The Complete Guide To Disputing Errors On Your Credit Report

Worried that your credit history may have errors that could negatively affect your business? Luckily, the companies that produce credit reports offer ways to dispute errors.

While it might be time-consuming to correct a report, a successful dispute can only be advantageous in the long run. A little time spent now could save you and your business from a major headache down the road—especially when applying for loans or credit cards.

Want to know how you can dispute a problem on your credit report? We’ve got all the information you need below.

What Is A Credit Report?

A credit report details your credit history. It can include information regarding your past loan payments, current status of credit accounts, and other financial records, such as foreclosures or bankruptcies.

Credit bureaus compile credit reports by collecting and selling various data regarding individual credit histories. While there are numerous bureaus around today, three are the most well-known and influential: Equifax, Experian, and TransUnion. We’ve gone over credit bureaus in more depth before.

Credit reports play an important role when you are looking for a loan, a new credit card, or insurance. If you have a history of failing to make payments, or perhaps you have a lot of credit tied up already, potential creditors may think twice before working with you.

These reports also help calculate your credit score. A credit score is an important tool that summarizes the health of your credit history. Many potential lenders or credit card issuers will heavily consider your credit score when you apply. If your score is too low, you may need to work on improving it.

How To Get Your Credit Report

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Fortunately, it doesn’t cost much to request a credit report. In fact, in many cases, you’ll be able to ask for a copy of your credit report for free.

Experian, TransUnion, and Equifax are legally required to issue you a no-cost credit report every 12 months. This free report will be your full credit report—although it won’t include credit scores. To request a report, you’ll need to visit annualcreditreport.com and select which of the three major bureaus you’d like to request a report from.

In addition, if you apply for credit and are denied, you’ll have the ability to request the credit report used in the decision. You’ll have 60 days to order this credit report from the bureau that supplied the report reviewed by the creditor. This type of report is known as an “adverse action credit report.” Going this route is free and does not count against your annual report tally.

On top of those free credit report options, there are websites dedicated to sharing details regarding your credit history. Some of the big websites include Credit Karma, WalletHub, and Credit Journey from Chase. Most of these websites are free and we’ve previously discussed our favorite ones. However, note that in many cases you can’t get a full credit report through these places; instead, they’ll likely share a credit score alongside some supplemental information.

How To Dispute Errors On Your Report

If you’ve spotted an error on your credit report—say you notice a misspelled name or an account that has been incorrectly deemed delinquent—the question comes up: how do you dispute errors on a report?

Here’s our step-by-step guide:

1. Contact The Credit Bureau

There are several ways to contact a credit bureau to submit a dispute.

Most commonly, you can send a letter. If you choose this path,  include all the necessary documentation that supports your dispute. Additionally, clearly outline which item or items you dispute, state why you dispute the information, and make it obvious that you wish for the information to be removed or changed.

If sending a letter, make sure to send it via certified mail. This way you’ll have a record once it’s received, giving you a paper trail. Plus, it’s also a good idea to keep a copy of the letter for your personal records.

The three major credit bureaus also offer online tools to submit a dispute. However, this process varies for each bureau so you’ll need to check the website of the bureau you plan to submit a dispute with.

In some cases, sending a fax may be another option. Bureaus also often let you call to start a dispute claim. However, it is generally recommended to leave a paper trail when possible, something that may not be possible with a phone call.

2. Wait For And Review The Results Of The Investigation

In most cases, the credit bureau will have 30 days to investigate after receiving your dispute. You’ll then want to give them up to two weeks before their response reaches you. As such, you may need to wait up to 45 days before you hear anything from the credit bureau.

When the investigation is finished, the credit bureau will send you the results in writing. Additionally, you’ll also receive an updated credit report if the dispute is found accurate. This updated copy is free and does not count towards your one free annual report. You’ll also receive a copy of the name, address, and phone number of the provider that reported the erroneous information.

You may additionally ask that notifications of any corrections be sent out to anyone who has received a copy of your credit report in the previous six months. For employment purposes, you may also request that anyone who received a copy in the last two years be sent the updated report.

3. Check Your Reports For Changes

Several months after your dispute has been fixed by the credit bureau in question, you’ll want to make sure your actual reports have been updated. Note that the time a report updates may depend on the specific credit bureau’s update cycle and when the provider sends information to bureaus.

If you don’t see any changes to your reports from other bureaus, it is possible the provider did not report the update to other bureaus. Should this happen, you’ll want to inform the provider that you disputed an inaccurate item on your credit report. If the provider continues sending disputed information to other bureaus, they must note that the information has been disputed. Assuming your dispute is accurate, the provider must tell bureaus to delete or update the information in question.

As long as the provider verifies the accuracy of your dispute, the credit bureau cannot continue to place that information in your credit report. This means that future reports should show the updated information. It just may take several months for an updated report to become accurate.

Final Thoughts

It’s important you get an error fixed promptly when you spot one on your credit report. If you leave the error untouched, you may have difficulty applying for loans or credit cards. This in turn may impact your business’s ability to run smoothly and efficiently. As such, a successful dispute can only mean good things for your business in the future—even if the process does seem a bit cumbersome.

The post The Complete Guide To Disputing Errors On Your Credit Report appeared first on Merchant Maverick.

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The Best Business Loan And Financing Resources For North Carolina Small Businesses

North Carolina is one of the fastest-growing states in the nation and has posted significant economic growth over the last 30 years in cities such as Greensboro, Raleigh, and Charlotte. The city of Charlotte is one of the largest banking centers in the United States and the information and biotechnology industries are thriving thanks in part to the Research Triangle Park, Gateway University Research Park, and the Piedmont Triad Research Park. In 2018, North Carolina was ranked in the top ten on CNBC’s Top States for Business list.

With all this growth and opportunity, it’s no surprise that more people are considering entrepreneurship. Maybe you’ve thought about starting your own small business, or maybe you’ve already opened your doors. Either way, you’re here because you want to learn more about financing opportunities and resources for new and established businesses in North Carolina.

In this post, we’re going to look at the best opportunities for small business owners in North Carolina. From easy online loans to small business grants for new and innovative businesses, we’ll explore the many options available to North Carolinians. Let’s get started.

Online Business Lenders For North Carolina Businesses

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If you need an easy and convenient small business loan, look no further than your computer. You can secure a business loan without even leaving your home or office by working with an online lender. Not being stuck in a bank for hours isn’t the only benefit to online lending, either. If you don’t qualify for a traditional loan for any reason (low credit score, new business, or low revenues, for example), you can find a lender that’s willing to work with your specific situation.

Finding an online lender isn’t difficult. Just typing search terms like “small business loan” in a search engine brings up thousands of hits. Unfortunately, though, not all lenders are cut from the same cloth. In your search for an online business loan, you’ll encounter lenders that aren’t reputable, charge ridiculously high fees, or have poor reviews from their borrowers. It’s easy to get caught up for hours just finding a lender, so save time and start with one of these options.

Fundera

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You want to shop around when it comes to financing options, but you don’t want to submit application after application. You also want to avoid having multiple hard inquiries on your credit — a move that could bring your score down or even disqualify you from receiving a loan. By working with Fundera, you can avoid these hassles.

Fundera allows you to fill out one easy application to see what financial products you qualify to receive. Fundera uses a combination of technology and experienced lending specialists to find the best financing options for your business. You’ll work with your lending specialist to evaluate all offers to determine which is best for you. Then, you select your funding and receive the money in your bank account. Your lending specialist will even continue to work with you to determine how you can receive even better options in the future.

Working with Fundera is free, and there’s no impact to your credit score just to shop around your options. However, it should be noted that once you accept an offer, a hard pull will likely be performed on your credit.

Fundera offers several financial products for small businesses, including:

  • Small Business Administration (SBA) Loans: Up to $5 million with terms up to 25 years
  • Lines Of Credit: Starting at $10,000 with terms up to 5 years
  • Term Loans: Up to $500,000 with terms up to 5 years
  • Startup Loans: Up to $150,000 with terms up to 4 years
  • Equipment Financing: Up to 100% of equipment value
  • Invoice Financing: Up to 100% of invoice value
  • Short-Term Loans: Up to $250,000 with terms up to 18 months
  • Personal Loans For Business: Up to $35,000 with terms up to 5 years
  • Merchant Cash Advances: Up to $250,000

Rates, terms, and borrower requirements vary based on the financial product selected.

Lendio

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If you want to compare lender offers, Lendio is another option to consider. This loan aggregator has over 75 financing partners you can reach through just one application. There’s no fee to apply, and submitting your application won’t affect your credit.

The application process takes just minutes, and you could receive funding in as little as 24 hours depending on the product you select. Lendio has a variety of financial options available to small businesses including:

  • SBA Loans: Up to $5 million with terms up to 25 years
  • Term Loans: Up to $2 million with terms up to 5 years
  • Lines Of Credit: Up to $500,000 with terms up to 2 years
  • Equipment Financing: Up to $5 million with terms up to 5 years
  • Commercial Mortgages: Up to $5 million with terms up to 25 years
  • Business Acquisition Loans: Up to $5 million with terms up to 25 years
  • Startup Loans: Up to $750,000 with terms up to 25 years
  • Short-Term Loans: Up to $500,000 with terms up to 3 years
  • Business Credit Cards: Up to $500,000
  • Accounts Receivable Financing: Up to 80% of receivables with terms up to 1 year
  • Merchant Cash Advances: Up to $200,000 with terms up to 2 years

Rates, terms, and borrower requirements vary by financial product.

BlueVine

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If you don’t want to work with a loan aggregator and want to dive in immediately with a direct lender, BlueVine is a reputable lender to consider. BlueVine offers two financial products for small businesses: lines of credit and invoice factoring.

If you want a flexible financing option, a line of credit could be the right choice for you. Instead of receiving one lump sum payment, you’ll have access to a revolving line of credit to use whenever you need it.

You may qualify for as much as $250,000 with BlueVine. You don’t pay if you don’t use your line of credit. When you do make a draw, rates start at just 4.8%. Payments are made monthly or weekly over 6 or 12 months. As you make payments on your line of credit, funds become available for you to use again for unexpected expenses, emergencies, purchasing inventory, or filling revenue gaps.

To qualify for a BlueVine line of credit, you must meet these minimum requirements:

  • Personal credit score of 600 or above
  • At least 6 months in business
  • At least $100,000 in annual revenue

With BlueVine’s online application, you can be approved for a line of credit in as little as 20 minutes.

If unpaid invoices are plaguing your business, BlueVine offers a solution with its invoice factoring service. You can qualify for a line of credit up to $5 million using your unpaid invoices. You can receive up to 90% of the money upfront for your invoices. Fees start at 0.25% per week, and you can be approved for financing in as quickly as 24 hours.

To qualify for invoice factoring, you must have:

  • A personal credit score of 530 or above
  • A time in business of at least 3 months
  • At least $100,000 in annual revenue
  • A B2B business

Amex Business Loans

American Express OptBlue

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If you have an American Express Business Card, you may qualify for a small business loan. Not only will you receive a loan with competitive interest rates, but applying has no impact on your credit since the lender uses your information that’s already on file.

With an American Express loan, you can receive $3,500 to $50,000 to use for your business expenses. Interest rates are 6.98% to 19.97% with repayment terms of 1 to 3 years. You can be approved in just seconds and receive funds in your bank account in as little as 3 business days.

The only drawback to this product is that you must be a preapproved American Express Business Card member to receive the offer. You can find out if you’re preapproved by logging into your American Express account. To receive an offer, you must be a Basic Card Member in good standing, a U.S. citizen or permanent resident, and at least 18 years old. Please note that meeting these minimum requirements does not guarantee an offer.

IOU Financial

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IOU Financial offers flexible business financing that can be delivered to your bank account in as little as 24 hours. Through IOU Financial, you can receive up to $500,000 for growing your business. Even if you’ve faced challenges receiving funding in the past, you may qualify for an IOU Financial product, as the lender preapproves 85% of all applications.

IOU Financial offers financing with terms up to 18 months. Fixed daily or weekly payments are automatically taken from your business bank account. There is no early payment penalty if you pay off your loan early. If you need more capital, you may qualify for renewal once you’ve paid 40% of your loan. The lender doesn’t use a traditional interest rate but instead uses a factor rate between 1.15 and 1.31. Learn more about factor rates and how they affect the cost of your loan.

To qualify for a loan through IOU Financial, you must meet the following minimum requirements:

  • Own at least 80% of your business OR at least 50% if owned with a spouse
  • Time in business of at least 1 year
  • At least 10 daily deposits
  • Annual revenue of at least $100,000
  • Average ending balance of at least $3,000 per day in a business bank account

P2Binvestor

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If you need access to a large amount of capital, look to a lender like P2Binvestor. You can qualify for asset-backed lines of credit from $500,000 to over $10 million. These funds are unrestricted and can be used for any business purpose, from purchasing commercial property to covering payroll. P2Bi’s lines of credit have 1-year revolving terms with interest rates in the high teens.

According to the lender, the ideal candidate for a line of credit should:

  • Have time in business of at least 1 year
  • Have at least 10 employees
  • Have an experienced management team
  • Be a B2B business
  • Have at least $10 million in revenue
  • Have at least 10% annual revenue growth
  • Have accounts receivables that pay within 90 days

Businesses in the construction, real estate, medical insurance billing, and cannabis industries do not qualify for funding through P2Bi.

Kabbage

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If you want a flexible line of credit without having to jump through hoops to get it, apply with Kabbage. This lender offers a quick, easy application process that can give you access to capital in just minutes.

Kabbage specializes in small business lines of credit up to $250,000. Repayment terms are 6 months or 12 months and are based on how much you borrow. Fees are between 1.5% and 10% of your loan balance. If you pay off your loan early, no prepayment penalties are charged and you can save on your monthly fees. Payments are made monthly and are automatically withdrawn from your business bank account. No fees are charged until you use your line of credit.

One thing unique to Kabbage is the Kabbage Card. You have the option to make a traditional draw on your line of credit. Your funds will hit your account typically within 1 to 3 business days. Or you can use the Kabbage Card anywhere Visa is accepted to immediately access your funds. If you go this route, a new loan with the same rates and terms will be created on your Kabbage Dashboard.

To qualify, you must meet the following minimum requirements:

  • Time in business of at least 1 year
  • At least $50,000 in annual revenue OR at least $4,200 per month for the last 3 months

There are no credit score requirements, as Kabbage bases its approval decisions on the performance of your business. However, a credit check for the business owner is performed.

LendingPoint

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If time in business requirements are holding you back, consider getting a personal loan for business. By going this route, you can qualify for funds using your own personal income and credit score.

LendingPoint is one option to consider for personal loans. This lender provides up to $25,000 for qualified borrowers. APRs start at 15.49% and go up to 35.99%. Repayment terms are 2 to 4 years with payments due twice per month.

To qualify for a LendingPoint personal loan, you must meet these requirements:

  • Be at least 18 years old
  • Have a valid ID and Social Security Number
  • Have a verifiable bank account
  • Have an annual income of at least $20,000

Banks, Credit Unions, & Nonprofit Lenders In North Carolina

If going a more traditional route makes more sense for you and your business, there are plenty of banks, credit unions, and nonprofit lenders that serve business owners in North Carolina. If you have a business or personal checking account, you can check out the services available through your own bank. Or if you are shopping around for a specific product or lower rate, consider these picks.

BB&T

BB&T is one of the largest banks in North Carolina with branches in nearly 200 cities including Asheville, Charlotte, Chapel Hill, and Greensboro. In addition to business checking and savings accounts, BB&T offers multiple borrowing options including:

  • Small Business & Startup Loans
  • Lines Of Credit
  • SBA Loans
  • Business Credit Card

You can also take advantage of other business services provided through BB&T including merchant services, payroll services, and employee benefits such as retirement solutions. You can learn more about opening an account and the services provided by calling BB&T’s toll-free number or visiting a local branch.

Truliant Federal Credit Union

Truliant Federal Credit Union was first chartered in Winston-Salem, Burlington, and Greensboro in 1952. Since then, the credit union has grown to serve over 200,000 members in cities throughout North Carolina, South Carolina, and Virginia. Truliant branches are located all throughout North Carolina in cities including Charlotte, Asheboro, Greensboro, and Winston-Salem.

In addition to business checking and savings, you can apply for:

  • Commercial Real Estate Loans
  • Commercial Auto Loans
  • Lines Of Credit
  • Construction Loans
  • SBA Loans
  • USDA Business & Industry Programs
  • Equipment Financing

You can begin the process online by downloading and completing a business loan application. Once complete, bring the application, your business debt schedule, and a personal financial statement to your local financial center.

Business accounts and financial products are available to Truliant members. To become a member, you must meet one of the following requirements:

  • Live, work, attend school, or worship in an area served by Truliant
  • Work at one of Truliant’s partner companies
  • Have an immediate family that is a Truliant member
  • Be a member of the American Consumer Council that lives in North Carolina, South Carolina, Virginia, Georgia, or Tennessee

Self-Help Credit Union

Self-Help is an organization made up of two credit unions, an advocacy group, and a nonprofit loan fund. Self-Help is a designated community development financial institution that provides opportunities to underserved communities.

Self-Help Credit Union provides financial services including checking and savings accounts to North Carolina residents. Self-Help also offers funding opportunities for small businesses, nonprofits, child care centers, and faith-based organizations.

Loan options available through Self-Help include:

  • Small Business Loans: Up to $250,000
  • Commercial Loans: $250,000 and up
  • SBA 504 Loans
  • New Markets Tax Credit Loans
  • Commercial Real Estate Loans
  • Environmental Loans
  • USDA Rural Development Loans
  • Specialty Loan Funds: NC Rural Center Small Business Loan Program and Golden LEAF Loan Program
  • Small Business Recovery Loans
  • Food System Finance Loans
  • Child Care Loans
  • Charter School Loans
  • Multifamily Housing Loans
  • Neighborhood Stabilization Program Loans

To apply for any of these loan programs, you must be a Self-Help member. To qualify, you must meet one of the following requirements:

  • Live, work, attend school, or worship in an eligible county
  • Meet family or employer affiliation criteria
  • Member of the Center for Community Self-Help

Carolina Small Business Development Fund

The Carolina Small Business Development Fund is a nonprofit Community Development Financial Institution that has served communities in North Carolina since 1990. This organization provides business loans and training to community-based organizations, startups, and existing businesses.

Through Carolina Small Business, you can apply for loans and lines of credit up to $250,000. Rates are typically 8% to 12%.

To apply for a loan, you must complete the online application. Along with the application, you must upload documentation including:

  • Personal & Federal Tax Returns
  • Business Plan
  • Resumes Of Managers
  • Financial Statements

Additional information may be requested by a loan officer throughout the application process. Businesses requesting less than $50,000 will receive a loan decision within 10 business days. If the loan exceeds $50,000, a decision will be given within 15 business days.

Small Business Grants In North Carolina

You’ve probably seen the advertisements while watching late night TV: “Access the secret to millions of dollars in business grants for the low, low price of $99.95!” Unfortunately, obtaining a business grant isn’t exactly easy — or even possible — for most small businesses.

This doesn’t mean that grants (financing you don’t have to repay) don’t exist. They do. But most are open only to specific industries and applicants, like veterans, women, or minorities. Even if you do qualify for a grant, competition is often fierce.

If you want to explore all financing options, here are a few grants that may be a good fit for your business.

NC IDEA

NC Idea is a private foundation that provides grants and other resources to entrepreneurs in North Carolina. Opportunities include:

  • NC IDEA MICRO: Up to $10,000 for the advancement of new business ideas
  • NC IDEA SEED: Up to $50,000 for innovative startups with a proven concept

Additional resources include leadership training through NC IDEA LEAD and mentorships for female entrepreneurs through NC IDEA SOAR.

Deadlines and requirements vary. Applicants can learn more by visiting the NC IDEA website.

City Of Raleigh Office Of Economic Development Grants

If your business is located in Raleigh, North Carolina, there are several grants available to small businesses. These grants include:

  • Business Investment Grant
  • Building Up-Fit Grant
  • JobsRaleigh Grant
  • Façade Grant Program
  • Downtown Raleigh Retail Up-Fit Grant
  • Impact Partner Grant

These grants are designed to help encourage growth, development, and job creation in the City of Raleigh. Requirements and deadlines vary by program.

National Association For The Self-Employed

Through the National Association for the Self-Employed, you could receive $4,000 through the NASE Growth Grant. Grant funds can be used to expand your business through advertising, marketing, hiring employees, or expanding your facilities.

To qualify for the grant, you must be an NASE member. Annual memberships are $120 for most entrepreneurs. Students can become members for just $25 per year, while veterans pay only $99 annually. A monthly membership plan is also available.

Grants are awarded each month, and you can apply through the NASE website.

Loans & Resources For Startups In North Carolina

Getting the capital you need to grow your business is difficult, but getting the financing you need to launch your business can be even tougher. Many of the loan options already discussed may be unavailable to you if you don’t have revenue or haven’t been in business for a specific period of time.

This doesn’t mean you’re down and out. There are plenty of business financing options and resources for startups if you know where to look. Unsure of where to start? We’ve rounded up some great options that can help you get your business off the ground.

SCORE

SCORE is one of the nation’s leading resources for startups and small businesses. Through its 300 chapters, it has helped more than 11 million entrepreneurs since it was launched in 1964. SCORE offices are located all throughout the nation, including the state of North Carolina and cities including Raleigh, Charlotte, and Greensboro.

You can contact SCORE to be connected with a business mentor. There is no cost for this service. You can also lean on SCORE’s other business resources, including live and recorded webinars, online courses, and workshops.

Thread Capital

Thread Capital is a program launched by the NC Rural Center. This organization offers custom financing solutions for small businesses. Thread Capital also emphasizes helping underserved business owners, including women, minorities, low-income borrowers, and businesses located in rural areas.

Thread Capital offers small business loans from $500 to $50,000. Startup businesses with less than one year of documented revenue are eligible to receive up to $20,000. Established businesses with more than 12 months of documented revenue may be eligible to receive up to $50,000.

Loan terms are up to 72 months and interest rates start at 12.99% based on a number of risk factors. There are no prepayment penalties if your loan is paid off early.

To qualify for a startup loan through Thread Capital, you must:

  • Have at least 1 employee, which may include the owner
  • Have a business located in North Carolina
  • Put up all available assets as collateral
  • Have all individuals with more than 20% ownership co-sign the loan

As you become more established, Thread Capital offers additional loan options through its lending partners. Loans up to $5 million are available through these lenders.

Small Business and Technology Development Center

Since 1984, the Small Business and Technology Development Center has provided North Carolina small business owners with resources to help them grow and create jobs.

Whether you’re a brand new business or you’re an established business that has stalled on the path to growth, SBTDC offers business counseling and educational services to benefit you. These include:

  • Business & Management Advice
  • Financial Analysis
  • Marketing Assistance
  • Research
  • Financial Assistance
  • Strategy Development & Implementation
  • Leadership & Employee Performance

Most services are free and are always confidential. There are multiple SBTDC locations located throughout the state of North Carolina, serving areas including Boone, Chapel Hill, Charlotte, Greensboro, Raleigh, and Wilmington. You can visit the SBTDC website to learn more about the services offered and to submit an online request for counseling.

Small Business Center Network

The Small Business Center Network has 58 centers located throughout the state of North Carolina to support the growth and development of new and existing businesses.

Through the SBCN, business owners can receive confidential business counseling, access to resource libraries, seminars, and workshops. All services are available at no cost or for a minimal fee.

Business counseling is available on a variety of topics, including:

  • Business Plan Development
  • Marketing Assistance
  • Management & Human Resources
  • Sources Of Capital & Loan Preparation

Business Link North Carolina

If you’re ready to start a small business in North Carolina, check out the resources offered through Business Link North Carolina. Through this partnership with the NC Department of Commerce, you can receive free one-on-one phone consultations with a business counselor.

Business counselors can answer your questions on multiple business topics such as:

  • Regulatory Requirements
  • Licensing
  • Training

The toll-free hotline is available Monday through Friday. You can also submit an online request to have a counselor get in touch with you.

What To Consider When Choosing A Lender

Now that you’re aware of the financing options available to you, you’re one step closer to choosing a lender. There’s one problem, though: which lender is right for you?

Whether you’re spinning your wheels trying to narrow down your choices or you’re making the final decision between two lenders, ask yourself:

Do I Qualify?

This is an easy question that may immediately eliminate multiple lenders. Do you meet all the requirements of the lender? Is your credit score where it needs to be? Do you have enough revenue? Is your credit report free of anything that would disqualify you from receiving a loan?

If you don’t meet all minimum requirements, move on to another lender. If you find it difficult to qualify with most lenders, evaluate where you’re falling short. Get your free credit score, evaluate your credit report, and look at the financials of your business. If your funding need isn’t urgent, consider taking steps to resolve any issues that prevent you from qualifying for affordable loan options before submitting applications to lenders.

Does The Loan Amount Fit My Needs?

Before you seek funding, you should know how much capital you need. Maybe you need just a few thousand dollars to purchase new equipment. Maybe your financial needs are greater, and you need hundreds of thousands to renovate your commercial space. No matter how much capital you need, it’s important to find a lender that offers loans and financial products that have borrowing limits large enough to fund your project.

Can I Afford This Financing?

Before you submit applications and accept a loan offer, you need to make sure your business can afford to take on new debt. After determining whether your business can afford a loan, shop around to make sure you’re getting the best rates and terms for your business. High fees and interest rates, daily or weekly payments, or very short-term options could equal very expensive financing that could hurt — not help — your business.

Final Thoughts

Whether you apply for an online loan, a traditional bank loan, or a small business grant, there are plenty of financing options available to small businesses in North Carolina. Do your research, compare your options, and determine what opportunities are best to start or grow your business successfully.

The post The Best Business Loan And Financing Resources For North Carolina Small Businesses appeared first on Merchant Maverick.

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How To Start And Finance An Auto Body Shop Business

You’re an experienced mechanic that’s been working for someone else for your entire career. You’re ready to spread your wings and fly (or drive) right to your own auto body shop. Sound like you? If you’ve been bitten by the entrepreneurial bug, then maybe it’s time to set out on your own.

Even if you’re the best at what you do, venturing out into the small business world can be scary. If you’re an employee at a collision center, you probably feel like you have some stability. Why risk a “sure thing” to start your own shop, especially if you don’t have any previous experience running your own business?

Starting your own business is risky and it takes hard work (and a lot of it). But opening your own auto collision shop can be an extremely lucrative venture. The automotive collision repair market brings in billions of dollars in revenue each year, and studies show that revenue will only continue to grow in the years ahead. Isn’t it time you got your share?

If you’re thinking about starting your own auto body shop, this guide is for you. We’ll go through all of the steps of starting your own business, from creating a business plan to finding the right lender. We’ll review potential costs, hiring employees, and other critical steps to building a successful business. If you’re ready to take the next step into entrepreneurship, read on to find out how to get started.

Create A Business Plan

You’ve made up your mind: you’re ready to open your own collision or auto body center and you have an idea of how to do it. That’s good enough, right? Actually, you need to be more prepared before you even begin to move on to other steps in building your business. The best way to be prepared? Create a detailed business plan.

Let’s illustrate the importance of a business plan with an example. You’re going on a hike in the woods. There are lots of paths to choose from. Some of these paths may bring you out of the woods — your end goal — but there may be additional challenges along the way, like steep terrain. Some paths may be wrong altogether … and you’ll have to backtrack to right your course. In short, you can enter the woods without a map and risk getting lost. Or you can get a map ahead of time, plot out your course, and set out only after you’ve planned your route and know what to expect.

A business plan works in the same way. A good business plan outlines how to get from your starting point (launching your business) to your goal. Every entrepreneur has a different goal. Maybe yours is to run a successful local business that sets your family up for life. Maybe you have bigger goals — starting your own chain of auto body shops, for example. The most important thing is to set a concrete goal and create a map of how to get there.

Not only will a business plan keep you on the right track, but you must have a plan to present to investors or lenders when you’re seeking capital.

New to writing a business plan? At a minimum, here’s what you should include:

  • Executive Summary: A concise summary detailing each section of your business plan
  • Overview: A description of your business, including the legal structure, location, and type of business
  • Market Analysis: An overview of your market and a definition of your target market
  • Competitive Analysis: Strength and weaknesses of your competition
  • Management Team: The members of your management team and their responsibilities within your organization
  • Financial Projections: A forecast of the financial future of your business

Find A Location

As realtors say, “Location, location, location!” As you plan your own body shop, location is key, but there are a few other considerations to weigh before you put your name on that lease or mortgage.

You want to make sure that you purchase or lease the best location you can afford. Sure, that commercial property on the outskirts of town is much cheaper, but your customers have to be able to find you. Find a property that’s convenient for your customers and is located in a high-traffic area or at least off of a major road.

Another consideration is whether you’re going to buy an existing business or start from scratch. Buying an existing business comes with definite perks, including an established clientele, equipment, and even licenses and permits. However, there are a few drawbacks. This is one of the most expensive options, especially if the business is successful. You may also have to put additional costs into the business for renovations, like replacing outdated equipment.

If you start from scratch, you’ll rack up costs with the price of equipment, licenses, and building renovations.
Unsure of which to choose? Build a business plan looking at both options, calculate costs, and determine which makes the most sense financially, both in the short- and long-term.

Another option to consider is opening a franchise. With a franchise, you have less flexibility in terms of designing your brand and shop. However, you’ll have a working business model that takes a lot of the guesswork out of owning your own business.

Register Your Business

Before you open your auto body shop to the public, you need to register your business. Not only will you be seen as a legitimate business by your customers, but registering is also required when you want to hire employees, protect your assets, or seek capital from investors.

To register your business, you need to first determine what form of business entity to establish. There are several structures to choose from, including:

Sole Proprietorship

A sole proprietorship is the simplest business structure. This is best for businesses with just one owner. Sole proprietors can file their business profits and losses on their personal income tax returns. No paperwork is required to register as a sole proprietorship. However, this structure isn’t without its drawbacks. Raising money as a sole proprietorship is difficult, and you are personally responsible for the liabilities of your business.

Partnership

A partnership is a good choice for companies that will be owned and operated by two or more people. There are several different partnership types to consider:

  • General Partnership: Doesn’t require filing with the state and has few requirements
  • Limited Partnership (LP): One partner has unlimited liability and the others have limited liability. The personal assets of the limited partners can’t be used to satisfy the debts and liabilities of the business.
  • Limited Liability Partnership (LLP): Used by professional service businesses, this type of partnership offers personal asset protection for all partners.

Limited Liability Company (LLC)

An LLC has several benefits for business owners. With an LLC, a business owner will receive liability protection without paying the high tax requirements of corporations.

Corporation

This is the most complex and expensive business structure. More regulations and tax requirements are put in place for corporations. This structure is best for businesses that plan to raise capital through the sale of stock.

The type of structure you select for your business varies by the number of owners that you have and the future plans for your business. In most cases, however, single owners of auto body shops lean toward LLCs, while businesses with more than one partner select the partnership business structure. Before choosing your business structure, talk to your accountant and/or lawyer to find out which makes the most sense for your business.

Once you’ve determined your business structure, you’ll need to select a name for your business. Choose a name that reflects your brand and the services you offer. You also want to choose something that’s catchy and/or easy for customers to remember.

Your business will need to be registered with city, state, and federal governments. You’ll need to sign up for an employer ID number through the Internal Revenue Service if you plan to hire employees. To learn about the specific business license and permit requirements in your area, contact your local Chamber of Commerce, Department of Revenue, or Small Business Administration office to learn more.

Calculate Your Startup Costs

Every new business has one thing in common: the need for capital. In order to start your own collision center, you need money. The big question, though, is how much do you need?

One of the first steps to starting your own business is to calculate your startup costs. In order to do that, begin by making a list of everything you need for your business.

One of the biggest expenses for your new business will be equipment and tools. While your list may look a little different, some of the most common equipment and tools in this industry include:

  • Hydraulic Lifts
  • Hand Tools
  • Pneumatic Tools (Air Tools)
  • Air Compressors
  • Diagnostic Machines
  • Wheel Balancers
  • Paint Guns

Additional startup costs to consider include your business licenses and certifications, insurance, hiring employees, and shop rental or mortgage fees. You should expect to spend at least $50,000 to get your shop up and running. However, as you make a list of your costs and research pricing, this number could potentially rise.

Before you seek funding for your business, a good rule of thumb is to always overestimate your costs by about 30 percent. For example, if you calculate that your expenses will be $200,000, plan to seek $260,000 in funding. In other words, always plan for the unexpected.

Seek Funding

Now that you’ve calculated your startup costs, it’s time to figure out how to pay for it all. If your bank account looks a little low, don’t worry. Most entrepreneurs don’t have the funds to cover these costs out-of-pocket. Instead, they turn to a lender to get the financing they need. Consider these loans and other funding options when you need capital to start your new body shop.

And if you can’t find the option you’re looking for here? Check out more recommendations in the post, Business Loans For Auto Repair Shops.

Personal Savings

If you have money in a savings account, consider using these funds to pay your startup costs. There are several benefits to using your own money. You won’t be indebted to a lender, so there are no monthly or weekly payments to worry about. You also won’t have to pay interest or fees. On the downside, though, if your business fails, you risk losing your savings.

Friends & Family

If you have a friend or family member with extra money to invest, consider pitching your business to them. Present your business plan and tell them why they should invest in you.

There are two ways to go about this. You can stick with traditional debt financing. This means that you would take a loan from your friend, family member, or colleague and pay it back over a set period of time, along with interest and fees.

You may also consider equity financing. Instead of taking out a loan, you’d receive capital in exchange for ownership in your business. The investor would get their money back over time through a share of your profits. While the risk falls on the investor and you wouldn’t have to begin paying back money immediately, you would have to share your profits and lose some control over your business.

Unsure of which option is right for you? Learn more about debt financing vs. equity financing.

Personal Loans For Business

One of the biggest challenges a new business owner faces is meeting the requirements for a business loan. Many lenders – especially the ones with the lowest rates and best terms – want to work with established businesses with high revenues and solid business and personal credit histories. If you haven’t even opened your doors to a single customer, meeting these requirements is impossible.

However, if you have a high personal credit score, you can take out a personal loan to use for your startup costs. Time in business, annual revenue, and business credit history aren’t required to qualify for personal loans. Instead, you use your personal credit score and your own income to qualify.

If you choose this option, it’s important to make sure that your lender doesn’t have any restrictions prohibiting you from using funds to pay startup costs or other business expenses. Most personal loans don’t have restrictions and can be used to purchase equipment, hire employees, pay operating costs, or use as working capital.

Recommended Option: Lending Club Personal Loans

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Lending Club is a peer-to-peer lender that provides personal loans up to $40,000 to qualified borrowers. Repayment terms are 3 years or 5 years with APRs starting at 6.95% for the most creditworthy applicants. APRs for less creditworthy borrowers go up to 35.89%.

To qualify for a Lending Club personal loan, you must meet these minimum requirements:

  • Be at least 18 years old
  • Be a U.S. citizen, permanent resident, or live in the U.S. on a long-term visa
  • Have a verifiable bank account
  • Have a personal credit score of at least 600

In some cases, Lending Club may recommend adding a co-borrower to increase your chances for approval. If you meet all requirements, you can get funded in as little as 7 days.

As you grow a more established business, you can later take advantage of Lending Club’s business loans. Lending Club offers up to $300,000 in business funding with terms of up to 5 years and fixed monthly payments.

Lines Of Credit

A line of credit is a form of financing you should consider if you want instant access to cash without having to wait for lender approvals. Once you’ve been approved for a line of credit, you can make draws as needed to inject cash into your business.

Here’s how it works. You apply for a line of credit with a lender. The lender looks at a number of factors, such as your personal credit score or business performance, when determining whether to approve your application. These factors will also be considered when setting your credit limit.

Once you’ve been approved, you can initiate as many draws as you’d like from your line of credit up to and including the credit limit. Funds are typically transferred to your bank account immediately, and you can access the money in 1 to 3 business days with most lenders.

As you repay the borrowed funds plus fees and interest charged by the lender, the funds replenish and become available to use again.

Lines of credit are useful for unexpected expenses, emergencies, or to fill revenue gaps. Having a line of credit allows you to access money when you need it without having to go through the application and approval process over and over again.

Recommended Option: Fundbox

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Fundbox offers lines of credit up to $100,000 for qualified businesses. The lender charges a one-time fee for each draw that starts at just 4.66% of the draw amount. Terms of 12 weeks or 24 weeks are available, and automatic payments are drawn from your bank account each week. You can save by paying your loan off early, as Fundbox will waive all remaining fees.

There are two ways to qualify for a Fundbox line of credit. The first is by linking your business bank account or submitting bank statements. These will be used by the lender to evaluate the performance of your business. If you have unpaid accounts receivables, you can use these to qualify. All you have to do is link your supported accounting software.

Minimum requirements to receive a Fundbox line of credit are:

  • Business checking account
  • U.S.-based business
  • At least $50,000 in annual revenue
  • At least 3 months of transactions in a business bank account OR at least 2 months of activity in accounting software

Once you’ve filled out Fundbox’s quick application and have linked your accounts or submitted documentation, you can be approved in just minutes. Then, you can instantly put your line of credit to work for your business.

Business Credit Cards

Another option for fast funding is a business credit card. Once you’ve been approved for a business credit card, you can use it any time. You can use your card as often as you wish provided you stay within your set credit limit.

Business credit cards can be used anywhere credit cards are accepted. You can make purchases online or in-person. You can also use your card for recurring payments, such as utility bills, which is even smarter when you use a rewards card that gives cash back or other perks.

Like lines of credit, business credit cards are revolving forms of credit. This means that as you pay down your principal balance and interest, funds will become available to use again. Once you’re approved for a business credit card, your card is ready to use immediately whenever you need it. This makes it a great payment option for emergency expenses, purchasing supplies or inventory, or for paying recurring expenses.

Recommended Option: Chase Ink Preferred

Chase Ink Business Preferred



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Annual Fee:


$95

 

Purchase APR:


18.24% – 23.24%, Variable

If you have excellent credit, consider applying for the Chase Ink Preferred card. With this rewards card, you can receive 3 points for every dollar spent on combined purchases in travel, shipping, cable, internet, phone services, and advertising. Even though earning three points on these purchases is capped at $150,000 per year, you can still earn one point per dollar spent with no limitations on all purchases.

If you’re approved for the Chase Ink Preferred card and spend $5,000 within 3 months of opening your account, you’ll receive an additional 80,000 bonus points. Points can be redeemed for rewards including vacation packages, gift cards, Amazon purchases, and cash back.

This credit card comes with a variable APR of 18.24% to 23.24%. A $95 annual membership fee is required.

To qualify for Chase Ink Business Preferred, you must have good to excellent personal credit.

Rollovers As Business Startups (ROBS)

Withdrawing retirement funds may be tempting, but who wants to pay penalties and taxes for early withdrawal? Luckily, there’s a way that you can leverage these funds to put capital into your new business. This method is known as rollovers as business startups, or ROBS.

How does ROBS work? The first step is to create a C-corporation. Then, a new retirement plan is created for the C-corp. Next, the funds from your existing retirement plan are rolled over into the new plan. These funds are used to purchase stock in the new C-corp, giving you access to the capital you need to get your business running.

Sound too complicated for you? Then consider working with a ROBS provider. A ROBS provider will get everything set up for you legally and ensure you maintain compliance. In exchange, you’ll pay a one-time setup fee and a monthly maintenance fee with most ROBS providers.

When you use this type of financing to fuel your business, you don’t have to worry about repaying a lender. After all, you’re using your own funds. However, be aware that if your business is unsuccessful, you risk losing your retirement funds.

Recommended Option: Guidant Financial

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Guidant Financial is a ROBS provider that can help you leverage your retirement funds. All you need is a qualifying retirement or pension account. Qualifying accounts include:

  • 401(k)
  • 403(b)
  • Traditional IRA
  • TSP
  • SEP
  • Keogh

Qualifying accounts must have a minimum of $50,000. You must also be an employee of the business.
By working with Guidant Financial, you can receive funds in as little as 3 weeks. The setup fee is $4,995. You must also pay a Plan Administration fee of $139 per month.

Unsure if a ROBS plan is right for you? Don’t worry — Guidant Financial offers other business financing options including:

  • SBA 7(a) Loans
  • SBA Working Capital Loans
  • Unsecured Business Loans
  • Equipment Leases

Purchase Financing

If you’re looking for a way to pay your vendors that frees up some of your cash flow, purchase financing might be the solution you’re looking for. With purchase financing, your vendor gets paid immediately for your purchases – think tools, fluids, and other critical shop supplies. In the meantime, you’ll get additional time to pay. Instead of paying off the full balance of your purchase up front, you’ll be able to split it into more affordable regular payments.

Purchase financing gives you more control over your cash flow, freeing up funds and allowing you to pay back on a schedule that works best for your business. Of course, like with other financing, you do have to pay interest and fees for this service.

Recommended Option: Behalf

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Behalf offers purchase financing of $300 up to $50,000. You’ll receive up to 6 months to repay the lender and can choose between weekly or monthly payments.

Monthly fees for the service start at 1% and are based on creditworthiness. There are no additional fees for using Behalf’s financing.

There are no time in business or revenue requirements to qualify. However, Behalf performs a hard pull on your credit, considers business credit history, and looks at other business performance factors to determine if you are eligible for financing.

Choose Business Software

Small Business Online Accounting Software

To keep operations flowing smoothly, you need to pick the right business software for your repair shop. Business software helps you more efficiently run your business, from keeping up with customers to tracking your finances for tax purposes.

Accounting Software

Accounting software allows you to perform various accounting functions so that you can track and record all financial transactions. With accounting software, you can track accounts receivable and accounts payable. Most modern accounting software also offers additional tools including bill payment, payroll, and invoicing. You can purchase accounting software or pay a fee to subscribe to an online service.

Accounting software not only allows you to keep track of your finances at any time, but it also can be used to run financial reports that may be required to receive financing. These reports will also serve you well when it comes time to do your taxes.

No experience in accounting? Don’t worry — we have you covered. Check out our free eBook “The Beginner’s Guide to Accounting” that breaks complicated accounting concepts into ones that are easy to understand.

Auto Repair Invoice Software

Accounting software often has a feature that allows you to create and send invoices. However, you might want to invest in specialty software for auto body repair shops.

Auto repair invoice software includes a variety of tools that can be used to track service requests, create invoices and estimates, track leads, and manage inventory and orders.

Payment Processing Software

No longer do we live in a cash-only world. Now, customers almost always make their purchases using debit cards, credit cards, and even smartphones.

In order to be able to accept these forms of payment, you’re going to need a payment processing service. The payment processor serves as the communicator between your customer’s bank and your own bank, allowing you to process credit, debit, and other forms of payment.

For your auto collision business, you might want to consider getting a point-of-sale system. With POS software, you’ll be able to process credit cards, scan barcodes, print receipts, track inventory, run reports, and perform other functions. For a fee, your business can receive the software and hardware needed to best serve your customers.

Hire Employees

While you may start your collision center as a one-man operation, you have to hire employees if you want to grow.

One of the first hires you’ll make is a mechanic that will work on repairing vehicles. According to the Bureau of Labor Statistics, mechanics make approximately $39,550 per year. An auto body and glass repairer averages around $40,580 annually.

As you bring in more employees, you’ll also want to hire a manager to oversee them all. Salaries for managers vary widely based on experience and how many employees they will be overseeing. Managers may bring in anywhere from $45,000 upwards of $60,000 per year.

Eventually, you may also want to hire a front-desk receptionist. The role of the receptionist is to greet customers, answer the phone, and make appointments. This employee may also take payments from customers and handle some of the company’s bookkeeping. The average salary of a receptionist is around $27,000 per year.

Do some research to find out more about salaries in your area, as these numbers can vary. You also need to take into consideration that there are additional expenses associated with hiring employees including:

  • Onboarding & Training
  • Background Checks
  • Drug Testing
  • Taxes
  • Benefits

When you’re ready to hire an employee, there are a few ways you can find quality candidates. The first is to ask for referrals. If you know someone in the industry, ask if they know of any potential employees. Even if you don’t have connections with anyone in the industry, ask around among your friends, family members, and colleagues.

You can also post your jobs on online job boards. Make sure that your job listing has an overview of responsibilities and requirements for all candidates. As resumes hit your inbox, you can set up interviews and hire new employees for your business.

Bolster Your Web Presence

Before you even hold your grand opening, you need to start your marketing efforts. The best place to start is the internet. When researching new businesses, most people use their laptops or smartphones. If you don’t have a web presence, how will your customers find you?

Getting your business online is easy. Start with these simple steps.

Create Social Media Profiles

It seems like everyone’s on social media these days, from your teenage nephew to your grandmother. Social media doesn’t just connect friends and family members, either. It’s also a great place for users to find new brands and businesses.

Setting up your social media profiles is free and easy. Consider starting with Facebook, Twitter, and Instagram. Add your logo, contact details, and important information like services provided and hours of operation. As you build your business, you can update your profiles with specials, coupons, photos of your completed work, and other information.

Create A Website

You also want to make sure that you have a website that provides important details to your customers such as your shop hours, specials, and services provided.

No web design experience? No problem. These days, any small business owner can create a professional website with easy web builders that feature templates, drag-and-drop design, and other tools to create a website in just minutes.

Your website should be a reflection of your brand, so make sure to choose templates, photos, and colors that best represent your shop. Your domain name should also represent your brand, so make sure it’s easy to remember and avoid numbers, symbols, or very long URLs.

Your website shouldn’t be overly complicated, and it should be easy to navigate. You don’t have to load down your site with lots of information. Start off by including key info such as hours of operation, services performed, and contact information. Also make sure to highlight any features that make your shop stand out, such as certifications, free estimates, or rental car/shuttle services offered to your customers. In the future, you can add additional features such as a signup option for email newsletters or online scheduling.

This is all just the tip of the iceberg. Learn more about creating and maintaining an online web presence for your business.

Advertise Your Business

Your website and social media profiles are a great way to start advertising your business, but in order to grow and scale, you can’t stop there. You need to plan a marketing and advertising campaign to get the word out about your business.

Consider paying for social media ads or pay-per-click ads on search engines, or sign up with Yelp For Business. These options can be affordable for new businesses and are easy to set up.

You can also look beyond the internet to advertise your business. Consider placing flyers or door hangers in the area around your business to bring in new customers. Before you take this route, though, make sure to understand the local laws in your area regarding the posting of flyers on public and private property.

As your business grows and becomes more successful, you can explore options including radio and TV advertisements and mailers. However, these ads are typically quite expensive, so hold off on these options until your business is bringing in steady revenue.

One of the most important things to remember here is that word-of-mouth advertising is one of the best forms of advertising. If you perform a great service, your customers will tell others about your business. Keep customer satisfaction high to increase those referrals and draw in more revenue for your body shop.

Final Thoughts

While you may be itching to get your auto body shop off the ground immediately, a business isn’t born overnight. Take the time to plan out your business, and you’ll increase your chances for success. The hard work doesn’t stop after your grand opening, either. You’ll need to continue working hard to bring in customers, increase your revenue, and become a successful entrepreneur.

The post How To Start And Finance An Auto Body Shop Business appeared first on Merchant Maverick.

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How To Use PayPal In Stores (And Other PayPal Questions)

The name PayPal is synonymous with P2P payments and digital wallets for consumers, but over the years PayPal has also dabbled in creating options for users to pay with their PayPal balances in stores. Despite a few failed attempts, PayPal seems to finally have worked out the kinks in the process. PayPal users can now use near field communication (NFC) technology to spend their balances at brick-and-mortar shops.

Wondering “how do I pay with PayPal in stores?” Do you have other questions about PayPal payments or how PayPal works in general? The answers aren’t always easy to find. Thankfully, Merchant Maverick is here to help. Let’s take a look at the answers to these questions and more and set the record straight about all things PayPal!

How Do You Pay With PayPal In A Physical Store?

If you have a PayPal balance and you want to spend it in a brick-and-mortar store, you actually have two options: NFC-based payment using your Android phone, or a PayPal-issued card (of which there are several options).

It’s also important to know that PayPal has discontinued two in-store payment options it previously offered: payment codes and the mobile phone + pin method. (Support ended for both on March 31, 2018.)

Let’s start with looking at the card options PayPal offers, and then we’ll talk about NFC payments with PayPal.

PayPal offers MasterCard-backed debit cards for business and personal users, depending on what type of account you have. For consumers, there’s even a prepaid card that allows you to load your PayPal balance in set increments, among other perks. These cards are linked to your PayPal balance and even allow you to withdraw cash from ATMs at no charge from PayPal (the machines themselves may still charge a fee).

PayPal also offers two branded credit cards (though, apart from depositing cash back rewards into your bank account, these cards have very little to do with your actual PayPal balance). The PayPal Cashback MasterCard (read our review) and the PayPal Extras MasterCard (read our review) offer different perks and incentives for their users.

Can You Use PayPal Credit In Stores?

Currently, PayPal doesn’t support the use of PayPal Credit in stores. Note that PayPal Credit exists separately from PayPal’s credit cards. PayPal Credit specifically applies to online purchases and offers 6 months of no-interest financing on purchases.

Where Can You Pay With PayPal In Stores?

There’s no specific list of businesses or locations that accept PayPal payments in-store, because the debit and credit cards are accepted by any merchant that can process MasterCard, which… is just about any business that can process credit cards to begin with. Likewise, to accept NFC payments, merchants need to have the appropriate hardware — specifically, an NFC-capable credit card reader or terminal.

How Do You Set Up PayPal NFC Payments?

At the time of writing this (February 2019), PayPal doesn’t currently support NFC payments from directly within the app itself. Instead, PayPal has opted to form a partnership with Google to allow Android phone users to connect PayPal to their Google Pay accounts and even make it the default payment option. That means in order to pay with PayPal in stores, you need an Android phone that supports Google Pay.

However, you can connect your PayPal balance to Google Pay from within the PayPal app. PayPal will ask you to set a PIN and also specify a top-up amount if your PayPal balance drops below a certain threshold or your PayPal balance doesn’t have enough funds to complete a purchase. (You should also open the Google Pay app and make sure that all of your settings are as you would like on the Google end of things.)

Samsung Galaxy users can also add a PayPal account to Samsung Pay if they prefer. Both options are easily accessible within the Settings menu of the PayPal mobile app.

Can You Add PayPal to Apple Pay?

Unfortunately, PayPal does not currently support NFC payments with Apple devices, and you cannot link your PayPal balance to Apple Pay or Apple Pay Cash. That may change in the future, but for now, it’s not an option. You won’t see an option to link PayPal in the Apple Pay wallet setup, or in the PayPal app on an iOS device.

However, Apple does allow you to link your PayPal balance to your iOS account so that you can use PayPal to pay for iTunes purchases, as well as iCloud and Apple Music subscriptions. By enabling PayPal’s One Touch feature, you can eliminate the need to log into your PayPal account to authorize each purchase.

How Can Merchants Accept PayPal Payments?

The good news is you don’t have to be a PayPal merchant to accept payments from PayPal customers in stores. (If you want to accept PayPal payments online, that’s another story and I suggest you check out our PayPal review to see whether the company’s merchant services fit your needs.)

Keep in mind that customers have two ways to pay with PayPal: using one of PayPal’s MasterCard-backed debit or credit cards, or NFC payments. The good news is that if you already accept debit or credit card payments, you don’t need to do anything more to accept PayPal cards. As long as your agreement includes MasterCard processing (and it almost certainly does), you’re good to go! If you don’t currently accept credit/debit cards and are considering making the leap, we recommend checking out our top-rated credit card processors as a starting point!

For most customers to pay with NFC via Google Pay, you (the merchant) need to have NFC-enabled hardware. Look for the contactless payment symbol on your credit card reader/terminal, or check the specs in the user manual or online. Samsung Pay users can use a nifty feature called MST (magnetic secure transmission) to emulate a card swipe even if the terminal doesn’t support NFC hardware, but you likely won’t see this feature used very often.

Now What?

PayPal offers an almost dizzying array of payment tools for both consumers and merchants, and it’s likely we’ll see the features list grow even longer in the future. Will we see NFC support in the PayPal app directly, or added support for Apple Pay? Currently, that’s an unknown, but in the meantime, we can all appreciate the fact that the future has finally arrived and we can actually spend our PayPal balances in stores — not just online.

The post How To Use PayPal In Stores (And Other PayPal Questions) appeared first on Merchant Maverick.

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The Best Mobile Credit Card Readers For iPhone and iPad

If you’re in the market for a mobile card reader and a credit card processing app, there’s no shortage of options. The trick is finding the right option for a given business. One of the big factors that determine which apps are suitable is what kind of smartphone or tablet you have. Fortunately, if you have an iOS device — that is, an iPhone or an iPad — you have plenty of options.

Our Top Picks For iOS-Based Credit Card Readers & Mobile Apps

The first decision when choosing a card reader and mobile processing app is selecting the device itself. For the most part, iOS-compatible mobile apps and readers support iPhones and iPads alike with no major issues. But after you’ve narrowed down the list of apps based on supported devices, you’ve still got several other factors to consider — transaction costs, monthly fees, essential features, whether you want a standalone mobile app or something that supports invoicing and online payments… and that’s just to get the list started! The cost of the card reader and accepted payment methods are just as important as app features when you’re dealing with mobile processing.

So without further ado, here’s a list of our favorite card swipers and mobile apps for iPhones and iPads, as well as why we like them.

App Name Square Shopify Lite Payment Depot Mobile Fattmerchant Mobile

Payment Depot merchant services review

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Visit Site

Review

Visit Site

Review

Visit Site

Review

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In-Person Transaction Fees

2.75%

2.7%

2.6% + $0.10

Interchange + $0.15

Monthly Fee

$0

$9

$10

$99

Monthly Minimum

$0

$0

$0

$0

Type of Processor

Third-Party

Third-Party

Merchant Account

Merchant Account

Account Stability

Good

Good

Excellent

Excellent

Card Readers

Free magstripe reader (Contactless + Chip Reader $49)

Free Chip & Swipe Reader (retail price $29)

Free Swift B200 reader (chip and swipe)

BBPOS Chipper BT (chip and swipe, $75; swipe, chip and contactless, $100)

Payment Depot (Swipe Simple)

Payment Depot (read our review) offers a subscription-based pricing model for its merchant accounts, with a host of software options for businesses to choose from (including Clover). Standard pricing plans for Payment Depot start at $49/month, with transactions processing at interchange + $0.15. However, if you’re looking for a mobile solution that runs on an iPad or iPhone, Payment Depot offers the Swipe Simple app, and Merchant Maverick readers can get access to special pricing that’s competitive even for low-volume merchants.

With this exclusive plan, you’ll get the Swipe Simple app and payment processing at 2.6% + $0.10 per transaction, with only a $10 monthly account fee. Remember, this is a Merchant Maverick exclusive, so you’ll need to use our link in order to get the special pricing.

Swipe Simple is a very functional credit card processing app. It runs on iPhone and iPad devices, as well as Android hardware. It even comes with a demo mode so you can test out the app before you sign up, which is always nice to see. There’s limited inventory management, but you can track stock counts. There’s even an offline mode. Check out our Payment Depot Mobile/Swipe Simple review for a closer look at the software.

In addition to the app, Payment Depot offers a choice of two readers. The Swift B200, a Bluetooth-enabled reader that supports magstripe and chip card transactions, is available to merchants for free. If you’d like to add contactless payments, you can get the Swift B250 for just $25, which is a fantastic price for an all-in-one card reader.

Shopify Lite

Shopify (read our review) is mostly known for its ecommerce platform, but it has also developed a quite powerful POS app that integrates with its online shopping tools. Shopify POS is included for free in all standard Shopify ecommerce plans, but if you don’t plan to sell online or only need some very basic online sales tools, there’s another option: Shopify Lite (read our review), which lets you create “buy” buttons and run a Facebook store for online sales, as well as giving access to the Shopify POS.

Shopify Lite will run you $9/month and 2.7% per transaction, which is a reasonable cost. The POS app runs on both Android and iOS, but an iPad offers the best user experience and access to the most features. However, keep in mind that the Lite plan is still limited even with an iPad; specifically, there’s no support for a cash drawer, barcode scanner, or receipt printer. That feature is only accessible with the Shopify Basic plan, which costs $29/month and includes a full web store with unlimited products.

Shopify also offers a free Chip & Swipe Reader for its merchants. It retails for $29 normally, which is still a great price for a Bluetooth-enabled chip card reader. We’ve reviewed the Shopify Chip & Swipe reader already, and you can check that out for a closer look.

Square

Square’s mobile point-of-sale app, simply called Square Point of Sale, gets a lot of love, and rightfully so. The app is free to use and you only pay a per-transaction fee of 2.75%. Square’s pricing makes it very attractive for low-volume and startup businesses, and there is an assortment of hardware options available. The Square Point of Sale app supports both iOS and Android devices, but certain features are not universally supported. An iPad gives you access to the vast majority of these features, but the iPhone supports all of the core features and many of the secondary, non-universal features. Check out our in-depth Square POS review for a comprehensive look at the free POS app and its features. For a closer look at the rest of Square’s products, check out our complete Square review.

As far as hardware goes, let’s start with the basics. Square has been offering a free basic magstripe reader for a long time, and it still does. (Note: you can also get the Square reader in some retail stores for $10.) However, the removal of the 3.5mm headphone jack from newer iPhone models has complicated matters somewhat. Square responded by rolling out a Lightning port magstripe reader. When you sign up for your free Square account, you can choose which model of reader you need. Square no longer offers multiple free readers; after the first one, you’ll pay $10 per reader.

However, it’s important to also consider accepting EMV chip cards, especially if you’re doing a consistent volume of business or large transactions. Square’s Contactless + Chip Reader supports both EMV and contactless NFC payments. It includes a separate magstripe reader for swipe transactions.

The Contactless + Chip Reader sells for $49, but Square does offer financing for hardware purchases that cost at least $49 (convenient, isn’t it?). You can also purchase cash drawers, receipt printers, and even tablet stands directly from Square.

Want to know more about Square’s hardware? Check out A Guide to Square Credit Card Readers & POS Bundles for an in-depth look at your options.

Fattmerchant Mobile

Fattmerchant Mobile isn’t an option that I talk about a lot, mostly because it’s best targeted at high-volume businesses. However, until recently, it was an iOS-exclusive, and even now, the iOS platform is more robust than its Android counterpart. Fattmerchant (read our review) offers customers their own merchant accounts, which translates to a high degree of account stability. Its Omni platform, which includes the mobile processing app, invoicing, and a customer database and inventory management, combines many core features in a single platform. Check out our Fattmerchant Mobile review for a more comprehensive look at the app and its features.

Fattmerchant operates on a subscription pricing model, with a monthly fee that starts at $99/month. Mobile and invoice transactions cost interchange fees + $0.15 per transactions — there’s no percentage markup at all. However, if you opt for the mobile credit card carder, you’ll get the card-present rate of interchange fees + $0.08 per transaction. You can simply key in all the transactions if you prefer — just know that you’ll pay higher interchange fees in addition to the $0.15 markup.

Fattmerchant offers a choice of two different card readers, the BBPOS Chipper BT and the BBPOS Chipper X2 BT. The Chipper BT model supports both magstripe and chip card transactions and connects to your device via Bluetooth. It goes for $75. The Chipper X2 adds contactless payment support to the magstripe and chip card readers and also connects via Bluetooth. It goes for $100.

Honorable Mentions

While I have no qualms with saying the four options I’ve presented are the best of the best, there are a couple of other mobile apps and card readers that are good options for iPhone and iPad users. So let’s talk about them!

PayPal Here

PayPal Here integrates with the rest of PayPal’s services so that you can sell online and in person seamlessly, much like Square. While it doesn’t offer quite as many features as Square, it’s still a very functional mobile app. Check out our PayPal Here review for a closer look at all the features.

PayPal Here processes payments at 2.7% per transaction, with keyed entry at 3.5% + $0.15. PayPal no longer offers a free card reader. Instead, you’ll need to shell out $15 to get its magstripe reader. PayPal will also place limits on your account if you opt for the magstripe reader, making it viable mostly for very low-volume businesses. As an alternative, PayPal offers two Bluetooth enabled cardreaders, starting with the Chip and Swipe reader, for $24.99.

If you also want contactless support, PayPal’s Chip and Tap Reader (retail price $59.99; bundle with stand $79.99). However, there’s another option for iPad users who want a more robust software option: Vend (read our review) with a PayPal integration. You’ll get PayPal’s 2.7% rate for payment processing with no monthly fee from PayPal. Of course, you’ll have to choose your Vend plan as well — and get the appropriate hardware. You’ll need the PayPal Chip Card Reader, which goes for $99.

PayPal + Vend POS
Advanced POS software
Easy credit card processing integration
Get Started For $0

SumUp

SumUp (read our review) isn’t quite as complex or feature-laden as some of the other options on this list, but if you just need an iPad or iPhone credit card reader and app, SumUp will get the job done. Payments process at 2.65%, and there’s no monthly fee to use the software. For a better idea of how SumUp stacks up against the competition, I suggest checking out our Square vs SumUp comparison.

SumUp’s cardreader, at $69, is definitely a little expensive, but it’s a beautifully designed piece of hardware. It’s Bluetooth enabled and supports magstripe, chip card, and contactless payments. You can also occasionally catch it on sale for a reduced price. I suggest checking out our SumUp unboxing review for a closer look at the reader.

Which iPhone/iPad Credit Card Swiper Is Right For You?

In payment processing, especially mobile processing, it’s impossible to take a one-size-fits-all approach, so it’s really important that you, the business owner, spend some time figuring out what features you need in a credit card processing app. You should also consider what kind of pricing model works best for your business, and do the math to see what you’d really pay with each option on your short list. And of course, there’s the card swiper, too. While a free magstripe reader might be enticing, you should really consider upgrading to a chip card-capable reader to protect your business.

App Name Square Shopify Lite Payment Depot Mobile Fattmerchant Mobile

Payment Depot merchant services review

Review

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Review

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Review

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Review

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In-Person Transaction Fees

2.75%

2.7%

2.6% + $0.10

Interchange + $0.15

Monthly Fee

$0

$9

$10

$99

Monthly Minimum

$0

$0

$0

$0

Type of Processor

Third-Party

Third-Party

Merchant Account

Merchant Account

Account Stability

Good

Good

Excellent

Excellent

Card Readers

Free magstripe reader (Contactless + Chip Reader $49)

Free Chip & Swipe Reader (retail price $29)

Free Swift B200 reader (chip and swipe)

BBPOS Chipper BT (chip and swipe, $75; swipe, chip and contactless, $100)

The takeaway is that there is no shortage of great credit card processing apps for iPhone and iPad users! And you’ll get a great assortment of credit card readers to go with. Don’t forget to check out our companion article, The Best Credit Card Reader Apps to Android.

Thanks for reading! What’s your favorite credit card processing app and mobile card reader for iOS devices?

The post The Best Mobile Credit Card Readers For iPhone and iPad appeared first on Merchant Maverick.

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The Best Business Loan And Financing Resources For Ohio Small Businesses

Finding financing and other business resources can be a challenge for any small business. Maybe you don’t know where to look, or maybe there are just too many options and you have no idea where to begin. If you’re a small business owner in Ohio that needs help finding the right resources for your business, you’re in the right place.

In this post, we’ll explore the different financing resources available to your small business. We’ll review our picks for online business lenders that make the loan process faster and easier than ever. We’ll take a look at local banks, credit unions, and nonprofit lenders that offer financing to Ohio businesses. We’ll even explore small business grants that can put free money into your business. Whether you’re just starting a business in Ohio or your established business is ready to grow, there’s an option out there for you. And after reading this post, you’ll know exactly where to find it!

Online Business Lenders For Ohio Businesses

Small business owners are often strapped for time. From managing day-to-day operations to planning an expansion or gearing up for an upcoming busy season, it’s difficult to find enough hours to tackle your daily tasks, much less pile anything else on your plate. You need capital, but you just don’t have the time to sit on a phone with a lender or head into a bank to pitch your business.

Or maybe you have the time to get a loan, but you fall short in another area. Your credit score is low. Your time in business is too short. Your annual revenues aren’t where they need to be to qualify for a bank loan.

Whether it’s time, borrowing requirements, or some other issue that’s keeping you from applying for a small business loan, there’s an alternative: an online business loan.

You probably already use the internet to perform tasks for your business: bookkeeping, communicating with clients and suppliers, or ordering inventory, just to name a few. Why not leverage the internet to find the capital you need to start your business, grow your brand, or overcome a financial hurdle?

With online lenders, you can apply for your loan without ever stepping foot into a bank or office. You can shop your options, learn about requirements, and compare lenders from your computer or smartphone. Some lenders can even give immediate approvals and send over your funds in as little as one business day.

In addition to ease and speed, online lenders are opening up more opportunities than ever for small business owners. Bad credit? No business credit? Low revenues? Startup? No problem — there’s an option out there for you.

Ready to find an online lender? Instead of weeding through thousands of search engine results to find legitimate options, start your search with these lenders.

Lendio

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Lendio makes shopping for the best financial product easier than ever. This loan aggregator has over 75 financial partners that you can reach through one simple application. You can compare multiple lender offers to find the most affordable option for your Ohio small business. From long-term, low-interest Small Business Administration loans to merchant cash advances, Lendio has it all.

Some of the financial products offered to small businesses through Lendio’s network include:

  • SBA Loans: Up to $5 million with terms up to 25 years
  • Term Loans: Up to $2 million with terms up to 5 years
  • Commercial Mortgages: Up to $5 million with terms up to 25 years
  • Startup Loans: Up to $750,000 with terms up to 25 years
  • Lines Of Credit: Up to $150,000 with terms up to 2 years
  • Short-Term Loans: Up to $500,000 with terms up to 3 years
  • Equipment Financing: Up to $5 million with terms up to 5 years
  • Merchant Cash Advances: Up to $200,000 with terms up to 2 years
  • Accounts Receivable Financing: Up to 80% of receivables with terms up to 2 years
  • Business Acquisition Loans: Up to $5 million with terms up to 25 years
  • Business Credit Cards: Up to $500,000

Filling out the application is quick and easy, and there’s no impact to your credit until you accept an offer. Depending on the type of financing you select, you could have the capital you need in as little as 24 hours. Borrower requirements and required documentation vary based on the product selected. Rates and terms vary by lender.

SmartBiz

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If you’ve been in business for some time, you’re probably at least aware of the Small Business Administration. If not, you’re missing out on a very important resource. The SBA is not just an advocate for small businesses but also provides competitive, long-term loan options.

The SBA is not a direct lender. Instead, this organization guarantees small business loans distributed through its programs. Nonprofit organizations, banks, credit unions, and other lenders can feel more secure in taking on the risk of small business lending. Meanwhile, this opens the door for low-cost loan options for small business owners in Ohio, just like you.

Navigating the SBA loan process can be tricky, but smart business owners lean on SmartBiz to do the heavy lifting. SmartBiz simplifies SBA loans, removing the stress of the application process while putting money in your bank account faster than ever.

SmartBiz offers two SBA loan options for you. If you need to refinance high-interest debt or need extra money for working capital, marketing campaigns, inventory, equipment purchases, or operating expenses, you can apply for $30,000 to $350,000. You’ll have up to 10 years to repay your loan, and you’ll receive competitive interest rates of 8.25% to 9.25%.

To qualify, you must meet the requirements below:

  • Time in business of at least 2 years
  • U.S. citizen or permanent resident
  • Credit score of 640 or above
  • Sufficient cash flow
  • No bankruptcies or foreclosures within the last 3 years
  • No prior defaults on government-backed loans
  • No outstanding tax liens

If you need to purchase commercial real estate or refinance a commercial real estate loan, apply for the SBA 7(a) commercial real estate loan. You can receive between $500,000 to $5 million with repayment terms up to 25 years and interest rates of 7% to 8.25%.

The borrower requirements for SBA 7(a) commercial real estate loans are as follows:

  • Property must be at least 51% owner occupied
  • Purchase price must be more than $500,000
  • Time in business of at least 3 years
  • U.S. citizen or permanent resident
  • Credit score of 675 or above
  • Sufficient cash flow
  • Funds can’t be used to purchase investment properties or fund construction
  • No bankruptcies or foreclosures within the last 3 years
  • No prior defaults on government-backed loans
  • No outstanding tax liens

Credibly

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Credibly is an online lender that offers multiple financing options for small business owners. Credibly can preapprove you for up to $400,000 with final approvals in as little as 24 hours.

One of the financial products offered through Credibly is a working capital loan. You can qualify for up to $400,000 with repayment terms up to 18 months. These loans do not have traditional interest rates. Instead, Credibly’s working capital loans have factor rates that start at 1.15. Repayments on your loan are made daily or weekly.

To qualify for a working capital loan, you must have:

  • Time in business of at least 6 months
  • Personal credit score of 500 or above
  • At least $15,000 in monthly bank deposits

Need longer terms for your loan? Credibly’s business expansion loans have terms of up to 2 years. These loans are available in amounts up to $250,000 with interest rates starting at 9.99%. This loan is repaid through weekly payments.

To qualify for a business expansion loan, you must meet these requirements:

  • At least 3 years in business
  • Personal credit score of 600 or above
  • At least $3,000 in daily balances
  • At least $15,000 in monthly bank deposits

Another option to consider through Credibly is a merchant cash advance. With this financing, you’ll receive up to $400,000. The anticipated duration of Credibly’s MCAs are 3 to 18 months, and repayment is based upon your receivables. Factor rates for MCAs start at 1.15.

To qualify for this type of funding, you must:

  • Have a personal credit score of 500 or above
  • Be in business for at least 6 months
  • Have at least $15,000 in monthly bank deposits

Fundbox

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Wouldn’t it be a relief to have a source of funding available to you on-demand? If an emergency pops up, you’d have the funds to cover it. If you needed extra inventory or money to pay for operating expenses, you wouldn’t have to wait days (or weeks) for loan approval. If your Buckeye business would benefit from this type of funding, a line of credit from Fundbox may be just what you need.

Fundbox offers revolving lines of credit up to $100,000 for qualified businesses. You can make one or multiple draws on your line of credit up to your set limit. As you repay borrowed funds, they become available to draw again. You can select from 12- or 24-week terms, and fees start at just 4.66% of the draw amount. Weekly payments are automatically deducted from your business bank account.

Qualifying is simple, as Fundbox considers your business performance when approving lines of credit. To receive yours, you must have:

  • A business checking account
  • At least $50,000 in annual revenue
  • A U.S.-based business
  • At least 2 months of activity in accounting software OR at least 3 months of transactions in a business bank account

Prosper

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If you’re a new business with no (or very low) revenue, how are you going to qualify for a small business loan? Unfortunately, there will be many small business financing options unavailable to you if your business is brand new or hasn’t yet opened its doors. If this sounds familiar, you may have to get a little creative with your financing. One of the best options? A personal loan for business.

With a personal loan for business, your personal credit score and income can help you qualify for the funding you need. This is a great way to pay for startup costs or to cover any business expense when you don’t qualify for small business financing.

One lender to consider for personal loans is Prosper. You may qualify for up to $40,000 with APRs of 6.95% to 35.99%. You can select from terms of 3 years or 5 years.

To qualify for a Prosper personal loan, you must meet the following minimum eligibility requirements:

  • Source of income
  • Debt-to-income ratio below 50%
  • No bankruptcies within the last 12 months
  • Less than 5 credit inquiries within the last 6 months
  • At least 3 open trade accounts on your credit report

Amex Merchant Financing

American Express OptBlue

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If your business accepts American Express, you may qualify for Amex Merchant Financing. You can receive a loan of $5,000 up to $2 million for one fixed fee of 1.75% to 20%. A fixed amount is deducted daily, or you can opt to have a percentage of your daily receivables deducted.

Repayment terms are spread over 6, 12, or 24 months and automatic payments are deducted daily from your account. If you repay your loan early, you could get up to 25% of your fixed fee back, helping you save on the cost of your loan.

To qualify, you must:

  • Accept American Express cards
  • Have at least $50,000 in annual revenue
  • Have at least $12,000 in annual debit and credit receivables
  • Have been in business for at least 2 years

Banks, Credit Unions, & Nonprofit Lenders In Ohio

negotiating credit card processing fees

Online lenders are convenient, but maybe you prefer working with more traditional lenders. Banks, credit unions, and nonprofit lenders throughout Ohio provide loans and other financial products at competitive rates. You can also sign up for other business services, such as checking and savings accounts, payroll services, or employee benefits.

Huntington Bank

Huntington Bank has branches located in hundreds of cities in Ohio, including Akron, Canton, Cincinnati, Cleveland, and Columbus. Small business owners can open a checking and savings account through this bank. If you need extra capital to start or grow your business, Huntington Bank offers multiple financial products tailored to small businesses including:

  • Term Loans
  • Commercial Real Estate Loans
  • Lines Of Credit
  • Business Credit Cards
  • SBA Loans

Huntington Bank is a particularly good choice for SBA loans, as it has been ranked the top SBA lender in the region for the last 10 years.

Rates, terms, and borrower requirements vary by product. If you’re interested in getting financing through Huntington Bank, call their toll-free number or visit a branch near you to learn more.

Wright-Patt Credit Union

If you prefer more personalized service when seeking your small business financing, consider joining a credit union. In Ohio, Wright-Patt Credit Union is one of the largest with over 30 locations throughout the state.

As a member of Wright-Patt Credit Union, you’ll be able to handle all of your finances in one place. In addition to traditional financial products including business checking, savings, and money market accounts, members can also apply to receive financing through:

  • Commercial Real Estate Loans: Terms up to 25 years
  • SBA Loans: 7(a), Express, and 504
  • Commercial Auto Loans: Terms up to 84 months
  • Term Loans: Terms up to 10 years
  • Business Credit Cards
  • Lines Of Credit

Rates, terms, and borrower requirements vary by financial product. Some financing options, including auto loans and business credit cards, have online applications available to Wright-Patt members.

To become a member, you must meet one of the following requirements:

  • Live, work, attend school, or worship in one of the Ohio counties serviced by the credit union
  • Be a military or civilian employee of Wright-Patterson Air Force Base
  • Live in the Fairborn area with no access to other credit unions
  • Be a student, faculty member, staff member, or alumnus of Wright State University
  • Have a family member that is a Wright-Patt member
  • Be in a group affiliated with Wright-Patt Credit Union

Finance Fund Capital Corporation

Finance Fund Capital Corporation (FCAP) is a nonprofit community development financial institution. Through FCAP, eligible Ohioans can apply for funding through the Small Business Loan Fund. Loans are available in amounts from $100,000 to $1 million. Funds can be used for the following business purposes:

  • Working Capital
  • Real Estate Acquisitions
  • Construction
  • Leasehold Improvements
  • Equipment

Loans come with terms up to 7 years. However, there are longer options for commercial real estate and fixed asset purchases. Rates are based on the creditworthiness of the borrower and the risk of the project being funded.

To qualify, a business must:

  • Be a for-profit sole proprietorship, partnership, or corporation
  • Provide vital services to the area
  • Operate in an underserved market
  • Have a viable business idea

Loans are also given through the SBA Community Advantage program. To learn more and to apply for the Small Business Loan Fund, call or email Finance Fund Capital Corporation.

Small Business Grants In Ohio

If your business needs capital, turning to a lender isn’t your only financing option. Your business may qualify for a small business grant. The best thing about small business grants is that funds don’t have to be repaid, so there’s no worrying about monthly payments, high interest rates, or fees.

On the flip side, scoring a small business grant isn’t just as simple as filling out an application, having a credit check performed, and getting the funds you requested. Small business grants are extremely competitive. You must also meet very specific requirements — such as operating in a certain industry, having a veteran-owned business, or being a woman business owner — for most grants.

In the state of Ohio, there are several grant programs to consider. Start with these options.

JobsOhio

JobsOhio is a nonprofit corporation that aims to create jobs and promote economic development in Ohio by attracting, retaining, and expanding businesses. Through JobsOhio, small business owners have access to grant and loan programs including:

  • Economic Development Grant: Focuses on fixed asset and infrastructure investment of companies, including site development, machinery and equipment, land, and buildings.
  • Revitalization Program: Provides funds for businesses, nonprofits, and governments for costs related to redevelopment projects, including demolition, building renovation, and site preparation.
  • Workforce Grant: Provides funding for company training costs including information technology, leadership skills, technical training, and on-the-job training.
  • Growth Loan Fund: While not a grant, the Growth Loan Fund provides low-cost loans for established businesses that have limited access to traditional funding sources. Loan funds can be used to purchase fixed assets including land, buildings, machinery, and equipment.

Ohio Development Services Agency

The Ohio Development Services Agency has multiple programs that are designed to help Ohio businesses grow and create jobs. These programs include small business grants, low-cost loans, tax credits, and bonds.

Programs available through the Ohio Development Services Agency include:

  • Alternative Fuel Transportation Program: Provides financial assistance to businesses that purchase and install alternative fuel facilities and terminals.
  • Energy Loan Fund: Provides low-cost financing to businesses and manufacturers for improvements that reduce fossil fuel emissions and energy usage.
  • Ohio Minority Business Direct Loan Program: Provides low-interest loans to minority-owned businesses

City Of Cleveland Green Technology Business Grant Program

New green technology businesses located or relocating to Cleveland, Ohio, may qualify for the Green Technology Business Grant Program. To qualify, a business must create at least five new jobs within its first year.

The grant provides up to 1% of new payroll for up to 3 years. An additional $5,000 is also available as a Moving Assistance Grant. Interested small business owners can apply online through the City of Cleveland Economic Development.

Loans & Resources For Startups In Ohio

Startup businesses may find it a challenge to get the capital and resources they need to grow. Fortunately, the state of Ohio offers multiple resources to help new businesses and startups succeed.

Minority Business Assistance Centers

The Ohio Development Services Agency offers assistance to minority-owned businesses through its Minority Business Assistance Centers. Through these centers, minority-owned and disadvantaged small businesses can receive services including accounting assistance, business management counseling, marketing plan development, and help identifying local resources.

SCORE

SCORE is one of the nation’s best resources for startup and small business owners. Through SCORE, you can receive free business counseling with an expert mentor. You can meet face-to-face with your mentor or you can receive counseling online.

SCORE also offers free and low-cost business training, workshops, and other resources such as business templates and guides.

SCORE chapters are located throughout the state of Ohio in cities including Mansfield, Columbus, Toledo, and Newark.

Ohio Small Business Development Centers

Whether you’re launching your business or taking your existing business to the next level, the Ohio Small Business Development Centers have resources for you. You can work with a Certified Business Advisor to get your business on the right track.

Services available through SBDC include business planning, one-on-one counseling, finding sources of capital, workshops, and training programs.

Offices are located throughout Ohio in cities including Akron, Cincinnati, Cleveland, and Columbus.

What To Consider When Choosing A Lender

Now that you know just a few of the options available to you, narrowing down your choices to just one lender can be tricky. However, there are a few factors to keep in mind to help you choose the right lender for your business.

Type Of Financing

What type of financing are you seeking? If you want a flexible line of credit, you can cross off any lenders that offer long-term loan options. Interested in SBA loans? Then don’t give short-term lenders a second glance. Determine what type of financing works best for your business, then select a lender that provides this type of funding.

Borrowing Amount

If you need $500,000 to purchase commercial real estate, a $10,000 loan isn’t going to get you very far. Consider the borrowing limits of each lender, then choose the lender that is able to provide the capital your business needs.

Affordability

When you receiving financing, you have to consider the overall cost of borrowing. Calculate the fees, interest, and other costs associated with each lender you’re considering. Working with one lender may be faster and easier, but the costs may be much higher … and could be too much of a burden for your business. Consider your options, don’t feel obligated to take the first offer, and know how much your business can afford. Remember, you want to grow your business, not slide into a cycle of debt.

Borrower Requirements

Do you meet all of the requirements of the lender? Lenders consider factors such as personal credit score, business credit score, past credit history, time in business, and annual revenue. If you don’t meet these requirements, you won’t get approved, so why waste your time? Grab your free credit score, read up on borrower requirements, and submit your application only when you know you meet all requirements. Also, please remember that meeting the minimum requirements of a lender is not a guarantee of approval.

Final Thoughts

Starting and operating a business is tough for even the most experienced entrepreneur. Luckily, you don’t have to go it alone. As a business owner in Ohio, there are multiple lending options and other resources available to you to keep your business on the path to success.

The post The Best Business Loan And Financing Resources For Ohio Small Businesses appeared first on Merchant Maverick.

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The Complete Guide To Stripe Pricing And Costs

Are you curious about what makes Stripe different than other third-party processors like Square and PayPal? And if the costs are comparable? Come along as we explore Stripe — a lesser-known payment processing option that has definite potential when it comes to eCommerce.

Even though Stripe has less name recognition than competitors Square and PayPal, Stripe has likely processed many of your recent online shopping transactions without you even realizing it. That’s because Stripe powers payment processing behind the scenes for some of the biggest retail chains around — places like Target, Lyft, Facebook, Adidas, and Under Armour. Yes, Stripe has one of the most respected and well-trusted platforms in the world, but instead of providing branded, customer-facing tools like its peers, it focuses on delivering developer-friendly solutions with extensive code libraries and lots of customization options.

If you are looking for a ready-made, polished solution for eCommerce payment processing, Stripe may not be the ideal choice. A solution like Square may be much better suited to your needs. If, however, you want to build your payment processing platform from the ground up (and have the technical resources to do so), you’ll find a range of robust, world-class developer tools.

In this post, we’ll talk about what kind of payment processing Stripe provides (and why it matters), and then dive into costs associated with transactions and/or other handy tools you may need.

Overview Of Stripe

Stripe is a third-party payment processor — just like PayPal and Square. Traditional merchant account providers vet and approve each individual merchant, creating a single account for that business. Third-party processors, on the other hand, make it much easier for a business to quickly access payment processing services because they combine many business accounts together into one giant account. Stripe’s processing model relies on maintaining account volume to reduce risk for the group as a whole; for that reason, it can become a bit of a numbers game for them to remain profitable. If something looks fishy, they are more likely to terminate, freeze, or put an account hold on a business without a lot of warning.

Now, most of us feel a bit squirmy when we imagine our hard-earned revenue potentially held ransom in a purgatory account, but the truth is, freezes and holds happen only to a tiny percentage of businesses — and typically only after certain red flags have been raised. If you want to learn more about how to avoid waving some of these red flags, check out our post: How to Avoid Merchant Account Holds, Freezes, and Terminations. The majority of business owners will not have to worry about a freeze or hold, so it’s important to keep that whole issue in perspective.

Now back to the good news. Stripe has a lot of features and benefits for a growing small business, such as:

  • Transparent pricing
  • No monthly or termination fee
  • Payment security using advanced machine learning  
  • Libraries in every language
  • Display multiple currencies (add 1% for automatic conversion)
  • Versioned API changes
  • Test-friendly environment
  • 24/7 live chat and phone support
  • iOS and Android dashboard apps

And when it comes to creating the finished solution, you don’t have to do it all. There is a workaround for those of us who may not have all of the coding skills (or time!) to build it all from the ground up. Stripe has established platform partners to integrate a range of small business tools from accounting, automation, form building, CRM, inventory management, and booking — just to scratch the surface.

One thing we like about Stripe is that, unlike some companies, Stripe offers support for safe and PCI compliant migration of credit card data whether you are coming or going. Some third-party processors don’t support exit migration at all, so this is a nice touch.

Now that you are a bit more familiar with this platform, let’s check out the costs associated with processing payments.

Stripe Payment Processing Costs

Most savvy business owners want to cut to the chase. “Great, so how much does it cost?”

Stripe’s payment processing costs are straightforward, but your per-transaction costs will largely depend on the type of transaction you’re processing. Discounts and some pricing differences apply, so stick with me as we go through some different scenarios.

Online Transactions

For any eCommerce transaction (including in-app and mobile web payments), you are going to pay 2.9% + $0.30 per successful card charge. It doesn’t matter whether you process Visa, MasterCard, American Express, JCB, etc. — all cards cost the same to process. You also pay the same price whether you build your own site or connect to a third-party shopping cart.

Another great thing about Stripe is that you can accept international cards (for an additional 1%). If you need to convert the currency, however, you’ll have to pay another 1% on top of that. This is great for businesses that sell internationally, especially combined with Stripe’s ability to present prices in the customer’s local currency. 

Stripe also allows merchants to accept more than just credit cards, providing the tools that allow you to manage ACH and other payment options. Here is what it’s going to cost you:

  • ACH Credit: Starting at $1.00 per ACH credit payment
  • ACH Direct Debit: 0.8% per transaction, capped at $5
  • Wire: $8.00 per wire payment

Stripe also allows you to verify your customers’ bank accounts at no extra charge. That’s a nice touch. However, if payment doesn’t go through, you are looking at $4 for failed ACH direct deposit payments and $15 for disputed ACH direct debit payments.

In-Person Transactions

 

Stripe POS

Want the same customization for your pop-up shop or brick-and-mortar store that Stripe brings to your online presence? Introducing the Stripe Terminal!

For in-person payment processing with the Square terminal, you’ll pay 2.7% + $0.05 for each successful card transaction. But before you get too excited, Stripe Terminal’s programmable point of sale is currently in beta and available upon invitation only. You can request approval now, and if you are approved, you can buy a developer kit to run in test mode until they begin supporting transactions in live mode (this is expected to roll out very soon).

When it comes time to choose your reader, you can integrate with the Stripe Terminal through a combination of an iOS SDK and mobile reader or a JavaScript SDK and countertop reader. Stripe suggests the latter if you’re looking for a fully branded experience and have a strong developer proficiency.

Payment Security Note: As far as payment security and PCI-DSS compliance go, the Stripe Terminal is EMV Levels 1,2, and 3 pre-certified. So it can help a wide range of businesses get started without having to dedicate extra resources to payment security. But for now, you’ll have to wait to process live payments until it graduates from beta testing.

Does Stripe Offer Alternative Pricing?

QuickBooks For Nonprofits

We do get a lot of comments about the fact that Stripe (and other third-party processors) can be expensive for some businesses. Fortunately, Stripe does offer volume-based discounts for large businesses. In addition, you may be able to qualify for custom pricing if you run a nonprofit or have a unique business model. Stripe doesn’t give any hard and fast details about alternative pricing, however, so you’ll have to contact the sales team and discuss your business model with them directly.

Does your business process very small transactions ($10 or less) on a regular basis? The $0.30 per-transaction fee might be prohibitively expensive, and an alternate payment model catering to these microtransactions can save you money. Here’s what Stripe says about support for microtransaction payment processing:

Microtransaction support varies from market to market. If you process more than $100,000 per month or have a unique business model such as marketplaces, microtransactions, or unusually large order values, reach out to us, and we can discuss availability and options. In markets where microtransactions aren’t available, a common approach is to batch together multiple transactions from the same customer and submit them as a single, larger charge.

Stripe Pricing For Other Tools

Stipe offers a healthy selection of additional tools and add-ons. Below, we break them down for you and include information about pricing to help you make an informed decision.

Billing

Stripe Billing offers recurring payments and subscription tools built around the customer experience. For the recurring business model, you will have a lot of tools to help you engage customers and reduce turnover (more on that below). And as far as billing your customers with one-off invoices or setting them up for automatic recurring payments, there are no limits on how many invoices you can send, ever.

To be clear, all Stripe Billing fees are charged in addition to the processing fee (2.9% + $0.30 per successful charge).

If you’re only expecting to process a small volume of recurring payments, or you’re new to Stripe, the Starter Plan has everything you need. Your cost for using the Billing tools is 0% for the first $1 million of recurring charges, and then 0.4% after that. Stripe doesn’t charge anything extra for one-off invoices. 

For businesses that are billing at large volumes and want advanced features to manage billing from order cash, Stripe offers the Scale plan. You will pay 0.7% on recurring charges, in addition to the payment fees of 2.9% + 30 cents per successful charge to a card. However, Stripe also offers discounted ACH to businesses on the Scale plan, so there are potential cost savings.

Here is a screenshot from Stripe’s comparison of their Starter and Scale packages:

Stripe

The above is a long list of out-of-the-box tools you can put to use pretty quickly. Even just the business analytics, reporting, recovery tools, and webhooks make a compelling case of high value to cost ratio. Stripe touts that its recovery tools have “reduced payment declines for users by 45% on average and increased revenue by 10% on average.”

All-in-all, any SaaS or subscription-based business could benefit from the features in Stripe Billing — and Stripe offers a free trial with no setup or fixed monthly fees, so there doesn’t seem to be a downside to trying it out.

Connect

Connect is “the payments platform for platforms.” If you are a marketplace or a platform, you can utilize Stripe Connect to accept money and pay third parties. Connect is API-first, meaning you have the freedom to design a unique experience including onboarding, set payout timing, and integrated financial reporting, to name a few.

Connect has three account options including Standard, Express, and Custom. The cost for Connect Standard is included with Stripe — you have no additional platform-specific fees to add payments to your platform. Additionally, you’ll get a full Stripe Dashboard, dynamic risk-based KYC/AML checks, international support in over 25 countries, and hosted onboarding and verification.

Custom and Express Connect costs $2 per active account per month + 0.25% of account volume. With these accounts you can do things like build branded onboarding flows, control payout timing and funds flow, automate 1099 tax form generation and delivery, and have a platform management dashboard. The difference between Express and Custom is revealed in the names themselves. Express is a faster option requiring low integration effort to onboard recipients quickly and at scale (e.g., an on-demand marketplace), while Custom is an option for platforms to completely customize the user experience.

International connected accounts will run an extra 0.25% cross-border charge on monthly account volume. Additional fees also apply if you utilize Connect tools such as account debits (1.5%) and payouts ($0.25 per payout). However, as with Stripe’s other pricing models, the company is always up for discussing volume pricing for large platforms and alternative pricing options for low volume accounts. And if you’re a startup affiliated with Stripe Atlas Network, you can contact Stripe to learn about their custom startup package.

Stripe Connect

Sigma

Sigma connects you to your business data with a wide range of applications from business operations to finance, data analysis, and product management. Sigma doesn’t require any setup or ETLs; all you need to do is write SQL queries to create the custom reports on your dashboard. Pricing for Sigma is based on how many charges, authorizations, and application fees your business processed in the previous month. Fees start at $0.02/charge for 1-500 charges and incrementally decrease with charge volume.  

Radar For Teams

While all of Stripe’s payment processing software is fully PCI compliant and therefore meets global payment security standards, Radar is available as well. Radar bolsters your defenses through advanced machine learning. Radar learns from “hundreds of billions of data points across the Stripe network to help millions of businesses fight fraud.”

Radar is included with your standard and custom pricing plans. However, Radar for Fraud Teams is also available for an additional cost of $0.02/per transaction. Radar utilizes data and tools that support the detection and blocking of fraud, and it can decrease the false positives that block legitimate customers, too. Stripe has done a very good job at creating layers of security and data insights into their product — and you don’t need to dig into the code to make use of it because it all happens at your dashboard!

Is Stripe A Good Fit For You?

It’s pretty clear that Stripe goes far beyond your run-of-the-mill payment processing solution. The real meat of Stripe is its rich developer tools that give you the power to customize everything about the payment experience while giving you deep insights and analytical data you can use right away.

Businesses that want a fully branded, ready-to-scale solution — as well as subscription-based businesses, marketplaces, and tech-focused companies — will likely find all the tools they need and then some. However, for the eCommerce business that simply needs a reliable and secure payment processor, Stripe may be overkill. If you don’t have the technical expertise or don’t have developers on staff, you may never tap into Stripe’s potential. An option like Square may be a better fit. Square offers fast setup, no recurring fees, and up-front pricing that suits most small businesses nicely. Additionally, Square provides an extensive dashboard that reveals basic business and financial analytics with no integration required.

Not sure what you need? Check out our Stripe vs Square comparison or read our Stripe Review for an in-depth analysis. Or if you want to explore your options even further, check out How to Choose an eCommerce Merchant Account.

The post The Complete Guide To Stripe Pricing And Costs appeared first on Merchant Maverick.

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The Best Business Loan And Financing Resources For Texas Small Businesses

We’ve all heard the saying, “Everything’s bigger in Texas.” From ranches to buildings to cowboy hats, this adage applies to many aspects of Texas living. It even applies to opportunities. For small business owners that need capital or other resources, the state of Texas has many great opportunities. Whether you want a quick and easy online loan, a state grant that puts free money into your business, or training and mentorships, there are plenty of opportunities if you know where to look.

We’ve taken the guesswork out of getting a loan in Texas and have done the research for you, compiling a list of loan and financing resources for your small business. New business? No problem! Low personal credit score? We’ve got you covered. From startups to established businesses, these resources can help any Texan achieve your business goals. Read on to learn more.

Online Business Lenders For Texas Businesses

It wasn’t that long ago that one of the only ways to get a business loan was to head to your local bank. Today, you don’t have to step foot into a bank to get the capital you need for your business — thanks to the internet.

Online business lenders are popping up everywhere, offering competitive rates and terms to draw in your business. Not only is working with one of these online lenders quicker than going to the bank and sitting on the phone with your loan officer, but many have more relaxed borrower requirements, making it easier than ever to get the capital you need.

With an online lender, you’re able to apply for a loan online. Most lenders offer up their rates, terms, and borrower requirements right on their website. You can communicate with your lender through email or secure web forms. Some lenders allow you to complete the entire process from application to funding all from the comfort of your home or office — no telephone calls or in-person visits required.

Funding is faster than ever, too. No longer do you have to wait weeks or months for approval. Instead, many online lenders offer instant approvals and funding in as little as 24 hours.

An online search for a small business lender leads to thousands of results, so how do you know which one to choose? Start your funding search with these recommendations.

Fundera

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Who has time to fill out application after application with multiple lenders? Why spend hours trying to connect with the lender that’s right for your business when you can do it all with just one simple application?

With Fundera, you can connect with multiple lenders with just one application. Once you fill out your application, you’ll be connected with a lending specialist who will learn more about your business. Then, your funding specialist will go to work for you to find the best financing options for your business.

You may receive one or even multiple offers. Your lending specialist will work with you to go over the details of your offers, helping you find the best, most affordable financing option. The best part? You receive all of this for no cost!

Fundera has multiple loan options available for your small business, including:

  • SBA Loans: Up to $5 million with rates starting at 6.75%.
  • Term Loans: Up to $500,000 with rates at 7% to 30%
  • Lines Of Credit: Starting at $10,000 with interest rates at 7% to 25%
  • Invoice Financing: Up to 100% of invoice value with rates at 8% to 30%
  • Startup Loans: Up to $150,000 with rates at 7.9% to 19.9%.
  • Equipment Financing: Up to 100% of equipment value with rates at 8% to 30%
  • Short-Term Loans: Up to $250,000 with rates starting at 10%
  • Merchant Cash Advances: Up to $250,000 with factor rates of 1.14 to 1.18
  • Personal Loans For Business: Up to $35,000 with rates at 5.99% to 36%

Borrower requirements vary based on the financial product you select. For example, most borrowers that qualified for a term loan had annual revenue of at least $300,000, a credit score of 680, and a time in business of over 3 years. Borrowers who have qualified for short-term loans had annual revenue of at least $150,000, a credit score of at least 600, and a time in business of over 2 years.

Fundera’s loan specialists will evaluate your business, personal credit history, and other factors to help you select the best product for your situation.

Fundation

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Whether you’re ready to expand your business or you have short-term cash needs, Fundation has a financial solution for you. Through Fundation, you can apply for a term loan or line of credit.

With a term loan, you can pay for an expansion, purchase equipment, or fund capital improvements. You may qualify for up to $500,000 with repayment terms up to 4 years. APRs range from 8.99% and 29.99% and payments are made twice per month.

Fundation’s lines of credit are available in amounts up to $150,000 with terms up to 18 months. APRs range from 8.99% and 29.99% and are based on the creditworthiness of the borrower. Payments are made once per month.

To qualify for a Fundation financial product, you must meet the following requirements:

  • Time in business of at least 3 years
  • Annual revenue of at least $100,000
  • Good personal credit

SmartBiz

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Qualifying for a traditional bank loan is tough. Luckily, the Small Business Administration has lending programs that make it easier for startups and small businesses to qualify for low-interest, long-term loans. Because the SBA guarantees a portion of loans distributed through its programs, lenders feel more confident in lending to small business owners, even those with less-than-perfect credit scores or who have just launched their businesses. The SBA is not a direct lender. Instead, small business owners turn to intermediary lenders to get the funds they need – lenders like SmartBiz.

SmartBiz simplifies the SBA loan process, helping small business owners in Texas move quickly and easily through the process. Through SmartBiz, you have two SBA loan options: SBA working capital and debt financing loans or SBA 7(a) commercial real estate loans.

SBA working capital and debt refinancing loans are available in amounts from $30,000 to $350,000. Funds can be used to purchase equipment or inventory, refinance existing debt, pay for a marketing campaign, or just for working capital purposes. Interest rates are between 8.25% and 9.25% with maximum repayment terms of 10 years.

To qualify for this SBA loan, you must:

  • Have a time in business of at least 2 years
  • Be a U.S. citizen or legal resident
  • Have a personal credit score of 640 or higher
  • Have sufficient cash flow to pay your loan
  • Have no bankruptcies or foreclosures within the last 3 years
  • Have no outstanding tax liens
  • Have no previous defaults on government-backed loans

If you want to purchase commercial real estate or refinance your existing commercial mortgage, you could qualify for $500,000 to $5 million through the SBA 7(a) program. Interest rates are 7% to 8.25% through SmartBiz with repayment terms up to 25 years.

To qualify, you must meet these requirements:

  • Use funds for a property that is at least 51% owner occupied
  • Time in business of at least 3 years
  • U.S. citizen or legal resident
  • Personal credit score of 675 or higher
  • Have sufficient cash flow to pay your loan
  • Estimated purchase price must be higher than $500,000
  • No bankruptcies or foreclosures within the last 3 years
  • No previous defaults on government-backed loans
  • No outstanding tax liens

Funds through this loan program can’t be used to purchase investment properties or fund the costs of new construction.

If you’re not ready to apply for a loan through SmartBiz’s SBA programs, the company has also teamed with lender partners to offer affordable, long-term bank loans up to $350,000 for qualified borrowers.

LoanBuilder

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Haven’t been in business for long or have a low credit score? Don’t worry – there are options available for you. One of those options is LoanBuilder. Through this online lender, you can “build” your own loan, personalizing your loan using the LoanBuilder Configurator.

With LoanBuilder, you can receive $5,000 up to $500,000 to build your business. Repayment terms are 13 to 52 weeks, with weekly payments debited directly from your business bank account. LoanBuilder makes it easy to understand the cost of borrowing by charging a one-time fee. This fee is 2.9% to 18.72% of the borrowing amount and is added into your loan. There are no additional fees for receiving a LoanBuilder loan.

To qualify for a LoanBuilder loan, you must have:

  • A time in business of at least 9 months
  • At least $42,000 in annual revenue
  • No active bankruptcies
  • A U.S.-based business
  • Personal credit score of 550 or above

You must also be in an eligible industry to qualify. Most industries will qualify, but some that are excluded include attorneys, collection agencies, schools, gambling businesses, auto dealers, and non-profit organizations.

OnDeck

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If you don’t qualify for a loan through a bank or other traditional lender, OnDeck is another lender with minimum requirements that can give you the capital you need. Through OnDeck, you have two financial products to choose from: term loans and lines of credit.

With OnDeck’s term loans, you can receive up to $500,000. The lender offers two loan options: short term loans and long term loans. Short term loans have repayment terms of 3 to 12 months and can be used for purchases that have immediate returns, such as launching a new marketing campaign, hiring new employees, or purchasing inventory.

OnDeck’s short term loans have a simple interest rate as low as 9%. This means that the interest rate is a percentage of your borrowing amount. For example, if you have a $10,000 loan with a 9% simple interest rate, you’ll repay $10,900. Additional fees may apply.

OnDeck’s long term loans have terms of 15 to 36 months and can be used to expand your business, purchase equipment, or develop new products. These loans come with an annual interest rate starting at 9.99%.

All term loans have an origination fee of 0% to 4% of the loan amount. Payments are made daily or weekly and are automatically deducted from your business bank account.

To qualify for term loans through OnDeck, you must have:

  • Time in business of at least 1 year
  • At least $100,000 in annual revenue
  • Personal credit score of 500 or above

OnDeck also provides lines of credit up to $100,000 for qualified borrowers. The APR starts at 13.99%. Repayments are made weekly and are automatically deducted from your business bank account. OnDeck’s lines of credits do not have draw fees. However, there is a $20 monthly maintenance fee. This fee can be waived by drawing at least $5,000 within 5 days of opening your account.

To receive an OnDeck line of credit, you must meet these requirements:

  • Time in business of at least 1 year
  • At least $100,000 in annual revenue
  • Personal credit score of 600 or above

Kabbage

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If a flexible line of credit would work best for your financial needs, consider applying with Kabbage. Through Kabbage, you can get up to $250,000 as a line of credit to use for your business. Funds can be used for any business purpose, from expansion to hiring new employees to filling gaps in revenue during a slow season.

Kabbage lines of credit come with terms of 6 or 12 months. Kabbage charges monthly fees of 1.5% to 10%, and your rate is based on the performance of your business. If you pay off your balance early, remaining fees will be waived so you can save money on your loan. Repayments are made monthly and are automatically debited from your business checking account.

Kabbage bases its approval decisions on the performance of your business, not just your personal credit score. To qualify, you must meet the following minimum requirements:

  • Time in business of at least 1 year
  • At least $50,000 in annual revenue OR at least $4,200 per month for the last 3 months

One thing that makes Kabbage stand out from other lenders offering lines of credit is the Kabbage Card. You can make a regular draw from your line of credit, which you receive in your bank account within 1 to 3 business days. Or you can get instant access to funds with the Kabbage Card. Simply use the card anywhere credit cards are accepted to make an immediate purchase. Once you’ve used your card, Kabbage will create a new loan with the same rates and terms as traditional draws.

LendingPoint

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Some of the options already discussed work for more established businesses, but what if you haven’t yet opened your doors? As a new business owner, meeting the requirements for a business loan can be a challenge, even through alternative lenders. If you have at least a fair credit score, one option to consider is a personal loan for business through a lender like LendingPoint.

With LendingPoint, you can receive a loan up to $25,000. Repayment terms for LendingPoint loans are 24 to 48 months. Interest rates start at 15.49%.

Because this is a personal loan, time in business, business credit history, and annual revenues are not requirements for approval. Instead, you must meet these requirements:

  • Be at least 18 years old
  • Have a valid social security number
  • Have at least $20,000 in annual income
  • Have a verifiable bank account
  • Have a credit score of at least 585

Banks, Credit Unions, & Nonprofit Lenders In Texas

If you’d rather work with a more traditional lender for your small business loan, Texas has plenty of banks, credit unions, and nonprofit lenders to choose from, including these picks.

Security Service Federal Credit Union

Security Service Federal Credit Union is one of the largest credit unions in Texas with nearly 70 locations across the state. Branches are located in cities including San Antonio, Corpus Christi, Portland, and New Braunfels.
There are multiple small business financing options available through this credit union. Your options include:

  • Commercial Mortgages
  • Commercial Construction Loans
  • Capital Improvement Loans
  • Vehicle & Equipment Financing
  • Term Loans
  • Lines Of Credit
  • Business Credit Cards

The rates, terms, borrowing limits, and borrower requirements are based on the product you select. This institution also offers merchant services, payroll services, and business checking and savings accounts.

To become a member of Security Service, you must meet one of the following requirements:

  • You live, work, worship, attend school, volunteer, or own a business located in the state of Texas
  • You’re a member of the military or are employed by the Department of Defense living in the service area
  • A family member or someone in your household is a member of the credit union

Wells Fargo

If you want to stick with a traditional lending institution, Wells Fargo is one of the largest banks in Texas. Wells Fargo branches are located all throughout the state in cities including Wichita Falls, Fort Worth, Austin, and Houston.

Wells Fargo offers a variety of small business products and services to its customers. This includes:

  • Secured & Unsecured Business Credit Cards
  • Unsecured Business Loans: $10,000 to $100,000 with rates starting at 8.25% and terms up to 5 years
  • Equipment Loans: $10,000 to $100,000 with rates starting at 7% and terms up to 5 years
  • Term Loans: $100,000 to $500,000 with terms up to 1 year
  • Lines Of Credit: Up to $500,000
  • Commercial Real Estate Loans: Up to $1 million
  • Commercial Real Estate Refinancing: Up to $1 million
  • Commercial Real Estate Equity Loans: Up to $500,000
  • Commercial Equity Lines Of Credit: Up to $500,000
  • SBA 7(a) Loans: Up to $5 million
  • SBA 504 Loans: Up to $6.5 million

Borrower requirements vary based on the financial product you select. Additional business products and services include business bank accounts, merchant services, and payroll services. To learn more about opening an account, you can sign up online or visit your local Wells Fargo branch.

LiftFund

LiftFund specializes in providing small business loans to businesses that don’t qualify for traditional bank financing. Through LiftFund, you may be eligible to borrow $500 up to $1 million. LiftFund also is a Certified Development Company that administers SBA 504 loans. Borrowers may also qualify for up to $250,000 through the SBA 7(a) program.

To qualify for a loan, LiftFund considers the following:

  • Ability to repay
  • Personal character
  • Commitment to improving business and personal credit
  • Good payment history with other creditors
  • Collateral
  • Alternate sources of income
  • No Chapter 7 bankruptcies within 2 years
  • No Chapter 12 bankruptcies within 1 year

The average borrower has a personal credit score of 575. The lender works hard to match business owners with a loan regardless of credit history, time in business, or annual revenues.

BCL Of Texas

Through BCL of Texas, you can receive up to $50,000 with the Texas Small & Diverse Growth Fund. This loan program is open to minority and women-owned businesses. To apply, you must have a one-on-one consultation with a BCL specialist and complete a Financial Readiness Assessment. Once these two steps are complete, you can apply for loans between $5,000 and $50,000. Through this program, you can also receive business coaching for the life of your loan at no additional cost.

BCL also offers new business loans of $20,000 to $50,000. Loan funds can be used for working capital, real estate purchases, equipment purchases, or as a line of credit. A loan inquiry can be submitted through the BCL website to learn more.

As your business grows, BCL offers additional loan options. The Business Growth Fund provides up to $300,000 for the purchase of real estate or machinery, working capital, or to refinance existing debt. Rural business loans up to $250,000 are also available through BCL. SBA 504 loans are also available through this lender.

Small Business Grants In Texas

If you don’t want to be stuck repaying a loan plus interest and fees, a small business grant could be what you need for your business. A small business grant is money that doesn’t have to be repaid. Unfortunately, competition for these grants is stiff. Plus, many small business grants have very specific requirements that your business might not meet. However, it never hurts to apply for grants that you are qualified to receive. In the state of Texas, there are several grants available to small businesses. Read on for some of the top options to consider.

Texas Workforce Commission Skills For Small Business Program

The Texas Workforce Commission (TWC) Skills for Small Business Program provides grants for training new employees. With these funds, small business owners can pay for employee training at their local community college, tech college, or Texas A&M Engineering Extension Service.

Through the program, businesses can receive up to $1,800 per year for each new employee that receives training. Existing employees can receive up to $900 per year for training.

To qualify, businesses must have fewer than 100 employees. Only full-time employees are eligible to receive training. All wages for employees must meet or exceed the prevailing wage in the area where the business is located.

To apply, you must complete and submit the TWC application by fax or through email.

Texas Enterprise Fund

The Texas Enterprise Fund awards “deal-closing” grants to businesses that are competing with out-of-state sites for a project. Projects may include opening or expanding a business.

In addition to having at least one out-of-state competitor, qualifying businesses must also plan to create more than 75 full-time jobs in urban areas or more than 25 in rural areas. The average wage for new jobs must meet or exceed the average county wage. Qualifying businesses must also show significant planned capital investment and must be financially sound.

All businesses must submit an application packet and then undergo an 11-step screening process. Once completed, the Governor, Lieutenant Governor, and Speaker of the House review applications and must unanimously agree in order for the grant to be awarded.

Texas Department Of Agriculture

The Texas Department of Agriculture has several loan and grant programs for businesses in and outside of the agriculture industry. Programs include the Agricultural Loan Guarantee Program, Specialty Crop Block Grant Program, and Capital for Texas. Requirements and deadlines vary based on the program you select. All information and applications can be found on the Texas Department of Agriculture website.

Loans & Resources For Startups In Texas

Many startup businesses seek outside financing and resources in order to increase their chances for success. In the state of Texas, there are multiple resources to consider that provide financing opportunities, mentorships, and much more to help you more effectively start and build a business.

SCORE

SCORE, a resource partner through the Small Business Administration, offers free business mentors to small business owners across the nation. Through SCORE, not only will you connect with an experienced business mentor, but you can also take advantage of other resources including workshops, webinars, and business courses.

There are multiple SCORE offices throughout the state of Texas in cities including Austin, Dallas, Houston, and San Antonio. You can contact your local SCORE office to find out more about the resources available to you, or you can visit the SCORE website to connect with a mentor, check out webinars, and more.

The Governor’s Small Business Workshops

Through the Office of the Governor, small business owners can participate in Small Business Workshops held throughout the year all throughout the state of Texas. These workshops cover a variety of business topics including startup essentials, access to capital, and business opportunities for women, minorities, and veterans.

America’s Small Business Development Centers

New and existing business owners can take advantage of the resources offered through Small Business Development Centers (SBDC). Through SBDC, you can receive free business consulting and low-cost training across multiple business topics including accessing capital, tech development, marketing, and more.

There are over 60 business centers located throughout Texas. You can locate your local office through the SBDC website to learn more about the opportunities available

What To Consider When Choosing A Lender

5 C's of Credit: What Lenders Look For

Still on the fence about which lender to choose? Doing your homework and weighing out your options is a smart move. However, if you’ve done your research and you still can’t seem to nail down a lender, ask yourself the following questions:

How Much Money Do I Need?

Your financing application will require you to request an amount of money to borrow, so make sure you know how much capital your business needs. Knowing how much money you need can also help you narrow down your selection of lenders. Let’s say you need $200,000 for an overhaul of your business. Lenders that have lower maximum limits can be immediately marked off your list.

How’s My Credit Score?

Got bad credit? The bad news is that you may not qualify for certain types of financing, such as a traditional bank loan. The good news is that there are alternative loan options available to borrowers with poor scores or no credit. However, be aware that these products often come with higher fees and interest and shorter terms than options available to more creditworthy borrowers.

If you’re unsure of where you stand in terms of credit, pull your free credit score before applying for financing. Then, apply only to lenders with credit score requirements you can meet. If your score is low and your funding need isn’t urgent, consider evaluating your credit report to determine your weak points. Then, take steps to boost your score, which will open up new financing options with improved rates and terms.

Do I Meet All Other Requirements?

Most lenders look at more than just your credit score. Some lenders consider factors such as time in business, annual revenues, debt-to-income ratios, and even the size of your business and the number of employees you have. Make sure you meet all borrower requirements before submitting your application. Remember, if you don’t meet all of one lender’s requirements, there are plenty of other lenders willing to work with your business.

How Will I Use My Funds?

How do you plan to use the capital you receive from a lender? Some lenders impose restrictions on how funds are used. For example, an equipment loan must be used to purchase equipment or fixtures. You can’t use these funds to hire employees or cover payroll. Choose a lender that offers a financial product that works for your business needs. Then, ensure that there are no restrictions that would prevent you from using your capital in a way that’s best for your business.

Final Thoughts

Whether you have an established business or you’re gearing up for your grand opening, there are plenty of resources in the state of Texas to help your small business. Do your research, calculate the affordability of any loan you pursue, and make sure your next steps will only better your business.

The post The Best Business Loan And Financing Resources For Texas Small Businesses appeared first on Merchant Maverick.

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Do I Need Business Insurance?

Do I Need Business Insurance?

Insurance isn’t a fun purchase. In terms of your small business, it’s far more enjoyable to order business cards, design window decals, work on a marketing plan, and think about how to make your product the best you can. Some business owners push off business insurance because they can’t help asking: “Is this really necessary? Can I afford this extra expense for things that may or may not happen?”

The real question is: Can you afford not to insure your business? The commercial insurance company Insureon completed a study and discovered that only one in four businesses have adequate business insurance and 80% of businesses cannot recover after a disaster. With that in mind, business insurance is a small cost to pay to keep yourself safeguarded from financial ruin.

Do I Need Business Insurance?

The insurance industry is in the business of doom and gloom and disasters. They see your cute storefront located right in the middle of flood territory and say, “Hey, business owner. Let’s imagine that river floods and you can’t open your shop and you lose sixty-percent of your inventory and now you can’t pay your employees and…”

And now you’re in the fetal position wondering if anything in life is worth the risk. Except, it doesn’t have to be like that. Unless you are a thrill seeker who likes to live dangerously, eschewing all ethical responsibilities to others, consider business insurance part of the cost of doing business.

What Is Business Insurance?

Business insurance protects you and your assets from disasters, accidents, lawsuits, theft of property, data breaches, and even mundane hassles like clogged drains. Commercial insurance plans are tailored specifically to your industry and your specific risks. Many factors affect insurance costs, including business location, number of employees, and risky behavior. For example, if you run the ax-throwing brewery near my house (this is a real thing) and want to put sharp objects in the hands of people also drinking beer, get yourself some insurance, people! (I’m confident they are well-insured. And I am also confident I will visit.)

Are You Legally Required To Have Business Insurance?

If you are a sole proprietor of your business and don’t have any employees or customers (see ax-throwing reference above) to protect, business insurance might legally be optional. However, the rules are often state specific, so it’s important to talk to a business lawyer or state insurance representative to make sure you are compliant with state requirements.

However, the government requires businesses with more than one employee to provide worker’s compensation, unemployment, and disability insurance. If you have employees driving business vehicles, you will also need commercial auto insurance, and some landlords and leaseholders require renter’s insurance or commercial property insurance as part of a rental agreement.

Another legal requirement might be health insurance. If you have fifty or more employees six months or more out of the year, then you are legally required by the federal government to provide health insurance. If you aren’t required legally to provide health insurance and you do anyway, then you’re eligible for a tax break.

Reasons You Should Have Business Insurance

How To Get Business Insurance in 4 Easy Steps

Business owners might wonder why they should invest in protecting their business and assets. Here are some important reasons to consider as you weigh your insurance needs:

It Fulfills A Legal Requirement

If you have more than one employee, you need to provide worker’s compensation, disability, and unemployment insurance. Also, your landlord may legally require you to hold renter’s insurance. (These requirements are state specific, so check your state’s legal requirements.)

People Like To Sue Other People

Humans are litigious and sue-happy. No matter what business you start, there is the potential for someone, at some point, to become unhappy with the business or your product and engage you in a lawsuit. Handling a lawsuit without liability insurance could be disastrous to any small business — even if the business is eventually found not liable. (And, yup, if you aren’t fully covered, the plaintiff could come after your personal assets.) A lawsuit is costly and stressful. And insurance is more affordable than you might think — a sole proprietor of a business who wants one million dollars in liability coverage could pay as little as $30 a month for peace of mind.

Protects Your Business In The Event Of A Disaster

The word disaster in this scenario could be anything from an Act of God, a fire, theft or vandalism, or anything else that has the potential to stop your business from running smoothly or running altogether. A business owner’s policy that provides a package of general liability and commercial property insurance will protect from the most common disasters.

Protects The Humans You Employ

Insurance isn’t just doom and gloom. Offering insurance protection to your employees creates a positive work environment and sends the message that you care about the people working for you. While you may have to provide basic protections like worker’s compensation, disability, and unemployment, you can also offer health insurance (and if you aren’t legally required to provide it, you can receive a tax break for doing so) and life insurance policies to help attract and retain quality workers.

Provides Tax Breaks

Business insurance is a tax write-off and you can claim your premiums as deductions. (Except, funny tip: if you are a beneficiary for one of your employee’s life insurance policies, you can’t deduct that insurance policy…so, since tax laws become oddly specific, it’s important to check with a tax expert for your state.)

Contracts May Require Proof Of Insurance

If you want to borrow money for your business, the bank may require you to prove your business is insured. Also, if you work with clients or other businesses as independent contractors, they may also require proof of insurance before choosing to work with you. Insurance doesn’t just provide peace of mind for the business owner but also for the people who engage in the business.

What Type Of Business Insurance Do You Need?

Okay, you’ve made the wise choice to insure your business. Now you’ll need to research which policies are the best fit for your business model. Businesses in riskier industries will need more insurance, but there are options for all types of business owners, from sole proprietors to corporations. The most basic types of insurance types are:

  • General Liability Insurance: General liability protects your business in the event of a disaster, lawsuit, or accident. Claims against a business can arrive in the form of bodily injury, property damage, personal injury to a customer (including slander or libel), or false advertisement.
  • Commercial Property Insurance: A commercial policy insures your building, business products inside your building, and other people’s property while it’s in your care. Property damage due to theft also falls into this category.
  • Professional Liability Insurance: Also referred to as E&O insurance, this is additional liability insurance that helps cover your business from professional liability of either errors (where your business caused a financial loss for a client) or omissions (an employee didn’t do his/her job as required).
  • Worker’s Compensation Insurance: If an employee is injured at work, this will protect your employee and you if a lawsuit should arise. This is a requirement for businesses with more than one employee.
  • Commercial Auto Insurance: If your business involves a fleet of vehicles or if an automobile is needed, you will want to cover those vehicles under a commercial insurance plan.
  • Business Owner’s Policy: This is a policy offered by most insurance companies; it includes both general liability and commercial property protection.
  • Renter’s Insurance: This might be a requirement if you are renting/leasing business space. This protects your location from damage and liabilities for that damage.
  • Business Interruption Insurance: If something stops your business from functioning (a flood, an Act of God, or an illness or other accident), this insurance will help pay for lost income incurred during the interruption. This insurance specifically covers income and profits and covering the cost of getting your business back up and running.

Industry Specific Insurance

The type of insurance your business needs is directly correlated to the type of business you run. Again, if you are running an ax-throwing business and putting beer in those customers’ hands, you will need a larger liability package than say someone who is working as a freelance writer (loss of limbs versus paper cuts, possibly?) and so knowing what kind of insurance might be specific to your industry is important.

Insurance For Retail

In addition to the basic coverage types mentioned above, there are a few other insurance policies that are specifically for small business retail owners. Franchise upgrade insurance, for example, helps a franchise pay for the cost of an upgrade required by your franchise agreement. Also, if your retail store is dependent on other businesses to provide you supplies, then you can request business income from dependent properties insurance which pays you out if your business is harmed due a business interruption from someone you work with.

Insurance For Restaurants

If you serve alcohol in your establishment, then liquor liability insurance is an important policy that specifically protects you from the damages caused by someone drinking too much in your establishment or even starting an alcohol-induced fight. Any lawsuits, costs, or damages that arise from serving liquor can be covered by that policy. Another restaurant industry-specific policy is a temperature change policy. If you lose power and your refrigeration unit shuts down (or breaks) and you have spoiled food, a temperature change policy will cover the cost to replace any lost product.  

Insurance For The Self-Employed

If you are self-employed, you might have many concerns about how your business might impact your quality of life. Renter’s insurance and/or homeowner’s insurance will protect the items in your business should your house suffer an accident or disaster (flood, fire, theft). It’s important to check with your insurance company to see if your homeowner’s insurance protects businesses run within the home, and if it doesn’t, then discuss an add-on liability package to cover your business. 

Insurance For Professional Services

If you run a professional service (legal, accounting, consulting, engineering), several types of insurance options might make sense for your business. The first is director & officers insurance (D&O) which protects the individual directors and board members in your business from lawsuits claiming their decisions had a direct financial impact on the plaintiff. While D&O insurance is mostly for larger corporations, small businesses and even non-profits are starting to see the importance of adding a D&O policy. Your managers could make a mistake and be personally liable for that mistake; this policy protects them and the company from the cost of lawsuits targeting a specific individual’s actions.

There are a few other policies that might be worthwhile. If you are a firm that runs a cloud-based storage system for clients and the cloud goes down, you could have a policy to protect yourself from damages related to lost files. And if you have physical files stored somewhere and they are ruined by wind, rain, fire, valuable papers and records coverage will cover the cost to replace and reproduce documents.    

Insurance For Technology

Today, most companies should absolutely prepare for a data breach if they collect sensitive information like social security or credit card numbers. Data breach coverage pays for costs that incur because of the loss of information, including notifying impacted clients, advertising the data breach to get the word out, and paying the cost of PR firm to help navigate the media. If personal information is lost or stolen from your technology business, you have legal requirements to follow in the aftermath and having data breach coverage will help you follow the law.

Insurance For Manufacturing & Wholesale

Product liability is a needed coverage to add to your general liability package that products your company in the event that someone sues you because of injuries or damage caused by your product. If you manufacture goods, product liability is a smart bet to protect against any litigation that comes your way. (Weird and true lawsuit fun fact: The widow of the murderer in the 1984 San Diego McDonald’s massacre sued McDonald’s saying their product, fast food, caused her husband to go into their establishment and kill 21 people. She lost.) Protect yourself now and worry about all the weird ways people might sue you over your product later.  

Insurance For Real Estate

Employees practices liability coverage protects your real estate agency from claims of discrimination, breach of contract, harassment, wrongful termination, among other employee-related lawsuits. It covers your defense and legal costs related to a claim, but it won’t cover any punitive damages that may occur as a result. (Damages are usually covered in a general liability policy.) 

Insurance For Construction

Construction jobs are risky and involve many moving parts. Sometimes a construction business has a physical store location in addition to a traveling business of workers in and out of other people’s homes. A specific brand of liability insurance specially designed for construction businesses will protect your business when things do go wrong. Construction insurance covers claims related to any part of your construction business, including medical and faulty workmanship.

Insurance For Personal Care Services

Do you run a hair salon? Does extra hair clog your drains? Well, there’s insurance to cover that. Back up of sewers and drains coverage is designed to cover all claims related to flooding caused by a sewer drain (no matter the reason it floods). Or computers and media coverage helps insure the technology needed to run your small business.

How Much Does Business Insurance Cost?

The cost of business insurance will vary depending on all your individual business factors. Are you a home-based business or do you have a storefront? Do you have employees or are you working solo? What are the risks involved with running your business (see: ax-throwing brewery) and do you have a product to protect? Business insurance might not be a fun expense, but it’s necessary to be one of the 20% of businesses that will survive a disaster.

While the average cost will vary depending on the industry requirements, for a business owner looking for a basic business owner’s policy for a small business, the average yearly premium is $1200. However, policies can start as low as $300.

Meet with an insurance expert to assess your individual needs and discuss the ways you can protect the business you love.

The post Do I Need Business Insurance? appeared first on Merchant Maverick.

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A Complete Guide To Chase Business And Personal Credit Cards

chase bank credit cards

If you’ve been shopping around for a new credit card, whether for personal or business use, it’s likely you’ve come across a Chase credit card or three. In fact, it would be hard not to — between its own branded credit cards and its co-branded partner cards, Chase has 28 credit cards on offer. That’s a lot of credit cards!

Wouldn’t it be convenient if somebody were to gather pertinent information on every Chase credit card, compile that information into an article, then present it to you via The Internet? Well, fret not, for that day has arrived. Here’s a rundown of every Chase credit card and what each one has to offer you.

(For a look at today’s top business credit cards from Chase and other credit card companies, check out our piece on the top business credit cards of 2019.)

Chase Credit Card Details
Chase Ink Business Preferred Business card for earning points
Chase Ink Business Cash Business card for earning cash back
Chase Ink Business Unlimited Business card for flat-rate cash back
Southwest Rapid Rewards Premier Business Business card for Southwest travel
United Explorer Business Business card for United travel
Mariott Rewards Premier Plus Business Business card for Marriott loyalists
Chase Freedom Personal cash back card with a 15-month 0% intro APR
Chase Freedom Unlimited Flat-rate cash back card with a 15-month 0% intro APR
Chase Sapphire Preferred Flexible travel rewards card
Chase Sapphire Reserve High-end travel rewards card
Chase Slate No annual fee card for credit building
Southwest Rapid Rewards Priority High-end Southwest travel card
Southwest Rapid Rewards Plus Southwest travel card
Southwest Rapid Rewards Premier Southwest travel card with an anniversary points bonus
United Explorer United Airlines travel rewards card
United TravelBank United travel rewards card with no annual fee
United MileagePlus Club Expensive travel card with high-end perks
British Airways Visa Signature British Airways loyalty card w/ large signup bonus
Aer Lingus Visa Signature Aer Lingus travel rewards card w/ transferable rewards
Iberia Visa Signature High points-earning travel card
Marriott Rewards Premier Plus Personal version of the Marriott Rewards Premier Plus Business
The World Of Hyatt Hyatt loyalty card with elite rewards
Disney Premier Visa Card for earning Disney Rewards Dollars
Disney Visa Card for earning Disney Rewards Dollars with no annual fee
IHG Rewards Club Premier Card for earning 10X points at IHG Properties
Starbucks Rewards Visa Card for earning Starbucks Stars
Amazon Rewards Visa Signature 5% Amazon rewards for Amazon Prime members
AARP Credit Card from Chase Cash back card with no annual fee

Business Credit Cards Offered By Chase

1) Chase Ink Business Preferred

Chase Ink Business Preferred



Apply Now 

Annual Fee:


$95

 

Purchase APR:


18.24% – 23.24%, Variable

The Chase Ink Business Preferred card is a great card for business owners looking to get rewarded for their travel purchases. The Ink Business Preferred will see you earning 3 points for every $1 spent on the first $150,000 in combined purchases on travel and select business categories each year.

The Ink Business Preferred also offers an exceptional bonus offer. You’ll get 80,000 points after you spend $5,000 on purchases in your first 3 months of card use, which equates to $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards.

It’s the most “high-end” of the three business credit cards Chase currently offers (not counting the co-branded cards). Unfortunately, this means that unlike the others, this card carries a $95 annual fee.

Image

2) Chase Ink Business Cash

Chase Ink Business Cash



Apply Now

Annual Fee:


$0

 

Purchase APR:


15.49% – 21.49%, Variable

With no annual fee, the Chase Ink Business Cash is all about — quelle surprise! — the cash back.

Here’s the card’s cash back structure:

  • Earn 5% cash back on the first $25,000 spent per year in combined purchases at office supply stores and on internet, cable, and phone services
  • 2% cash back on the first $25,000 spent per year in combined purchases at gas stations and restaurants
  • 1% unlimited cash back on all other purchases

Chase Ink Business Cash℠ Learn More Earn $500 Bonus Cash Back 

3) Chase Ink Business Unlimited

Chase Ink Business Unlimited


chase ink business unlimited
Apply Now 

Annual Fee:


$0

 

Purchase APR:


15.49% – 21.49%, Variable

Chase Ink Business Unlimited is a cash back business card for business owners who would rather not have to worry about which purchases will earn more points than other purchases. The card gives you a flat 1.5% cash back on all purchases with no limit to the number of points you can earn per year. Nice and simple.

As with Ink Business Cash, there’s no annual fee. And like the Ink Business Cash (but unlike the Preferred card), the Ink Business Unlimited offers a 0% intro APR on purchases and balance transfers for 12 months.

Now, let’s check out Chase’s partner business cards.

4) Southwest Rapid Rewards Premier Business Card

If your business has you flying frequently with Southwest Airlines (and only Southwest — Southwest has no airline partners), Chase’s Southwest Rapid Rewards Premier Business card may intrigue you.

You’ll get a hefty bonus offer: 60,000 points after you spend $3,000 on purchases in the first 3 months. You’ll then get:

  • 2 points per $1 spent on Southwest purchases and Rapid Rewards hotel and car rental partner purchases
  • 1 point per dollar spent on everything else

The card carries a $99 annual fee.

5) United Explorer Business Card

This business card is designed to reward the business traveler who flies United. A bonus offer of 75,000 miles awaits you if you spend $5K on purchases in the first 3 months.

You’ll earn 2 miles per dollar spent on all United purchases as well as on purchases at restaurants, gas stations, and office supply stores (1 mile per dollar on all other purchases). You’ll also get such perks as a free checked bag (a $120 value per round trip), two one-time United Club passes each year, and priority boarding for you and any companions on the same reservation.

The card carries a $95 annual fee after the first year, which is free.

6) Marriott Rewards Premier Plus Business

Here’s a business travel card for those who like to stay in Marriott hotels. Similar to Chase’s other branded partner business cards, you’ll get a 75,000 point bonus for spending $3K in the first 3 months.

When you use your Marriott card at participating Marriott and Starwood properties, you’ll get an impressive 6 points for every dollar spent. You’ll get 2 points per dollar on all other spending. The card does carry a $95 annual fee, however.

Personal Credit Cards Offered By Chase

7) Chase Freedom

Chase Freedom



Compare

Annual Fee:


$0

 

Purchase APR:


17.24% – 25.99%, Variable

The Chase Freedom card is a simple personal credit card with no annual fee, a 15-month 0% intro APR period, and rotating rewards categories.

Earn 5% cash back on up to $1,500 in combined purchases in bonus categories per quarter. The bonus categories change on a quarterly basis. You’ll earn 1% cash back on all other purchases.

8) Chase Freedom Unlimited

Chase Freedom Unlimited



Compare

Annual Fee:


$0

 

Purchase APR:


17.24% – 25.99%, Variable

The Chase Freedom Unlimited card resembles the Chase Freedom card in almost every way — same lack of an annual fee, same 15-month 0% APR period, same signup bonus ($150 after you spend $500 on purchases in your first 3 months). The one real difference lies in how you accumulate cash back.

Instead of having to worry about rotating 5% cash back categories, the Freedom Unlimited offers a flat 1.5% cash back on every purchase.

9) Chase Sapphire Preferred

Chase Sapphire Preferred



Compare

Annual Fee:


$95 ($0 the first year)

 

Purchase APR:


18.24% – 25.24%, Variable

The Chase Sapphire Preferred card is a personal travel rewards card from Chase. You’ll get 2 points for every dollar spent on travel and dining and one point per dollar on everything else.

When you redeem your points for Ultimate Rewards portal purchases, your points will be worth 1.25 cents apiece. The card carries a $95 annual fee, waived for the first year.

10) Chase Sapphire Reserve

Chase Sapphire Reserve



Compare

Annual Fee:


$450

 

Purchase APR:


17.99% – 24.99%, Variable

Want a high-end travel card with great perks and high points earning potential? Don’t mind paying a huge annual fee of $450 a year? Chase’s exclusive Sapphire Reserve may be right up your alley.

With the Sapphire Reserve, not only will you earn 3 points per dollar spent on travel and dining (as opposed to 2 with the Sapphire Preferred), but your point value (when redeemed through the Ultimate Rewards portal) will be 1.5 cents piece. Plus, you’ll get some great luxury perks, such as a $300 annual travel credit, a fee credit for Global Entry or TSA PreCheck, and Priority Pass Select lounge access.

11) Chase Slate

Chase Slate



Compare

Annual Fee:


$0

 

Purchase APR:


16.99% – 25.74%, Variable

The Chase Slate card is unlike most of the cards in Chase’s portfolio in that its purpose is to help you build your credit and get out of debt. There’s no signup bonus and no rewards to earn. It’s not an exciting card, but it is a utilitarian one.

The Chase Slate card charges no fee for balances transferred to it within 60 days of opening your account. Combine that with an intro 0% APR period of 15 months, no annual fee, and free access to your FICO score, and you’ve got a card that helps smooth out your finances.

Chase currently offers 17 personal partner cards — mostly travel rewards cards. Let’s do a quick rundown of each of them.

12) Southwest Rapid Rewards Priority

If you don’t mind a $149 annual fee, Chase’s Southwest Rapid Rewards Priority card will deliver you more benefits than any other Southwest-branded card.

You’ll get 2 points per dollar spent on Southwest purchases and Rapid Rewards hotel and car rental partner purchases, and 1 point per dollar on everything else. But that’s just the beginning. You’ll also get the following:

  • 7,500 anniversary points each year
  • $75 annual Southwest travel credit
  • 4 upgraded boardings per year
  • Get 20% back on in-flight purchases
  • A host of retail and travel protections

13) Southwest Rapid Rewards Plus

The Southwest Rapid Rewards Plus card is the less-exclusive sibling of the Rapid Rewards Priority card. The annual fee is a more reasonable $69, and you’ll get some nice rewards, even if they don’t rise to the level of the Priority card’s rewards.

Just as with the priority card, you’ll get 2 points per dollar spent on Southwest purchases and Rapid Rewards hotel and car rental partner purchases and 1 point per dollar on everything else. You’ll also get an annual anniversary bonus of 3,000 points and other travel benefits. Unfortunately, there is a 3% foreign transaction fee.

14) Southwest Rapid Rewards Premier

The Southwest Rapid Rewards Premier rounds out the three Southwest-cobranded Chase personal travel cards. The Premier card has a $99 annual fee, right between that of the Plus and the Priority card. Call it the middle child of the Chase Southwest personal cards.

The points-earning structure is the same as that of the other two Southwest personal cards. Along with that, you’ll get a 6,000 point anniversary bonus each year and 1,500 tier-qualifying points for every $10,000 spent on the card each year — up to 15,000 annually. These tier-qualifying points help you reach A-List or A-List Preferred status faster than you otherwise would.

15) United Explorer

The United Explorer card is one of three United-cobranded Chase personal credit cards. Naturally, they reward traveling with United Airlines.

The United Explorer card carries an annual fee of $95 after an initial free first year. Use of the card will earn you 2 miles per $1 spent on purchases from United and on restaurants and hotel stays, and 1 mile per $1 spent on everything else. You’ll also get:

  • $100 Global Entry or TSA PreCheck fee credit
  • 25% back on United inflight purchases
  • Check your first bag for free
  • Priority boarding privileges
  • Two one-time United Club passes each year on your card anniversary

16) United TravelBank

The United TravelBank card carries no annual fee and will see you earning cash back instead of United miles. You’ll earn 2% cash back on all United purchases and 1.5% back on all other purchases.

Other United TravelBank benefits include 25% back on United inflight purchases, no foreign transaction fees, and entry into Chase’s Inside Access program through which you can get all manners of luxury perks and VIP experiences.

17) United MileagePlus Club

The United MileagePlus Club card is the luxury card of the Chase United personal credit card triumvirate. Accordingly, the annual fee is a steep $450 per year.

This card gives you all the goodies:

  • 50,000-mile sign-up bonus after you spend $3K in the first three months
  • Earn 2 miles per dollar on United spending and 1.5 miles per dollar on all other spending
  • United Club membership (a $550 value)
  • Two free checked bags per United flight
  • Priority check-in and baggage handling
  • World of Hyatt Discoverist status
  • Hertz Gold Plus Rewards President’s Circle membership
  • No foreign transaction fees

18) British Airways Visa Signature

The British Airways Visa Signature card uses Avios reward points (Avios being a currency shared by several other airlines).

You’ll earn 4 Avios points for every $1 spent on your first $30,000 in purchases within your first year. You’ll also earn 3 Avios per $1 spent on British Airways, Iberia and Aer Lingus purchases and 1 Avios per dollar spent on everything else. What’s more, if you make $30,000 in purchases on your card in a calendar year, you’ll earn a Travel Together Ticket, good for two years.

The British Airways Visa Signature card carries a $95 annual fee but has no foreign transaction fee.

19) Aer Lingus Visa Signature

For an annual fee of $95, the Aer Lingus Visa Signature card has the same Avios-earning structure as the British Airways Visa Signature card.

The card carries no foreign transaction fee, gives you priority boarding on Aer Lingus flights (the one real difference with the BA card, which gives you priority on BA flights), and a free economy ticket good for 12 months after you spend $30K in a calendar year. It’s largely the same card as the British Airways Visa Signature card (except for the branding).

20) Iberia Visa Signature

The Iberia Visa Signature card is essentially the same credit card as the previous two airline-cobranded travel cards.

The card currently has an impressive bonus offer of 100,000 Avios:

  • Earn 50,000 Avios after you spend $3,000 on purchases in the first 3 months
  • Earn an additional 25,000 Avios after you spend $10,000 on purchases in the first year
  • Earn a further 25,000 Avios after you spend $20,000 total on purchases in the first year

21) Marriott Rewards Premier Plus

The Marriott Rewards Premier Plus card is Chase’s personal version of their similarly-named Marriott business card.

Some key features:

  • $95 annual fee
  • 75,000 bonus points if you spend $3,000 in the first 3 months
  • Earn 6 points per dollar at Marriott Rewards and SPG hotels
  • Earn 2 points per dollar on all other purchases
  • Annual free night stay in a hotel up to 35,000 points

22) The World Of Hyatt

The awkwardly-named The World Of Hyatt card is a hotel travel rewards card, largely similar to the Marriott Rewards Premier Plus. There’s a bonus offer of up to 50,000 points, with free nights starting at 5,000 points. The best perk: you’ll get a free night certificate each anniversary year, good for a Category 1-4 Hyatt room.

The card carries a $95 annual fee and no foreign transaction fees.

23) Disney Premier Visa

For an annual fee of $49, the Disney Premier Visa is a card for all you Disney superfans out there. Your rewards come in the form of Disney Reward dollars.

You’ll earn 2% at gas stations, grocery stores, restaurants, and most Disney locations, and 1% on all other purchases. Your Disney Reward dollars can be redeemed toward Disney theme park visits, Disney cruises, Disney/Star Wars movies, and shopping at the Disney store. Plenty of other Disney-related perks come with the card as well.

24) Disney Visa

The Disney Visa is the down-market version of the Disney Premier Visa. There’s no annual fee, but you’ll only earn 1% Disney Reward dollars back with your purchases — a pretty meager rewards rate.

Most of the perks of the Disney Premier Visa apply to the Disney Visa.

25) IHG Rewards Club Premier

The IHG Rewards Club Premier card is a card for people who frequent IHG hotels. For an $89 annual fee, you’ll earn a whopping 10 points per dollar spent at IHG hotels. That’s a pretty impressive earning rate. However, you can’t do much with your points besides redeem them for IHG hotel stays.

26) Starbucks Rewards Visa

Finally, a credit card for you Starbucks-heads out there. Starbucks rewards come in the form of Stars, the value of which can vary based on what Starbucks item you redeem them for, though it generally comes out to about 4 cents apiece.

As a bonus offer, you’ll get 2,500 Stars after you spend $500 on purchases in the first 3 months. You’ll also get a Star for every dollar you put onto your Starbucks card using your Starbucks Reward Visa and 2 Stars for every dollar you spend using your Starbucks card, meaning you can earn 3 Stars for every dollar you spend at Starbucks assuming you literally play your cards right.

For all other purchases on your Starbucks Visa, you’ll earn a Star for every 4 dollars you spend.

27) Amazon Rewards Visa Signature

The Amazon Rewards Visa Signature card is a nice cash back card. You’ll get a $50 Amazon gift card upon being approved, and you’ll earn 3% cash back on Amazon and Whole Foods purchases, 2% cash back at gas stations, restaurants, and drugstores, and 1% cash back on all other purchases.

There’s no annual fee and no foreign transaction fee.

28) AARP Credit Card from Chase

The AARP Credit Card from Chase is a decent, if boring, cash back credit card. You don’t even need to be an AARP member to get one.

Earn 3% cash back on restaurants and gas station purchases and 1% everywhere else. For a card with no annual fee, the 3% cash back you’ll get in the aforementioned categories is pretty generous.

Final Thoughts

There you have it — a summary of every credit card Chase currently has to offer. All 28 of them!

One last thought: be wary of Chase’s 5/24 rule. It’s not an explicit policy, but more of an unwritten rule and therefore precise details are hard to come by, but generally, if you have opened 5 or more credit cards (any credit cards, not just Chase cards) over the previous 24 months, Chase will not issue you the card you’re applying for.

Now, there are a number of Chase cards that are exempt from this rule, but this group of cards has been shrinking rapidly and changes frequently, so I can’t give you a definitive list of Chase cards exempt from the 5/24 rule. Just be aware that you can’t take out an unlimited number of Chase cards to game the rewards system, nor is it recommended. Instead, you’ll have to be more strategic if you’re a rewards-hunter.

For more credit card-related information, check out the links below.

  • The Best Free Credit Score Sites
  • A Guide To Using Personal Credit Cards For Business Expenses
  • Fast Approval Business Credit Cards For Small Business Owners

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