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Give Yourself Credit in Finding the Right Business Credit Card

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When you run a business, you have a plethora of responsibilities that must be covered.

Hiring the right talent, keeping your company on budget, making sure your customers are happy etc. are just some of the things that can leave business owners counting sheep at night.

One area of importance that may oftentimes get overlooked is finding the right business credit card. Whether you are using a merchant card for customer transactions or one for business expenses that you and/or your team will use, means finding the right credit card provider that offers both stellar customer service and a price everyone can agree on.

Know the Numbers

First and foremost, make sure when selecting a card for your business that you do your research.

Keep in mind that not all cardholders are alike. Some may state they have great deals for you, but you will find after reading the fine print that it is not that great after all.

Ways to go about landing the right card include:

  • Research – Take to the Internet and review a half dozen or more card provider websites. Make sure the information they report jives with what you need. Also view their social media pages to see if they have courteous and prompt responses to customer inquiries;
  • Pricing – Look to see what their APR rates are (see more below). Given these numbers can and oftentimes change over time, you do not want to get locked into a card that will ultimately be bleeding you money over time;
  • Referrals – Check with others (family, friends, businesses you are on good terms with etc.) to see who they recommend. In today’s financial world, a business recommendation can go a long way.

According to Jeffrey Weber of SmartBalanceTransfers.com, for most consumers, especially those intending to use their new credit card for purchases, a 0% APR credit card for balance transfers and purchases can provide the best value. “Unfortunately, the number of credit cards offering a 0% APR on both purchases and balance transfers has become somewhat limited in recent years. However, a few credit cards still offer these deals,” Weber noted.

For the man or woman running their own business, credit cards are all but a necessity in today’s financial world.

Online Shopping Continues to Grow

Take note that many more consumers are now turning to online shopping to make product and service purchases. If you don’t have a credit card option for them, you can be missing out on a substantial revenue collection.

Secondly, there is a very good chance when running a business that your employees will either need a business credit card to make purchases (office supplies etc.) or for when meeting with current and potential clients (meals etc.). Without a credit card in hand, these transactions can be made more difficult.

If you do not already have a business credit card, take the time now to shop around and sign up with the provider that offers the best service and prices.

When you do, take credit yourself for making a good deal for your business.

Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

About the Author: Dave Thomas writes for a variety of websites on topics such as human resources and running a small business.

 

Lock in Best Rates on a Business Credit Card

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What are some of the key challenges for business owners in 2014?

If you ask that question of such people, they’re likely to tell you attaining and retaining customers can be one of the trickier tasks when running a business.

Face it, many consumers in today’s economic climate have to make tough choices about where they’re going to shop, when they can afford to shop, and of course how much money they can afford to spend.

As a business owner, you can encourage consumers to come deal with you by making the shopping experience as friendly and easy as possible.

Credit Cards and Customers

One way to make the shopping trip easier for customers is by having the right credit card provider available to them to charge purchases.

Whether they make a charge in your place of business, over the phone or through online avenues, a simple and effective credit card option will help keep shoppers coming back.

“More shoppers want a quick and easy shopping experience, especially when online,” said Chris Mettler of CompareCards.com. “Having the right credit card options for them makes things better for everyone involved in the sales process.”

According to a report from Javelin Strategy & Research, in just three years, it is expected that less than 25 percent of all point-of-sales acquisitions will be made with cash. The translation – more than 75 percent of all purchases by consumers will be made via credit and debit cards.

As a business owner, it behooves you to make sure that your credit card or cards of choice offer you affordable rates and quality customer service. When that happens, you will open the door to more consumers shopping with you via credit cards.

Finding the Right Card or Cards

Many business owners will offer a number of credit card options to their customers, with Visa, MasterCard and Discover Card the typical choices.

In order for the business owner who is either setting up shop for the first time or going from just accepting cash and perhaps checks to credit card purchases to locate the best cards, it is important for them to do some research.

Take the time to visit different card provider websites, seeing which offer the best rates and customer service.

If you’re looking to move away from a high balance that you might have accrued over time, you can look at which providers offer the best savings when it comes to interest payments when transferring a high interest balance over to a 0% interest credit card.

Lastly, take the time when selecting a card provider as if you are a consumer, because in fact, you are.

Put the offers side-by-side to see which provider gives you the most rewards, best interest rate, and cost savings.

When you align your business with the right credit card provider, take credit for making a wise choice.

Photo credit: qbservices.net

About the Author: Dave Thomas covers small business, social media and SEO topics for a variety of websites.

Do Employees Get Credit for Being Honest?

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While it is not a common day occurrence, you also are not entirely surprised when you pick up the newspaper, turn on the television, or go online and hear about an employee who was stealing from their employer. Specifically, using the office credit card for their betterment.

As noted, while the cases may be in the minority, they can still be devastating to a small business, especially one that is having trouble making a go of it or is just getting its feet wet in the business world.

Some examples include:

* The office manager who is in charge of ordering supplies suddenly gets the urge to go on a small shopping spree of her or his own. While ordering stuff for the company, they conveniently order some items for themselves. Before you know it, they have spent hundreds or even thousands of company dollars, leaving a blotch of red ink in the company’s finances;

* The employee who travels often for their company gets a business credit card to book flights, hotels, rental cars, meals and more while conducting business on the road. The next thing you know, they have run up multiple purchases that should have come out of their own wallet.

When such instances occur, employees may be caught immediately by someone else in the company who is keeping an eye on expenses, or they could go for some period of time before their game is discovered. Either way, the potential is there for businesses to not only lose money, but also the trust of customers who view such actions as a lack of overall leadership.

 

Losses to Small Business Add Up

According to a report from the Association of Certified Fraud Examiners (ACFE), it takes on average more than a year for a business owner or co-employee to nab the in-house criminal who is stealing from the company. Meantime, ACFE reports that small businesses (those with less than 100 employees) on average suffer a median setback of $147,000, compared to $100,000 for those businesses with 1,000 or more employees.

Some of the reasons losses at smaller businesses can go unseen for a while include:

* Less oversight because the small business owner is occupied with dozens of other responsibilities to keep his or her business running;
* The person in charge of the office credit card is oftentimes the person who is also doing the office books;
* Fewer employees means less chance of getting caught.

In order to lessen the chances of such crime at your small business, make sure you:

* Check the books yourself or have someone outside the company do it on a regular basis to look for any irregularities in spending;
* Make sure even the smallest of expenditures are accounted for and documented. Whether an employee is buying new ink toner for the office copier or spending a weekend in Las Vegas to meet with new clients, everything needs to be properly recorded;
* Do a thorough check on each employee you hire to make sure they have no criminal past, especially where it involves money (do not just assume that everyone who checks off they have never been convicted of a crime on their application is telling the truth);
* Have a meeting with your employees once or twice a year to inform them of the consequences of such actions, including possible loss of employment and/or jail time (meaning you will press charges).

With all that you potentially have to lose from even one serious incident of credit card abuse in your office, are you willing to take that chance?

Photo credit: insuranceproviders.com

Dave Thomas covers small business topics for various websites, including processing credit cards.