Comments on: Business Credit: Why Small Business Owners Need Business Credit

By: pink3dout

pink3dout — Sun, 21 Feb 2010 17:37:22 +0000

Most credit cards will require a principal of the company to submit personal information – even if you are a corporation in many cases.

If you are a sole proprietorship, you and your business are a single entity, and therefore, jointly responsible regardless of any DBAs. If you are a corporation however, there are credit cards that will use the federal tax ID number only when reviewing credit history. I have both a Chase and BofA business card accounts with required no personal information – but these were invitations by banks with whom we had a relationship with.

By: earthlink

earthlink — Sun, 21 Feb 2010 01:30:50 +0000

Palestinian beauty!!!

By: George L

George L — Sat, 20 Feb 2010 21:49:21 +0000

It NEVER hurts to be listed with Dunn & Bradstreet.

By: eveyinorbit

eveyinorbit — Sat, 20 Feb 2010 21:24:55 +0000

There are some others out there. Guidelines are constantly changing (especially this year) however in the past Home Depot, Office Max, Kinkos, Lowes were some. Some of these companies rely more heavily on your business credit scores….so your going to have to get that in real good order and find ways to get it as high as possible. Also, one of your challenges is going to be time in business, even though you have been in business for 2 years you were using a different tax id # as a sole prop and now being incorporated your business credit file which is tied to your tax ID # is only 4 months old. This will difinetely cause challenges depending on the company you are applying with and their guidelines.

By: jbrowning001

jbrowning001 — Sat, 20 Feb 2010 19:36:23 +0000

When it comes to credit card processing there are 2 way to go about this. The first is through pay-pal or a like company.These are what we call in the industry 3rd party payment processors. These types of companies are good only if you are a small company, usually from home and if you are doing under a $1000.00 a month. The pros to this can of account is that it is an easy setup and simple to use. The cons are that it is web based, you as the business owner have no real protection against chargebacks(when a customer dispute a charge) pay-pal is always going to be on the customers side and not yours. Also it takes 4-5 days to receive your money. The 2nd options is opening a merchant account. This is meant for business owners that are doing over $1000 a month. These types of account is for retail locations, over the phone orders and ecommerce. This system is very fast, run a card and within seconds the customer is either approved or decline and then on to the next one. The pros are that you are protected against chargebacks, you receive your money in1-2 days and you have complete control over you account. The cons are it may cost a little more upfront for equipment but most companies can offer inexpensive equipment or possible free. As far as credit score go, merchant services companies are just like any other finance company. Some have very strict policies and some not so strict. Working in the merchant services industry myself I know certain companies that won't touch anything under a 650. On the other hand I know of companies that have a min required score of 500. The nice thing about this is that unlike a finance company which will charge you more because of poor credit, merchant services companies do not. It is either you are approved or not, but you still receive the same price(% rate) regardless of credit score. The last thing is, it also depends on what type of business you have (restaurant, gas station, hair salon, etc) certain companies have an automatic approval policy based simple on the business type. Which means if you business type falls into certain "preferred business type" you will be automatically approved regardless of credit. In the industry we know certain types of companies work better and have less issues than other. To give you an example, if you are a restaurant and go into a bank and try to get a loan, 9-10 banks won't even look at you. However in the merchant services industry if you want an account you will be approved 99.9 out of a 100 times. A merchant services account is just an open line of credit, just like a loan. If i had a little more info I would be able to give you exact details. Hope that this helped. If you need any more info don't hesitate to ask.

By: business4jroberts

business4jroberts — Sat, 20 Feb 2010 18:02:59 +0000

First of all you need to, if you haven't yet, draft a business plan to show a lender what you plan on doing to generate money. A lender will look at your plan and decide what the risk is. Unfortunately your credit is a problem, but some lenders will take the risk if you have been in business for at least 24 months. You may to take a higher interest loan or use collateral to secure the loan as well.

By: jpro

jpro — Sat, 20 Feb 2010 15:03:32 +0000

Hey Rania.

You make some good points
.
Maybe certain real issues should be brought to the forefront. Multinational corporatism should not override national sovereignty. This is the number one issue on the global stage and you know it.

Secondly, the people are aware of the lies and spin being pushed by the same powers trying to maintain control. It’s having a negative effect and it isn’t going to last much longer.

Now as for the educational system, you already know.

watch?v=CWGsj5NgZ5Y

By: sprint_nextel40

sprint_nextel40 — Sat, 20 Feb 2010 13:37:20 +0000

No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.

Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.

SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.

By: truth

truth — Sat, 20 Feb 2010 11:01:52 +0000

haha he said ma’am instead of your majesty

But I love Queen Rania, she is not only beautiful but smart, and caring

By: urbantool

urbantool — Fri, 19 Feb 2010 20:02:54 +0000

For the world to progress into a better world, if EDUCATION is the key, then BUREAUCRACY is the stopper.

With the average global IQ going DOWN, and critical information being ridiculed into entertainment, will people ever understand?

With the dumbing down of MEDIA ENTERTAINED nations, education may just be the only way to stimulate brains to learn to think again. And maybe turn the average IQ back up again?

But will the ever growing bureaucratic OVERHEAD allow this to happen?