Category Archives for "FAQ"

What Is a Good Business Credit Score?

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A good business credit score can be just as important as a good personal credit score. There are a lot of misconceptions about what a good business credit score entails. For the past two weeks, we have been posting articles about the different types of business credit scores you should be paying attention to.

At a minimum, you should be checking all of your business scores once per year. When you receive your credit reports, go through the data very carefully to see if there are any errors.

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What Is a DUNS Number?

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What is a DUNS number exactly? The definition of DUNS is a “data universal numbering system” that is managed by Dun and Bradstreet (D&B). It is a unique nine-digit number that is specific for each business. Even though there are over 250 million entries, there are more numbers to go around.

The DUNS number format includes dashes to make it easier to read. It can have an extra 4 alphanumeric digits attached to the end for customer convenience that has no bearing on your business credit report. It is like a social security number for businesses.

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Why do Entrepreneurs Risk Failure to go into Business Online without Accepting Cards?

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In this day and age, why do entrepreneurs risk failure to go into business online without giving customers easy payment options? The recession, the stock market instability, and social, financial discontent are reaching boiling point.

On top of all that, banks are not offering credit as they were during the housing bubble and businesses are struggling more than ever to hire employees. Customers are buying more items online and at an increasing rate.

Additionally, online business merchants foolishly try to limit payment options to avoid fees. The problem is by limiting payment options, it also limits the amount of customers that can do business with your company.

It is harder to collect data for customers who do not complete transactions because they are unable to pay with their preferred credit card.

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Why is it Important to Maintain a Good Credit Score?

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You may be wondering “why is it important to maintain a good credit score?” There is a lot of misinformation around concerning what is a “good” and “not good” credit score.

The truth of the matter is that each credit reporting agency want to distinguish itself from the others. This results in a credit score that differs depending on the company that calculates it.

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How do I Get my PAYDEX Score?

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If you are thinking about checking your business credit,  you will want to know your PAYDEX score. You may be asking yourself: First, “What is a PAYDEX Score?” and then, “How do I get my PAYDEX Score?” In this article, there is going to be discussion on practical tips to manage financial stress for your business.

To learn how to get rid of financial stress, you need to have the correct information at your fingertips. Obtaining the data necessary to learn your business credit score is straight-forward.  You can obtain your business credit report from Dun and Bradstreet (D&B).

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What’s my Business Credit Score?

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Once you open a business, there is a business credit score created. You may ask, “What’s my business credit score then?” Your business credit score will significantly affect the quality of the business credit lines you can obtain.

Businesses that are not aware of their business credit score do harm to their future operations by not paying attention to their credit reports (just like personal credit reports).

If you have a business credit card for your company, you probably have “company credit history”, whether you recognize it or not.

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How to Get a High Risk Merchant Account

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Whether you are here because you had a merchant account cancelled unexpectedly, have bad credit, operate a known risky business or just curious, it is a straight forward process to get a high risk merchant account. There are many factors that go into a financial institution’s decision to approve any business for a merchant account.

Merchants that are considered to be high risk face a difficult time getting approved through traditional banks. Many online businesses that wish to open merchant accounts find that merchant account providers do not want the risk of stolen customer data, fraudulent credit card transactions, charge-backs…etc.

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What does Underwriting Mean?

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If you are here, you are looking for the answer to: what does underwriting mean? There are many types of underwriting: bank underwriting, insurance underwriting, and securities underwriting.

For this article, we are going to focus on bank underwriting, but they all follow the same basic process.

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What does Chargeback Mean?

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What does chargeback mean exactly in terms of business credit card transactions? It is certain that the best kind of business transactions are the ones that go smoothly, without a hitch. However, sometimes the customer is not happy with the product, service, timing, or delivery.

Before a single chargeback can take place, an individual must have an open credit account.  To obtain an open credit account, that person needs to complete a credit application to first get the approval.

Many business owners know that they need to be able to accept credit cards to do business. However, they may learn that their company is considered to be high-risk, making getting a credit account that much more difficult.

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What Do I Need to Open a Business Bank Account?

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Many start-up business owners ask, “What do I need to open a business bank account?” A more important first question might be, “Do I need a business bank account in the first place?”

Corporations and sole-proprietorships have different requirements for receiving payments, as well as for reporting them for sales tax, corporate and personal income taxes, etc.

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