Today, individuals and business owners can receive credit decisions in moments with an instant online credit card application. Once opened, online credit accounts can be easily maintained and managed. These services can be especially helpful for cash strapped business owners.
The credit card chaser can help you select a credit card that makes the most “cents” for you or your business!
In the digital age, most financial accounts may be accessed on line. Consumers and business owners alike can log into and manage bank accounts and investments. They can order merchandise, pay bills, and move funds from one account to another.
Are businesses more likely to benefit from online credit card services?
Yes! Any business can benefit from using a business credit card for necessary purchases and business expenses.
Business credit cards have increased in popularity in recent years owing to many factors. A weak economy and the general tightening of U.S. credit markets have prompted business owners to look for more flexible solutions for their short-term credit needs.
If used wisely, company credit cards can provide the means to purchase necessary materials and supplies as well as extend a credit cushion to businesses that need to cover their expenses, while in turn waiting for their clients’ receivables.
What are some other advantages of business credit cards?
Business credit cards simplify record keeping and accounting. A business card can be used for all necessary business expenses, allowing a company to easily track and receipt each expense. Credit cards also eliminate the need to maintain individual paper receipts for purchases.
Monthly, quarterly, and annual statements itemize each business expense, providing the business owner with a permanent record of the year’s expenditures. With credit cards, cash receipts are outdated, as employees are encouraged to use the company card for all eligible expenses.
Credit card companies satisfy IRS tax regulations by maintaining permanent and accurate records of a cardholder’s expenses. Most companies even separate charges into acceptable tax categories, making year-end filing all the easier.
Don’t credit cards offer other protections and guarantees?
Yes! Unwarranted or fraudulent charges can be cancelled. Charges for shoddy workmanship or defective goods or services can be called back and questioned. Lost or stolen cards can be replaced without liability for charges made.
In general, the credit card issuer is a powerful advocate for a business credit cardholder. It’s in the interest of both parties that credit transactions run smoothly and that problems are dealt with swiftly and efficiently.
Does my business receive the same perks as an individual cardholder?
Yes! Premiums in the form of cash back, discounts, and bonus points are certainly available to business credit card holders. For example, American Express offers a traveler’s reward package that includes travel insurance and luggage and rental car protection.
Discover continues to offer a cash percentage back for every dollar a participating business spends using their card, while Visa and MasterCard feature promotions offering introductory zero percent interest rates to business clients who transfer balances from other accounts.
With all this charging, aren’t many American businesses overextended?
Yes! American businesses have felt the credit crunch as the United States continues to work its way out of the mid-decade recession. Many businesses have been forced to close their doors. Many others have had to trim expenses, laying off employees and further extending their credit.
Business loans are non-existent and only the most solid companies are able to secure long-term financing. Most lending institutions, including the U.S. Small Business Administration or SBA, will not grant business loans unless individual stockholders pledge assets and sign personal guarantees.
What is the SBA?
The Small Business Act of 1953 established an agency with the express purpose of aiding, counseling, assisting and protecting the interests of small businesses. A primary function of the SBA has been to guarantee loans and provide grant monies for new and existing businesses. It does this through local banks and public service organizations.
What other services does the SBA offer?
The SBA can provide assistance in starting and managing a business. It also provides services for contractors who work independently or wish to connect with other government agencies offering contracting work. Divisions of the SBA provide business counseling and training on an on-going basis.
In short, the Small Business Administration helps businesses find resources locally, putting them in touch with the programs and services necessary to achieve their professional goals. All of these services are available at no cost to the business owner.
Where else can I get help for my business?
A good source of information for older adults is the AARP. This not-for-profit agency helps older Americans deal with a variety of issues. This worthwhile organization is also an invaluable networking tool for individual consumers and business owners alike.
Another organization that offers business services in most communities is SCORE. SCORE is non-profit organization providing mentoring and other business services through its nationwide network of 364 chapters and thousands of volunteers.
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