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Attention Business Owners: Best Practices for Using Credit Cards

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Business Best Practices Credit Cards

One of the challenges facing business owners in America today is the lack of business credit education. An area of particular interest is in the proper use of credit cards. business best practices credit cards

According to Tower Group’s recent report, more than two-thirds of business owners use credit cards for business, but of those only about 40% are putting the charges on business credit cards. That leaves 60% of business owners putting themselves at risk for personal liability and placing their personal credit and personal assets at risk.

I developed this guide as a helpful tool for business owners like you who plan to or are using credit cards for your business, to provide insight into an ever changing industry, and show how these best practices can provide much greater risk management, record keeping, personal credit protection, cost savings, and credit capacity for your business.
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UCC Financing Statement: Is One Filed Against Your Business?

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UCC Financing Statement

In the past several posts we talked about deciphering your Equifax Small Business Report, Experian Business Report and Dun & Bradstreet Report. We broke down the various groups of data that make up your company’s credit report with public filings being one of them. ucc financing statement

Public filings include records such as bankruptcies, liens, lawsuits, judgments and UCC statements. All of these types of public record information are gathered by the business credit reporting agencies from multiple sources across the entire country including federal bankruptcy courts.

In today’s post let’s review one particular public record known as the Uniform Commercial Code (UCC) statement also known as the UCC Financing Statement.

The UCC Financing Statement which, also known as a UCC-1 Form, is a legal document a creditor files with the state where the debtor/borrower is located to secure their interest in collateral from the borrower until payment is received in full. It also provides legal title to the asset listed if a debtor is unable to meet its financial obligation.

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Unsecured Business Credit Lines vs Business Credit Cards

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Unsecured Business Credit Lines

In a previous post we talked about the benefits of using our unsecured business credit lines. Now I have to say this definitely was a very popular post that generated quite a bit of questions and conversations so I thought it would be a good idea to cover this in today’s blog post. unsecured business credit lines

Now for all you credit savvy business owners I’m sure we can all agree that access to unsecured credit lines that protect your personal credit while building business credit is the optimal choice.

In a previous post we compared our unsecured business credit lines with traditional business lines of credit, we covered the benefits, how to qualify and where to apply.

In this post I wanted to compare our unsecured business lines of credit with traditional business credit cards. Although each client that qualifies for our business credit lines gets issued a business credit card that carries either the Visa® or MasterCard® logo, there are big differences that need to be pointed out.
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Why File a DBA? Breaking Down: Doing Business As (DBA)

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Why File a DBA?

Have you wondered why a business files a DBA?

Do you know if your business needs to file one? why file a dba

In this post I’ll be breaking down the DBA also known as the Fictitious Business Name or Assumed Business Name to see if your business actually needs one.

First things first, let’s cover what a DBA is and what it’s not. A DBA is an abbreviation for “doing business as.” Filing for a DBA is necessary if your business operates under a name other than its legal name.
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Need to Add Trade References? 11 Things You Should Know

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Add Trade References

A trade reference is the payment experience information that a supplier has on its customer. For Dun & Bradstreet there are seven factors that represent the creditworthiness of a suppliers’ customer. These factors are: reporting date, payment history, highest amount of credit used, amount owing, total past due, terms, and date of last sale. add trade references

For quite some time you’ve heard me talk about how Dun & Bradstreet is the only business credit reporting agency that allows you to add trade references to your business credit file.

While there are over 500,000 suppliers here in the U.S. that extends credit to businesses like yours less than 6,000 actually share their payment data with a business credit reporting agency.

Unfortunately, for many business owners they find out the hard way that just having accounts established in the company’s name doesn’t mean the company’s building a credit file. If you find that your existing supplier based relationships are not reporting why not add those trade references so they do?
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