Blog posts tagged with "Business Credit Cards"

Operating on a cash-only basis can be risky when setting up your own business. If you have a business checking account, a debit card offers a convenient and simpler way to pay for everyday purchases while reducing the amount of cash you need to keep on hand. However, debit cards have their limitations, and you may find that a different solution is more appropriate. When deciding whether a debit card is the best option for your business, first consider some of the pros and cons.

There are numerous ways that you can pay for your business’s expenses. For example, since the Great Recession of 2007-2008, an increasing number of businesses have shifted from using credit cards to using debit cards. In fact, despite GDP growth rates hovering around 2 percent in recent years, debit card usage has been increasing by roughly 7.1 percent annually.

One of the biggest mistakes new business owners make is not taking time to create or understand their company’s financial statements. For instance, a balance sheet is one of the most valuable financial statements, as you can use to monitor your business’s financial health. Balance sheets are used internally to guide management decisions and externally to report your business’s financial status to lenders, investors, and other stakeholders.

Perhaps you’re looking for a way to build your business’s credit history, or you need more disposable income to purchase inventory. Whatever the reason, it can be extremely beneficial to have a business credit card. Unfortunately, some entrepreneurs get overwhelmed when applying for a credit card, or worry about getting declined. Luckily, applying for a business credit card doesn’t have to be a stressful process. In this post, we’ll review four tips that’ll help you get approved for a credit card as quickly and easily as possible.

Small businesses play a vital role in the economy. In fact, according to the Small Business Administration, small businesses account for 99.7 percent of all businesses in America. After the latest recession in 2008, they accounted for 67 percent of new jobs.

If you need additional business financing but don’t have a good credit score, a business loan might be out of reach. Don’t worry if you’ve been denied, though; you still have funding options. For example, you could qualify for merchant cash advances or credit cards, which are also viable financing options. With these financing products, you can meet your capital needs without a stellar credit score.

Credit cards are a valuable way for you to manage your business finances. From establishing a solid credit history to receiving perks or rewards, a credit card can provide many benefits for your business, whether you run a one-man shop or a large, established business.

Chase Bank, a subsidiary of JP Morgan Chase, offers many business credit card options. JP Morgan Chase is America’s largest bank, with assets totaling $2.53 trillion, and is a preferred credit card provider for many small businesses. Their highly reputable credit cards come with rewards and bonuses, and feature reasonable interest rates.

For people who don’t own a small business, it may be surprising to learn that 55 percent of America’s small businesses still don’t accept credit cards. However, if you own a business that processes credit card payments, this finding probably sounds quite reasonable. That’s because the financial burden of processing transactions is immense if you aren’t careful about how you handle the payment process.

Whether you’re an entrepreneur or an ordinary consumer, your credit score is likely one of the most important numbers in your life. Your credit score determines your ability to access credit, the interest rates you’ll pay, and the loan terms you’ll be able to qualify for.