Category Archives for "Finance Education"

Starting an Online Business that Accepts Credit Cards: Building Effective Teams (Part 4 of 6)


Starting an online business requires building an effective team. Building effective teams is the secret of success when it comes to creating a small and thriving business.

Too many individuals start building a business solo, and they end up finding out the hard way that comprehensive strategic partnership is how an online business becomes successful.

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Starting an Online Business That Accepts Credit Cards: Operational Planning (Part 3 of 6)


Starting an online business where you can accept credit cards from your customers requires planning – specifically operational planning. Too many companies try to rely on strategies to carry them through their business cycles. In reality, strategies are not specific as operational planning.

For example, a strategy might be that you are going to organize your office by clearing off clutter from your desk, discarding old files, and vacuuming the floor. That is a great strategy; however, operational planning requires you to make sure that you have a working vacuum capable of doing the job, places to put your newly organized desktop, and a system for maintaining files to reduce clutter in the future.

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Starting an Online Business that Accepts Credit Cards: Niche Metrics (Part 2 of 6)


When starting an online business that is going to take credit cards from customers, you are going to need to know the key metrics of your business. It is very important to show financial institutions that you are going to be keeping data about the business operations.

This helps both your business and the financial institution in these ways:

  • There has been thought put into the details of your niche metrics.
  • You are keeping data to keep track of the progress of each area of your business.
  • You will be able to take the data and follow trends in order to take advantage of opportunities.
  • You will be able to explain you business in a visual way with statistical graphs.

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What Is a Good Business Credit Score?


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?


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?


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?


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?


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?


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


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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