Life is different for small business owners; and credit card companies are beginning to notice with products and services that cater directly to this audience. Small business credit cards are designed to serve companies with a few hundred employees or less.
They can help in a variety of ways, such as allowing you to purchase the items you need right away without having the necessary cash available. This article discusses some of the aspects you should look for when choosing the right small business credit card company for you and your unique business.
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Former president Calvin Coolidge once said, “The chief business of the American people is business.” It could also be said that small businesses are the foundation of this country. As such, it is important that they get the tools they need to succeed and a convenient, simple credit card system, which allows for equal competition should be at the top of the list.
Statistics about Small Businesses
According to the U.S. Census Bureau, a small business is defined as a company, which has fewer than 500 employees. There are more than three million businesses in America with less than 10 employees. A majority of these are mom-and-pop establishments operating out of the owner’s home or garage while they also hold down traditional jobs to make ends meet. Although small, as a whole these businesses generate billions of dollars in sales annually.
Data can sometimes be difficult to come by because there are so many small businesses that are not fully established but still generating sales. In addition, a number of businesses are part of a franchise arrangement, but the owners operate as sole proprietors and these are not officially classified as small businesses on some charts. As a result, the numbers for all small businesses are likely quite a bit higher.
More than 50% of all employed individuals in the United States work at small businesses. In addition, a large amount of new jobs are created by small businesses and based on survey information gathered by the Small Business Association, many of these firms are started by women. Most of the sizeable companies, which are now household names like Microsoft and Lacrosse athletic, began as a small business with a big dream.
Advantages of Small Business Credit Cards
In today’s fast-paced society, it is almost impossible for a business to operate without a credit card, even more so for a small business. Business is typically a cash in-cash out type of arrangement but sometimes the dates for what comes in and what goes out, don’t match up and you find yourself in need of something immediately before you have received your money from customers. Credit cards can provide the breathing room you require to stay in business from month to month.
As a small business, in order to be successful it is important to establish good standing with both your customers and your vendors and credit cards can be very beneficial as you work to achieve this goal. When your suppliers know that they will be paid in a timely manner when they work with you, it becomes easier to build a solid business reputation, which can lead to a trustworthy prominence in the community and gain your business more clients in the long run. It all starts with being able to pay your bills on time and a small business credit card is essential for this.
Most small business owners will tell you that paperwork can often feel like a monster that is attacking their productivity and organization. With a small business credit card, some of this work will be done for you when you receive your monthly credit card bill. You can then better see who has been paid, who still needs to be paid, and who has not yet paid you.
A small business credit card can also be valuable if you have people working for you. It makes it easier for employees to make important decisions on the road, and on the fly, without having to constantly return to the office for cash.
Where to Seek Credit Cards for Small Businesses
Recognizing the importance of small businesses to the U.S. economy, most banks both local and national offer special credit cards to their small business customers. You can also look at the major credit card companies, which also have unique programs that are dedicated to solve the needs of small businesses. To find the right card for you, look at aspects such as interest rates and payment schedules.
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