Credit Repair Service

A credit repair service offers to help you clean up your bad credit report so that your credit rating will improve and you can qualify for a less expensive loan. Credit repair services make great promises which aren't always fulfilled. You can improve your credit worthiness, a common term that means your 3 digit numerical rating from the credit bureaus can improve but it will take diligent effort on your part. It's important for you to recognize which credit repair service is legitimate and which is better described as a credit repair service scam. If you recognize the warning signs of illegitimate credit repair services, you can avoid further financial hardship. For instance, never pay in advance for a promised service. Do not trust companies that avoid explaining your legal rights and what you can do for free. Don't be fooled by credit repair services that want to "sell" you a new identity. Finally, don't follow any credit repair service advice that is illegal, untrue, or fraudulent---you can be prosecuted.

The fact is that all negative credit information is locked in by each of the three national credit reporting companies (Equifax, Experian, and TransUnion), and will stay locked unless you have an honest reason to dispute inaccurate or incomplete information. You are welcome to a free credit report once a year or anytime within 60 days of someone denying you credit. Any mistakes or outdated items can be disputed for free by proving (with written documentation) exactly what the consumer reporting company should change and why. Plus, you'll need to contact your creditor who made the inaccurate report so that a correction can be submitted. If you handle credit repair yourself, all documentation and follow-up will be your responsibility, but a credit repair service can help by: pulling credit reports, reviewing for errors, writing and sending dispute letters, documenting disputes, and keeping track of the whole process.

You can do all of this yourself for free, but you may not want to. A credit repair service cannot erase accurate negative credit information about you. They can't make false claims about credit repair services. For your protection, all credit repair services must give you a copy of the "Consumer Credit File Rights" before you sign a contract. The credit repair service contract must specifically outline all credit repair services like the total payments, detailed description of services, how long it takes to get results, any guarantees claimed, and all of their contact information. Even so, credit repair services cannot help you for three days after the contract has been signed so that you have ample time to change your mind. Credit repair services are not necessarily reputable credit counselors. If you are burdened by bad credit, there are non-profit credit counseling organizations who can help teach you how to manage your finances using all the free information available to you.

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Bad Credit Cell Phone Service

We all need cell phone service. In the world that we live in today, a cell phone is very important. There are two types of cell phone service, contract (post paid) service and prepaid service. First there is contract service, you are able to make calls and then pay for them when the bill is due, and so you are being "loaned" or "credited" the service. You pay after (post) you have already used the service. Secondly is pre paid service. Here you pay before (pre) you use the service so the provider isn't "loaning" you the airtime. The two services have their benefits for different situations and people. If you are an individual who is always busy at work and needs to make calls even when you are out of your providers' coverage area, so you need roaming capability, from time to time then you need a service that allows you to make a call in any instance. You will certainly need contract (post paid) cell service. It is important to know that not everyone can qualify for post paid service with all providers. Those with bad credit scores do not qualify for this service at most cellular service providers. But there is at least one bad credit cell phone service provider out there that will let you choose the type of service you want, no one is turned down, and they have nationwide coverage.

The importance of bad credit cell phone service

Most people are not able to get contract cell phone service because they have a bad credit score. This is certainly a big problem because you may have a bad credit score but still be able to deal with the cell phone bill. Bad credit cell phone service providers understand why you need contract service hence they want to offer you that. We all know that very few companies offer credit to people with bad credit scores but certainly there are companies that understand that it is not easy having a bad credit score. These are the providers who have their client's best interests at heart and are ready to offer them the best cell service.

How do you benefit from the bad credit cell phone service?

This service allows you to get the best of communication services even if you have a bad credit score. One thing that these companies understand is that just because you have a bad credit score, it does not mean that you are not able to deal with your bills. You will have to look at your budget and know how to limit the cost of your calls. It is important that you discipline yourself when it comes to the use of contract cell phone service if you don't have an unlimited plan. Try to only make important calls and if you are going to make luxury calls, just make sure you limit the amount of time you spend on these calls.

Contract cellular service has to be used wisely as you can just worsen your credit score if you get behind on your bill or if your bill comes in higher than you expect. Maybe you should consider pre paid service. Pre paid cell service isn't what it used to be. As a matter of fact not only can you now get monthly unlimited plans for half the price of unlimited contract plans, but the coverage areas with at least one provider is the largest nationwide 3G and 4G coverage area. And you should see the phones, you can even get smart phones now with bad credit cell phone service providers.

Great Cell Service.biz is a premium cell phone service provider. They offer Post-Paid (contract) Plans as well as Pre-Paid Plans. And you should see the phones! If you would like information about getting premium cell phone service even if you have less than perfect credit go to http://GreatCellService.info and fill in the form for more information. Bad credit, no credit, perfect credit they have the plan for you. Please check out http://GreatCellService.biz today.

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Cenvat Credit Of Service Tax Paid On Outward Freight

Service Tax is an enigma. It has shown to the government that you can tax the largest sector of the economy without having a codified law. It has shown to the tax administrators that it is better to tax without a law as law reduces your discretion. The only sufferer is tax assessee- but in any case, law or no law, they are there to suffer.

The administration of Service Tax show ad-hocism at its zenith. In this ad hocism the method of collecting Service Tax on Goods Transport Operator is high point in enforcing uncertainty- I have heard uncertainty of law is the greatest cruelty. The service tax administrator has forgot this cliche.

Article 265 of the Constitution said that no tax shall be levied or collected save by authority of law. No person can argue that service tax is being collected without authority of law- after all there are various clauses of Finance Act of various years authorizing levy and collection of service tax. So what if these clauses are not clear-Article 265 didn't refer to clear law. So what if these clauses are not certain- Article 265 did not refer to certain law. Thus I am sure that administration of service tax is not at all violating any word of the Article 265 of the Constitution. And spirit of any law is or was never important to the tax administrators.

And then I found an article written by a learned tax administrator in this esteemed journal (GTA-Liability to pay Service Tax and Credit thereon, 2006 (2) STR J147]. The learned author argued that liability to pay service tax is not the only criterion to avail credit. I cannot agree more. But I differ from him on various counts. This paper is an attempt to examine the legal provision (howsoever uncertain they are) with respect to Cenvat Credit on service tax paid on outward freight service- that is freight on transportation of goods after clearance from factory gate, after the place of removal, after the Central Excise duty has been paid.

I agree with the learned author that liability to pay a tax and taking credit of that particular payment of tax are two different things. They are governed by different provisions of law. You may pay a tax but you will not get any credit- like taxes paid on high speed diesel. You may not pay the tax but you may get credit- we can still remember various form of deemed credit available to the assessees. Off course payment of tax may be a criterion to allow credit and in general it is a criterion.

Credit of service tax is availed under Cenvat Credit Rules, 2004. Thus we have to examine these Rules to ascertain whether credit of service tax paid on outward freight is available to the manufacturer or not. Rule 3(ix) of the Cenvat Credit Rules, 2004, reads as,

RULE 3. CENVAT credit.- (1) A manufacturer or producer of final products or a provider of taxable service shall be allowed to take credit (hereinafter referred to as the CENVAT credit) of -

(ix) the service tax leviable under section 66 of the Finance Act; paid on -

(ii) any input service received by the manufacturer of final product or by the provider of output services on or after the 10th day of September, 2004,

Thus a manufacture of final product shall be allowed to take credit of service tax paid on any "input service".

Input service has been defined as,

2(l). "input service" means any service, - 

(i) used by a provider of taxable service for providing an output service, or

(ii) used by the manufacturer, whether directly or indirectly, in or in relation to the manufacture of final products and clearance of final products from the place of removal,

and includes services used in relation to setting up, modernization, renovation or repairs of a factory, premises of provider of output service or an office relating to such factory or premises, advertisement or sales promotion, market research, storage upto the place of removal, procurement of inputs, activities relating to business, such as accounting, auditing, financing, recruitment and quality control, coaching and training, computer networking, credit rating, share registry, and security, inward transportation of inputs or capital goods and outward transportation upto the place of removal;

Thus input service means any service used by the manufacturer, whether directly or indirectly, in or in relation to the manufacture of final products and clearance of final products from the factory. Thereafter the term includes come. We will take the meaning of the term "includes" later.

The definition clearly says that input service means service used in or in relation to, directly or indirectly in clearance of product from the place or removal. Thus outward freight is clearly included in the definition of input service, as relates directly to the clearance of final products from the place of removal.

It may further be noted that when outward freight is included in the transaction value, there is no reason to deny service tax paid on outward freight, as outward freight is to be paid by the manufacture and he is paying Central Excise duty on a transaction value which includes freight and service tax on freight. I don't think any reasonable tax administrator will take a different view.

There may be situations when freight is being paid by the buyer of goods, but due to the fact that the assessee is manufacturer of goods he is required to pay the service tax as per Notification 35/2005 of the service tax. It may be noted that such payment of service tax is not due to the fact that the assessee is paying for the freight but it is simply due to the fact that the assessee is a manufacturer and hence falls in the said notification. Thus the payment of service tax in this case relates directly to the manufacture of goods and indirectly as the status of the assessee as manufacturer. In view of this the service tax paid on such service is covered in the definition of the input service and such amount can be availed as Cenvat Credit.

The ambit of this definition cannot be restricted by any term used after the term "includes". It is an inclusive definition. The word includes is a phrase of extension and not of restrictive definition. Include is used in interpretation clauses in order to enlarge the meaning of the words or the phrases used in the definition. In State v. Montello Salt [98 Pac. 549], the court held that it is a well known rule of interpretation that the word "includes" is used as a word of enlargement and ordinarily implies that something else has been given beyond the general language which precedes it. In Taj Mahal Hotel v. CIT [AIR 1969 A.P. 84], the court held that where the term include is used in interpretation clauses then the words or phrases occurring in the body of the statute must be construed as comprehending, not only such things as they signify according to their nature and import but also those things which the interpretation clause declares they shall include. The Supreme Court confirmed the view in case of CIT v. Taj Mahal Hotel [1971 (82) ITR 44 (SC)], and held that include conveys wider meaning. It gives wider meaning to the words or the phrases used in the statute. It is usually used in interpretation clause in order to enlarge the meaning of the words in the statute.

Now, let us read the definition once again. It says,

2 (l). "input service" means any service, -

....

(ii) used by the manufacturer, whether directly or indirectly, in or in relation to the manufacture of final products and clearance of final products from the place of removal,

and includes ....outward transportation upto the place of

removal;

The main part of the definition, Rule 2(l)(ii) says that the service should be used in relation to manufacture and in clearance of final product. For clearance of final product part, the definition is clear, but it is not clear with respect to outward transportation of the final products upto the place of removal. These particular things are being included in the definition of input service by using the term includes outward transportation upto the place of removal. Reading both the clauses together, the term input service means not only services used for clearance of final products from the place of removal but also includes services used in transporting final products upto the place of removal.

The other issue which may come up is the definition of input service with respect to transportation of inputs as such, transportation of inputs to job worker and return thereof, transportation of inputs or capital goods for repair, reconditioning etc. These services are very directly related to the manufacturing process and as such they are covered in the definition and so Cenvat Credit can be availed for service tax paid on availing these services.

This interpretation is also supported by the purposive interpretation of exemption beneficial piece of legislation. The purpose of Cenvat Credit rule is to give credit of Central Excise duty and Service tax paid to the manufacturer or output service provider so that the cascading effect of the taxes may be avoided. Thus the Cenvat Credit Rules should be interpreted in such a manner so as to give effect to the purpose of these Rules. An interpretation which defeats this very purpose of these rules are impermissioble in law. Hon'ble Supreme Court held in case of Oblum Electricals Industries v. CC [1997 (94) ELT 449 (SC)], wherein the Court held that,

"A perusal of Notification No. 116/88-Cus. shows that the object and purpose of the said notification is to encourage exports by granting exemption from customs duty on materials that are required to be imported for the purpose of manufacture of the resultant products or for replenishment of the material used in the manufacture of the resultant products, or both or for export as mandatory spares along with the resultant products..."

Purposive interpretation of beneficial piece of legislation has been settled by a catena of judgments. Five Member Bench of the Hon'ble Tribunal held the same view in case of Precast Engineering v. CCE [2000 (118) ELT 288].

When we apply this test to the definition of "input services", in the Cenvat Credit Rules we find that if credit of service tax paid by the manufacturer on outward of transportation of final product is not given, such tax will become a part of his cost and will leads to cascading effect of taxes. Thus the terms used in the definition should be given their natural meaning so as the purpose of the rules be achieved. A restrictive interpretation not only cut the natural meaning of the terms used, which is impermissible in law, but also results in defeating the very purpose of the rules.

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Jumio says use your webcam to swipe credit cards

Jumio, a secretive online-payments startup created by Jajah founder Daniel Mattes, is finally ready for its close-up. That’s a fitting metaphor, because Jumio is enabling online credit card payments made by scanning a card with a computer webcam.

Dubbed Netswipe, the technology allows online retailers to easily process a debit or credit card payment by having a user just hold up their card to their webcam. The video is encrypted and streamed to Jumio’s servers, which extract the card number and information and processes the payment.

If it sounds familiar, we’ve written recently about other recent mobile payment technologies that use a smartphone camera to capture credit card information, including AisleBuyer and Card.io. Mattes said Jumio, which is also going mobile soon, goes a step further by not just using optical character recognition to pull out the credit card number; instead it utilizes sophisticated computer vision to authenticate the card. For example, by analyzing the video stream, Jumio can confirm that it’s an actual card and not just a copy of a credit card. It can detect the raised lettering and can determine if it is plastic, or whether it appears to have metal inside.

This can combat fraud, a major problem for online payments. And it can also speed up the online check-out process, because it makes an online payment like a card-present, point-of-sale transaction. Users still need to enter in their credit card security code manually. But because the card information is entered through the camera and the code is typed with an onscreen keypad using a mouse or track pad, malicious key-loggers can’t detect the credit card information, said Mattes.

“There’s a huge gap between convenience and security on one side and online payments on the other side. Our solution will bridge that gap,” Mattes told me in a phone interview.

Mattes said the credit card information is not stored on Jumio’s servers. Merchants can easily implement a payment widget on their site. That allows online companies to avoid instances where consumers abandon their online shopping carts before paying. Mattes said during a six-week trial, merchants who used Netswipe reduced their churn rate on transactions from 52 percent to 21 percent. The company said in a white paper that it reduced fraud costs by 36 percent during the trial, and saved users an average of 2.3 minutes per transaction.

Jumio doesn’t just extract the card information; it also processes the payment. It charges small merchants 2.75 percent per transaction or 50 cents a scan if they want to use their own payment processor. Medium-sized merchants can integrate Jumio’s payment modules without becoming PCI compliant, while large merchants can directly integrate into Jumio’s payment platform. For direct integration of Netswipe, Jumio will lower the risk charges it passes on.

Mattes said the time has come for people to swipe their cards using webcams. He said almost all computers sold in the last couple of years now ship with webcams. The next step for Jumio, which has patented its technology, is to go mobile, something it plans to do in the next few months. That would allow faster mcommerce payments but could also put Jumio in competition with Square, which uses a dongle to process payments from a smartphone.

“The mobile market is a future market. Today, the market is not that big, but it’s poised to grow. It will surpass online transactions. Our mobile solution will be Square without hardware. It’s seamlessly integrated with an online solution,” Mattes said.

Mattes has a history of success, selling Jajah to Telefonica for $207 million. His reputation has helped attract a pretty impressive list of investors and advisors. The company lists Zain Khan, a former Google executive, Mark Britto, a former Amazon executive, and Maarten Linthorst, a former NASA partner, among its advisors. And in March, it closed a $6.5 million Series A round of funding led by Facebook co-founder Eduardo Saverin. But the company faces plenty of competition in the online payments space.

PayPal looms as a competitor both online and in mobile, and a gaggle of competitors like the previously mentioned Card.io and Aislebuyer are also enabling mobile card-swipe payments via a camera. Mattes said Jumio, which is available in the U.S. and western Europe, will push hard on marketing first in the U.S. before broadening its scope. I think it has a good shot at successfully jumping into this market. Online and mobile payments have a lot of room to grow but people need to find it easy and secure, something that’s not always the case. There’s going to have be some education around Jumio’s product, but I imagine consumers who are already getting used to depositing checks through smartphone pictures won’t have too much trouble.

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Establishing Business Credit - The Seven Steps to Success

Business versus Personal Credit:

Personal - Personal credit building starts when an individual provides their social security number and applies for their first credit card. At that point a credit profile is started with the personal credit reporting agencies in the region of the country in which they reside. This profile, also commonly known as a "credit report", is built with every credit inquiry, credit application submitted, change of address and job change. The information contained in the report is usually reported to the credit bureaus by those businesses issuing credit. Eventually, the credit report is viewed as a statement or report of an individual's ability to pay back a debt, and is the key tool to access and grant credit.

Business - When a business issues another business credit, it is referred to as trade credit (credit from vendors or suppliers). Trade, or business, credit is the single largest source of lending in the world, but it typically not reported to the business credit agencies by most small businesses. The data regarding trade credit transactions must be submitted and then is accumulated by the business credit bureaus to create a business credit report using the business name, address and federal tax identification number (FIN). The credit bureaus use this data to generate a historical report about a company's business credit transactions and payment history. Typically, the businesses issuing credit rely on the business credit report to determine the credit they are willing to grant and the amount of the credit limit. Additionally, many businesses (suppliers/vendors) will submit credit reference applications to the key suppliers of the business as a method to obtain payment patterns as part of the credit granting process.

The major credit bureaus are:

Dun & Bradstreet
Business Credit USA
Corporate Experian
Small Business Equifax
TransUnion (Personal)

The information provided to the business credit bureaus (primarily D&B) is sent in voluntarily, as businesses are not required to report. Therefore, credit bureaus may never receive any information about the business transactions on credit and a business could go for years accumulating business history without being reported to the credit bureaus and establishing a positive business history of sound credit practices.

Establishing Business Credit History:

Business credit scores range on a scale from 0 to 100 with 75 or more considered an excellent rating. Personal credit scores, on the other hand, range from 300 to 850 with a score of 680 or higher considered excellent. With today's tighter credit scrutiny the higher the credit score, the more likely an individual or business is to obtain credit and at more favorable terms (interest rate and contract length).

While it is important to know that there are many factors http://www.myfico.com that affect a credit score; it's based on more than just whether you pay your bills on time (still very important). The credit score will be affected by the amount of available credit you have on bank lines of credit and credit cards, the length of time you've had a credit profile, the number of inquiries made on your credit profile, paying the bills on time, bankruptcy, as well as other considerations.

The typical American consumer credit report receives two to three credit inquiries per year and usually has 11 credit obligations - typically broken down as 7 credit cards and 4 installment loans. Business owners are not your typical consumer, because they carry both personal and business credit. This typically doubles the number of inquiries made to their personal credit profile and the number of credit obligations they carry at any given time, all of which negatively impact the personal credit score. Additionally, because business inquiries and personal inquiries are not separated on the personal credit report, the personal credit scores are negatively impacted. As mentioned earlier, using the personal credit history to get credit for their business, businesses are not able to build their business history/score, all of which could help attain critical business credit in the future.

A critical mistake many business owners make is using their personal information to apply for business credit, leases and loans. This practice has the resultant impact of potentially lowering their personal credit score, while not building a business credit history and business credit score.

A key to establishing credit for the business and a profile and score is to find companies (UPS, FEDEX, etc.) or your key supplier and vendors that will grant credit for your business without using your personal credit information and then report the payment experiences to the business credit bureaus. By reporting the information to the proper credit bureaus, those companies will help the business establish a business credit profile and score.

The Seven Steps to Success:

1. Company Legal Structure - The business must be a legal entity unto itself in order to establish business credit. Therefore, it is recommended to form a corporation (C Corp) or LLC (discuss with your CPA the advantage/disadvantages of a C Corp versus LLC) as opposed to structuring your business as a sole proprietorship or partnership. Formation of a sole proprietorship or partnership, dictates that personal credit information could be included on the business credit report. Additionally, as a sole proprietor or partner in a partnership, you are personally liable for the debts of the business and all your personal assets are at risk in the event of litigation.

Corporations and LLC's, on the other hand, provide the business owners liability protection, and can build a business credit profile that's separate from the personal credit profile. Therefore, apply for credit under your business's name and find businesses will to grant credit without a personal credit check or guarantee.

2. Register with Business Credit Agencies - The best known business credit bureau is Dun & Bradstreet. Dun & Bradstreet has a process on their web site to establish a D-U-N-S number (a specific 9 digit number related to your business) and instructions how to establish a business credit rating. It is strongly recommended that you contact D&B and follow their process to establish business credit. The following is from the D&B web site:

How do I get started with D&B? With our unsurpassed global data collection system, D&B continually gathers the data that initiates the creation of business credit profiles on new companies. Many kinds of activities can trigger a profile on a new company, such as incorporating your business, applying for a loan, getting a business telephone number, taking out a lease on office space - even just when another company seeks information from D&B about your business. Still, a new business may not have a complete business credit profile. Getting a D-U-N-S Number from D&B - the worldwide standard for business classification systems - is an essential part of helping you establish your business credit profile and will ensure that when a company looks you up in the D&B database they will find you. In some cases, a D&B D-U-N-S Number is so a requirement for doing business some entities, such as the US government.

You should make sure you have a D&B business credit profile if:

You are planning to obtain a business loan
You need to purchase or lease equipment
Your cash flow is tight
You want to ensure you are getting a fair deal from lenders compared to your competition
You want to pay net 30 days instead of COD (Cash On Delivery)
You are paying interest at prime plus 1, or even higher
You plan to do business with entities that require a D-U-N-S Number, e.g. the US Government

These issues and dozens other like them can be addressed by having a strong business credit profile. A good rating provides you with the financial freedom to take the steps you need to grow, and is a straightforward, unbiased method for other companies to assess your level of risk when considering taking you on as a creditor. A poor credit rating is a certain barrier to growth and success, preventing you from getting adequate funding on fair terms.

Communicating directly with D&B will help establish your business credit in less time. If you are a new company, D&B can help you build a complete business credit profile from the ground up; if you have been in operation for a while, you will want to improve and/or protect your business credit profile. Find out more about how to establish, monitor, improve, or protect your business credit.

3. Credit Market Requirements - Businesses must meet all the requirements of the credit market in order to have a higher probability of credit approval, as not being in compliance with the credit market can "send up signal flares" with both credit bureaus and potential grantors of credit.

Some of the "signal flares" include:

not having a business license,
not being registered with the Secretary of State for a certificate of good standing,
operating under your social security number rather than a FIN or EIN,
not having a phone line (land line) that is listed in the phone directory in the exact business legal name,
no web site, or
not having a business email address (not AOL or gmail, but a specific URL for your company).

4. Small Business Credit Lines - Investigate and locate a minimum of five businesses (vendors/suppliers) willing to grant a small business credit without personal guarantees and will report the payment experiences to the business credit bureaus. This will assist your business to establish a credit report and build a financial credit foundation for the company. Find companies willing to grant credit that report to the credit bureaus such as marketingoncredit.com, UPS, FEDEX

5. Business Credit Cards - Obtain three business credit cards (Sam's Club Discover Business card), that are not linked to you personally and that report the business credit to the reporting agencies. Then be sure to always pay your bills on time!

6. Financial Statements, Business Plans and Loan Packages - These documents are often required by many credit grantors as part of their loan application process. CxO To GO is a national professional services firm that has assisted many business with their financial statement preparation and business plans. Additionally, CxO To Go has packages such as PowerPlan and PowerPlan2 for business plans, PowerPuncher for executive summaries, CFOCast for financial projections and BankSell for bank proposals so lenders and bankers will take action. It is important to note that 61% of all businesses are turned down for a loan due to a poor loan package, however with BankSell the lender loan package gets results and moves the applicant to the top of the list for review and credit committee approval.

7. Debt management - Be a smart money manager and manage the debt levels to ensure they are not too burdensome and can be paid back with current cash flow. Do not incur debt that will over leverage the company and cause missed or late payments.

Keith McAslan is a Partner with CxO To Go a national professional services company headquartered in Denver, Colorado that provides on-demand C-Level expertise and best practices to client companies on a part time, flexible, and affordable basis. Keith is sought after to provide advisory services as the Trusted Advisor to Owners and CEO's. By utilizing his extensive experience as a successful financial and operational C-level executive, Keith brings a results driven leadership style to complex situations.

McAslan's expertise includes: financial advisory; management consulting; part time, interim & virtual CFO, COO and CEO; debt and equity financing; turnaround management; acquisition and divestiture advisory. Most recently Keith, was instrumental in the successful sale of Western Forge to Ideal Industries. As the interim CFO with finance and private investment transaction experience, he guided the management team through the complex sale and due diligence process completing the sale from prospective buyer presentation to close within 60 days. Please contact Keith at 303-520-2493, http://www.cxotogo.com, or kmcaslan@CxOToGo.com for your free 2 hour strategy call to discuss your business needs.

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What's Your Business's Credit Score? Why is it Important?

You begin building personal credit from the time you start making and spending money. All of the efforts you put in to keeping your personal credit sparkling clean is important so that you can get the credit you need when big purchases are needed, or when you have unexpected expenses that need financial backing. However, using that great credit rating to back your business is not smart. You risk too much by using your personal finances and family's resources to boost your company. Even if your family's budget can afford to keep the business running, any falter, or failure is likely to cause hardship, and possibly financial ruin.

Another reason, beyond the possibility of financial collapse, for separating your personal finance from that of your business is inquiries. The number of inquiries your credit gets has a negative impact on your score. Typical personal accounts are not hit that often with credit inquiries unless you are actively seeking financing. When you own a business and set up vendor accounts, lease land or office space, borrow or buy equipment, and many other times, your report will be looked at, adding to the number of inquires on the account. Making your business credit separate keeps all of those inquiries off your personal credit score.

Instead of taking chances with your personal credit and financial future, you should separate your finances from that of your business. That means starting with a blank slate for your company, though, and may mean it is impossible to get financial help. Once you successfully make the division between your money and your business' money, you need to build its credit rating and guard it as carefully as you do your personal credit.

Business Credit Scores

If you already keep track of your personal credit score, as you should, you already understand the idea behind credit scoring. Those numbers you are accustomed to will throw you for a loop when you begin to track your businesses credit scores, though. The markers are not the same. Personal credit scores are rated from 300 to 850 with a good score being 650 or better. Business credit scores are rated from 1 to 100. A credit score of 75 or better is excellent.

The Big Three

Just like in your personal credit reporting, there are three major business credit reporting companies. These three credit report companies work the same as they do for personal credit. Two of the business reporting companies you will recognize, as they have a division that your personal debts are reported to: Experian, and Equifax. The third, Dun & Bradstreet, is a major force in business finance, and has many advantages and benefits for small business owners.

- Dun & Bradstreet

Dun & Bradstreet provides a wealth of information for business owners. The articles, reports, and services are of special help for small business owners who do not have the advantage of large in-house accounting staff, business experts, and financial advisors. Even if you have professional help and business counseling, those sources are not available to you at all times the way corporate employees are for their employers. It is in the best interest of a small business owner to make it their business to learn all they can on top of relying on the help of professionals.

The small business solutions section of the Dun & Bradstreet website offers podcasts, articles, white papers, and many other resources for all businesses. Industry experts from all areas of business finance develop the information provided on the Dun & Bradstreet website. Dun & Bradstreet is a highly respected credit reporting agency as well. Financial institutions use their information to determine whether to give loans to businesses of all sizes.

- Equifax Small Business Financial Exchange

The Small Business Financial Exchange (SBFE) provides credit cards, financial backing, and other backing for small businesses. Equifax is a partner with the SBFE and provides a credit background for any small business seeking credit with a SBFE member institution. Because Equifax is such a respected name in credit information, the members of the SBFE rely on it totally as a means of judgment.

- Experian Small Business Reports

Experian Small Business Reports operates the same as Equifax Small Business Financial Exchange in that it offers its members a method of underwriting loans by using a credit scoring system. Both Experian Small Business Reports and Equifax Small Business Financial Exchange are equal in value to the lenders and leasing agents.

Neither Experian nor Equifax offer the many benefits to the small business owner that Dun & Bradstreet provide. Experian and Equifax exist primarily to benefit their members who are the lenders and financers you do business with to get financing. However, registration with them so that you get a credit rating built up is imperative. It is very important to have a good financial credit score with all of the companies in question so that one does not single you out when you need a reference from another.

Beyond the Beginning

Just like with your personal credit, business credit is an ongoing effort. You need to keep a constant eye on what is going on, make sure all entries on your account are accurate, and prevent your business from incurring damaging reports. You need to get regular copies of your business' credit report so you are aware of what lenders are seeing.

When you set up accounts with vendors make sure they report the good payment records as well as late payments to the credit reporting companies. Make your payments diligently to build up the credit rating that will help your business get loans when needed. Credit is important for other aspects of running your business beyond loans. Any time you wish to lease space, or rent equipment property owners will check your credit worthiness as a way of judging your qualifications.

When To Seek Help

The best way to insure a solid start is to seek professional help when you start your business. Getting off on the right foot can save you many hours of headaches trying to straighten up a mess afterwards. You may never get a second chance to clean up your business credit either. Unlike personal credit that you have a lifetime to work on, make corrections, and recover from a few bad decisions, a business will die when its credit dies. If you cannot recover it fast enough it will not likely get a second chance to develop good credit.

Professional counseling will make sure you truly separate your personal and business finances. It will help you file all the necessary paperwork for the legal issues involved with financial separation. Professional help will also make sure you are registered with all three of the appropriate business credit reporting entities. Professional business credit builders are likely to have a vast network of financial institutions they do business with and your connection to them is easier when your credit counselors open the doors for you.

If you already keep track of your personal credit score, as you should, you already understand the idea behind credit scoring. Those numbers you are accustomed to will throw you for a loop when you begin to track your businesses credit scores, though. The markers are not the same. Personal credit scores are rated from 300 to 850 with a good score being 650 or better. Business credit scores are rated from 1 to 100. A credit score of 75 or better is excellent.

The Big Three

Just like in your personal credit reporting, there are three major business credit reporting companies. These three credit report companies work the same as they do for personal credit. Two of the business reporting companies you will recognize, as they have a division that your personal debts are reported to: Experian, and Equifax. The third, Dun & Bradstreet, is a major force in business finance, and has many advantages and benefits for small business owners.

- Dun & Bradstreet

Dun & Bradstreet provides a wealth of information for business owners. The articles, reports, and services are of special help for small business owners who do not have the advantage of large in-house accounting staff, business experts, and financial advisors. Even if you have professional help and business counseling, those sources are not available to you at all times the way corporate employees are for their employers. It is in the best interest of a small business owner to make it their business to learn all they can on top of relying on the help of professionals.

The small business solutions section of the Dun & Bradstreet website offers podcasts, articles, white papers, and many other resources for all businesses. Industry experts from all areas of business finance develop the information provided on the Dun & Bradstreet website. Dun & Bradstreet is a highly respected credit reporting agency as well. Financial institutions use their information to determine whether to give loans to businesses of all sizes.

- Equifax Small Business Financial Exchange

The Small Business Financial Exchange (SBFE) provides credit cards, financial backing, and other backing for small businesses. Equifax is a partner with the SBFE and provides a credit background for any small business seeking credit with a SBFE member institution. Because Equifax is such a respected name in credit information, the members of the SBFE rely on it totally as a means of judgment.

- Experian Small Business Reports

Experian Small Business Reports operates the same as Equifax Small Business Financial Exchange in that it offers its members a method of underwriting loans by using a credit scoring system. Both Experian Small Business Reports and Equifax Small Business Financial Exchange are equal in value to the lenders and leasing agents.

Neither Experian nor Equifax offer the many benefits to the small business owner that Dun & Bradstreet provide. Experian and Equifax exist primarily to benefit their members who are the lenders and financers you do business with to get financing. However, registration with them so that you get a credit rating built up is imperative. It is very important to have a good financial credit score with all of the companies in question so that one does not single you out when you need a reference from another.

Beyond the Beginning

Just like with your personal credit, business credit is an ongoing effort. You need to keep a constant eye on what is going on, make sure all entries on your account are accurate, and prevent your business from incurring damaging reports. You need to get regular copies of your business' credit report so you are aware of what lenders are seeing.

When you set up accounts with vendors make sure they report the good payment records as well as late payments to the credit reporting companies. Make your payments diligently to build up the credit rating that will help your business get loans when needed. Credit is important for other aspects of running your business beyond loans. Any time you wish to lease space, or rent equipment property owners will check your credit worthiness as a way of judging your qualifications.

When To Seek Help

The best way to insure a solid start is to seek professional help when you start your business. Getting off on the right foot can save you many hours of headaches trying to straighten up a mess afterwards. You may never get a second chance to clean up your business credit either. Unlike personal credit that you have a lifetime to work on, make corrections, and recover from a few bad decisions, a business will die when its credit dies. If you cannot recover it fast enough it will not likely get a second chance to develop good credit.

Professional counseling will make sure you truly separate your personal and business finances. It will help you file all the necessary paperwork for the legal issues involved with financial separation. Professional help will also make sure you are registered with all three of the appropriate business credit reporting entities. Professional business credit builders are likely to have a vast network of financial institutions they do business with and your connection to them is easier when your credit counselors open the doors for you.

http://www.businessfinancecoach.com has helped more than 50,000 businesses successfully build strong business credit scores that separate the company's the owner's personal credit.

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Credit card companies sign-up & back operator NFC platform

Isis, the carrier-led near field communication (NFC) mobile payment platform, revamped its approach this spring in favor of a more open system that invited credit card companies and banks to join its digital wallet service. Today, it’s announcing that it has signed up Visa, MasterCard and American Express along with original partner Discover, who will join the carrier initiative when it launches next year.

The deal, the first of its kind to lock-up all four major credit card companies, provides a good shot of momentum for Isis, which was founded by Verizon, AT&T and T-Mobile, and suggests that it will be a major player to contend with. It’s unclear, however, how the partnership will work with the credit card companies, who are also pursuing their own mobile payment plans. MasterCard, for instance, has also signed up with Google on its Google Wallet platform.

But by signing up the credit card companies, Isis has a better shot at winning over merchants and businesses. Some initially balked at Isis’ initial plans to create a propriety system built off of Discover’s network with Barclaycard as a card issuing partner. Now, business owners will be able to process payments through the networks they’re familiar with. Other credit card companies and banks also expressed interest in joining the effort. So Isis accelerated its plans to open up the platform.

Isis CEO Michael Abbott told me in a previous interview that if Isis can sign up the credit card companies, it has a chance to be the one platform to tie mobile payments together. Isis will create a digital wallet app that card-issuing banks could easily have their customers tie their accounts into. The wallet could also hold loyalty card information. Consumers will interface with Isis through the mobile app, which would give them access to multiple credit and debit accounts. They can then tap their phone and pay at point of sale terminals using their various payment accounts.

Abbott said by taking a lead on mobile payments and combining with credit card companies, Isis had the chance to help standardize mobile payments and help spur adoption of NFC. While partnering with credit card companies means Isis loses out on some transactions fees, it hopes to still bring in money by building a mechanism for delivering targeted mobile offers to users based on their preferences and their behavior. Then it can take a cut of some of those deals.

Isis is still set to launch in the first half of next year in Utah and Austin, TX. It’s a ways off, but with the backing of the credit card companies, Isis will be a contender to watch. There is going to be shake-out period starting next year as offerings from Google, Isis, PayPal and others do battle. We’ll have to see how it all turns out. But it’s another sign that mobile payments is finally ready to really take off now.

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Understanding the Mystery of Business Credit

Regardless of industry or the economic state the Nation is in, the secrets I am going to share with you are the keys to starting and maintaining a successful business.

The best part about understanding business credit is that you can immediately implement the processes into your business giving you the chance to get your company qualified for the Small Business Stimulus Package! That's right! You CAN qualify for bailout funds!

The number one way to avoid the credit crisis is to understand why companies fail.

In 2008, there was a 49% increase in small business bankruptcies; that is a sobering statistic!

Discover the root of the problem.

Learning from others' mistakes will help you to recognize what not to do.

Extensive research shows there are 5 top pitfalls to business failure:

5. Starting the Business for the Wrong Reasons

4. Poor Management

3. Lack of Planning

2. Over expansion

1. Insufficient Capital

A business owner having insufficient operating funds is not surprising. Business owners tend to underestimate how much money is needed and they are forced to close before they even have had a fair chance to succeed. They also may have an unrealistic expectation of incoming revenues from sales.

"It is imperative to ascertain how much money your business will require; not only the costs of starting, but the costs of staying in business. It is important to take into consideration that many businesses take a year or two to get going. This means you will need enough funds to cover all costs until sales can eventually pay for these costs."

When it's all said and done, you need capital for your business. But keep in mind, your capital needs will change over time, which is why you as a business owner need to build a strategy for capitalizing your business from the beginning. This is where most business owners drop the ball. They come up with great concepts, good marketing, and hire the right people, but they ultimately fail because they never planned for their capital needs.

Think of capitalizing your business as digging a well.

The wise business owner won't dig a well that satisfies short-term needs, but will dig the well as deep as possible or at least lays that groundwork for doing so.

At a high-level, there are at least five layers of your businesses financial well. It starts with the personal assets of the principals. To me this is the worst possible layer, but the most commonly used. Next we move on to friends and families, which are also commonly exploited sources of funding. Beyond that we have credit, loans and investors.

While there should be some order to this, usually business owners are all over the map when it comes to the deeper layers of the well. They usually get lost in the process or they spend a ton of time going after something they are ill-prepared for.

The biggest tragedy is when business owners wait until it is too late to look for capital. They usually end up out of luck. The reality is no one wants to give you money if they know you need it. Your best bet is to dig your well, when you don't need the water.

The number one lesson you as an entrepreneur or small business owner must learn and know is: the capital you need to survive doesn't have to come from your bank account only.

Think of it this way: Capital = Money

* Your Money tends to be limited, it intrudes on your personal life needs and desires and it risks the loss of previous successes.

* Other People's Money has wider sources, deeper pockets and gives you the ability to separate personal and business Life.

So what exactly is business credit?

BUSINESS CREDIT = OTHER PEOPLE'S MONEY

BUSINESS CREDIT = TIME TO TURN INVOICES TO CASH

BUSINESS CREDIT = ABILITY TO HANDLE THE UNEXPECTED

Business Credit is also known as Trade Credit or Corporate Credit. It is the single largest source of lending in the entire world, even more then bank loans to businesses. Business credit is when one business sells a product or service on credit terms to another business. There are tons of businesses that extend credit terms because it allows them to sell more goods and services, their clients want credit and their clients need credit.

So why is business credit such a mystery?

Why is business credit so widely used, so widely misunderstood and so hard to achieve?

Here are just a few reasons:

* No one ever talks about it!

* No one ever told me that everything I ever put in my business name was attached to my personal profile... even worse no one ever told me that my business would affect my personal credit score!

* There are no laws protecting the business rights from inaccurate information on a business credit report.

* There is a lack of information provided by business and the government.

* There is a lot of research on who are companies that offer credit, on who the companies are that report positive trade experiences, not just negative, on companies who don't require a personal guarantee and on companies that don't require a personal credit check

* Finally, it can take hundreds of hours of research to find all this, which results as a direct cost to your business in time and lost revenue potential.

Knowing the differences between personal credit and business credit will really determine the need for separation.

Personal Score is determined by:

* 35% Payment History

* 30% Balances Owed

* 15% Length Of Time

* 10% Types of Credit

* 10% New Credit

* # Recently Opened

* # Recent Inquiries

* Time since recent Open

* Time since last Inquiry

Business Score is determined by:

* 100% Payment History

* Not all vendors Report

* VERY Interpretive by Bureau: 'High Risk' & 'No Credit' Lists

Why do you need business credit?

First of all there is 10-100 times more credit available than with personal credit. Generally, interest rates are lower with business credit. There are major tax advantages. Your business credit is not reflected on your personal credit report. Having business credit will protect personal finances and assets. Last, flat out... having business credit will enable you to grow your business the right way.

Your goal should be to be to develop access to credit without having to resort to loans and other forms of financing that will require more stringent qualifications or even potentially take stake in your business or profits. Not to mention, when you are issued business credit, these lines of credit are revolving. Meaning you can use it again and again! Loans and alternative financing are a onetime shot; once you use the money... it is gone.

You need to start you quest for capital by calculating your cash requirements. Break it down by asking yourself: How much capital do I need and what do I need it for? The more you know about your cash requirements, the better the decisions you'll make about where and how to source the capital that you need.

The number one lesson I can impart to you is the fact that all money is NOT created equal.

As you look at sources of capital for your business you need to look into a couple of areas:

1. Debt/Equity - Any capital that you receive is either going to be debt or equity. Equity requires the surrendering of ownership. You need to be clear on what type of money you are obtaining. For the most part, banks and business deal debt, investors deal with equity. Equity gives the investor a percentage of future profits. So while it may feel like free money, this is the most expensive capital you can get for your business (if you are successful!).

2. Control - Does the money reduce your control? Bringing on investors or partners will lesson your control. A lender may request financial oversight or independent audits.

3. Security - How is the lender or investor securing the money? Are you personally guaranteeing it? Is there a blanket lien on your assets? If you default who are they going after for repayment?

4. Transferability - Can you transfer the capital to the next business owner? In other words, is the capital for you or is it for the business? Won't do you much good to sell a business that has no capital reserves.

5. Ease of Attainment - How easy is it to get? How much time will you need to invest in order to secure the capital that you need?

6. Team - Are you adding players to your team that are invested in your expense? Pierre Omidyar sought VC money for eBay, not because he needed it, but because he wanted help building a world class team.

Build your own team with the experts. Consider outsourcing, it is genius. There is no shame in it at all. In your personal life and in your business life, surround yourself with the best of the best! If you can recognize the fact you are not an expert in everything the better off you will be.

You need a solid approach for funding your business and regardless of where you source your capital. You need to be prepared.

First you will begin to structure your business so that it is compliant to vendor and lender standards. Then you will begin to build your business profile. Regardless of the capital that you seek, you need to start by building a foundation for your business.

Incorporating and getting into compliance is your foundation. If you aren't incorporated you have seriously handicapped your business. You need to be a corporation (S or C) or LLC if you need to seriously raise capital for your business. Without a corporation you are limiting yourself to only considering personal loans. You have no options to other sources of capital and won't be taken seriously anyway. Investors can't invest in a sole proprietary. You need to have shares or membership units if you want to bring on investors. As a general rule, you need to separate your personal and business activities as much as possible, which is why the first step is to incorporate.

You then will give life to your corporation by establishing a credit profile for it, one that is separate from yourself and belongs to the business. The process of building business credit will help you ensure that you have the fundamentals in place. The fundamentals include operating in a professional manner that lends legitimacy to your corporation. The business financing or credit industry has a standard of what a legitimate business should look like, if you don't meet that standard you are going to be shut out of financing options.

The step by step process to getting your business creditworthy and building your business profile is so very detailed and choreographed that if you skip a step or have neglected to establish any particular business component, you will not only be denied but you will be red flagged to every other lending institution. You are building your business profile and identity to access the capital you need to actually build your business, this means you should take the time to find the experts in building business credit!

By building your corporate identity the correct way, you are getting your business creditworthy, all the while using other people's money... other people's money that is in the form of revolving lines of credit! Business Credit! Business credit that is being issued to you from vendors...Vendors with the products and services you need... Vendors who report to the business credit bureaus!

Every business should run like a well oiled machine, each division pushing the next with you as the driving force.

The force on an object equals the rate at which its momentum changes.

If you are the force driving your business to succeed, then you will recognize the need for change.

Understand this; everything you are doing in your business now is giving you the results you are getting. If you want to get different results, I suggest you change what you are doing. Take the steps to separate your personal identity from your business identity, get your business creditworthy as soon as possible.

Being creditworthy means is that you are in compliance with what lenders look for in an applicant.

Remember, in crossing any canyon you have the choice of trying to jump it, or lay down a bridge that will carry you across to your objective. Laying down the bridge may take a little longer, but will help avoid ending in pieces on the floor. Not even the legendary Evil Kneivel completed all jumps unscathed.....

Business is a game.

It's just a game.

Only some play it better than others.

Some start playing the game by learning the rules.

Now that you know the rules... what are you going to do with them?

Take action NOW!
Call for your free business assessment please phone
(1) 800.910.9919

Mylinda Montroy
Director of Business Development
Nevada State Corporate Network, Inc.
Zapper Credit Solutions, Inc.
Email: mylinda@nscn.com
Ph: (1) 800.910.9919
http://www.nscn.com or http://fasttrackcredit.com/

Nevada State Corporate Network, Inc., headquartered in Las Vegas, Nevada, is one of the fastest growing and is the largest business credit company in the nation. The company was established in 2001 in Las Vegas, NV by two visionaries named Susan and Graig Zapper. Both Susan and Graig Zapper recognized early on that most owners of small and medium-sized businesses were unaware of how to effectively grow their businesses and achieve their goals without affecting their personal credit. They developed a comprehensive system and methodology to assist business owners in achieving their goals and realizing their dreams with dramatic results.

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Get And Maintain Good Business Credit

Credit is important for business success & business image. Few entrepreneurs know about or really understand how business credit is established, how it's tracked and how it affects their lives and their business. Personal credit is different from business credit. You don't have to rely only on your personal credit to build, grow or maintain your business. That's why it's good to maintain good business credit.

You can build, acquire and maintain business credit and personal credit separate from each other. In business without interrupting your cash flow, borrowing can allow you to build your company in good times. In slow times credit can help maintain a company's smooth operation. You need a strong company credit profile to increase your company's borrowing potential.

A good company credit rating begins as soon as you start your company. A good way to start & maintain good company credit is by:

1. DEVELOP A BUSINESS PLAN

If you have a new company or already in business, this is an important first step, it helps you company start in a professional manner. Many business owners never develop a business plan or they wait until it's too late. You should always have a business plan. A business plan is usually required by lenders. If you are past the start-up phase in your business, update your plan regularly to take into account its growth and future needs. If you don't plan to borrow, you need to update your plan regularly throughout every year.

2. SELECT A BUSINESS STRUCTURE

This step is completed along with the business plan. If you plan to borrow & show lenders that you are operating in a professional manner, establish a proper business structure, in addition to facilitating your operation. From a credit standpoint, a corporation or LLC could be beneficial. A partnership or sole proprietorship, personal credit information could be included on your business credit report.

3. OPEN A BUSINESS BANK ACCOUNT

It is very unprofessional to mix business & personal accounts. Mixing the two could ruin or damage your personal credit if your company has a problem. A business-only bank account is a way to build business credit since banks offer debit, check or credit cards in connection to that account. Most people that you do business with (if you are exchanging funds) will look for that and it makes your business look more professional.

4. ESTABLISH BUSINESS CREDIT

Every business needs supplies. If you need to, check with major office supply store chains about setting up an account. Wholesale clubs are another good option to setting up credit accounts. If a credit card was not a part of your bank account, apply for one because you never know when you may need to use it. The main point to these credit options is to manage them wisely.

5. REVIEW YOUR CREDIT PROFILES

Regularly review the information collected by credit reporting agencies on your company. Make sure you business credit profile has up-to-date & accurate information. Dispute & report incorrect information in your credit file. Follow-up to ensure that mistakes or errors were corrected in your credit report.

There are specific business credit reporting agencies. Lenders & vendors rely on this information to determine if they want to do business with you. Business credit reports are different from personal reports. Personal credit reports are maintained by three different credit reporting bureaus: Experian, TransUnion & Equifax. Company creditors voluntarily send information to the agencies.

When you open a new account with a creditor, make sure that they report it and your positive payment history to the business credit bureaus to help build your profile. Business credit profiles include :

Payment histories




Information on legal actions involving your company




Business license and registrations




Corporate financial reports




Government contracts or grants




Media reports




Data from directory listings

Sometimes business credit bureaus conduct direct investigations, interviews with business executives and the companies that they do business with. The major business credit bureaus are:

DUN&BRADSTREET (also known as D&B)

A household name & a major company in business ratings. You should contact them to get a DUNS NUMBER, you may need it with most places that you may do business with. If you do business with the government it is a requirement to have a DUNS NUMBER. D&B creates a profile based on information provided by business owners with your DUNS NUMBER and their vendors, also they create a rating called a DUNS rating based on the financial statements of a business. They issue a PAYDEX score, it's similar to a FICO score of a personal credit report from Fair Isaac & Company.

EXPERIAN BUSINESS

Experian tracks business credit just as well as personal credit. For businesses they only use information from vendors. Then they give what's called an Intelliscore number.

EQUIFAX BUSINESS

Equifax tracks business credit and personal credit. They produce a variety of business scores based on banking & lease payment performance information provided by the Small Business Financial Exchange, INC. Some of the business scores come from the Small Business Financial Account Acquisition Score and the Small Business Financial Account Management Score.

FDIinsight

FDIinsight is a part of the Factual Data Corp, a business-to-business information service. They started out as a personal credit reporting agency for mortgage brokers. Their reports contain information supplied by the company itself or a third party. The staff of FDIinsight, verifies the information independently.

CREDIT.NET

They were formerly known as Business Credit USA, a subsidiary of INFOUSA. They get information from business owners & verify the data before putting it in the reports. Their ratings are based on a "grade" Scale A%2B (95 to 100 points ) to C ( 70 to 74 points).

CLIENT CHECKER

They provided credit about small businesses and only use information provided by vendors. They turn the information into a PAYQUO score which is based on payment histories.

It can take time to build a credit rating for your company, so maintain a good rating. A strong business credit profile will enhance your company's creditworthiness, and also your professional reputation.

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6 Benefits to Financing a Small Business With a Credit Card

Starting a small business without the aid of a credit card can be quite stressful. Since business expenditures can be add-up to significant tax deductions, it is imperative to separate personal expenses from work-related charges. Aside from the tax savings, a business credit card represents expanded options; particularly with the right card.

As with any financial product, not all business credit cards are the same. An annual statement is a popular feature of most business credit cards. Tallying up business related products and services are made simple with the convenience of recorded statements. Nevertheless, a good business credit card should have other features besides a balance sheet. Here are other features, to look for in a small business credit card:

· An exceptional credit line

· A low preferred business APR

· Extra business credit cards for employees

· Customizable business checks

· Custom cards with your business name

· Complimentary online account management

All of the above features can be mission critical to starting and conducting business. Review the following six benefits to finance a new company on a business credit card:

1. Easy Expenditure Tracking

Depending on the credit card company, a record of all transactions may be available annually or by request only. Small business credit cards offering free online account management is an important feature. The ability to check transactions and manage online payments simplifies bookkeeping. The same record can be used during tax-time to calculate profits and earnings.

2. Finance Business Needs With a Low APR

A low preferred business APR can ease the transition of being paid by new clients and covering unforeseen expenses. The financial stresses of starting a new small business can hinder productivity. Be it the cost of renting or buying new equipment, immediate expenditures can wreak costly distress on any business. A business credit card with a low APR can help offset the pangs of paying a balance over time versus right away. The best business credit cards offer a 0% introductory APR.

3. Control Employee Spending

To ensure that employees are conscientious about the company budget, additional business credit cards may control their spending. A business credit card with online management and additional credit cards enables a small business owner to track spending, maintain records and receipts. During conventions, Bill Amato's sales representatives put in long hours. To compensate and track their meals, each of his employees has a company credit card. Bill uses Advanta business cards because it allows him the ability to control employee expenditures by tracking their spending transactions online.

4. Manage Client Expenses

For simple account management, small business owners can pay for products and services using a business credit card check. For instance, Jane Brody, proprietor of an event management company uses business credit card checks to pay for additional client expenditures. Since the checks are customized to her business and then made payable to the supplier for a specified job and client, she is able to track and tack on any additional fees to each customer's invoice. Not to mention, each client is billed for late payment transaction fees.

5. Ensure Business Productivity

An exceptional credit line is useful for the fast growing small business that has to cover travel, new technology and other expenditures. A robust credit line can be the difference between staying in business and going out of business. The inability to access a line of credit without depending on a small business loan, can bring a growing company to a screeching halt.

In the case of new franchise owner, Jim Denko his new small business was just beginning to return an investment. On the down side, Jim required a line of credit so that he did not have to dip into the family's money market account and emergency reserve. Because Jim was qualified for a small business credit card, he was approved with a generous line of credit. The availability allowed him the freedom to test out new inventory for his franchise.

6. Take Advantage of Extras

The ultimate business credit card can be found in the "extras." For instance, certain business credit cards come with amazing discounts and special incentives. These advantages can add up to savings. Perfect example, Advanta business credit cards, not only come with a healthy credit line, the credit card is devised for small business owners to be successful. Many popular business credit cards feature generous cash back and travel rewards.

Small Business Advice: To minimize confusing your personal cost with the costs of starting a new business, apply for a business credit card that provides you with the tools to run a profitable business.

Copyright Ed Vegliante. Free online reprints of this article are allowed provided the resource box remains intact with a live link back to http://www.credit-card-surplus.com .

Please click here to find offers for Small Business Credit Cards [http://www.credit-card-surplus.com/business.php].

Ed Vegliante runs the website http://www.Credit-Card-Surplus.com , a well organized credit card directory enabling the consumer to compare and apply for a variety of credit card offers. View more Credit Card Articles.

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