The Complete Guide To Credit Bureaus: Equifax VS Experian VS TransUnion

The Complete Guide To Credit Bureaus: Equifax VS Experian VS TransUnion

If you’ve ever applied for a loan — whether it be for a car, a house, or even a small business — then I’m sure you’re well acquainted with the importance of credit scores. But what about credit reports?

Credit reports tell lenders about your credit history and indicate how reliable you are as a borrower. But more than that, credit reports help you understand your credit, improve your credit score, and prevent fraud and identity theft. So how do you get your credit report? That’s where credit bureaus like Equifax, Experian, and TransUnion come in.

In this post, we’ll cover everything you need to know about credit bureaus. Then we’ll break down the “big three” credit bureaus so you can confidently understand your credit report and score.

What Is A Credit Bureau?

Let’s start with the basics.

A credit bureau is a business organization that collects and sells data regarding the credit history of individuals. They typically collect data such as your credit card and loan balances, the number of credit accounts you have, your payment history, any bankruptcies, etc. Today, there are dozens of credit bureaus, but the “big three” are Equifax, Experian, and TransUnion.

Credit bureaus arose to help lenders quickly gauge the reliability of a potential borrower. In the past, you could go to the good ol’ general store and the owner would know you, your character, and whether or not putting your items on “charge” (or on credit) was a good idea. That method may have worked in the past, when communities were small and isolated, but there had to be a better way moving forward. Thus credit bureaus were born.

Credit bureaus collect data on potential borrowers and sell it to banks to help them make informed lending decisions. The oldest of the “big three,” Equifax, started capitalizing on this need all the way back in 1899.

Today, the credit bureaus have streamlined and computerized the whole process by compiling the data they collect into a credit report and credit score. While every credit bureau calculates credit scores differently, and every lender has different credit score requirements, credit reports and credits scores allow for a more universal measuring stick to judge potential borrowers by. Recently, credit bureaus also have branched out to providing dozens of additional products to help individuals and businesses alike, including identity protection, business marketing, and more.

How Do Credit Bureaus Collect My Information?

Okay, we admit it all sounds a bit creepy. Big Brother’s always watching, right? Well, yes, but it might comfort you to know how credit bureaus collect and share your information.

Credit bureaus mainly collect information from credit institutions with which you already have a relationship, such as:

  • Banks
  • Credit card companies
  • Student loan providers
  • Auto loan providers

Credit bureaus do not have access to these accounts; instead, the credit institutions share the information with the credit bureaus. Credit institutions are not obligated to share information and can give data to one, two, three, or none of the major credit bureaus. Typically, credit bureaus store data on your balances, available credit, payment history, and the number of open and closed accounts you have. Collection agencies and debt collectors may also report to the credit bureaus if you have any delinquent activity.

The rest of the information credit bureaus collect comes from public court records. They access these records in search of any possible bankruptcies, tax liens, repossessions, and foreclosures.

How Do Credit Bureaus Use My Information?

Now that you know how credit bureaus collect your information, you’re probably wondering how they use your information?

Credit bureaus use your information to create credit reports and credit scores. They then share your information with potential lenders, landlords, and employers for a number of reasons. Your credit report may be pulled up in the following scenarios:

  • When a lender is checking your credit to see if you qualify for a loan
  • When a landlord is deciding whether or not to accept your rental application
  • When a new employer needs to run a background check
  • When a utility provider is about to start a service contract with you

Credit bureaus also sell information for marketing purposes. Say a lender is looking for potential customers with poor credit who might need a credit card. The lender will reach out to a credit bureau, which will then sell the lender a prescreening list of qualifying individuals and their basic contact information. (If you’ve ever wondered how you end up with so many preapproved credit cards flooding your mailbox, this is it.)

However, there are rules that protect you and your data — particularly the Fair Credit Reporting Act (FCRA).

The FCRA is a law that states you have the right to know your credit report and the right to dispute any errors on your credit report. It also lays out what is a “permissible purpose” for a lender to pull your credit and what is an “impermissible purpose.”

If a potential lender, landlord, utility provider, future employer, insurer — you name it — wants to view your full credit report, they must have a permissible purpose and your permission first. In some cases, a potential lender will simply let you know that they will do a credit pull, and by following through with the application, you grant them permission to do so. In other cases, a landlord might have you use a tenant screening service like ExperianConnect, where you have to download your credit report and share it with them directly.

If you aren’t comfortable with credit bureaus prescreening your information and sending it to third-party lenders, you can use OptOutPrescreen.com to prevent this. Continue onto the “What To To Do In Case of Fraud Or Identity Theft” section to learn more ways to protect your credit report and personal information.

Credit Reports VS Credit Scores

Since credit bureaus use your credit history to compile both a credit report and a credit score, it’s important to know the difference between the two.

Credit Report Credit Score

A report prepared by credit bureaus that shows an individual’s credit history, including payment history, loan balances, credit limits, and personal information (such as your social security number, birth date, and address).

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A number that indicates an individuals creditworthiness and is based on the individual’s credit history, payment history, and other data compiled by credit bureaus.

On a credit report, you’ll see detailed information about your credit history. A typical credit report will give you a full breakdown of all your open or closed credit accounts, bank accounts, loans, and payment history. Below, you’ll se an example of a credit report and what it might include (this is only page 1 of 4, so you can imagine how detailed your full credit report might be):

The Complete Guide To Credit Bureaus: Equifax VS Experian VS TransUnion

A credit score, on the other hand, provides much less detail. You’ll usually be given your credit score in tandem with a graphic indicator of whether your credit score is poor, fair, good, or excellent. You may be able to drill down to see the factors that affect your credit score, and you may not. Here’s an example of a credit score and how it might appear:

The Complete Guide To Credit Bureaus: Equifax VS Experian VS TransUnion

Think of it like this: a credit report is a detailed report of what your credit history is, while a credit score is an interpretation of what your credit history means. Your credit score is one of the biggest factors lenders use when considering loan applications; the higher the score, the more likely you are to pay your loan back — at least, in a lender’s eyes.

It’s worth noting one more key difference between credit reports and credit scores. Credit bureaus are legally obligated to give you a free credit report once a year, whereas there is no law requiring them to provide a credit score. This means you’ll have to pay a fee to access your credit score through one of the “big three.” There are free credit score sites if you want to avoid this fee. Check out our post The Best Free Credit Score Sites to learn more.

Note: In certain situations — like unemployment, identity theft, and fraud — you can access your credit report multiple times a year without charge.

How Credit Scores Are Calculated

Credit scores are all based on similar data but can vary significantly depending on the credit score model. Credit scores are generally affected by the following:

  • Your payment history
  • How much credit you use versus how much credit is available in an account
  • The number of accounts you have open
  • How long your accounts have been open
  • The types of credit you have (such as credit cars, loans, mortgages, etc.)

How this information is transformed into a credit score depends on the credit model being used. There are two main types of credit models: FICO scores and VantageScore.

FICO Scores VS VantageScore

The FICO score model was created by Fair Isaac Corporation in 1989 (hence the name FICO). FICO credit scores range from 350 – 850 and are determined by these five factors, which are ranked in terms of importance by percentage:

  • Payment History: 35%
  • Amounts Allowed: 30%
  • Length Of Credit History: 15%
  • New Credit: 10%
  • Credit Mix: 10%

The VantageScore model was created by Equifax, Experian, and TransUnion in 2006. This model also uses a 350-850 scale. Scores are determined by the following six factors that are ranked by level of importance rather than a percentage:

  • Payment History: Extremely influential
  • Percentage Of Credit Limit Used: Highly influential
  • Age & Type Of Credit: Highly influential
  • Total Balances & Debt: Moderately influential
  • Available Credit: Less influential
  • Recent Credit Behavior & Inquiries: Less influential

VantageScore claims that it is “the scoring model that is more accurate.” However, the FICO scoring model is used more predominantly in the lending industry.

Why Is My Credit Score Different With Each Bureau?

It makes sense that your credit score may vary depending on whether the potential lender is using the FICO or VantageScore model. But when the “big three” all use the VantageScore model, why do you get a different credit score from each credit bureau?

Remember earlier when we said that credit institutions aren’t required to share information with the credit bureaus? They can choose to share data with one, two, three, or none of the “big three.” This means that Equifax, Experian, and TransUnion don’t have access to exactly the same data, which accounts for the difference in credit scores.

This is why it’s important to treat your credit score as a “guesstimation” rather than an end-all number. Credit scores are ever-changing and lenders all have their own way of calculating and evaluating your credit score. Check your credit score so you have a general idea of what it is, and try to keep your score as close to 850 as possible, but don’t stress over-much about the exact three-digit number.

Reasons To Use A Credit Bureau

Now that you know what credit bureaus are and how they work, when should you use one? It’s simple: use a credit bureau anytime you want to know or need to know your credit report or credit score. Here are five of the most common scenarios for when you should use a credit bureau.

 

1. When Applying For A Loan

When applying for a loan, a potential lender is going to consider both your credit report and credit score, so it’s extremely important that you know your credit report and score beforehand. This way, you can correct any errors on your credit report and make sure you meet the lender’s minimum borrower requirements before you apply.

If there are errors, they can take a while to set right. Additionally, if you don’t meet the credit score requirement, raising your credit score can take time. Knowing the state of your credit before applying gives you the time to put your best foot forward and significantly increases your chances of being approved for a loan.

For more tips and tricks about increasing your chances of securing the loan you want, read our post on improving your loan application.

2. Before Renting An Apartment Or House

Potential landlords almost always run a credit report in order to decide if you’re trustworthy enough to make your monthly payments on time. Knowing your credit report beforehand is key. Again, if there are any errors, you can correct them before your future apartment or house is on the line. Or, if there is a missed payment or some other potential red flag on your credit report, you can try to explain the situation to your landlord in advance rather than being flat-out rejected.

3. To Improve Your Credit Score

If you are wanting to monitor and improve your credit score, you need to know your score first. Each of the “big three” allows you to purchase your credit score. They also offer credit monitoring subscriptions that allow you to regularly view your credit score and receive alerts when there are any changes to your credit score.

If you don’t want to pay for a monthly credit monitoring service, check out the best free credit score sites.

4. To Doublecheck For Credit Errors

As we mentioned earlier, you don’t want to be stuck with an error on your credit report right when you’re in the middle of the application approval process for a new loan or mortgage. Check each of the big three credit bureaus for errors as they all collect and maintain different information.

5. To Prevent Fraud & Identity Theft

Another benefit of using a credit bureau is fraud prevention and identity protection. If you stay on top of your credit report, you can pinpoint anything fishy and secure your information. When it comes to fraud and identity theft, the sooner you notice a problem, the better. One of the best parts about using one of the “big three” credit bureaus is that they all offer some form of fraud monitoring and extra security measures (which we will cover in more detail).

Bonus: To Help Run Your Business

As an added bonus, Equifax, Experian, and TransUnion all offer additional business services to help business owners manage, expand, and secure their small businesses. These services include everything from analytics to customer acquisition to risk management to fraud prevention and more.

What To Do If There’s An Error On Your Credit Report

If you find an error on your credit report, you’ll need to report and dispute that error with each individual bureau since each bureau collects and utilizes different information. Each bureau has their own process for disputing. You’ll need to go to their individual sites to find details on how to fix an error on your credit report.

One of the reasons it’s so important to check your credit report regularly is that it can often take months to properly fix an error on your credit report. For more details on common credit report mistakes and how to dispute credit report errors, visit the FICO website.

What To Do In Case Of Fraud Or Identity Theft

The Complete Guide To Credit Bureaus: Equifax VS Experian VS TransUnion

When it comes to fraud and identity theft, you don’t want to take any chances. If you suspect fraud related to any of your credit cards, bank accounts, or identity — or if your identity has been stolen — it’s important to take action right away. You can do so by submitting a fraud alert or security freeze (sometimes known as a credit freeze).

Both a fraud alert and security freeze are steps to secure your credit report and personal information, but they differ slightly.

Fraud Alert Security Freeze

A fraud alert warns credit bureaus that there might be fraudulent activity, so potential lenders will need to take extra measure to verify your identity before extending credit.

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A security freeze blocks lenders from accessing your credit report at all until the freeze is lifted by you (usually using a pin).

Fraud alerts usually last 90 days (unless you’re an identity theft victim, in which case you can extend the alert). To place a fraud alert, contact Equifax, Experian, or TransUnion and follow their instructions. You only need to contact one of the big three credit bureaus to place a fraud alert as they will notify the other two credit bureaus.

A credit freeze has the advantage of being much more secure. However, you will have to lower the freeze each you time you or a lender need to view your credit report, and you may be required to pay for the service. Unlike a fraud alert, you will have to place a security freeze with each of the three bureaus.

How Do The Big Three Credit Bureaus Compare

Now that you know the basics about credit bureaus and the reasons to use one, how do you know which credit bureau to use? How do the big three compare to each other? And what products do each credit bureau offer? Here’s a basic breakdown that compares Equifax, Experian, and TransUnion. Read on to learn more about each credit bureau.

Equifax Experian TransUnion

Free Annual Credit Report

✓

✓

✓

Credit Score

$15.95

$19.99

$19.95

Credit Monitoring

✗

Starts at $0/mo

$19.95/mo

Identity Protection

✓

✓

✓

Business Credit Score

✓

✓

✓

Number of Business Services

11

12

15

Equifax

The Complete Guide To Credit Bureaus: Equifax VS Experian VS TransUnion

Best For…

Individuals looking to check their Equifax credit report and score and in need of a free credit lock service.

The oldest of the three credit bureaus, Equifax has been around since 1899. While the company has grown significantly over the years, the Equifax motto to “always focus on its customers” has stayed the same. Today, Equifax offers basic credit report and credit score services as well as several business products. The most notable aspect of Equifax is its free credit lock service that allows individuals to protect their data at no additional cost.

Products Offered

Equifax offers basic credit report and credit score services, as well as a free credit lock service.

  • Credit Report: As with every credit bureau, you can access your free Equifax credit report at annualcreditreport.com.
  • Equifax Credit Score: You can purchase an Equifax credit score for $15.95. This score will be accessible for 30 days.
  • Lock & Alert: This free service allows individuals control over their credit report by locking and unlocking the report as needed. They even have a mobile app and send alerts every time your account is unlocked or locked.

Business Services

You can purchase a single business credit report from Equifax for $99 or a multi-pack for $399.95. You can use this to view your own business credit or to ascertain the credit health of a potential business partner, supplier, or new customer.

In addition to business credit reports, Equifax offers 11 products to help you run your small business. These products range from customer acquisition to risk mitigation to credit monitoring to fraud prevention and more. Visit the Equifax website to learn more about their business offerings.

Experian

The Complete Guide To Credit Bureaus: Equifax VS Experian VS TransUnion

Best For…

Individuals looking to view their Experian credit report or to actively monitor their credit report and credit score from all three credit bureaus.

Equifax began as part of TRW Information Systems and Services INC. back in 1968, and has since had a long history of acquisitions and advancement. Of all three bureaus, Experian offers the most personal products for monitoring and protecting your credit. What really sets Experian apart is that you can monitor your credit report from each of the three bureaus, so you can have all your credit information in one place. Experian also offers a FICO score simulator, which is invaluable for seeing what your FICO score could be if you make changes to your credit.

Products Offered

Experian offers personal credit monitoring and identity protection products as well as loan matching and credit card matching services.

  • Credit Report: As with every credit bureau, you can access your free Experian credit report at annualcreditreport.com.
  • Experian Credit Report & Score: You can purchase your Experian credit report and FICO credit score for $19.99. This purchase is only good for a one-time view.
  • 3 Bureau Credit Report & FICO Score: For $39.99, you can view your Experian, Equifax, and TransUnion credit report as well as your FICO credit score. This purchase is only good for a one-time view.
  • Experian CreditWorks Basic: View your Experian credit report for free every month.
  • Experian CreditWorks Premium: For $24.99/month, you can view your FICO score and gain access to Experian’s credit monitoring, identity protection, and credit lock services. This service includes the 3 Bureaus Credit Report. This product lets you view your credit reports and credit score daily, and it includes a FICO score simulator as well.
  • Experian IdentityWorks Plus: Experian’s identity protection service starts at $9.99/month and includes dark web surveillance, identity theft insurance up to $500,000, lost wallet assistance, credit lock, and identity theft monitoring and alerts. Includes credit monitoring for Experian and FICO score alerts. You can add child identity protection as well.
  • Experian IdentityWorks Premium: Experian’s most expensive identity protection service is $19.99/month and includes dark web surveillance, identity theft insurance up to $1,00,000, lost wallet assistance, credit lock, and identity theft monitoring and alerts. Includes credit monitoring for all three credit bureaus and FICO score alerts. You can add child identity protection as well.

Note: For Experian CreditWorks and IdentityWorks products, you can receive a discount for purchasing an annual subscription rather than a monthly subscription.

Business Services

Experian does offer business credit scores, although they aren’t forthcoming about the cost. The credit bureau also offers Experian Connect (a tenant screening service) and Experian Mailing List Builder (a customer acquisition service).

In addition, Experian offers 11 other business services ranging from customer management to risk management to debt recovery to consulting services and more. Visit the Experian website to learn more about their business offerings.

TransUnionThe Complete Guide To Credit Bureaus: Equifax VS Experian VS TransUnion

Best For…

Individuals looking to check their TransUnion credit report and score and to manage their business and its credit.

TransUnion started back in 1968 as a holding company for a railroad leasing organization known as Union Tank Car Company. Today, TransUnion is the smallest of the three credit bureaus but packs the biggest punch where business services are concerned. TransUnion also offers a credit score simulator — it is a great tool for improving your credit score as you can see how your credit could be affected if you made certain changes to your credit.

Products

TransUnion offers basic credit report and credit score products, as well as a free credit monitoring and identity theft service.

  • Credit Report: As with every credit bureau, you can access your free TransUnion credit report at annualcreditreport.com.
  • TrueIdentity: This is TransUnion’s free credit monitoring and identity theft protection service. It includes unlimitedTransUnion credit reports, a credit lock service, and alerts.
  • Credit Monitoring: For $19.99/month, you can have access to unlimited TransUnion credit report and score views, as well as credit lock, credit change alerts, and a score trending and score simulator tool.

Business Services

TransUnion offers business credit scores, although they aren’t forthcoming about the cost. The credit bureau also offers SmartMove, a tenant screening service.

In addition, TransUnion offers business products covering 14 fields, including marketing, fraud detection, healthcare revenue protection, customer acquisition, and more. Visit the TransUnion website to learn more about their business offerings.

Which Credit Bureau Should I Use?

Now that you know a little more about each of the three credit bureaus, the question becomes: Which credit bureau should I use?

The answer is all three of them.

We promise this isn’t a trick answer. Since each credit bureau collects different data regarding your credit history, it’s incredibly important to check your credit report with Equifax, Experian, and TransUnion. Luckily, you are legally guaranteed a free annual credit report from each bureau.

One recommendation is to stagger your annual free credit report. Check your Equifax report, then your Experian report four months later, and then your TransUnion report after another four months. This way you can always have a rough idea of what your credit report looks like without losing a penny. Another option is to use ExperianCreditWorks, which monitors all three credit bureaus and your FICO score for $24.99 a month.

If you simply want more control over your credit report and credit score, Experian offers the most bang for your buck in terms of personal credit monitoring and identity protection. However, TransUnion offers the most business-related products.

Ultimately, choosing which of the three credit bureaus’ monitoring services is right for you will depend on your budget and the level of control you want. The most important thing is to actually monitor your credit regularly. Take advantage of your free annual credit reports and know your credit score at the very least. Being proactive about your credit report can help ensure your credit report is accurate and can help catch any early signs of fraud, and knowing your credit score is the first step to improving your credit score.

Read our post 5 Ways To Improve Your Personal Credit Score and The Ultimate Guide To Improving Your Business Credit Score to learn more.

The post The Complete Guide To Credit Bureaus: Equifax VS Experian VS TransUnion appeared first on Merchant Maverick.

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How Strong Is Your Business Loan Application?

How Strong Is Your Business Loan Application?

We all like to know that we are succeeding in our endeavors. It’s easy to tell how successful you are when exercising — just pull out a scale or a measuring tape. It’s equally easy to judge a successful work day by how many items you checked off the good ol’ planner. But when it comes to loan applications, how do you know when you’re ready to submit it?

What if I told you that you could measure how likely your loan application is to be approved before you sent it? While there’s no sure-fire magic secret to ensure your business loan application gets approved, there are ways to tell how strong your application is and how likely lenders are to accept it. In this post, we’ll cover seven ways to measure the strength of your business loan application.

Before sending your loan application, check how it stacks up in these seven areas first…

A Clear Plan

How Strong Is Your Business Loan Application?

Lenders want to know exactly how you plan on using a loan if approved. For this reason, it’s incredibly important to explain in detail how you plan on using the funding to grow your business.

If you ask a lender for $100,000 and don’t give a reason for the loan, there’s no chance you’re getting that money. Instead, provide a specific reason for the funding. For example, you may need $100,000 of new equipment that will increase your company’s productivity, allowing you to take on 100 new clients.

Common reasons for business loans include:

  • Hiring new employees
  • Purchasing inventory
  • Purchasing equipment
  • Expanding your business
  • Buying property

The more detailed you can be on your application the better. Some lending experts even recommend adding a detailed business plan to your application. A business plan will show that you are prepared, organized, and knowledgeable about your business field. When it comes to getting approved for a loan, these extra brownie points could make the difference between securing a loan and being declined.

Double check your loan application to make sure it clearly explains what you need the money for and how your business will benefit from this loan. Also, make sure you are asking for a reasonable amount for your business’s specific purposes. If your business loan application can demonstrate a clear plan, you’re off to a great start.

The 5 C’s Of Credit

How Strong Is Your Business Loan Application?

A strong loan application will highlight the 5 Cs of Credit. But what are the 5 Cs of Credit?

The 5 Cs of Credit are a measurement that lenders use to judge the trustworthiness and creditworthiness of a potential borrower.  If your loan application doesn’t display these traits, then most lenders view you as high-risk and decline your application entirely.

Here is a basic breakdown of the 5 Cs of Credit and what lenders are looking for on your loan application.

Character

Character refers to your business’s reputation. Lenders want to see that you pay your debts on time and are trustworthy.

To judge your company’s character, lenders will often check your credit history, your business credit score, and your personal credit score. They may also try to gauge your personal character through social media, references, or a phone consultation.

A loan application with strong character will have:

  • A good credit score
  • A record of on-time payments
  • Sound references (if required by lender)

If your application doesn’t demonstrate these qualities, read our post 5 Ways To Improve Your Personal Credit Score.

Capacity

Capacity refers to your business’s ability to pay back the loan. Lenders want to be assured that you have the cash flow to actually afford loan repayments.

To judge your company’s capacity, lenders often view your cash flow statements, bank statements, income, and existing debt.

A loan application with strong capacity will have:

  • Strong cash flow
  • Enough income to cover monthly payments
  • Minimal existing debt

Capital

Capital refers to how much money you have invested in your business. Lenders view owner’s capital as a sign that you “invested” in your company’s success and are then more likely to do whatever it takes to make your business succeed (which for lenders means paying back your loans).

To judge your capital, lenders view how much is invested as well as how it has been invested.

A loan application with strong capital will:

  • Show the total owner’s investments
  • Give detail on how those investments have grown the company

We understand that not every business owner has invested personal money into their business. Read our post The 5 Cs of Credit: What Lenders Look For to learn how you can still impress lenders without owner’s capital.

Collateral

Collateral refers to any assets that are offered up as insurance should you default on the loan. Many lenders require collateral as a safeguard that they won’t lose everything should you be unable to pay your loan.

To judge your company’s collateral, lenders may vary. They may require specific assets or a blanket lien or a personal guarantee.

A loan application with strong collateral will:

  • Understand their specific lender’s collateral requirements
  • Provide the proper collateral
  • Include any paperwork associated with the collateral

Conditions

Conditions refer to the conditions of the loan as well as those of the current economy. Lenders want to make sure that you can afford a loan.

To judge your company’s conditions, lenders will not only evaluate your loan application but also the details of the loan you are applying for (such as borrowing amount, interest rate, etc.). The economy and your business’s current market can also play a role.

A loan application with strong conditions will:

  • Have enough income to cover monthly payments
  • Demonstrate an understanding of their industry, current market, and competitors

Ultimately, the 5 Cs of Credit are a great way to determine how strong your loan application is. Make sure your loan application highlights your company’s character, capacity, capital, collateral, and conditions. If your business application demonstrates each of there traits, you are well on your way to getting the loan you want.

If you want to tips about how to master the 5 C’s of Credit, read our post The 5 C’s of Credit: What Lenders Look For.

Strong Cash Flow

How Strong Is Your Business Loan Application?

For lenders, it’s all about being certain that you can pay your loan back on time and in full. Your business loan application and the documents you send with it should demonstrate that you have enough cash flow to comfortably make payments.

Almost all lenders will require that you include cash flow statements and projections with your business loan application. Most accounting software will generate cash flow statements for you. A strong loan application will provide this information upfront so that lenders can calculate your debt service coverage ratio (DSCR).

  • Debt Service Coverage Ratio (DSCR): Measures the relationship between your business income and debt and is used to determine how healthy your business’s cash flow is. It also plays a key role in knowing exactly what size monthly payment you can afford on a potential loan.

Before applying for a loan, I recommend calculating your DSCR so you can know exactly what you can afford. You don’t want to go into a spiral of unpayable debt or bankruptcy. Be sure that the borrowing amount you’re asking for and its monthly payments are realistic. A lender will shoot your application down if they aren’t convinced you can pay a loan back.

A loan application that displays weak cash flow or a poor DSCR is not likely to get approved. By calculating your DSCR and evaluating your cash flow ahead of time, you can be sure that you can afford the loan you want before submitting the application.

To learn more about DSCR, read our post Debt Service Coverage Ratio: How To Calculate And Improve Your Business’s DSCR.

Minimal Existing Debt

How Strong Is Your Business Loan Application?

In addition to displaying strong cash flow, business owners seeking a loan should have little-to-no existing debt. A strong loan application is one that shows again and again “I can afford this loan.” If your business already has a large amount of existing debt, it’ll be hard to convince lenders to approve your application.

When lenders look at your application, they will check your existing debt using the DSCR mentioned earlier as well as the debt-to-income ratio (although, the DTI ratio is used more for sole proprietors and freelancers who aren’t considered separate legal entities and don’t have a DSCR).

  • Debt-To-Income (DTI) Ratio: Measures the relationships between your personal debt and income and is used to determine how high-risk you are.

Working to get rid of existing debt also proves to lenders that you pay your debts in full and on time, which increases your credit score and betters your chances of getting approved for a loan. The less debt, the more cash you have available for a loan, and the stronger your application is.

Proper Documents

How Strong Is Your Business Loan Application?

Every lender requires certain documents to be included in a potential borrower’s loan application. Specific documents will vary from lender to lender, so be sure to check your lender’s requirements. Have all of the proper documents prepared beforehand.

Often, these documents include:

  • Cash flow statements
  • Bank statements
  • Income sheet
  • Statement of owner’s equity (or capital)
  • Tax Returns
  • Collateral documentation
  • Legal documents and licenses
  • Business history
  • Business owner’s history

Some lenders may ask for these documents in the loan application itself, while many online lenders require you to submit an initial application and then provide the required documents at a later time. Having these documents ready to go whenever the lender asks for them demonstrates that you are timely and organized.

Taking every opportunity to impress lenders and put your best foot forward can make or break the chance of you getting that loan.

Borrower Requirements

How Strong Is Your Business Loan Application?

No matter how beautifully polished and impressive your loan application is, it’s not going to get you anywhere if you don’t meet the lender’s requirements.

Every lender has specific requirements borrowers must meet in order to qualify for a loan. They often include:

  • A minimum credit score
  • A specific amount of time in business
  • A minimum monthly or yearly income
  • Certain collateral

Be sure to carefully research potential lenders so that you can be certain you meet all of the borrower requirements. If you meet and exceed all of the requirements and have a beautifully polished loan application, you make yourself a strong applicant and increase your chances of being approved for the loan you want.

If you are having trouble finding a loan you qualify for, we can help you find the perfect loan for your business.

No Spelling Or Grammatical Errors

How Strong Is Your Business Loan Application?

You’ve checked that you can afford a loan; you’ve met the borrower requirements; you’ve prepared all the proper documents. That should mean you’ve got the green light and are all clear, right?

Not quite. There’s one key final step.

Before sending off your loan application, double and triple check that there are no typos, spelling error, grammatical errors, or missing information. Maybe even get another set of eyes to read over it. This is an easy step to skip over, but I can’t stress how important it is.

Spelling errors and typos simply make you look unprofessional. Additionally, loan applications require a lot of legal information that you really don’t want to goof up on.

Once you’ve read and edited your finished loan application multiple times, you can be confident that you’ve done everything to make your loan application as strong as possible.

Final Thoughts

Now that you have a better idea of what lenders are looking for, you can more easily measure how strong your application is. After all, the stronger your application, the strong your chance of getting that loan.

Before you send off your application for good, be sure to ask yourself these questions regarding your loan application:

  • Do I demonstrate a clear plan for the loan?
  • Do I display the 5 Cs of Credit?
  • Do I have enough cash flow for monthly payments?
  • Did I eliminate most or all of my existing business debt?
  • Are the required documents included (or at least prepared)?
  • Do I meet or exceed the borrower requirements?
  • Did I edit everything correctly?

If your application is strong, great! You can go ahead and send it off with confidence. If your application seems weak, you can save yourself the heartache and time and avoid being denied. Instead, take the time to strengthen your application and better your chances of getting approved.

For more information on how to improve your loan application, read our post 20 Tips To Improve Your Business Loan Application.

The post How Strong Is Your Business Loan Application? appeared first on Merchant Maverick.

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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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Purchase QuickBooks Desktop Pro 2018 

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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Are HubSpot’s Inbound Marketing Services Right For You?

If you are a marketing guru with loads of experience in the trade, you probably know all about inbound and outbound marketing. And the world absolutely needs people like you. But if you are like the rest of us, just trying to get your product noticed and understood by the teeming masses, these terms are just more industry jargon gibberish.

Fortunately, Merchant Maverick is here to provide definitions and cut through the jargon. Basically, an inbound marketing methodology requires you to market yourself in such a way that customers naturally find their way to you, rather than employing more aggressive marketing efforts and strategies (like cold calls).

What Is Hubspot?

Apps like HubSpot are designed to be the backbone of your inbound system. Visit the HubSpot website and you will see multiple references to the company’s commitment to inbound marketing. Specifically, HubSpot offers three separate products that each address a distinct aspect of a business’s inbound marketing strategy. The first is HubSpot’s “free-forever” customer relations management (CRM) system; the second is HubSpot Marketing. Finally, HubSpot offers a Sales tool. But what exactly do these products offer subscribers? And are HubSpot’s inbound marketing services right for you? Join us as we dive into the deep end of inbound marketing. We’ll cover HubSpot pricing, support, and more.

HubSpot CRM Tool

As mentioned above, HubSpot’s CRM tool is free forever. Now, I have been writing and reviewing tech products for a while now, and I have come to expect a few things when I see the “free forever” label. Usually, that just means there is a free version of a software, but with most useful features removed. HubSpot’s CRM is not like that. There are no other subscription tiers, no other fees. HubSpot CRM is 100% free.

But what does it do?

Basically, this tool is designed to help you manage your interactions with customers. When adding a new contact into your database (that can hold up to 1,000,000 people), the CRM begins cataloging every interaction. As you communicate with prospective customers, you retain access to your entire history with them. No more losing emails in the depths of your inbox. All the details are saved and easy to access. In addition to the microscopic view of each contact, the CRM also provides you a broad perspective on what HubSpot calls your “sales funnel.” Using the dashboard, you can quickly identify which customers are locked in on the road to closing a deal and which ones might need more assistance. You can use this tool to automate those communications as well, ensuring no customer falls through the cracks.

So do you need HubSpot’s CRM? Basically, if you are attempting to sell any sort of customizable product where different customers will receive individually tailored products, then you definitely want some kind of CRM service. And HubSpot’s is free. Not only that, but it works, and works well. So yes, you probably want to at least try it out.

But what about HubSpot’s other products? Let’s take a look.

HubSpot Inbound Marketing

You may have a way to manage your relationships with all your customers, but how do you get those customers in the first place? The obvious answer is that you need to market yourself somehow. Fortunately, HubSpot also offers an inbound marketing service that works seamlessly with their CRM product. You can use the free-forever version of this product, but really you will want to start at the $200/month “Starter” level, which includes such crucial features as Calls To Action pages for your website and email marketing. HubSpot pricing for larger subscriptions (which run into the $2,400/month range) includes marketing automation, A/B testing, and custom event triggers.

This is where HubSpot’s “inbound marketing” philosophy really starts to show through: Most of the marketing that you will do with this product involves creating content that draws prospective customers to you. Inbound methodology could entail content marketing, like writing blogs, or optimizing your website to bring in customers rather than investing in outbound marketing through social media sites Facebook, Google, or other advertising platforms. It is organic lead generation, in other words. Keep in mind that you will need a website already in order for this to work. If you’re using a hosting service like Squarespace or Wix, you will need to add a few lines of code (provided by HubSpot) to the source in order to integrate with HubSpot. If you use WordPress, on the other hand, you can simply install the HubSpot plug-in. So far so good.

But what do you actually get from there?

Like I mentioned above, the idea of HubSpot’s marketing service is to attract customers organically to your own content by optimizing your website. HubSpot provides blog and email templates designed to look great across devices, then allow you to insert the all-important ‘Call to Action’ boxes that encourage people to enter their information to your email list and start that customer relationship. The more money you spend per month, the more automated this process becomes.

So do you need inbound marketing services through HubSpot? In my opinion, yes. This service is worth at least the $200/month subscription. From there you will have to decide how much you want to spend on increased automation.

HubSpot Sales

So now you have a way to attract potential customers and manage your relationship with them. But really the whole point is to convert those leads and prospects into sales. Once again, HubSpot offers a product to fill that gap. HubSpot Sales Hub is all about communicating with customers, lead nurturing, and centralizing the process of negotiation so that you can focus on the warmest leads without sacrificing the others. The free version of this product is relatively viable, including meetings, calls, task tracking, and more. However, by paying for the $50/month subscription, you also gain features like live chat, prospects, and dedicated customer support. For a whopping $400/month, you can automate your sales process, as well as unlock HubSpot’s excellent Salesforce integration.

Like all of HubSpot’s products, the Sales Hub is built with centralization in mind. All your leads are kept in the same place, organized to keep them from getting mixed up or lost. The focus in sales, though, is on communication with clients. All subscribers gain access to HubSpot’s calls feature, which simplifies the process of scheduling phone meetings with customers. You also get access to powerful email marketing tools, allowing you to track which customers read your messages or downloaded your attachments.

So do you need it? I think the free version of the software is definitely worth a try. If you find you like your experience with the free version, you might consider paying a higher price for some more advanced features.

HubSpot Service Hub

Offered at $400/month, HubSpot’s Service Hub is the final square in the grand customer management quilt that HubSpot has created. As with all their other products, the key to understanding the Service Hub is organization. The goal is that you will be able to keep all your customer interactions organized and arranged so that no one gets left out.

The Service Hub comes with several communication tools, including a live chat and enhanced email inbox to ensure your customers never feel ignored. Additionally, you can create a “knowledge base” of self-service articles to allow your more independent customers a chance to figure out their problems on their own. There is even a feature allowing you to create chatbots to increase the efficiency of your customer service interactions. Finally, use comprehensive data insights to make sure you are getting optimal interactions every time.

So do you need the sales hub? Really, it will only be useful if you have a lot of customers every month. Of all the HubSpot products I have reviewed in this post, this is the one I would recommend skipping out on, at least at first. Having said that, if your products require extensive customer service, this might be a great option for you.

Why Go Hubspot?

HubSpot provides products that cover every facet of customer interaction, from marketing to sales to leads to customer service. Supporting all other products is the Hubspot CRM, which serves as the bedrock product that makes the others work smoothly.

But do you need HubSpot? Frankly, I think you do. If you are trying to market or sell a product on the internet today, you will want to use these kinds of products in some way, even if you use low-level or free subscriptions for some of them. The only possible exception would be the customer service hub, depending on the level of service required by your product.

Fortunately, most of HubSpot’s products have a free-forever option, so you can try before you buy. I recommend signing up and putting the different apps through their paces before committing to paying a monthly subscription.

The post Are HubSpot’s Inbound Marketing Services Right For You? appeared first on Merchant Maverick.

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Box.com Cloud Storage Review

There is no shortage of options when it comes to selecting the optimal cloud storage platform for your business. Google Drive, Dropbox, Microsoft OneDrive, and more compete as solo options, while innumerable other services offer their own native storage options. Into this mix comes Box, an app with an unfortunately generic name attempting to offer non-generic features and services. Do they really manage to set themselves apart from the competition? Is this service worth a subscription? To find out, read on! We’ll review Box’s pricing, available features, and ease of use.

Pricing

Box Cloud Storage offers three separate pricing plans, each targeted at a different set of users. These are:

Starter

  • $5/user/month
  • 100 GB storage

This option is designed for small teams with minimal storage requirements. Really, you probably don’t want to subscribe at this level, though the price tag may seem tempting.

Business

  • $15/user/month
  • Unlimited storage
  • Data loss prevention
  • User and security reporting

The business subscription is almost certainly the option you will end up with, and though it is three times more expensive than the starter plan, you get unlimited storage and data loss prevention. These two major perks are almost enough for me to recommend it on the spot, but this tier also comes with admin features like user and security reporting, as well as a number of others, that make it an even better deal. Still, if you want the ultimate Box experience, you can take it one level higher.

Business Plus

  • $25/user/month
  • Unlimited Storage
  • Unlimited external Collaborators
  • Admin role delegation

This tier is primarily intended for graphic designers and other professionals that interact regularly with clients. By adding customers as external collaborators, you can bring them into the creative process and grant access to the files you create for them. The business plus tier also steps up the level of admin control you have, including allowing you access to all user activity.

Features

A Box subscription comes with a heap of features, all designed to increase the effectiveness of your document management. Here are some of the highlights:

  • Management: Box gives you control over who uses your data, then gives you information about how they use it. This includes reporting geographic location of access points, as well as timestamps and more. Basically, you get to choose who sees what, then know when and where they saw it.
  • Workflow Management: With this feature, box delivers a sort of “project management lite.” Using Box relay, you can set up workflows, assign tasks and due dates, and generally keep your team on the same page. If you need a basic task management app, you might find that the feature alone meets all your needs, without having to look for a third-party service.
  • Data Security: It wouldn’t be much of a cloud-based storage service if it was not secure. Box takes security seriously, using AES 256-bit encryption, and maintaining numerous redundant servers around the world. On that point, some subscription tiers gain access to Box Zones, which allows you to select which geographic regions you want your data in.
  • Machine Learning: Using Box Skills, you can put AI to work for your businesses. You start by creating smart labels and workflows, and over time the AI will learn your systems and find new ways of making your business more efficient. It is pretty impressive, and Box seems convinced it is the way of the future. This feature is in Beta currently but undergoes constant improvement.
  • Integrations: One of the best things about Box in my book is the sheer number of third-party apps it integrates with. This is one versatile platform and the fact that you can pretty much count on your other business services playing nicely with it means your experience is that much more likely to be comfortable and confident.

Ease Of Use

I am of two minds about Box’s ease of use. At basic levels, this is a pretty run-of-the-mill cloud storage service. It is easy to get signed up, easy to start storing documents. So far, so simple. However, when we start getting into the higher subscriptions, things get a little more difficult. While I wouldn’t say any feature is exactly hard to use, they definitely take more forethought and planning, where the more basic capabilities can be operated intuitively. It definitely feels like the kind of thing that would take a considerable amount of time to set up, but once that setup process is complete, your work is done.

Final Thoughts

From one perspective, it doesn’t really matter if you use Box or some other cloud storage service. If that is, you only plan to use it for cloud storage. If that is you, just looking for a place to dump your files in the cloud, then my recommendation is to take a look at several storage services and pick the one you like best from a visual and mechanical design standpoint.

But if you are looking for a cloud storage service that does a bit more, then Box takes a step into the limelight. In another post, I compared Box with similarly-named Dropbox, and I will stick to what I said there. If you are in a position where you need limitless storage and lots of customer interaction, Box becomes your best bet. Add to that basic task management features and lots of admin tools to keep on top of access to your files, and you have what is now an extremely desirable option.

As always, I do recommend test it out before committing completely, and fortunately, Box offers a two-week trial to give you the chance to try before you buy. Go try it out, then make your decision from there.

The post Box.com Cloud Storage Review appeared first on Merchant Maverick.

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What Is DocuSign And How Does It Work?

Picture it. You are buying a house, and you live a 30-minute drive from your realtor. Every time they have another paper for you to sign (which feels like once or twice a day at this point) you have to abandon your very pregnant wife and drive over just to put your John Hancock on that piece of paper. Sit back and consider the frustration, the amount of time wasted. Then wake up to reality: it’s 2018 and we no longer live in that kind of world. Now we have DocuSign.

What Is DocuSign?

DocuSign has actually been around since 2003, practically an eternity in the tech world. Since that day, they have been helping ensure that twenty-something soon-to-be-dads don’t have to drive all over the world just to sign some papers (is it clear this is a personal anecdote yet?). Having said that, though, DocuSign is about more than just facilitating secure digital signatures. This app helps arrange every step of document preparation and integrates with more than 300 other business apps. That’s a whole lot of convenience on offer here, both for businesses and client signers. But is it worth it? To find out, we examine price, features, and ease of use. Let’s dig in!

DocuSign Pricing

There is a pretty wide array of options for DocuSign pricing, from general access to DocuSign for realtors to full access to the service’s API. In all plans, you get one user account, with the option to contact the sales team for more. Here is what you get for your money in the general DocuSign accounts:

Personal

  • $10/month
  • Send five documents for signature/month
  • Basic Fields
  • Mobile app

Standard:

  • $25/month
  • Unlimited Documents
  • Reminders and Notifications
  • Personalized Branding
  • “Comments”

Business Pro:

  • $40/month
  • Collect payments
  • Advanced fields
  • Signer attachments
  • Bulk Send

As I mentioned above, DocuSign also has pricing specific to realtors, who often need to sign documents (and have documents signed electronically). These plans include some industry-specific features, and are available at the following prices:

Real Estate Starter

  • $10/month
  • Send five documents for electronic signature/month
  • Basic fields
  • Mobile app
  • Strikethrough
  • zipForm Plus integration

DocuSign for Realtors

  • $20/user/month
  • Up to 5 users, contact sales for more
  • “Comments”
  • Reminders
  • Collaborative Fields
  • REALTOR-logo branding
  • In-person digital signatures
  • Signer attachments
  • Advanced recipient types

Finally, DocuSign offers their full API on a subscription model if you want to get into the nitty-gritty of customization. Here is what you get for your money:

Basic API

  • $50/month
  • Start at 40 document sends per month
  • Unlimited Templates
  • OAuth
  • Basic Fields
  • Mobile Signing & Sending
  • Authentification

Intermediate API

  • $300/month
  • Embedding signing and sending
  • Personalized branding
  • Real-time reporting and analysis

Advanced API

  • $480/month
  • Bulk Send
  • PowerForms for API
  • DocuSign Connect

You can decide for yourself how valuable each of these different tiers might be for you, but I will say that for most subscribers, 5 documents per month is pitifully small, and not particularly useful. This means just about everyone will be forced to spring for a more expensive plan, whether they want the other features on offer or not.

How Does DocuSign Work?

Obviously, the primary feature of DocuSign is sending and receiving secure digital signatures. Docusign’s electronic signatures are secure, easy to use, and offer an excellent mix of convenience and efficiency.  You can also easily build your e-signature documents with DocuSign templates and the program’s drag-and-drop editor.

Beyond that basic feature, though, are the other things DocuSign offers to aid and assist the primary function of making signatures easier. Here are the best features available with a DocuSign account:

  • Streamline Process: DocuSign allows you to automate your approval and agreement processes. Using a solution called “System of Agreement,” you can digitize your messy paper trails and make the whole process electronic.
  • Payments: DocuSign is all about convenience and efficiency, and what better example could there be but this: using the payments feature, you can send requests to clients for payment. Your customer can sign and pay in one easy step using their credit or debit card, bank account information, or even Apple and Android pay.
  • Mobile Apps: While I would think most DocuSign users will confine their use of the app to their desks, you can download the mobile version and create documents for an electronic signature on the go. This seems especially useful in real estate and sales, especially if you need to travel to make pitches.
  • Integrations: DocuSign’s integration list includes expected apps like Google, SalesForce, Apple, and others. However, the list also includes such software as Oracle and SAP. As mentioned above, DocuSign integrates with more than 300 other apps, so the chances are it will work within the framework that you already have up and running.

How To Use DocuSign

My test of DocuSign covered the basic document-signature creation, but I was unable to test some of the more advanced System of Agreement features. With that in mind, I found DocuSign absurdly easy to use. To create your document for an electronic signature, you import your PDF or Word doc, then drag-and-drop whatever signature elements you need to any part of the document. This includes your signature or initials (which you can custom-draw if you would like), but also your printed name, business name, and more. It is a seamless, difficulty free process. If the rest of DocuSign works as simply and easily as the parts I was able to test, I can’t imagine anyone experiencing serious difficulties.

Final Thoughts

Overall, my verdict on DocuSign is that if you have a need for digital signatures, this is definitely a good service for you. Especially if your area of business deals with multiple signatures per day, Docusign seems like a positive addition to your day. You will find it helpful on your own, and if you have clients, they will likely thank you for the increased efficiency e-signatures can provide. On the other hand, if you don’t need many signatures in your line of work, this product is likely not worth the expense. If you are still on the fence, keep in mind that DocuSign offers a 30-day free trial to help you make your decision. My recommendation: give it a try and see for yourself how helpful it can be.

The post What Is DocuSign And How Does It Work? appeared first on Merchant Maverick.

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