14 Dec
Credit Card Services and Business Loans for the Small Business
Posted in Business by video 18 CommentsQuestion about business
Opening a business and wondering what types of expenses I can write off?I am opening an online business for website design. (set up as a LLC, I'm the sole owner) Should I start keeping receipts of all business related expenses? Or would my business qualify as a hobby if I don't make a certain amount of money in the year that I'm filing.
What types of things can I write off onto my business? (dinners, gasoline, etc.) Do I need a seperate business credit card/bank account for the expenses?
Do I have to accept payments towards the business's services through a corporate account, or can they make the check/payment directly to me?
To achieve financial independence, experts encourage even currently employed individuals to consider entrepreneurship. Setting up your own business, no matter how small, is touted as one of the best ways toward building the foundation for wealth. Those who are concerned about having a safety net need not take the plunge recklessly. One can start setting up a small business even while employed.
Of crucial use to small businesses are credit card services and small business loans. The entrepreneur needs to know how to avail of these tools and how to effectively wield them for maximum business growth.
Credit Card Services
A small business would do well to get reputable credit card services in order to prosper in the current business climate. Availing of credit card services will enable it to accept both credit card and debit card payments. This is true either for brick-and-mortar businesses or internet based online businesses. After all, most consumers nowadays routinely use credit cards or debit cards for payment purposes. It only makes good business sense to be well-equipped for the needs of credit card users and debit card users as well as for the needs of customers who pay in cash.
Merchant services provide credit card services covering a wide range of solutions for the processing of credit cards and debit cards as payment options. These credit card services include traditional terminal equipment at point of sale, where credit cards or debit cards are swiped. It also includes software and high speed IP solutions for both traditional commerce and e-commerce. Credit card and debit card payments can, therefore, be accepted in person or through the internet, by phone or by fax.
Small Business Loans
Any business – whether a small start-up business, a medium-scaled one or a big business company – will be needing an infusion of additional capital sooner or later. Additional capital is always needed for expansion, additional inventory, additional manpower, new systems, new equipment or a new physical layout.
Capital is not always easy to come by, though. The original investors’ personal coffers may have been emptied by the earlier outlays. Prospective investors may not be keen on shelling out funds in times of crisis. Businesses, therefore, have no choice but to seek business loans.
Getting business loans is a difficult process. Even small business loans are not readily approved. Be prepared to present a lot of documentation and paperwork. For small business loans, the proprietor’s personal credit history is taken into account and related references need to be submitted. Of course, the company’s financial statements are just as important in proving the feasibility of the business and its capacity to repay its business loans. Having a detailed business plan will show your business strategies and projections, demonstrating your business acumen.
Unfortunately, even with all the requirements completed, applications for business loans – including small business loans – are, more often than not, disapproved.
Solutions
Some merchant services provide a comprehensive solution for the needs of small businesses in relation to credit card services and small business loans. The set up is elegantly simple. A small business need only avail of the company’s credit card services to be eligible for merchant cash advances. These cash advances are actually small business loans, except that there is no need to go through the complicated application process for business loans. Repayment is made very easy and worry-free, too. A certain small percentage is built into the credit card processing rates to take care of the advances. This way, repayment is actually done automatically in a very affordable manner and according to income flow.
Small business owners would, indeed, be wise to look into these timely business solutions.
About Author
Advanced Merchant Services
Contact Name: Roger Inman
P.O. Box 1475 Safety Harbor, FL 34691
Bus: 7276423606
Bus Fax: 8774136067
E-mail: rinman3@tampabay.rr.com
Website: www.bankcardprocess.com
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Stew McGravy
on December 14 2009
Wells Fargo, B of A or USAA
guzen
on December 14 2009
*Awesome
nacao
on December 14 2009
Man thats awsome!!!! Wow! How did you do this?! It looks like a photograph!!!
psychic
on December 14 2009
wow dude that’s awesome! i love it
boxbeatle
on December 14 2009
A lot of these consumer credit counseling companies claim to be non profit, leading consumers to believe that there is no charge for their service. This is not the case. They do charge you for their service. The first thing I'd do is find out how much. You can actually do the same thing for yourself ( negotiate with your creditors ). The other thing you should know is that under settlement programs the creditors have the right to report the write off amount as income to you on a form 1099. This will mean that you will be responsible for paying taxes on that amount of debt which is forgiven. Very rarely will they reveal that to the prospective client. I think you should consult a bankruptcy attorney before committing to any course of action, so that you have all the facts. People make mistakes. That is what bankruptcy is for. You shouldn't be ashamed to take advantage of it if you must.
jpro
on December 15 2009
Amazingg!
progress
on December 15 2009
No need to have multiple checking accounts. Just use Quickbooks or something similar and that will track everything for you. At the end of the year when you're filing your taxes you will have a nice, clean statement of income, expenses, and net profit (or if you want to run the report every week, month, etc. you can do that). Not sure why you're letting customers know how much you profit, but I wouldn't do that.
pdooma
on December 15 2009
I gotta say that I've had no problem using my credit card, still getting lots of offers to open up new ones, getting offers to loan my business money and all. If the slow down in credit exists it hasn't affected the offers I'm getting.
I also still see ads for sub prime mortgages on line! That's been really dismaying. One of the few things that seems to be correcting is the prices of the houses in my neighborhood, they are coming back down from the inflated rates. But that means people are loosing money when selling.
I also heard a great deal about investors buying up some of this "bad paper" for a percentage of it's worth. That's been letting the big companies clear out some of the bad stuff from the books. The investors plan to simply hold the stuff now that the price is right and will eventually make money on it.
Given all that, I'm not sure that the whole 700 billion was really necessary. I wish I could find the darn study on the values on these failed mortgages that someone told me about. There's some dispute on the amounts, even if you value the houses at $0
EDIT: ok, so I was reading something a little later today. It turns out that the credit market that had been effected so far was the one where banks loan eachother money. That apparently is the top of the food chain in the financial loan market.
and Dad, ditch the attitude, I live in a nice old home and drive my car for ten years before replacing it. I carry way less debt than the national average cause I pay off the card. Don't pretend to be the only one who gets fiscal responsibility
GREAT_AMERICAN
on December 15 2009
First of all you shoud be called a great BIG conservative. To be an American you should have respect for the Constitution and what it stands for. The current admin does not even recognize to Constitution. Mr. Bush considers it "A god damn piece of paper" Cheney cannot even remember that the military oath is to defend the Constitution. (His memory failed during a prepared speech to West Point graduates)
At the end of your dissertation you requote Mr Bush as stating he he stands firm for non-negotiable demands of human dignity.
So far during his watch:
Rescue workers at ground zero were lied to regarding their health.
Habeus Corpis was revoked after 200 years
Torture was instituted (including children)
Americans have had their phone conversations eaves dropped upon.
The public has been lied to regarding war.
Thousand of American soldiers have died
Hundred of thousands of Iraqi citizens have been murdered.
The deficit is at 3 Trillion dollars and the American dollar may collapse because of the debt.
Gas prices have risen dramatically and that is not due to the price of oil. The refineries are not working at capacitiy and the oil companies ( this admin. is a part of) have raked in record profits.
The middle class has eroded. Americans are now putting living expenses on their credit card.
The government has not been held accoutable to the people.
Women are certainly not respected when the ban on late-term abortions did not include emergencies concerning the life of the mother.
Religion is only tolerated if you believe in the approved God.
Property Rights are not respected when you consider "eminant domain"
Freedom of speech is only "free" when you agree with the policies of the admin. (or if your FOX noise)
There is NO equal justice since this current regime has taken power and eroded our civil rights. The same rights that we are supposedly defending with the war on terror.
The USA has not signed the Kyoto accords.
The USA has NEVER signed any UN resolutions regarding human rights.
The USA does not belong to the International Court so none of our leaders can be tried for human rights violations or crimes against humanity.
Stop listening to the propaganda and do some independent research before you regurgitate the "official line".
This president may think he has principles but he certainly does not abide by them. The sheep that are following are fellow Republicans (congress) and certainly NOT liberals!!!
So whose idea of "right" are you speaking of?
earthlink
on December 15 2009
If you want a Lockerz invite. PM me your Email.
And I Promise I will send you a lockerz invite.
urbantool
on December 15 2009
holy fuck mannn
looks like johnny gettin high playin some pano
Johnny J
on December 15 2009
Johnny..your best bet is to contact a good local bankruptcy attorney in your area to find out what you qualify for. Most will see you free the first time. They will want to see the last 6 months pay stubs, if in business..proof of a P&L statement should do, assets if any, list of all your debts, and last 4 years of taxes. You can view http://www.usbankruptcy.gov to find out more information about a bankruptcy filing. Depending on what you qualify for a Chapter 13 is for people that can re pay the debts and make too much money to qualify for the Chapter 7. The Chapter 7 is based on median income and requires a mandatory credit counseling course before and after the 341 Creditors Meeting. But, once again, a bk attorney can tell you what you qualify for. A fresh start would be a chapter 7….total discharge of debt and chapter 13 payment plan runs from 3 to 5 years, depending on income. What you qualify for depends on how much you owe and what you want to keep within the bk…vehicles, homes, both can be included in each filing, but…need to be current on the loan in a chapter 7 filing, and chapter 13 would run the pays thru the plan. Consult with the attorney and see how they can help you! Bankruptcy filing stay on your credit report for 10 years, debts for 7 years….Good Luck!!!!
truth
on December 16 2009
GREAT_AMERICAN
on December 16 2009
Great post! Libs quake at the thought of people who do things the right way.
Didi Porto
on December 16 2009
For starters…it's way too long!!!!!
Definitely change your objective….especially the part where it says "to grow with a company." It sounds kind of like something a teenager would say in their resume (please don't take offense, you asked for help).
Say something like……. "Seeking a position where I can apply my experience and knowledge toward the growth and success of the company."
Or
"Looking to use my experience and knowledge to help in the growth and success of the company."
Of course, those are generic, but something along those lines sounds much more professional than what you have listed above.
Also, I think a big downfall on your resume will be the number of jobs you have listed and the fact that you only stay with companies for a year or less (I think there was one company on there with two years)
This does not look good at all. A hiring manager will look at that right away and know something is not right. They will also avoid hiring you for fear that you may only stay with their company for less than a year. And, in reality, it's a huge waste of time and money for companies to train you, pay you, and possibly have you leave soon after.
If I were you, I would only list your three most recent jobs. If you get an interview, you can always mention your oldest jobs then….but only if they ask!
And, remember, a resume should be kept to one page!!! One page and half of another one is still ok, but remember….the shorter the better.
Work on some things and post this resume again. We'll let you know how it looks. But from someone who hires people on a daily basis, I would really redo this resume before turning it in…..Honestly, I would not even give you an interview if you turned this in to my company.
Hope this helps!
Big Brodie
on December 17 2009
I would make a correction to your thought train here. You ignore the role of contracts, lawsuits and the courts. Courts are government entities and can hold corporations responsible for damages done. Both for employee contract violations and for actual damages done like pollution.
And why would corporations be immune from fraud charges? Free Market doesn't mean that the corps can commit crimes at their whim and get away scot free.
As for outsourcing of labor or importing of cheap labor, we have that now in our very heavily regulated environment, as well as illegal immigration. Can the free market do any worse?
Truth be known, I think it is appropriate for business to outsource. Why pay some guy who never graduated high school $25 per hour + benefits to stamp out some part on an assembly line, when some Chinese guy will do it for $2 per hour with no benefits? It is up to us Americans to make sure we bring a higher value and thus earn those higher wages.
Free Market has nothing to do with deciding immigration policy. In a pure free market, gov't and business are separate, thus no interference by business to coax gov't to allow illegal immigration.
As for debt, with no hope of government bailouts nor pressure from the gov't to lend to deadbeats, one would hope that creditors would extend credit to only those who are credit worthy. Those that make risky loans would either build large reserves to hedge that, or eventually pay the price by going under.
rails
on December 17 2009
OMG it looks incredibly realistic and gorgeous! And beautiful music, by the way
corpo
on December 17 2009
לא יאומן!!