreshBooks can’t be beaten. FreshBooks offers great phone support with hardly any wait times. Representatives are generally friendly, helpful, and well-informed. In addition, FreshBooks offers a detailed help center, email support, and a comprehensive blog. Wave only offers phone support for payroll and payment processing users, leaving regular users a well-developed help center and email support. Most emails are responded to within a day, but it’s harder to get a quick response than with FreshBooks.

Negative Reviews & Complaints

Winner: Tie

Both FreshBooks and Wave are loved by customers. Each software receives mostly positive reviews, with a few negative complaints thrown in. For FreshBooks, users call for more features, better invoice templates, and true accounting. Wave users complain of limited mobile apps, lack of integrations, and occasionally slow servers.

Positive Reviews & Complaints

Winner: Tie

FreshBooks and Wave have a similar ration of positive to negative complaints. Most users seemed thrilled with both programs and each software receives high marks across popular review sites. FreshBooks users love that the software is easy to use, offers professional invoicing, and has great customer service. Wave users love the software’s features, ease of use, and, of course, its price.

Integrations

Winner: FreshBooks

FreshBooks offers 70+ integrations as opposed to Wave’s four, so if add-ons are important to your business, FreshBooks is clearly the way to go.

Security

Winner: Tie

Both FreshBooks and Wave offer strong security. They each use 256-bit SSL encryption, redundancy, and regular backups, and they each host their servers with trusted security providers.

And The Winner Is…

While FreshBooks reputation for ease of use is well-earned, the software doesn’t always live up to these high expectations. First of all, despite its advertising, FreshBooks isn’t true cloud accounting software.

Wave, on the other hand, offers true accounting software and an incredible number of features for $0/month. In addition to the basic tools you’d expect from an accounting software, features like lending and Checkouts set the software apart and allow Wave to give even QuickBooks Online a run for its money. For small businesses looking to save money, you can’t beat Wave. The software is also ideal for Etsy users and ecommerce businesses.

That being said, businesses that don’t need the accounting capabilities or a large number of features may find FreshBooks to be a good choice. The software has better mobile apps and customer service than Wave. However, FreshBooks is far more expensive than Wave and your money only goes a short way with the software.

Perhaps, after reading this, neither option seems like the right choice for you. Our comprehensive accounting reviews can help you explore all of your options so you can choose the perfect software for your business.

Check out our full FreshBooks and Wave reviews for more information.

The post FreshBooks VS Wave appeared first on Merchant Maverick.

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FreshBooks VS Classic FreshBooks

 

FreshBooks review

FreshBooks VS FreshBooks Classic

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Accounting

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Features

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Pricing

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Hardware & Software Requirements

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Mobile Apps

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Customer Service & Support 

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Negative Reviews & Complaints

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Positive Reviews & Testimonials

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Integrations

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Security

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Final Verdict

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Visit

Visit

FreshBooks has been a part of the accounting scene since 2003 and is one of the biggest names in the invoicing and accounting industry. In 2017, the company launched a completely new version of the software, but unlike most companies, FreshBooks didn’t simply eradicate the older version — users can choose between FreshBooks or Classic FreshBooks.

But which version is better? How does new FreshBooks stack up to the tried and true Classic FreshBooks? What’s the difference between each version, and — most importantly — which version of FreshBooks is right for you?

That’s exactly what we’re here to answer. We’ll give you the complete lowdown on both FreshBooks and Classic FreshBooks, and only one can come out on top.

At Merchant Maverick, our goal is to help you to find the best software for your small business needs. So to make your decision easier, we’ve carefully researched and tested both products. We’ll put FreshBooks and Classic head to head by comparing features, pricing, customer experience, reputation, and more, so you don’t have to. Read on to see which software is best for your business.

Don’t have time to read the whole post? Or looking for a different accounting option? Check out our top-rated accounting solutions to see our favorite recommendations.

Accounting

Winner: Tie

Despite the company’s name — “FreshBooks Cloud Accounting” — neither FreshBooks nor Classic FreshBooks is actually a true accounting software program. The apps don’t use double-entry accounting and don’t support key accounting features like accounts payable and bank reconciliation. The latest version of FreshBooks does offer a chart of accounts, which is a step in the right direction, but you can’t customize or edit the accounts.

My main beef with FreshBooks as a company isn’t that the apps lacks these features, but that FreshBooks advertises itself as a cloud accounting software when it’s really more of an invoicing and light bookkeeping tool.

For small business owners who aren’t looking for a full accounting package and just want a few tools to manage their income and expenses, FreshBooks or Classic FreshBooks could both be good choices.

Features

Winner: Classic FreshBooks

FreshBooks Features Classic FreshBooks

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Invoicing

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Estimates

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Client Portal

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Contact Management

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Expense Tracking

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Inventory

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Project Management

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Time Tracking

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Reports

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Default Email Messages

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Request Customer Review

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Sales Tax

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Multi-Currency

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Importing/Exporting

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On paper, the programs look pretty similar in terms of features, but the depth of Classic FreshBooks’ offerings far surpasses the newer version of FreshBooks.

Classic FreshBooks offers a full inventory feature, the ability to create default email messages, the ability to request customers reviews, more advanced time tracking, and nearly 20 more reports than FreshBooks. The one feature FreshBooks has over Classic FreshBooks is a built-in communication feature for you to talk with customers and your employees.

While the company is constantly updating FreshBooks, the new version has a long way to go before it can stand up to the robust, developed feature set of Classic FreshBooks.

Pricing

Winner: Classic FreshBooks

FreshBooks offers three pricing plans ranging from $15 – $50/month. Classic FreshBooks offers four pricing plans ranging from $12.95 – $39.95/month plus a fifth custom plan for larger businesses. You can receive a small discount for purchasing a yearly subscription instead of a monthly subscription of either version of the software.

Classic FreshBooks takes the cake here because it’s more scalable and gives you more bang for your buck in terms of features.

Hardware & Software Requirements

Winner: Tie

As cloud-based software, both FreshBooks and Classic FreshBooks are compatible on nearly any device so long as you have an internet connection.

Users & Permissions

Winner: Classic FreshBooks

Neither FreshBooks nor FreshBooks Classic is particularly well-suited for companies with multiple users. FreshBooks only offers a single user for each price plan, although you can purchase additional users for $10/month each. Classic FreshBooks offers 1 – 2 users depending on the pricing plan, and additional users can be purchased for $10/month each.

Classic FreshBooks requires extra users to log in with your same login, though you can set user permissions, whereas FreshBooks has no user permissions at this time. Classic FreshBooks wins by a hair in this category.

Ease Of Use

Winner: FreshBooks

Here is where the new design shines. The current version of FreshBooks worked out some of Classic FreshBooks’ navigational difficulties, making FreshBooks easier to use than ever. Both apps share the same great customer service so it’s easy to get help if you want some extra assistance learning and using the latest software.

Mobile Apps

Winner: Tie

FreshBooks has always been known for strong mobile apps, and the latest version is no exception. Both FreshBooks and Classic FreshBooks offer fully-featured mobile apps that make it easy to run your small business on the go.

Customer Service & Support

Winner: Tie

FreshBooks, as a company, offers some of the best customer support around. Both FreshBooks and Classic FreshBooks offer phone support, email support, in-software help, and well-developed help centers. Phone wait times are almost non-existent and representatives are friendly and helpful. The company also maintains an active FreshBooks blog with tons of information on how to succeed as a small business.

Negative Reviews & Complaints

Winner: Tie

For as long as we’ve been following FreshBooks, the software has been much-loved by users and received only a small handful of complaints. Today this is still the case. The tricky part about FreshBooks reviews is that it’s nigh impossible to tell which reviews refer to New FreshBooks and which refer to Classic FreshBooks.

Some users complain that they don’t like the new update and miss Classic FreshBooks, while others praise the new version and say they like it more than the original. The verdict is still out on which version users will end up likely best, which is why we’ve left this category as a tie.

Positive Reviews & Testimonials

Winner: Tie

Both Classic FreshBooks and FreshBooks have received positive praise from customers and high marks as far as customer ratings go. While it is again difficult to tell which version customers are referencing in reviews, it’s easy to see this pattern: users love that FreshBooks is easy to use, has excellent customer service, and offers great invoicing with strong mobile apps.

Integrations

Winner: FreshBooks

When the new version of FreshBooks first launched, integrations were a big issue. Now FreshBooks offers 70+ integrations, which beats out Classic FreshBooks’ 40+ integrations.

Security

Winner: Tie

FreshBooks uses the same security measures for both of version of the software. The company uses 256-bit SSL encryption, Cisco-powered firewalls, and regular intrusion detection and vulnerability testing. Data is backed up onto two Rackspace-hosted servers in undisclosed locations.

And The Winner Is…

Classic FreshBooks!

I’m a firm believer in the “if it ain’t broke, don’t fix it philosophy.” There are certain aspects of Classic FreshBooks that could be improved, but instead of adding more features, FreshBooks sacrificed looks for functionality with the release of New FreshBooks. While New FreshBooks is slightly easy to navigate and has a nice UI, FreshBooks already had a nice UI and user experience — plus, what FreshBooks users were crying out for were more features, not less. FreshBooks doesn’t have an inventory feature and is missing key automations like default email messages that were available with Classic FreshBooks but are no missing.

And to top it off, not only does FreshBooks offers fewer features than Classic FreshBooks, but it’s also more expensive and supports fewer users (with no accountant access either).

To be fair, the company is constantly releasing updates for FreshBooks and the new version offers far more integrations than Classic FreshBooks.

In this case, choosing which program is right for you will highly depend on the features your business needs. New users who haven’t used FreshBooks Classic may find the newer version suits their needs well. Veteran FreshBooks users might want to switch back to Classic until the latest version goes through a few more round of updates.

Or, maybe after reading this review you want to find a less expensive invoicing solution or a full-fledged accounting solution. Our invoicing reviews and accounting reviews can help!

If you’re an existing FreshBooks user, we’d love to hear from you! Let us know which version you like best in the comments below.

The post FreshBooks VS Classic FreshBooks appeared first on Merchant Maverick.

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Slow-Paying Customers? 10 Tips To Get Your Invoices Paid Faster

Slow Paying Customers? 10 Tips To Get Your Invoices Paid Faster

If your company relies on invoices, you’re probably all too familiar with slow-paying customers. According to the popular accounting software Xero, “More than a third of small business invoices are paid late.”

Late invoices seem like an inevitable part of running a business, but they don’t have to be. That’s why we’ve created a list of practical steps you can take to increase your chances of getting paid on time.

Here are our top ten tips to get your invoices paid faster.

Send Online Invoices

If you’re still mailing invoices manually, now is the time to start saving time and money by switching to e-invoices. Sending invoices online is easy, cost-effective and best of all — fast.

Instead of spending time printing invoices, stuffing envelopes, and waiting on the mailman, you can send your invoices to customers instantly. Your customers get their invoices faster, which means you get paid quicker. And you won’t need to worry any longer about whether your invoice got lost in the mail or sent to the wrong address. Most invoicing software programs offer invoice tracking so you can see exactly when your customer receives and views their online invoice.

When it comes to small businesses, time is money. But money is also money. With e-invoices, you’ll save both. While you may need to spend a small monthly fee on invoicing or accounting software, you won’t have to purchase envelopes, ink, paper, stamps, etc., and you can use your newfound free time for managing other more important aspects of your business.

Take a look at some of our favorite online invoicing options or continue reading to learn all of the perks invoicing software offers.

Offer Online Payments Options

Slow-Paying Customers? 10 Tips To Get Your Invoices Paid Faster

One of the other great perks of using online invoices is the ability to accept online payments. When it comes to getting invoices paid fast, the key is to make it as easy as possible for customers to pay you.

That’s why payment processors are so important. They’re quick, convenient, and available with almost all invoicing and accounting programs offers multiple payment processing options.

According to the popular invoicing software FreshBooks, offering an online payment option significantly increases your chances of being paid on time; and according to Xero, companies that accept both online credit card payments and Paypal payments get paid 20 days faster than those that don’t.

To learn more about accepting online payments, download our free Beginner’s Guide to Payment Processing. If you’re already sending online invoices but aren’t yet accepting online payments, read our post The Best Payment Processors For Accounting Software.

Choose The Right Invoice Template

Believe it or not, choosing the right invoice template can play a role in getting your invoices paid on time.

Most invoicing software programs offer multiple templates options. You want to pick a template that is attractive, simple, and clear to read. This includes choosing a legible, easy-to-read font like Arial or Helvetica (I usually shy away from serif fonts, like Times New Roman, as they are harder to read and often make the invoice look outdated and cluttered).

According to Invoice Ninja:

[An invoice] that’s colorful, distinctive, and attractive in appearance will stand our in their minds. This can help clients to remember your invoice and nudge them towards paying promptly.

Not only do you want an attractive invoice, but you also want an invoice that clearly shows:

  • The invoice due date
  • The invoice amount
  • Your company’s contact and payment information
  • The products or services the customer is paying for
  • The invoice’s terms and conditions

Clarifying and highlighting this information makes it easier for your customers to know when and how to pay you, which can speed up the payment process.

Here are a few examples of strong, attractive invoice templates:



Pick The Right Date

Choosing an invoice template with a clear due date is a definite step in the right direction, but you also want to make sure you choose the right due date.

Oftentimes, you’ll see invoices that say “due upon receipt.” This is a perfect example of what not to do. It doesn’t give a clear due date, which encourages late payments. Another term you often see is a “Net 30” due date. This means that the invoice payment is due 30 days after the invoice is sent. Some customers may not be familiar with this notation. Instead, be clear and specific. If an invoice is due 30 days after it’s sent and it was sent on September 1st, just say that the invoice is due September 30th. When customers have a set-in-stone deadline, they are more likely to pay on time.

If you want your invoices to be paid faster, also consider moving up your due date. If you typically have invoices due 30 days after they’re sent, try moving that up to 15 days. This way you are spending less time waiting on cash.

Give Discounts

merchant cash advance industry

 

You catch more flies with honey than vinegar, and invoicing is no exception. A great way to get your invoices paid fast is to offer a small discount for customers who pay early. Maybe consider offering a 5% or 10% discount for customers who pay their invoices in the first ten days. Everyone likes saving money, so those customers who are looking for savings will jump on the deal and pay their invoice quickly. While you may lose a small amount of your sale, you’ll receive cash faster, which may be more than worth it.

This option may not be for everyone or every type of business, but is definitely worth considering if your business is struggling with cash flow due to late invoice payments.

Enforce Late Fees

If incentives don’t work, you can also consider charging a late fee or interest for late payments. While no one likes to be the bad cop, sometimes you have to take drastic measures to receive your hard-earned money.

If you do go this route, be sure to clearly state your late fee policy on your invoice’s terms and conditions and send reminders to inform your customers that you will begin calculating interest or charging a fee if you don’t receive your invoice in time.

Send Invoices Right Away

Get your merchant funds fast. Image description: Clock with money underneath it

Your customers can’t pay you if they haven’t been sent an invoice. That’s why staying on top of invoicing is one of the most important things a business owner can do. The sooner you send your invoice the sooner you can get paid. Plus, customers are more likely to pay quickly for items or services that they just received.

It can be easy to become overwhelmed and fall behind on invoices. Luckily, there are tons of great invoicing tools out there to help automize your invoicing process. Nearly every invoicing software allows you to send recurring invoices to repeat customers. Apps like Zoho Invoice and QuickBooks Online allow you to auto schedule invoices in advance to help save time. And programs like Invoice2go offer great mobile apps so you can send invoices on straight from your phone.

Send Payment Reminders

Slow-Paying Customers? 10 Tips To Get Your Invoices Paid Faster

Another way to avoid late-paying customers is to send regular invoice payment reminders. Sometimes people simply forget and need a nudge in the right direction toward payment. Send invoice reminders a few days before the invoice is due, the day the invoice is due, and a few days after the invoice is missed.

Hopefully, the first reminder will be enough to get you your payment. If not, continue sending email reminders and calling them on the phone. No one likes to chase down payments or be a nag, but it’s your responsibility to follow up with slow-paying customers.

One of the perks of invoicing software is that most programs allow you to create automatic payment reminders, which saves a lot of time. These programs almost always have an Accounts Payable report as well so you can view your customer’s outstanding balances without having to manually track who hasn’t paid yet.

Invoice In Phases

If you run a project-based business, consider invoicing in phases. Instead of sending one giant invoice at the end of the job, maybe try invoicing once certain phases of the tasks are complete. Or, consider charging a deposit for your work to discourage customers from avoiding payment altogether. This way, you can even out your cash flow.

Use Invoicing Software

When it comes to getting your invoices paid on time, invoicing software is integral. With it, you can send invoices quickly, automize your invoicing process, and encourage customers to pay quickly with online payments.

Here at Merchant Maverick, we highly recommend that small businesses use invoicing software at the very least, or purchase full-fledged accounting software to send online invoices and balance the books. In this post, we’ve already mentioned several of the great perks of e-invoicing and invoicing software.

Here is a full list of the reasons you should use invoicing software:

  • To automate your invoicing process
  • To send online invoices to customers
  • To accept invoice payments from customers directly online
  • To see when your customers have received and viewed their invoices
  • To send automatic payment reminders to late-paying customers
  • To construct default terms and conditions that automatically appear on every invoice
  • To create default invoice email messages to make sending invoices faster
  • To run helpful reports like Accounts Receivable and Sales by Customer
  • To send invoices on the go with mobile apps
  • To save on paper, ink, and time

If you’re ready to start getting faster invoice payments by using invoicing software, here is a comparison of the top invoicing software options that have the best offerings:

Zoho Invoice Invoice Ninja Invoicera FreshBooks

Review Visit

Review Visit

Review Visit

Review Visit

Pricing

$0 – $29/month

$0 -$12/month

$0 – $15/month

$0 – $50/month

Customer Support

Very Good

Very Good

Good

Very Good

Ease of Use

Very Easy

Easy

Very Easy

Very Easy

Business Size

Small – Medium

Small

Small – Medium

Small

Number of Invoice Templates

16

10

7

2

Autoschedule Invoices

✓

✘

✓

✘

Payment Reminders

✓

✓

✓

✘

International Invoicing

✓

✘

✘

✘

Number of Payment Processors

11

35

30

2 – 6

If you want the same great invoicing features but with added bookkeeping functionality, here are the four best accounting programs for invoicing:

Zoho Books QuickBooks Online Wave Zipbooks

ReviewVisit

ReviewVisit

ReviewVisit

ReviewVisit

Pricing

$0 – $29/month

$15 – $50/month

$0

$0 – $125/month

Customer Support

Very Good

Poor

Good

Good

Ease of Use

Very Easy

Easy

Very Easy

Easy

Business Size

Small

Small – Medium

Small

Small

Number of Invoice Templates

15

5

3

1

Autoschedule Invoices

✓

✓

✘

✘

Payment Reminders

✓

✓

✓

✓

International Invoicing

✓

✘

✘

✘

Invoice Strength Score

✘

✘

✘

✓

Number of Payment Processors

12

15

2

2

If you need help deciding which software is right for you, check out our comprehensive invoicing software reviews, take a look at our post How To Choose Invoicing Software, or leave us a comment below.

What If My Customers Still Don’t Pay Their Invoices On Time?

So what happens if you try all 10 of these tips and you still have late-paying customers? That’s where invoice financing comes in.

With invoice financing, you can sell your unpaid invoices to a factoring company in exchange for immediate cash or you can use your invoices as collateral for a line of credit.

If you’re suffering from inconsistent or poor cash flow due to slow-paying customers, invoicing financing might be the perfect solution for you. Read our Merchant’s Guide To Invoice Financing to learn more or compare the invoice financing options.

Instead of feeling powerless against late invoices, you now have ten tricks under your sleeve to help get those invoices paid faster (eleven if you count invoice financing!) Take action against slow-paying customers and start getting your invoices paid faster today.

The post Slow-Paying Customers? 10 Tips To Get Your Invoices Paid Faster appeared first on Merchant Maverick.

“”

Zoho Invoice VS Zoho Books

Zoho Invoice VS Zoho Books

Accounting

✓

Features

✓

Pricing

✓

Tie

Hardware & Software Requirements

Tie

Tie

Users & Permissions

Tie

✓

Ease of Use

Tie

Mobile Apps

Tie

Tie

Customer Service & Support

Tie

Tie

Negative Reviews & Complaints

Tie

Tie

Positive Reviews & Testimonials

Tie

Integrations

✓

Tie

Security

Tie

?

Winner

?

Review Visit

Review Visit

Zoho offers a suite of over 40 products including Zoho Invoice and Zoho Books. But when two sibling products from the same family tree go head to head, which comes out on top? That’s what we’re here to find out.

Zoho Invoice and Zoho Books both offer incredible invoicing and international business features for small businesses, as well as strong mobile apps, excellent customer service, and positive customer reviews.

Zoho Invoice was created in 2008 and today has grown to offer over 16 invoice templates, multi-lingual invoicing, and tons of invoicing automations. Top that with a beautiful client portal, project management, expense tracking, and ten different payment gateway options and it’s easy to see why Zoho Invoice is our top 5-star invoicing software.

The Zoho Books software we know today was redesigned and launched in 2014. The software offers the same great invoicing features as Zoho Invoice but adds accounting features like journal entries, bank reconciliation, and accounts payable. The software also offers inventory, tracking categories, and a few more third-party integrations, which has earned it the Merchant Maverick title of Best Accounting Software For Invoicing.

But which bookkeeping software app is better, and which is more suited for your small business? Let’s find out.

At Merchant Maverick, our goal is to help you to find the best software for your small business needs. So to make your decision easier, we’ve carefully researched and tested both products. We’ll put Zoho Invoice and Zoho Books head to head by comparing features, pricing, customer experience, reputation, and more, so you don’t have to. Read on to see which software is right for your business.

Don’t have time to read the whole post? Or looking for a different accounting option? Check out our top-rated accounting solutions to see our favorite recommendations.

Accounting

Winner: Zoho Books

Zoho Books is the clear winner here because Zoho Invoice isn’t accounting software — it’s simply straightforward invoicing software.

Zoho Invoice does provide a few basic bookkeeping tools like expense tracking and mileage deductions which might be enough for some smaller businesses. However, if you want true accounting, Zoho Books is the way to go.

Zoho Books provides the full accounting package, so much so that it gives QuickBooks Online a run for its money. Zoho Books features bank reconciliation, journal entries, ample reports, fixed asset management, and a customizable chart of accounts.

Features

Winner: Zoho Books

Zoho Invoice VS Zoho Books

✓

Invoicing

✓

✓

Estimates

✓

✓

Expense Tracking

✓

✘

Bank Reconciliation

✓

✘

Chart of Accounts

✓

✘

Fixed Asset Management

✓

✓

Contact Management

✓

✘

Accounts Payable

✓

✓

Time Tracking

✓

✓

Project Management

✓

✘

Inventory

✓

✓

Reports

✓

✘

Tracking Categories

✓

✘

Print Checks

✓

✓

Mileage Deductions

✓

✓

Sales Tax

✓

✘

Tax Support

✓

✓

Importing & Exporting

✓

The chart makes it easy to see which app takes the cake in this category.

Both Zoho Invoice and Zoho Books have some of the best invoicing features and automations on the market. The features that the programs do share are nigh identical; the main difference is that Zoho Books takes the UI and feature set of Zoho Invoice and ups the ante with more features.

While Zoho Invoice is incredibly full-featured for an invoicing software, Zoho Books add accounts payable, inventory, tracking categories, and tax support in addition to the accounting features mentioned earlier.

Pricing

Winner: Zoho Books

Zoho Invoice and Zoho Books have very similar pricing structures. Zoho Invoice offers a forever free plan as well as three paid plans ranging from $9 – $29/month. Zoho Books’ three pricing plans also range from $9-$29/month.

While Zoho Invoice seems like it has the edge by offering a free plan, the plan itself is severely limited and impractical for most businesses. We give this category to Zoho Books because you get much more bang for your buck in terms of features for the same exact price as Zoho Invoice.

Hardware & Software Requirements

Winner: Tie

As cloud-based software programs, both Zoho Invoice and Zoho Books are compatible with nearly any device so long as you have an internet connection. Both also offer an incredible number of mobile apps for Apple products, Androids, Microsoft phones, Smartwatches, and even Kindles.

Users & Permissions

Winner: Tie

Zoho Invoice’s largest plan allows 10 users. Similarly, Zoho Books’ largest plan allows nine users and one accountant. Additional users can be added to each software. Both programs also offer decent user permissions and the ability to approve transactions for added control, putting them on the same footing as far as user permissions go.

Ease Of Use

Winner: Zoho Invoice

Both Zoho Invoice and Zoho Books are generally easy to use. Each software can be difficult to navigate at times, but luckily there are ample support options to help you find what you’re looking for. The UI and user experience are almost identical with each program, but we gave Zoho Invoice the win here based on the sheer fact that there are fewer features to have to learn and navigate.

Mobile Apps

Winner: Tie

Both Zoho Invoice and Zoho Books offer strong, full-featured mobile apps that receive much praise from customers.

Customer Service & Support

Winner: Tie

Both Zoho Invoice and Zoho Books have excellent customer support (are you catching the theme yet?). Since Zoho is in charge of both products, it’s not surprising that their customer support options are similar. In my experience, phone wait times are short, email responses are generally quick, and representatives are usually friendly and helpful for both products. The best part is that Zoho Invoice’s and Zoho Books’ knowledgebases can be accessed directly from within the respective programs to make your life a bit easier.

Negative Reviews & Complaints

Winner: Tie

Both Zoho Invoice and Zoho Books receive predominately positive customer reviews. The products have such a similar number of negative reviews that we had to give them a tie.

The complaints that do exist regarding Zoho Invoice mostly revolve around lack of integrations, a few poor customer support experiences, and occasional navigational difficulties. Complaints about Zoho Books center around a similar lack of integrations, the lack of payroll, and the desire for more features (mostly more reporting and user permissions).

Positive Reviews & Testimonials

Winner: Tie

Again, Zoho Invoice and Zoho Books tie in the number of positive customer reviews they receive. Both receive high ratings across the board from sites like G2Crowd and GetApp, as well as iTunes and the Google Play Store.

Zoho Invoice customers love how easy the software is to use, how professional the invoices look, and the ability to run their business on the go. Zoho Books users also love how easy the software is to use and appreciate how affordable it is, especially considering the robust feature set.

Integrations

Winner: Zoho Books

Zoho Invoice has 25 integrations as opposed to Zoho Books’ 33, which gives Zoho Books the edge here.

Security

Winner: Tie

Zoho uses the same security measures to protect both Zoho Invoice and Zoho Books, including SSL encryption, two-factor authentication, and regular virus detection and prevention to protect customer data. The company also performs regular data backups onto multiple servers in undisclosed locations, which are guarded by a number of physical security measures. Visit Zoho’s website to learn more.

And The Winner Is…

Zoho Invoice VS Zoho Books

While both products are similar and are tied in a number of categories, Zoho Books is undeniably a step up from Zoho Invoice. I almost always recommend using full accounting software over solely invoicing software. When it comes to running your small business, you need a way to balance the books and keep strong accounting records for tax season.

This is why Zoho Books was the clear winner from the start. Not only do you get more bang for your buck with Zoho Books in terms of features, you also can rest assured that your books are balanced correctly. Key features like bank reconciliation, accounts payable, inventory, and tax support make Zoho Books a more practical small business solution. Plus, you get the same great mobile apps and customer service but with more integrations.

However, this doesn’t mean that Zoho Books is necessarily the right choice for everyone. If you are looking for invoicing software and don’t want the extra accounting features, Zoho Invoice is one of best — if not the best — invoicing software out there. It offers great invoice templates and customizations, expense tracking, a client portal, and project management — all at a relatively affordable price.

Zoho Invoice and Zoho Books each boast strong mobile apps, excellent customer support, almost identical pricing structures, and tons of positive customer reviews, so you really can’t go wrong with either choice (unless your small business needs payroll, in which case you’ll need a more advanced accounting software). The decision ultimately comes down to what features your business needs.

If you want to explore all of your options, check out our other accounting software reviews and/or view our full invoicing software reviews.

The post Zoho Invoice VS Zoho Books appeared first on Merchant Maverick.

“”

Zoho Books VS QuickBooks Online

Zoho Books VS QuickBooks Online

Tie

Accounting

Tie

Features

✓

✓

Pricing

✓

Hardware & Software Requirements

User Permissions

✓

✓

Ease of Use

✓

Mobile Apps

✓

Customer Service & Support

Negative Reviews & Complaints

✓

✓

Positive Reviews & Testimonials

Integrations

✓

Tie

Security

Tie

?

Final Verdict

?

Review Visit

Review Visit

We all love a good underdog story. But when underdog Zoho Books takes on one of the biggest names in accounting, QuickBooks Online, can this lesser-known software give QBO a run for its money? Well, that’s what we’re here to find out.

Redesigned and relaunched in 2014, Zoho Books continues to only get better. The software offers ample features, the most beautiful invoicing out there (including the ability to send invoices in multiple languages), excellent customer service, and strong mobile apps.

QuickBooks Online has been around since 2004. With advanced accounting, an impressive feature set, almost 280 integrations, and a brand new lending feature, it’s easy to see why QuickBooks Online is so popular.

But which accounting software is better, Zoho Books or QuickBooks?

At Merchant Maverick, our goal is to help you to find the best software for your small business needs. To make your decision easier, we’ve carefully researched and tested both products. We’ll compare Zoho Books and QuickBooks Online (QBO) based on features, pricing, customer experience, reputation, and more, so you don’t have to.

Don’t have time to read the whole post? Or looking for a different accounting option? Check out our top-rated accounting solutions to see our favorite recommendations.

Accounting

Winner: Tie

Both Zoho Books and QuickBooks offer strong accounting. Each uses double-entry accounting and supports both accrual and cash-basis accounting. In terms of accounting features, both offer a customizable chart of accounts, ample reports, journal entries, and bank reconciliation.

Features

Winner: QuickBooks Online

Zoho Books VS QuickBooks Online

✓

Invoicing

✓

✓

Multiple Invoice Languages

✘

✓

Estimates

✓

✓

Expense Tracking

✓

✓

Bank Reconciliation

✓

✓

Chart Of Accounts

✓

✓

Fixed Asset Management

✓

✘

Depreciation

✓

✓

Contact Management

✓

✓

Accounts Payable

✓

✓

Time Tracking

✓

✓

Project Management

✓

✓

Inventory

✓

✓

Reports

✓

✓

Tracking Categories

✓

✘

Budgeting

✓

✓

Print Checks

✓

✓

Multi-Currency Support

✓

✓

Sales Tax

✓

✓

Tax Support

✓

✓

Importing & Exporting

✓

✘

Lending

✓

Note: Feature availability varies by pricing plan.

Zoho Books and QuickBooks Online are mostly on par in terms of features. Each offers beautiful invoicing templates and invoicing automation, as well as inventory, contact management, expense tracking, accounts payable, and project management. While Zoho Books puts up a great effort, QuickBooks Online edges out the competition — but just barely.

QuickBooks Online offers several features that Zoho doesn’t, including budgeting and small business lending. In addition, QuickBooks Online has a much more developed time tracking feature and more tax support. QuickBooks Online gives users the option to add payroll to their software (for an extra cost), whereas Zoho Books has no payroll support.

One place where Zoho Books actually trumps QuickBooks is international invoicing. QuickBooks doesn’t allow you to send invoices in multiple languages whereas Zoho Books does. However, this unique touch isn’t enough to make up for the lack of budgeting and limited time tracking.

Pricing

Winner: Zoho Books

QuickBooks Online offers three pricing plans ranging from $15 – $50/month, with payroll support costing an extra $39 – $99/month (plus $2/month per employee). Zoho Books offers three pricing plans as well ranging from $9 – $29/month.

Zoho Books takes the cake as far a pricing goes, especially considering that you get nearly all of the same features as QuickBooks Online for almost half the cost.

Hardware & Software Requirements

Winner: Zoho Books

As cloud-based software, QuickBooks Online works with nearly any device so long as you have an internet connection and are using one of the following browsers:

  • Google Chrome
  • Mozilla Firefox
  • Internet Explorer 10+
  • Safari 6.1+

Similarly, Zoho Books is also cloud-based and compatible with nearly any device and works with these browsers:

  • Internet Explorer
  • Mozilla Firefox
  • Safari
  • Google Chrome
  • Opera

Both also offer mobile apps available for Apple products and Androids, although Zoho takes it up a level by offering mobile apps for Microsoft phones and Kindles as well. This, along with supporting Opera, is why Zoho Books wins in terms of hardware and software requirements.

Users & Permissions

Winner: QuickBooks Online

Zoho Books’ largest plan offers 9 users plus one accountant; QuickBooks Online’s largest plan offers 5 users plus two accountants. Additional users can be added to each plan.

Zoho Books offers very limited users permissions, making QuickBooks Online the clear winner here. With QuickBooks Online you can set multiple user roles and control each user’s access to certain features. Because of this important distinction, QBO wins this category despite offering few users.

Ease Of Use

Winner: Zoho Books

Both Zoho Books and QuickBooks Online are relatively easy to use. Both have modern UIs that are well-organized and easy to learn. However, each software suffers from the occasional navigational difficulty. That being said, Zoho Books has far better customer support and fewer bugs and glitches making it easier to learn and navigate.

Mobile Apps

Winner: Zoho Books

Both Zoho Books and QuickBooks Online offer strong mobile apps. Zoho Books receives 4.8/5 stars on iTunes and 4.5/5 stars on the Google Play Store. QuickBooks Online receives 4.7/5 stars on iTunes and 4.3/5 stars on the Google Play Store.

While both company’s apps are fairly close in ratings, Zoho Books’ mobile apps are full-featured and compatible with Microsoft phones and Kindles in addition to iPhone and Androids, making it the winner here.

Customer Service & Support

Winner: Zoho Books

Zoho Books has the better customer support by far. In my experience, representatives respond quickly to emails and I have hardly ever been put on hold when calling their support team. Representatives are generally kind and informative. Additionally, Zoho Books has a well-developed knowledge base with tons of articles, videos, guides, and more — and it all can be accessed directly from within the software to boot.

In the past, QuickBooks Online had notoriously poor customer support and extremely long phone wait times. While the company has been remedying this over the last year or so, QBO still has a ways to go if they want to top Zoho Books in the customer service arena.

Negative Reviews & Complaints

Winner: QuickBooks Online

This is one category QuickBooks Online should not want to win. QuickBooks Online has received many complaints. Most complaints revolve around poor customer service experiences, bugs, limited apps, and even a few unauthorized charges.

Zoho Books, on the other hand, has received far fewer customer complaints (granted Zoho Books has far fewer customer reviews in general, but the ratio of negative to positive reviews is smaller). The complaints that do exist revolve around the lack of payroll and limited integrations.

Positive Reviews & Testimonials

Winner: Zoho Books

While QuickBooks Online has a higher number of positive reviews overall, Zoho Books has a higher percentage of positive reviews, which is why it wins this category. Zoho Books receives 4.5/5 stars on Capterra and 4.6/5 stars on G2Crowd. Users love that the software is easy to use, affordable, and updated frequently. They also like the mobile apps.

Integrations

Winner: QuickBooks Online

There’s no question here. QuickBooks Online offers around 280 integrations as opposed to Zoho Books’ 33.

Security

Winner: Tie

Both Zoho Books and QuickBooks Online implement strong security measures. Each uses data encryption, redundancy, routing testing, and physical security measures to protect their data centers.

To learn more about cloud security read our posts Is My Accounting Safe In The Cloud? and What Is SSL? A First Look At Online Security.

And The Winner Is…

Zoho Books VS QuickBooks Online

Zoho Books definitely gives QBO a run for its money. However, there a few areas where QuickBooks Online beats out its opponent. QuickBooks Online offers more integrations, more advanced features, better tax support, and payroll. The lack of payroll, or any payroll integrations, seriously rules Zoho Books as an option for many businesses, solidifying QuickBooks Online’s place as the winner.

QuickBooks Online is ideal for small to medium-sized businesses in need of strong accounting, so much so that we’ve named it the Best Accounting Software for Small Businesses. The software offers strong accounting, decent mobile apps, ample integrations, and beautiful invoicing. QuickBooks Online also has a unique new lending feature, QuickBooks Capital, so you can potentially have your small business accounting and financing all in one place.

However, just because we named QuickBooks Online the winner, doesn’t mean that Zoho Books isn’t the better choice for your business. Zoho Books is ideal for small businesses looking for an easy-to-use accounting software with strong mobile apps and plenty of features. It’s also a great choice if you need international invoicing. If you don’t require payroll or budgeting, you could save a chunk of change by going with Zoho Books instead of QuickBooks — plus, you’ll get much better customer support.

Or, maybe after reading this post, neither option seems right for you. Don’t worry! Our comprehensive accounting software reviews can help you find the perfect bookkeeping solution for your business. If you need extra help deciding, read our Complete Guide To Choose Online Accounting Software.

Check out our full Zoho Books and QuickBooks Online reviews for more information. Be sure to take advantage of the free trials each software provides and feel free to reach out with any questions you might have.

The post Zoho Books VS QuickBooks Online appeared first on Merchant Maverick.

“”

Mint VS Quicken

Managing personal finances can be hard, and choosing the right personal accounting tool can seem even harder. That’s why we’re here to compare two of the most popular personal finance management tools out there: Mint and Quicken.

Mint is a cloud-based, easy to use finance tool that’s been around since 2007. The software was acquired by Intuit in 2009 and today it features expense tracking, investment tracking, budgeting, planning, and more. Mint also offers well-developed mobile apps, so you can easily check your spending on the go. The icing on the cake? Mint is completely free.

Quicken has been the big name in personal accounting from the beginning. Created in 1988, this software was also run by Intuit until 2016 when it was acquired by H.I.G. Capital. Quicken offers an incredible number of features and amazing customer support. Although Quicken is a locally-installed software, there are still mobile apps available.

But which software is better? And more importantly, which is right for you? That’s what we’re here to find out.

At Merchant Maverick, our goal is to help you to find the best software for your small business needs. To make your decision easier, we’ve carefully researched and tested both products. We’ll put Mint and Quicken head to head by comparing features, pricing, customer experience, reputation, and more, so you don’t have to.

Mint VS Quicken
Features ✓

✓

Pricing

✓

Hardware & Software Requirements

✓

Ease Of Use

✓

Mobile Apps
Customer Service & Support ✓
Negative Reviews & Complaints ✓

✓

Positive Reviews & Testimonials
Integrations ✓

✓

Security

?

And The Overall Winner Is… ?

Features

Winner: Quicken

Mint Quicken

Expenses Tracking

✓

✓

Transactions Imported Automatically

✓

✘

Income Tracking

✓

✓

Spending Trends

✓

✓

Bank Reconciliation

✘

✓

Manage Bills

✓

✓

Online Bill Pay

✘

✓

Budgeting

✓

✓

Savings Goals

✓

✓

Property Management

✓

✓

Investment Tracking

✓

✓

Reports

✘

✓

Credit Score

✓

✓

Debt Reduction Planner

✘

✓

Print Checks

✘

✓

In many ways, the programs are similar. Each offers income and expense tracking, bill management,  budgeting, credit score checks, and investment tracking. However, while Mint offers a ton of great features, Quicken’s features are far more developed.

For example, Mint only allows you to create one budget and it has to be for the current month, while Quicken allows you to create multiple budgets for the current month, next month, quarter, or year. Quicken also offers additional features like bank reconciliation, reports, a debt reduction planner, and online bill pay.

Pricing

Winner: Mint

Mint is completely free to use. There are no monthly payments or hidden fees. The software makes money by advertising credit cards, Turbo Tax, and investment accounts to users.

While you can’t beat free, Quicken is still an affordable option. Quicken offers three pricing plans that range from $34.99 – $74.99/year. The company also often sells the software at a discount. Still, Mint is the cheapest way to manage your personal finances.

Hardware & Software Requirements

Winner: Mint

As cloud-based software, Mint is compatible with nearly any computer, so long as you have an internet connection.

Quicken has more specific software requirements as the program is locally-installed onto a single computer. Quicken is compatible with:

  • Windows 7
  • Windows 8
  • Windows 8.1
  • Windows 10
  • Macs with El Capitan 10.11+

Mint wins this category since its requirements are less strict, making it accessible for nearly any user.

Ease Of Use

Winner: Mint

Mint is the clear winner here. Mint has a beautiful, modern UI that is easy to navigate. The features are intuitive and well-organized, and the software offers time-saving automations as well. Quicken is also well-organized, but the UI is a bit more dated and some features are unitive and difficult to figure out.

Mobile Apps

Winner: Mint

Both Mint and Quicken have mobile apps for Apple and Android products. However, Mint’s mobile apps receive much more positive attention from customers, and Quicken’s apps receive low ratings on both iTunes and Google Play. If mobility is one of the key factors in your personal accounting software decision, then Mint is the clear winner.

Customer Service & Support

Winner: Quicken

Quicken not only has better support but also has far more support options. Quicken offers phone support, in-software help, tons of guides, a help center, a community forum, and live chat. In my experience, phone wait times were short and most representatives were knowledgeable and helpful.

Mint, on the other hand, offers very few customer support options. And if you need to talk to an actual person, you’re out of luck. You’ll have to make do with live chat and FAQs. It’s easy to see who the winner is here.

Negative Reviews & Complaints

Winner: Quicken

This is one category Quicken should not want to win. Quicken has far more customer complaints. Most complaints are from long-time users who don’t like Quicken’s new subscription pricing structure. Though there are complaints about glitches, issues loading transactions, and limited mobile apps as well.

Positive Reviews & Testimonials

Winner: Mint

While both programs have many satisfied users, Mint has more positive reviews and a higher percentage of positive to negative reviews. Mint users love the software’s usability, price, feature set, and mobility.

Integrations

Winner: Quicken

Both Mint and Quicken connect with thousands of banks and online lenders so that you can track your spending and upcoming bills. However, in terms of additional add-ons, Quicken offers seven, while Mint only offers two.

Security

Winner: Mint

This category is a bit like comparing apples to oranges. With a locally-installed software like Quicken, you are responsible for keeping your data secure. Quicken does use data encryption for the data involved in its online features, and the software offers password protection for your Quicken files, but other than that, you’re on your own.

As a cloud-based software, Mint has security built-in from the beginning. We figure that for most people, the convenience of having security taken care of for you outweighs all of the extra efforts of securing your locally-installed software.

And The Overall Winner Is…

Winner: Quicken

Quicken Review

With advanced features, good customer support, and affordable pricing, Quicken is ultimately the better software. However, I still have a hard time naming this tried-and-true program the absolute winner. Unlike most software comparisons we do, in this case, it’s not about which software is better. It’s about what type of person you are.

For people looking for a detailed way to actively manage every aspect of their finances, Quicken is a great choice. It is ideal for users who are used to QuickBooks or who enjoy the complexity of locally-installed software.  If you want to create multiple budgets, track savings goals, and run reports, Quicken has far more to offer than Mint.

For people who want a simpler way to keep their spending in check and manage the basics of their finances, Mint is the winner. It is ideal for users who like cloud-based software and strong mobile apps that can keep up with a mobile lifestyle.

In the end, it all comes down to the level of detail you want and what type of software you’re more comfortable with.

More Accounting Options:

Compare Top Accounting Software

See All Accounting Reviews

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20 Tips To Improve Your Business Loan Application

Improve Business Loan Application

The loan application process can seem overwhelming at times. But keep in mind that all lenders want to know is that you can pay back the loan. Your application is the perfect place to prove that you can and will repay your loans successfully. Filling out a loan application is about being prepared and putting your best foot forward. It’s important to “sell” lenders by convincing them that your business is reliable, profitable, and going places. According to Entrepreneur, potential borrowers should:

Think of your loan application as a sales tool, just like your brochures or ads. When you put together the right combination of facts and figure, your application will sell your lender on the short- and long-term profit potential of lending money to your business.

Easier said than done, right?

We’ve put together a comprehensive list of the best tips, tricks, and practices for improving your business loan application. By knowing how to optimize your loan application, you can improve your chances of getting the loan you want. Here are 20 practical tips for nailing the loan application process and increasing your chances of securing a small business loan.

1. Have A Plan

Lenders want you to demonstrate that you have a clear purpose and an actionable plan for your business loan. If you simply say you need $50,000 without giving a reason, most lenders will shoot you down right then and there. Instead, be as specific as possible about your plans for the loan. Explain that you need $50,000 to purchase a new piece of equipment that will double your production efficiency, for example.

Here are some common reasons that small businesses give when they apply for additional funding:

  • Business expansion
  • Purchasing inventory
  • Updating equipment
  • Hiring or training new employees
  • Increasing cash flow

In short, when filling out your loan application, be sure to give a reason why you need the loan and discuss how the loan will benefit your business in detail.

2. Choose A Realistic Borrowing Amount

For your application to be successful, it’s vital to be realistic about how much cash your business needs. Don’t ask for too much, and don’t underestimate expenses or costs and ask for too little.

Don’t guess, in other words. Sit down and crunch the numbers. If you need a loan to purchase new equipment for your business, research exactly how much that equipment costs, including tax, shipping and handling, implementation, and/or any training required to use it.

Lenders want to work with realistic, responsible borrowers who know, to the cent, how much money they need to achieve their goals and grow their business.

3. Calculate Your Monthly Payments

A lender’s biggest question is always “can you pay back the loan?” If you can’t satisfactorily prove that you can repay the loan, you’re out of luck.

Lenders evaluate whether you can afford monthly loan repayments by using the debt service coverage ratio and the debt-to-income ratio. Both ratios are used to determine how risky your business is and if you can afford to pay back the loan or not.

  • Debt Service Coverage Ratio (DSCR): Measures the relationship between your business’s income and debt. Since the DSCR measures how much excess cash your business has after meeting its financial obligations, the higher your DSCR, the better. A DSCR of 1.25 or higher indicates that you have enough cash flow to run your business, while still having money left over to take on new debt.
  • Debt-To-Income Ratio (DTI): Measures the relationship between your personal income and debt as the business owner. Since the DTI indicates how much of your income is designated to debt, the lower the DTI, the better. A DTI ratio of 36% or lower is ideal as it shows that you can afford to comfortably take on loan repayments.

Note: Most lenders rely predominantly on the debt service coverage ratio to judge small business loan eligibility. However, sole proprietors and freelancers are not separate legal entities, so lenders will use your DTI to determine your creditworthiness.

These ratios provide a good indication that you can (or can’t) take on more debt. Before turning in your loan application, calculate your own DSCR and DTI scores. Making sure your DSCR and DTI ratios are ideal will increase your chances of impressing a lender. You can also use these ratios to find out exactly how much you can afford to repay each month, which can help you be realistic about your borrowing amount.

Read our posts Debt Service Coverage Ratio: How To Calculate And Improve Your Business’s DSCR and Debt-To-Income Ratio: How To Calculate And Lower Your DTI to learn more.

4. Find The Right Type Of Loan

All loans are not created equal. To improve your chances of securing a loan, make sure you’re applying for the right kind of funding for your business.

Here are the most common types of business loans:

  • Installment Loan: An installment loan, or term loan, is issued in one lump sum and paid back in regular intervals or installments, plus interest.
  • Short-Term Loan: A short-term loan is issued in a lump sum and paid back in regular intervals over a short period of time. Instead of earning interest, short-term loans have a fixed fee that is added to the repayment amount.
  • Line of Credit: With a line of credit, a lender grants you a certain amount of money that you can draw from as needed.
  • Merchant Cash Advance: While not technically a loan, a merchant cash advance is a type of financing in which businesses sell their future receivables for immediate cash.
  • Invoice Factoring: While not technically a loan, invoice financing is the practice of selling unpaid invoices at a discount in return for immediate cash.

Carefully choose which small business lending method is right for you. Don’t waste your time filling out applications for loans that aren’t suited for your business. Improve your chances of getting approved by applying for the right type of loan.

To learn more about the pros and cons of each loan and to decide which is right for you, download our free Beginner’s Guide To Small Business Loans.

5. Find The Right Lender

Finding the right lender can make or break your chances of being approved for a business loan. Each lender offers different types of loans and has different borrower requirements. Some only lend to established businesses, while others lend to startups. Some only work with businesses that have good credit, while others care more about your annual income. You get the picture.

Carefully researching each lender and their requirements can help you know if you qualify for a loan before putting in all the effort of completing an application.

If you aren’t sure which lender is right for you, check out our small business loan comparison chart or read through our selection of small business loan reviews.

6. Understand The Loan Process

Lenders want to work with responsible, experienced borrowers. Increase their trust in you by having a good understanding of how loans work. Not only does this show that you know what you’re doing, it makes the application process go more smoothly. According to Forbes:

The more educated you are about small business lending options and procedures, the more likely you will be successful in obtaining a loan.

If you’re asking a lender what an interest rate is or to explain the difference between a term loan and a line of credit, it’s time to go back to the basics. But don’t worry, we’ve got you covered with our Beginner’s Guide To Small Business Loans.

7. Have A Strong Business Credit Score

Another key to a strong loan application is having a healthy credit score. Lenders use credit scores to determine that your business is trustworthy and able to pay its loans on time. Having strong credit will not only increase your chances of being approved for a loan, it can also qualify you for better loans with more favorable terms and rates.

Read our Ultimate Guide To Improving Your Business Credit Score to make your credit score — and loan application — even stronger.

8. Don’t Forget Your Personal Credit Score

Lenders don’t just look at your business credit score; they also look at your personal credit score when applying for a loan. Lenders want to establish your character as a borrower to see if you are trustworthy and pay your debts on time. This is especially true if you are required to sign a personal guarantee.

Improve your loan application by having great business and personal credit scores. Improving your personal credit may take some time, but will be more than worth it when applying for a loan. Read our post 5 Ways To Improve Your Personal Credit Score to master your credit score and wow potential lenders.

9. Know What’s On Your Credit Report

When applying for a loan, be sure to know your credit report forward and backward. Lenders will look at your credit report to evaluate your credit history before approving you for a loan. If you know there’s negative activity on your report, explain it to your lender in your application. This may not always make up for the poor credit report, but it might make lenders understand your situation better.

10. Pay Off Existing Debt First

We know you’re probably foaming at the bit to get business funding, but paying off existing debt before applying for a loan could be the key to securing a loan in some situations.

If you already have substantial debt, a lender is far less likely to approve your loan application for fear that you won’t be able to keep up with the repayments. Not only will paying off existing debt show lenders that you mean business and have a good credit history, it will also increase your debt service coverage ratio and lower your debt-in-income ratio, leaving you with more cash to use on a new loan.

11. Increase Your DSCR

Paying off your existing debt isn’t the only way to increase your debt service coverage ratio. If you want to increase your DSCR and show lenders that you have plenty of cash to afford a loan, here are some additional tips:

  • Increase your net operating income
  • Decrease your net operating expenses
  • Decrease your borrowing amount

Finding ways to cut back on operating expenses and increase your sales income will boost your DSCR. In some cases, your DSCR may not need a boost. If your operating income and expenses are already optimized, or if you don’t have time to implement changes before applying for a loan, consider decreasing your desired borrowing amount. Maybe you can’t afford payments on the $100,000 loan you need to replace the entire company’s computer systems, but you can afford payments on a $50,000 loan to replace the equipment for your executives and sales team. Lenders will only approve loan applications for loans when they know that you can afford the payments.

12. Offer Up Collateral

Many lenders have specific collateral requirements. If you don’t have the assets to meet those requirements, you’re much less likely to have your loan application approved. Be sure to carefully research your lender’s borrower requirements to see exactly what collateral they require. Some may require specific assets, while others may simply require a blanket lien or personal guarantee. Be sure that your business can meet these requirements and feels comfortable in doing so.

Once you’ve decided on what collateral your business can offer up, prepare a document outlining each asset offered. Include this in your business loan application to show lenders that you take your business seriously and have something to lose if you default on the loan. Lenders aren’t evil monsters, lying in wait for you to default so they can steal your assets — they just need an assurance that they won’t lose all of their money if you can’t repay your loan. The hope is that you will be more likely to pay your loan back with your collateral at stake.

To learn more about collateral, check out these resources:

  • Secured Vs. Unsecured Business Loans
  • Should I Sign A Personal Guarantee?
  • What Is A UCC Blanket Lien?

13. Prepare The Proper Documents

To complete your loan application, lenders require certain documents to verify your business’s financial history and validity. The documents required vary by lender, but here’s an idea of types of things they might ask for:

  • Cash flow statements
  • Bank statements
  • Income sheet
  • Profit & loss report
  • Statement of owner’s equity
  • Tax returns
  • Collateral documentation
  • Business licenses and registrations
  • Articles of incorporation
  • Commercial licenses
  • Franchise agreements
  • Business history and business owners’ history
  • Owners’ resumes or background

Your lender may not require all of these, but having the above documents prepared before applying for your loan can help the application process proceed more quickly. Gathering these documents ahead of time can also help you have a better understanding of your business’s financial state — always good information to have before seeking business funding!

14. Create A Cash Flow Projection

Lenders don’t just analyze your business’s financial past; they also want to see that you have a promising future. One of the best ways to promote faith in your business’s future is to add a cash flow projection to your loan application.

A cash flow projection, or cash flow forecast, is an estimation of your business’s future operating income and expenses. The best way to create a cash flow projection is to realistically predict your future expenses and sales. Use your past cash flow statements as a jumping-off point so you aren’t just winging it.

To learn more about how creating a cash flow projection can benefit your business, read our article How To Calculate And Analyze Business Cash Flow.

15. Use Accounting Software

Before applying for a loan, you need to have a solid understanding of your business’s financial state and a firm grasp on managing cash flow. One of the best ways to achieve this is by using accounting software. Accounting software will track your income and expenses so you can know exactly how much you’re spending and how much is left to use on a loan.

In addition, accounting software can help you run the reports required by lenders, such as the income statement, profit and loss, and cash flow statements. If you need help finding the perfect accounting software for your business, check out our comprehensive accounting software reviews and compare our top favorite accounting software programs.

16. Create A Business Plan

While not always required by lenders, a business plan can earn you a gold star and shows a lender that you are organized, prepared, and responsible. A strong business plan also allows you to further demonstrate why you need a business loan and exactly how it will benefit your business.

Additionally, a business plan lets you present realistic repayment plans, which assures lenders that you have thought of a strategy for repaying your loan. Many business loan specialists recommend making a repayment plan as well as multiple backup plans, just in case.

17. Be Professional

This should go without saying, but here’s a friendly PSA: Being professional in all of your communications with a potential lender is incredibly important. Whether you’re interacting in person, over the phone, online, or through your loan application itself, be sure to put your best foot forward. This is the difference between being a C student and an A student, which in the business world equates to getting a loan or not getting a loan.

As we mentioned earlier, lenders care about character. Show a potential lender that you are professional, kind, and put together. Always spellcheck your work and ensure that every section of your application is filled out properly. Have all of the required documents ready for when your lender needs them.

And, don’t forget that honesty is one of the most important aspects of a strong character. It’s easy to fib to try and make your business’s situation sound better, but this will only hurt you in the end. Lenders aren’t stupid. They can tell if you’re lying and can easily see when the financial statements don’t add up. Don’t ruin your chance of getting approved for a loan. Instead, be honest and trust that your character and business expertise are enough.

18. Wait Until The Market Is Good

This may seem backward, but don’t wait until you are in dire need of money to try to get a line of credit. Apply for a line of credit when the economy is booming and your business is successful. This way, when you do need to draw on a line of credit, you’ll already have the funds available.

You are much more likely to be approved for a loan if your business is healthy and has excess cash flow — and you’re more likely to get favorable rates and better terms to boot.

19. Don’t Ignore Social Media

For many lenders, it isn’t all about the money. They also want to know that you and your business have a good reputation. For this reason, many lenders review your business’s social media platforms and sites like Yelp before approving your loan. If they like what they see — good customer service, positive reviews, an effort to respond to and correct poor reviews — they can trust that your business has good character. If they see any red flags, they may decline your application altogether.

Treat others like you want to be treated using your social media, and lenders may be that much more likely to “treat you” to a business loan.

20. Seek Extra Help

What Information to Bring Accountant for Small Business Taxes

If you are still worried about your loan application or want a second opinion, you can always seek professional assistance. Organizations like SBDC and SCORE are designed specifically to offer small business advice; your local chapter may be able to assist you in bettering your loan application. You can also have an accountant view your loan application and financial documents. They can help make sure everything is in order and raise any potential red flags that lenders would be concerned about.

Note: Some lenders actually require you to have your loan application reviewed or audited by an accountant. Make sure you know your lender’s policy before submitting your loan application.

Final Thoughts

We’ve covered twenty practical steps you can take to improve your business’s loan application. Now, when you finally send in your application, you can rely on more than crossing your fingers. Don’t guess or trust to luck. By optimizing your loan application and knowing exactly what lenders are looking for, you significantly increase your chances of getting approved.

If you are still looking for the right lender, check out our top-rated lenders. Best of luck!

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The 8 Best Places To Order Business Checks Online

Best Place To Buy Business Checks

When running a business, every penny counts. One of the best ways to keep your expenses in check is to reconsider where you’re ordering your checks from.

Those of you who are still ordering your business checks directly from your bank may be seriously overpaying. If you want to order business checks cheap, there are tons of reputable, online check ordering services that allow you to get more bang from your buck and refill your check supply without ever leaving the office.

But with so many online check suppliers, how do you know which is best? And more importantly, how do you know which you can trust with your sensitive bank information?

Well, that’s what we’re here to tell you. We’ve spent hours researching and comparing the most popular check suppliers to bring you the best of the best. We chose the top eight places to order business checks based on affordability, reliability, customizability, compatibility, and security. Compare each supplier below and read on for more specific about each company’s offerings.

1. CostcoBest Place To Buy Business Checks

You may love Costco for its bulk groceries and $1.50 hot dogs, but did you know that Costco can also be a great choice for business checks? Of all the check suppliers on this list, none can even come close to Costco’s cheap bulk check pricing. Costco’s computer checks are compatible with 35 different accounting and payroll software solutions and come with basic check customizations. The only problem is that you have to be a Costco member to take advantage of these great deals.

Products Offered

  • Standard business checks
  • Payroll checks
  • Computer checks
  • High-security checks
  • Invoice checks
  • Proprietor checks
  • Personal checks

Costco also offers business check accessories such as address labels, tax forms, ink stamps, envelopes, and more.

Pricing

Costco has compelling bulk pricing for Costco members, and Gold Star Executive or Business Executive Members can receive an even bigger discount on their purchases. Prices vary based on quantity and whether you choose single or duplicate checks. Here is a basic overview of Costco’s checks pricing for regular Costco members:

  • Standard Business Checks: Start at $26.38 for 600 checks.
  • Payroll Checks: Start at $29.38 for 600 checks.
  • High-Security Checks: Start at $80.54 for 600 checks.

For computer checks, price varies based on your accounting or payroll software, but to give you a general idea, Costco’s QuickBooks Multi-Purpose Checks start at $45.55 for 500.

There is an extra fee for adding a custom logo to your checks as well as a standard shipping and handling charge.

Security

Costco is not particularly communicative about their check’s security measures. However, their high-security checks have several counterfeit safeguards such as a foil hologram bar and heat reactive ink. You can contact Costco by phone or email to learn more.

Takeaway

By far, Costco gives business owners the most bang for their buck where checks are concerned. If your business uses a large number of checks, Costco is a cost-effective option.

2. Checks SuperstoreBest Place To Buy Business Checks

Checks Superstore offers one of the biggest selections of business checks available. Top that with strong security features and tons of check customizations options and it’s easy to see why this online check supplier is one of the top picks for small businesses.

Products Offered

  • Standard business checks
  • Payroll/voucher checks
  • Computer checks
  • High-security checks
  • Desk checks
  • Wallet checks
  • Personal checks

Checks Superstore also offers business check accessories such as envelopes, checkbook covers, binders, custom ink stamps, and more.

Pricing

Checks Superstore offers a wide array of checks with affordable pricing. Prices vary based on quantity and whether you choose single or duplicate checks. Checks Superstore often runs promotions, so be sure to take advantage of any deals when ordering. Here is a basic overview of Checks Superstore’s prices:

  • Standard Business Checks: Start at $28.99 for 252 checks.
  • Payroll Checks: Start at $26.99 for 252 checks.
  • Computer Checks: Start at $36.99 for 250 checks.
  • High-Security Checks: Start at $72.99 for 252 checks.

There are extra charges for customizing your check’s font, signature line message, and logo. A standard shipping and handling charge also applies.

Security

With up to 27 security features, Checks Superstore has some of the strongest security measures available. Some of these features include holographic foil, fluorescent fibers, watermarks, and heat sensitive ink. You can contact Checks Superstore via phone, email, live chat, contact form, fax, or read their FAQs to learn more.

Takeaway

With affordable prices, strong security, and great customization options, Checks Superstore covers all of the basics and then some. The company’s wide selection of checks and impressive customer support make it a compelling option. The only potential drawback is that Checks Superstore’s computer checks are only compatible with three software programs: QuickBooks, Quicken, and Microsoft Money.

3. Check AdvantageBest Place To Buy Business Checks

Check Advantage is an affordable online check supplier. This company offers one of the best deals on computer checks and has good customization options. With decent security options and customer support resources, it could definitely be to your, er, advantage to order business checks online from Check Advantage.

Products Offered

  • Standard business checks
  • Payroll/voucher checks
  • Computer checks
  • Desk checks
  • Personal checks

Check Advantage also offers business check accessories such as checkbook covers, check registers, envelopes, labels, binders, and more.

Pricing

Check Advantage is one of our picks for “best business check supplier” because their checks are so affordable. Check Advantage also offers business check kits that can save you a bit of money when ordering multiple types of checks and check accessories. Prices vary based on quantity and whether you choose single or duplicate checks. Here’s a basic breakdown of Check Advantage’s pricing:

  • Standard Business Checks: Start at $33.65 for 300 checks.
  • Payroll Checks: Start at $33.65 for 300 checks.
  • Laser Checks: Start at $19.45 for 100 checks.

There is an extra fee for adding a custom font or logo and standard shipping and handling rates apply. You can also purchase EZShield Plus for additional check security.

Security

Each Check Advantage checks come with six built-in security features including microprinting, invisible fluorescent fibers, a heat sensitive icon, and more. While Check Advantage does not offer high-security checks, you can purchase EZShield Plus protection for added check security. Check Advantage also partners with McAfee and VeriSign for their security measures. You can contact Check Advantage by phone, email, live chat, contact form, or fax to learn more.

Takeaway

For small businesses in need of computer checks, you’ll be hardpressed to find a better deal than Check Advantage. Check Advantage’s computer checks are compatible with five different software programs, but the company also promises to “match any laser format free of charge.” While other online suppliers take the cake for high-security checks, small businesses requiring computer checks need to look no further.

4. QuickBooksBest Place To Buy Business Checks

You may know Intuit QuickBooks for its accounting software, but did you know that you can purchase business checks and accessories from Intuit as well? While QuickBooks checks are a bit more expensive than those of other online check sellers, Intuit boasts the most security features. You don’t have to be a QuickBooks Online or Pro user to purchase checks from Intuit, but QuickBooks users can rest assured knowing these checks are specifically designed with QuickBooks software in mind.

Products Offered

  • Standard business checks
  • Voucher checks
  • Computer checks
  • High-security checks
  • Wallet checks
  • Office and away checks
  • Personal checks

Intuit also offers business checks accessories and office supplies such as deposit slips, tax forms, envelopes, labels, ink stamps, high-security pens, and more.

Pricing

While Intuit checks are on the spendier spectrum of business checks, the company often runs promotions. Prices vary by quantity, security level, and whether you choose single, duplicate, or triplicate checks. Here’s a basic overview of QuickBooks business checks’ prices:

  • Standard Business Checks: Start at $58.99 for 300 checks.
  • Voucher Checks: Start at $36.99 for 50 checks.
  • Computer Checks: Start at $102.99 for 250 checks.
  • High-Security Checks: Start at $61.99 for 50 checks.

Intuit charges a fairly hefty extra fee for adding a logo and a standard shipping and handling fee.

Security

Intuit offers three different security levels: Basic, Secure Plus, and Secure Premier. The highest level offers 29 built-in security features including watermarks, heat sensitive icons, a security hologram, and an exclusive security coating that protects against tampering, counterfeiting, and photocopying. You can contact Intuit’s check support via phone, live chat, email, or read the support FAQs to learn more.

Takeaway

While not the most affordable option on this list, Intuit QuickBooks offers the best check security features. For QuickBooks users seeking peace of mind or who don’t print many checks, Intuit could be a good option for ordering business checks and supplies.

Order Checks, Tax Forms & Other Supplies From QuickBooks

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5. Carousel ChecksBest Place To Buy Business Checks

While ordering checks may not be as fun as riding a carousel, Carousel Checks does their best to make the experience easy and enjoyable. With great check customizations, affordable prices, and the highest number of compatible software programs, Carousel Checks is definitely worth looking into.

Products Offered

  • Standard business checks
  • Payroll checks
  • Computer checks
  • High-security checks
  • Desk checks
  • Wallet checks
  • Invoice checks
  • Personal checks

Carousel Checks also offers business checks accessories such as checkbook covers, check registers, address labels, envelopes, ink stamps, and even calendars.

Pricing

Carousel Checks are affordable to begin with, but the more checks you purchase, the more you save. Prices vary based on quantity and whether you choose single or duplicate checks. Here is a basic overview of Carousel Checks’ pricing:

  • Standard Business Checks: Start at $31.99 for 300 checks.
  • Payroll Checks: $31.99 for 300 checks.
  • Computer Checks: Start at $19.99 for 50 checks.
  • High-Security Checks: Start at $27.99 for 50 checks.

You can add customizations such as check styles and logos for no extra charge. However, standard shipping and handling fees apply and security features cost extra.

Security

With Carousel Checks, you can purchase EZShield security for an additional cost. Contact Carousel Checks by phone, contact form, or fax to learn more.

Takeaway

Besides competitive pricing, one of the biggest perks of carousel checks is the number of compatible software programs. With over 70 compatible software programs, Carousel Checks is a great option for nearly any small business looking for computer checks. Security does cost extra, but this service still may be worth it for some small businesses.

6. Checks In The MailBest Place To Buy Business Checks

Checks In The Mail is an online check supplier that sets itself apart by offering over 200 check styles. In terms of check customizations, no other supplier on this list even comes close. Add strong security features and custom check formatting to the mix and it’s easy to see why Checks In The Mail is a contender for your small business check needs.

Products Offered

  • Standard business checks
  • Payroll/voucher checks
  • Computer checks
  • High-security checks
  • Desk checks
  • Wallet checks
  • Office and away checks
  • Personal checks

Checks In The Mail also offers tax forms, deposit slips, ink stamps, envelopes, binders, and other business check accessories.

Pricing

Checks In The Mail’s prices are a bit steep next to their competitors, but the company does offer check value kits and occasional promotion codes that can help save you some money. Prices vary based on quantity and whether you choose single or duplicate checks. Here’s an idea of what to expect from Checks In The Mail’s pricing:

  • Standard Business Checks: Start at $53.99 for 252 checks.
  • Payroll Checks: Start at $39.99 for 252 checks.
  • Computer Checks: Start at $49.99 for 250 checks.
  • High-Security Checks: Start at $53.99 for 252 checks.

Standard shipping and handling rates apply. You can also opt to add Fraud Armor protection to your checks for an extra $0.04 per check.

Security

Checks In The Mail offers 15 built-in security features including invisible fluorescent fibers, microprinting, a foil hologram, chemical reactive paper, a patented security weave, and more. You can also add Fraud Armor to your checks for an added layer of protection. Contact Checks In The Mail by email, phone, or fax for more information.

Takeaway

Checks In The Mail is ideal for small businesses looking for a high degree of customizability and strong security when they order checks online. The company only supports three compatible software programs for their computer checks, but Checks In The Mail will create a custom check format for you if you use a different software. While the prices are a little steeper than the other suppliers on this list, small businesses looking for strong customizations may find the price more than worth it.

7. Checks UnlimitedBest Place To Buy Business Checks

Checks Unlimited is your average, run of the mill online check supplier that makes its mark in the industry by offering a 100% satisfaction guarantee. It is ostensibly part of the America Mail Order Check Association (AMOCA), which “guarantee that the checks they manufacture meet or exceed the standards set by the Amercian National Standards Institute Committee,” according to Checks Unlimited. Information about the AMOCA online is scarce at best, so take that with a grain of salt.

The company offers average prices, decent customizations, and computer checks compatible with 10 different software programs.

Products Offered

  • Standard business checks
  • Payroll/voucher checks
  • Computer checks
  • High-security checks
  • Desk checks
  • Personal checks

Checks Unlimited also offers address labels, envelopes, ink stamps, check registers, and other business check accessories.

Pricing

Checks Unlimited falls in the mid-range of online check supplier pricing. The company does offer discounts for ordering checks in bulk. Prices vary based on quantity and whether you choose single or duplicate checks. Here is a basic breakdown of Checks Unlimited’s prices:

  • Standard Business Checks: Start at $43.12 for 300 checks.
  • Payroll Checks: Start at $43.12 for 300 checks.

For computer checks, prices vary depending on your accounting or payroll software, but to give you a general idea, Checks Unlimited’s QuickBooks Voucher Checks start at $83.80 for 500 checks.

Checks Unlimited offers free shipping, although you can pay a shipping and handling fee to expedite the process.

Security

Checks Unlimited does not offer high-security checks. Each of their checks comes with only four built-in security features, although you can add EZShield Pro security for an additional cost.

Takeaway

Reliability is the name of the game when it comes to Checks Unlimited. The thing that sets this supplier apart is that it’s the only program on this list that comes with a 100% satisfaction guarantee. Checks Unlimited may be perfect for small businesses that don’t mind paying a little extra for quality, reliable service.

8. StaplesBest Place To Buy Business Checks

Living up to its slogan, Staples’ online business check ordering service will have you saying “that was easy” in no time. Although their checks are on the spendier end of the spectrum, Staples offers great customizations as well as a “design your own check” option. Their computer checks are compatible with over 45 different software programs.

Products Offered

  • Standard business checks
  • Payroll/voucher checks
  • Computer checks
  • High-security checks
  • Desk checks
  • Office and away checks
  • Personal checks

Staples also offers a huge array of business and office supplies as well as business check accessories.

Pricing

Staples business checks are a bit spendy compared to some other the competitors on this list. However, Staples rewards members may qualify for free shipping which can help offset the cost. Prices vary based on quantity and whether you choose single or duplicate checks. Here’s an idea of what you can expect to pay with Staple’s business checks:

  • Standard Business Checks: Start at $53.99 for 250 checks.
  • Payroll Checks: Start at $53.99 for 250 checks.
  • Computer Checks: Start at $54.99 for 150 checks.
  • High-Security Checks: Start at $68.99 for 150 checks.

You can add a custom logo or check color for an additional cost.

Security

All checks come with six built-in security features including chemically sensitive paper, microprinting, invisible fluorescent fibers, and more. High-security checks add additional security features. Contact Staples via phone, live chat, support, form, or read their FAQs for more information.

Takeaway

While Staples may be one of the more expensive check options on this list, there is a comfort and reliability in ordering checks from a well-known, reliable company. Staples checks are ideal for small business owners who may be wary of other online suppliers or want the option to create their own custom checks.

Which Online Business Check Supplier Is Right For Me?

With eight great options to choose from, it can be a bit overwhelming to choose the best place to order business checks. Carefully consider which features and qualities are most important to you about a check company, whether that be price, security, customizations, customer support, reliability, etc. Knowing your priorities can help illuminate which business check company is best for you.

To help choose the perfect check supplier, ask yourself these five questions before you order business checks online:

  1. What’s my budget?
  2. What type of business checks do I need?
  3. Does the check supplier work with my accounting or payroll software?
  4. How important are check customization options? Security?
  5. How many checks will I realistically use?

Asking these questions can not only help narrow down your choices but also ensure you get the perfect checks for your business needs. Before ordering business checks, look to see if the company is running any promotions or offering any discounts for ordering checks in bulk.

While we heavily researched each of these eight check companies to bring you secure, reliable online check ordering options, be sure to do your own research and carefully compare all of your options before committing to any online purchases. This way, you can be sure you are getting the best deal and the most bang for your buck.

The post The 8 Best Places To Order Business Checks Online appeared first on Merchant Maverick.

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Best Cash Flow Loans For Small Businesses 2018

Best Cash Flow Loans For Small Businesses

You can’t run your business with an empty wallet. In life, money isn’t everything, but in business, cold hard cash is what makes the world go round. It’s what lets you continue your sales operations, pay your employees on time, manage your operating expenses, and turn a profit.

But what do you do when cash is running low or not coming in as quickly as you like? One option is to take out a business cash flow loan.

Not sure which type of cash flow loan is right for you, or where to find the best cash flow loan lender? We’ve got you covered. The article discusses the top seven cash flow loans for small businesses.

Let’s start by taking a look at this quick comparison chart of cash flow lenders.

StreetShares OnDeck LoanBuilder
Products Offered • Term loans
• Lines of credit
• Contract financing
• Term loans
• Lines of credit
• Short-term loans
Best For Small- to medium-sized businesses looking for a working capital loan or line of credit. Small- to medium-sized business looking for fast funding. Small businesses looking for a short-term loan with weekly repayments.
Required Time in Business 12 months 12 months 9 months
Required Revenue $25,000 /year $100,000 /year $42,000 /year
Required Credit Score 620 500 550
Read Review Read Review Read Review
Visit Site  Visit Site  Visit Site
Fundation BlueVine Fundbox
fora financial logo
Products Offered • Term loans
• Lines of credit/td>
• Lines of credit
• Invoice factoring
• Lines of credit
• Invoice financing
Best For Established businesses looking with good credit looking for installment loans or lines of credit. Small businesses looking for a line of credit or invoice factoring for consistent cash flow. Small businesses looking for a line of credit or invoice factoring for consistent cash flow.
Required Time in Business 12 months 6 months N/A
Required Revenue $100,000 /year $120,000 /year N/A
Required Credit Score 600 600 N/A
Read Review Read Review Read Review
Visit Site  Visit Site  Visit Site

There are more details about each lender below. Read on to learn which cash flow solution is right for you.

Best Types of Loans For Cash Flow

There are several types of loans that can be great options for increasing cash flow:

  • Installment loans
  • Short-term loans
  • Lines of credit
  • Invoicing financing

We’ll go over each type of loan so you can know exactly what to expect and choose which type fits your business’s needs best.

Installment Loans

Installment loans, also called term loans, are loans in which the borrower receives a lump sum of money that is paid back in regular installments. Interest is charged throughout the duration of the loan. Many times, you can save money by paying the loan back early (so long as your lender doesn’t charge a pre-payment penalty).

Installment loans are paid back in regular installments, usually on a monthly basis. Each payment goes to paying a portion of the principal (the borrowing amount) and the interest (a fee based on a percentage of your remaining principal). Most installments loans have term lengths between 1 and 25 years.

Installment loans can be used for multiple business needs, including short-term cash flow and long-term business growth plans. Common uses for installment loans include:

  • Working capital (or everyday expenses)
  • Inventory purchasing
  • Equipment
  • Business expansion
  • Business acquisition
  • Debt refinancing

Because of the longer term lengths, installment loans are considered higher risk than other types of loans, and young and unstable businesses might have trouble qualifying. These loans are best for established businesses that want a longer period of time to repay their debt.

Short-Term Loans

A short-term loan is a lump sum of money granted to a borrower and paid back in frequent, regular installments over a short period of time. Unlike an installment loan, a short-term loan does not have an interest rate; instead, this type of loan has a factor rate — a multiplier used to calculate a fixed fee that is added to your loan. The fixed fee is only calculated once and is repaid in along with the principal.

Short-term loans are paid back in regular fixed installments on a weekly, or even daily basis. For this reason, short-term loans are ideal for businesses with enough cash flow to afford these payments. Most short-term loans have term lengths between 3 and 18 months (with some up 24 or 36 months).

Short-term loans can be valuable for multiple types of business needs. Common uses for short-term loans include:

  • Working capital
  • Inventory purchasing
  • Equipment purchasing
  • Business expansion
  • Hiring or training new employees

Short-term loans are considered low risk and are generally known for low borrower requirements, fast funding, and no specific collateral. This type of loan can be ideal for businesses in need of extra cash who have the existing cash flow to make frequent repayments.

Lines of Credit

Unlike short-term loans and installment loans, lines of credit aren’t lump-sums of money handed to you all at once by a lender. Instead, when you are approved for a line of credit, a lender gives you access to a credit line with a certain amount of money that you can draw from at any time. 

Any draws made on a line of credit are paid in regular installments. Most lines of credit are revolving — as soon as you pay off the amount you used, it’ll be added back into the total available on your credit line. This means you can keep using the same funds again and again without reapplying for a loan.

Lines of credit are great for short-term, everyday business need, making them a great cash flow solution. Lines of credit also are a great cash cushion for unexpected expenses and emergencies. Common uses of a line of credit include:

  • Working capital
  • Payroll
  • Overhead costs
  • Seasonal expenses
  • Inventory purchasing
  • Unexpected expenses

Lines of credit are fairly easy to qualify for because they are offered by such a wide variety of lenders. They are ideal for nearly any type of business in need of a cash flow solution or looking for peace of mind regarding unexpected expenses. The only downside is that if you use up all of your credit line at once, you may not have access to the cash you need until you pay some of it back.

Invoice Factoring

Invoice factoring is a cash flow solution in which you sell your unpaid invoices to an invoice factor in exchange for immediate cash. The tradeoff is that the invoice factor keeps a portion of the cash from the invoice on reserve until your customer pays. Once paid, the factor will grant you the rest of the reserve, minus a small fee.

Contract lengths, and the invoices eligible for factoring, vary by lender.

Invoice factoring allows businesses to receive cash faster than they normally would. The money received from invoice factors can be used to meet various business needs:

  • Working capital
  • Payroll
  • Inventory purchasing

Invoice factoring is a great solution for businesses that suffer from slow paying customers and are in need of immediate cash. You do lose a small portion of your invoice sale to the factor’s fees, but this can be more than worth the cost for many businesses that rely heavily on invoices.

The Best Cash Flow Loan Lenders

StreetShares

Best For…

Small- to medium-sized businesses looking for a working capital loan or line of credit.

Products Offered

  • Installment loans (or term loans)
  • Lines of credit
  • Contract financing

Founded in 2013, StreetShares is a peer-to-peer (P2P) lender created by veterans for veterans, although now any eligible merchant can access funding. This lender offers installment loans, lines of credit, and contract financing (similar to invoice factoring). StreetShares boasts no prepayment penalties, an easy application process, and excellent customer service.

Borrower requirements:
• Must be in business at least 12 months with a revenue of $25,000 per year (sometimes StreetShares will make exceptions for high-earning businesses at least 6 months old).
• Must have a personal credit score of 620 or above.
Visit the StreetShares website
Read our StreetShares review

Here are the rates for StreetShares installment loans and lines of credit:

Borrowing amount: Up to $100K
Term length: 3 – 36 months
Interest rate: About 6% – 14%
Closing fee: 3.95% or 4.95% (installment loans)
1.5% draw fee (lines of credit)
APR range: 7% –  39.99%

These are the rates and fees for StreetShares’ contract financing:

Credit facility size: Max $500K per invoice
Advance rate: Up to 90%
Discount rate: Varies
Max overdue account: 180 days
Additional fees: None
Contract length: N/A
Monthly minimums/maximums: None
Factor all invoices: No
Recourse or non-recourse: Non-recourse
Notification or non-notification: Notification

How To Apply For A StreetShares Loan

To apply for funding from StreetShares, you’ll need to fill out an initial questionnaire. If approved, you’ll be asked to provide additional information, and then StreetShares will come back with an offer (or offers). The whole process takes between two and seven days on average.

Takeaway

StretShares offers competitive installment loans, lines of credit, and contract financing to eligible small and medium businesses. If you have fair credit and a need for additional cash flow, StreetShares is a great business financing option.

OnDeck

Best For…

Small- to medium-sized business looking for fast funding.

Products Offered

  • Short-term loans
  • Lines of credit

One of the first online lenders, OnDeck offers fast approval for lines of credit and short-term business loans. Although OnDeck’s fees can get a little pricey, the service is a convenient and quick way for businesses to access cash. Eligible OnDeck applicants usually receive funding 24 to 48 hours after their initial application.

Borrower requirements:
• Must be in business at least 12 months with a revenue of $100,000 per year.
• Must have a personal credit score of 500 or above.
• Must not be in one of OnDeck’s restricted industries.
Visit the OnDeck website
Read our OnDeck review

Here’s what to expect from an OnDeck short-term loan:

Borrowing amount: $5K – $500K
Term length: 3 – 36 months
Fixed fee: x1.003 – x1.04 per month
Origination fee: 0% – 4%
APR: Approx. 7% – 98%
Collateral: UCC-1 blanket lien, personal guarantee

And here’s what to expect from an OnDeck line of credit:

Borrowing amount: $15K – $100K
Draw term length: 6 months
Draw fee: None
Maintenance fee: $20/month
APR range: 13.99% – 39.9%
Collateral: Personal guarantee

How To Apply For An OnDeck Loan

To apply for OnDeck financing, fill out an application online and OnDeck will let you know if you’re approved (usually in less than 24 hours). You may then need to provide additional documentation before receiving your funding. Typically, the loan can be approved and funded within one to two days.

Takeaway

If you’re looking for quick cash to cover working capital expenses or expand your business, OnDeck could be a great option. While the fees may get a bit spendy, the convenient, quick approval and low borrower requirements are more than worth it for some small business owners.

LoanBuilder

Best For…

Small businesses looking for a short-term loan with weekly repayments.

Products Offered

  • Short-term loans

Acquired by PayPal in 2017, LoanBuilder is a lending service offering short-term business loans to both PayPal users and non-PayPal users alike. LoanBuilder offers low borrower requirements and fairly reasonable rate and fees.

Borrowing amount: $5K – $500K
Term length: 13 – 52 weeks
Flat fee: 2.9% – 18.72%
Origination fee:  N/A
Effective APR: Learn more
Collateral: UCC-1 blanket lien

How To Apply For A LoanBuilder Loan

LoanBuilder allows potential borrowers to investigate their potential loan before applying. You simply enter some basic contact information and use their tool to check your eligibility, and then you can finish your application online.

Takeaway

With low borrower requirements and competitive rates, LoanBuilder can be a great option for small businesses looking for a short-term loan. Unlike some short-term loans, LoanBuilder offers weekly repayments instead of daily repayments which may make this loan more manageable.

Fundation

Best For…

Established businesses looking with good credit looking for installment loans or lines of credit.

Products Offered

  • Installment loans
  • Lines of credit

Founded in 2011, Fundation is an online lender that offers competitive installment loans and lines of credit without the long, complicated process of applying for a bank loan. Fundation also offers strong customer support and has very few negative complaints.

fundation logo
Borrower requirements:
• Must be in business at least 12 months and make at least $100,000 annually.
• Must have a personal credit score of 600 or above.
• Must have at least three full-time employees (yourself included).
Visit the Fundation website
Read our Fundation review

These are the terms and fees for Fundation’s installment loans:

Borrowing amount: $20K – $500K
Term length: 1 – 4 years
Origination fee: Up to 5%
APR: 7.99% – 29.99%
Collateral:  Personal guarantee, UCC-1 blanket lien

Here’s what to expect from Fundation’s lines of credit:

Borrowing amount: $20K – $100K
Term length: 18 months
Additional fees: $500 closing fee
2% draw fee
APR: 7.99% – 29.99%
Collateral:  Personal guarantee, UCC-1 blanket lien

How To Apply For A Fundation Loan

The Fundation application process includes filling out an online application, documenting your business’s ID and finances, and speaking with a representative directly to see if you’re a good fit for a Fundation loan. After speaking to a rep, your application will go through to underwriting and you may hear back in as early as 24 hours.

Takeaway

Fundation is a great option for established businesses looking for rates and fees as competitive as bank loans, without the long, complicated application process. Because of the more stringent borrower requirements, Fundation is not ideal for startups; but, if you do qualify, this financing option is well worth looking into.

BlueVine

Best For…

Small businesses looking for a line of credit or invoice factoring for consistent cash flow.

Products Offered

  • Lines of credit
  • Invoice factoring

Founded in 2013 on the idea that small business financing should be easy, BlueVine offers lines of credit and invoice factoring for small businesses. The company is known for revolutionizing the invoice factoring world and helping business owners get quick cash for unpaid invoices. With relaxed borrower requirements, BlueVine may be ideal for young businesses.

bluevine logo
Invoice factoring borrower requirements:
• Must be in business at least 3 months with a revenue of $100,000 per year.
• Must have a personal credit score of 530 or above.
• Business must be B2B and invoice customers.
Line of credit borrower requirements:
• Must be in business at least 6 months with a revenue of $120,000 per year.
• Must have a personal credit score of 600 or above.
• Lines of credit are not available in all states. See full review for details.
Visit the BlueVine website
Read our BlueVine review

Here are the rates for BlueVine’s lines of credit:

Credit facility size: $6K – $5M
Term length: 6 or 12 months
Interest rate: 0.3% – 1.5% per week
Draw fee: 1.6% – 2.5% per draw
APR: 15% – 78%
Personal guarantee: Yes

Here are the rates for BlueVine’s invoice factoring:

Credit facility size: $20K – $5M
Advance rate: 85% – 95%
Discount rate: 0.3% – 1% per week
Max overdue account: 13 weeks (91 days)
Additional fees: $15 wire transfer fee (no charge for ACH transfers)
Contract length: N/A
Monthly minimums: No
Factor all invoices: No
Recourse or non-recourse: Recourse
Notification or non-notification: Both (see below)

How To Apply For A BlueVine Loan

To apply for BlueVine funding, you’ll need to answer a few basic questions about yourself and your business. You’ll then speak with a representative who will ask several additional questions. Typically, you’ll hear back in about 24 hours.

Takeaway

With relaxed borrower requirements and an easy application process, BlueVine can be a great choice for small businesses looking to increase their cash flow with invoice factoring or a line of credit. Be sure to check that BlueVine lines of credit are supported in your specific state before applying.

Fundbox

Best For…

Microbusinesses looking for invoice financing or a line of credit to increase cash flow.

Products Offered

  • Lines of credit
  • Invoice financing

Similar to BlueVine, Fundbox is an invoice financing solution created to help small businesses have more consistent cash flow. Since its inception in 2013, Fundbox now offers lines of credit as well. Fundbox offers relaxed borrower qualifications, making it ideal for less established businesses, and there are no additional fees.

Borrower requirements:
• No revenue or time in business requirements, but must use compatible accounting or invoicing software for at least 3 months, or a compatible business bank account for at least 6 months.
• No specific credit score requirements.
Visit the Fundbox website
Read our Fundbox review

Here are the rates for Fundbox’s invoicing financing (called Fundbox Credit):

Credit facility size: Up to $100K
Advance rate: 100%
Advance fee: 0.4% – 0.7% per week
Term length: 12 or 24 weeks
Additional fees: None
Contract length: N/A
Monthly minimums: No
Factor all invoices: No
Recourse or non-recourse: Recourse
Notification or non-notification: Non-notification

Here are the rates for Fundbox’s lines of credit (called Direct Draw):

Borrowing Amount: $1K – $100K
Term Length: 12 weeks
Borrowing Fee: 0.5% – 0.7% per week
Draw Fee: None
Effective APR: 12% – 54%

How To Apply For A Fundbox Loan

Fundbox’s application is a bit unique. To apply, you simply create an account and hook it up to your existing accounting software or bank account. Fundbox then uses the information to determine whether you qualify for a loan. This process is extremely quick and most applicants will receive a funding decision in minutes.

Takeaway

Fundbox can be a great financing solution for small businesses in need of low borrower qualifications and quick cash. Fundbox’s borrowing amounts may be too small and the rates too steep for larger businesses, but for less established businesses that don’t qualify elsewhere, Fundbox can be a cash flow solution.

Which Cash Flow Loan Is Right For My Business?

With seven great options, it can be hard to know which is right for your business. When choosing a cash flow loan, ask yourself these questions:

  • What is the purpose of the loan?
  • Which type of loan is best for my business needs?
  • What’s my credit score and monthly/yearly revenue?
  • How much do I need to borrow? (And especially, how much can I afford to borrow?)
  • How quickly do I need the funding?

All of these factors will play a role in deciding which lender you should go after. If you need additional help or want to see even more financing options, check out our comprehensive small business loan reviews.

The post Best Cash Flow Loans For Small Businesses 2018 appeared first on Merchant Maverick.

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