Find the Best Financing Solutions, Merchant Banking Services, and Business Support

Posted by Credit Financing Guru

Financing Solutions, Merchant Banking Services, and business support are three key things that you will need to help you start your new business. You will need advice and you will need the financial services that they can provide to help you succeed. You must know why are these things crucial to your new business in order to prosper.

As a new business, you will need to have the ability to provide as many payment options to your customers as possible. You will want to be able to accept checks, credit and debit cards, and gift or smart cards to increase your revenue. But, you will also want to be able to accept these payment methods safely and securely. You must also benefit from the financial advice that merchant banks can give you.

The industry your business is in will determine the kind of merchant you will choose. You will want to check potential merchant websites to see what they offer in terms of specialized services for your industry. Many do offer a wide range of payment processing options tailored to the industries they serve. Match your own business needs to the merchant that offers the most for your industry for the best start possible.

Each of the standard industry specializations needs a different kind of merchant services. Industries such as restaurants, retails stores, hair salons, mail order businesses and online retailers each take payments in different ways. They need to find the most ways to take payments securely in the most ways possible to help grow their business.

Your business will most likely be included in one of the standard industries. You can check for merchant services that offer the most help with common payment solutions for your particular business. You may need point of sale payment terminals to accept credit or debit cards. You may want to be able to accept gift and incentive cards. You may need to process mobile commerce or Internet payments. Good merchant services will allow you to find what you need at competitive pricing, and will keep you educated and current with the newest technology and products for your industry.

Not only will you need a wide range of payment processing options, but much benefit will come from financial activity reporting for the methods you choose. Your merchant services should provide these things. You should also expect good advice for lowering your overall costs of acceptance for the payment types you use.

You may find that your merchant service will provide a client manager assigned to you to help manage your accounts. You may be able to consolidate accounts from several banks into one merchant bank. Having the financial expertise that comes with this is very valuable and may be a path you should consider.

Education concerning risk reduction and data security is a crucial part of what merchant services will offer you. As businesses expand from local to global markets, the latest news and data security alerts become essential. It will be helpful to find the service that includes ongoing information about how to conduct financial transactions securely. You should also want to learn as much as possible about data security standards. These are key components to any excellent merchant service that you should consider as your financial partner.

Financing Solutions, Merchant Banking Services, and business support are crucial elements to your new business. Look for the most resources offered when considering which merchant will become your financial partner to ensure success. You want to have expert financial advice and experienced merchant services to help you succeed.

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Business Financing FAQ:

Question: How do I get financing to start a business?
I want to open a nightclub but don’t have the cash to get started. What’s the best way to get financing without collateral or good personal credit?

Answer: You need to go talk to a bank about getting a business loan. To get one, you need to show them that your idea will work, that it will be profitable and that you know what you’re doing. You need to prepare a business plan to show staff, layout, possible expenses etc. They don’t want to give money to someone who’s going to go bankrupt right away, so be as prepared as possible.

Question: Where can I find a business article about long term financing?
It needs to be recent. I have looked on every business website but have found no good articles.

Answer: Try the Wall Street Journal.

Question: Where is a great place to get alternative financing for a business?

Answer: You have a few options. You can try: a bank, family and friends, loan shark, investors in exchange for a share or interest for the money (search websites online), venture capital, government loan if your business is small, and obviously your own cash by selling your assets.

Question: How to obtain small business financing from bank?
I currently run a small web-based business as an LLC registered in the state of FL. Up until now I have financed my business with money I’ve saved from working as a waiter and the profit it makes, but now I’m looking to expand and need about $5000. Currently my business takes in anywhere from $1500 – $2500 a month and has about a 45% profit margin.

I’m young (a student in college) and have no credit, have never had a credit card and have never taken out a loan for anything. How do I approach the bank to try to get a loan for my business? What is a realistic interest rate and how likely am I to get a loan?

Answer: Any lender will require a business plan that shows that you can pay the loan back. Go to sba.gov , score.org or bplan.com for instructions on how to write a business plan and sample business plans.

Question: What do I categorize business credit card finance charges as?
Are these finance charge on my business credit card tax deductible? Where should I file these charges?

Answer: Credit card finance charges is interest charged for loaned money, so you can categorize it along with other interest payments, such as mortgage interest. In theory you could lump them together in the same ledger, but your accountant might prefer you keep the two separate, i.e., interest paid on short term loans from interest paid on long term loans, even though both are tax deducible.

This is assuming that the credit card is being used for legitimate business expenses, of course.

Question: If buying a laptop for my business, but am financing it for 18 months, is it still tax deductable?
So I’ve read the fine details about using a business laptop as a business expense, and that is fine as this will be 100% used for my business. My question, though, is how do you treat the purchase if it is being financed through a business-owned credit card (say, Best Buy business card), over 18 months? Does it still count as a “purchase” in the same year you start the process of buying it, or only at the 18th month when you actually have paid the entire amount off?

Answer: Even though you are financing it, you can write it all off at the time of purchase, so deduct it all now.

Question: Small business start up financing?
I was wondering if anyone knows of funding sources for women starting a small business. I have heard there are grants and loans available for women but don’t know how or where to access them. Also, any info on small business loans is appreciated.

Answer: I can think of a few resources for you to look at. There is a Yahoo Group with grants and loan programs especially suited for small businesses and real estate. I’m not sure what kind of business you want to do but you could “double dip” by taking advantage of women’s grants/loans as well as real estate grants/loans. If you are getting into commercial real estate, there is also a program to purchase commercial properties with only 1% of the purchase price as down payment instead of the usual 20% or so, which greatly reduces the demands on your cash reserves. Just google 99% financing for commercial real estate.

Question: Where can I license my micro financing business?

Answer: Are you a broker? For commercial loans? In most states, that requires a license. Go to your corporate commissioner or banking superintendent for licensing regulations. Make sure you are bonded, unless you are solely a referral agency and then why should anyone trust giving you confidential data?

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Categories: Business Financing
6Jun

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