Business Tips Pro

Category: Money

  • B2B Payment Solutions for Small Businesses in 2022

    B2B Payment Solutions for Small Businesses in 2022

    Here at XYZ Co., we’re in the business of helping companies accept and make payments. And we’ve been in this business a long time, so we know what we’re talking about when it comes to payment processing solutions. Because of that, we decided to ask our team to put together an article that would help small businesses navigate all of the payment processing options out there, so they can find the one that’s right for their unique needs in 2022. Here’s what they found!

    Industry Overview

    Small businesses are able to operate from any location, and new technologies have made it easier than ever to have a global presence. With the proliferation of e-commerce and online retailing, small businesses need to be able to accept credit cards and other forms of digital payments so that customers can purchase their products with ease. Yet many small business owners are wary about opening up their personal financial information or getting hit with high fees. Fortunately, there are now B2B payment solutions that help merchants avoid these difficulties while maintaining a competitive edge over competitors who still rely on a cash only.

     innovative payment solutions

    1. Visa Checkout – this payment option is great because you can skip entering billing and shipping information when shopping online, which is a big hassle.
    2. PayPal – this payment option is great because it accepts a lot of different types of currencies and has a very low fee structure, which makes accepting international payments easier.
    3.  Square – this payment option is great because it’s an affordable way to take credit card payments on your phone or tablet; they also provide a free point-of-sale app to help keep track of sales and inventory levels, which makes managing your business much easier!

    Benefits and opportunities

    The ever-evolving world of technology is changing how businesses operate on a daily basis. This means that one day, you might find your business processing payments with an iPad. When it comes to payment processing, there are many different solutions to choose from; however, not all are created equal. To help you find the best B2B payment solution for your small business, take a look at these top seven options:

    1) Automated Clearing House (ACH) transfers – ACH transfers enable companies without bank accounts to send and receive money electronically over long distances. ACH transfers can be used when a company needs to make regular payments or if they need to make lump sum or occasional payments that do not exceed $25,000 per day.

    What to keep in mind

    – In order to determine which payment solutions are best suited for your business, it is important to know what kind of payments you will be processing. – For example, if you plan on accepting credit and debit cards, then a merchant account would be necessary. – If you plan on accepting ACH transactions, then a gateway might be necessary. – If you plan on taking Bitcoin or other cryptocurrency payments, then a crypto wallet would be needed.

    Takeaway

    The payment solutions market is constantly changing with new technologies, products, and services coming out every year. We’ve taken a look at the biggest changes we can expect to see over the next few years and made a list of what we think is going to be some of the most popular B2B payment solutions in 2022.

    1) Mobile Payments – mobile payments are expected to be some of the most popular B2M payment solutions in 2022 because they’re convenient and easy to use. Plus, all you need is your phone!

    2) Contactless Payments – contactless payments are also expected to be one of the more popular B2M payment solutions because not only do they have increased security features but they’re also more convenient than other forms of digital payments.

  • Bank of the West Business Rewards MasterCard Review for 2022

    Bank of the West Business Rewards MasterCard Review for 2022

    The Bank of the West Business Rewards MasterCard offers a competitive rewards program, but it doesn’t compare well to other business credit cards on the market today. Is it right for your business? Read on and find out about this card’s strengths and weaknesses so you can decide if it will be helpful to you as an entrepreneur or small business owner in the coming year!

    What Is The Bank of the West Business Rewards MasterCard?

    The Bank of the West Business Rewards MasterCard is a business credit card that offers a cash bonus and rewards on purchases at participating restaurants and grocery stores. The card has no annual fee, and it does not charge an interest rate on purchases. Cardholders get one point for every $1 spent on eligible purchases. These points can then be redeemed with no restrictions on how many points can be used per dollar. There are also no limits to how many points can be earned or redeemed in a year. However, there are limitations when it comes to who can apply for this card. To qualify for the Bank of the West Business Rewards MasterCard, applicants must have been issued their company’s EIN by either the IRS or another federal agency and have been in business at least three months before applying. The applicant must also show proof of good standing with state authorities where they reside as well as being authorized to conduct transactions in California by either a trade name registration or foreign corporation registration number.

    What Are The Key Features Of The Card?

    The key features of this card are that it has no annual fee and offers a business cash rewards program that can be customized. In order to earn points, you must spend at least $5,000 annually with Bank Of The West or have a combined balance in checking and credit cards that’s over $10,000 each month. You’ll also earn one point for every dollar spent on your card or 1% on your checking account balance if you meet the requirements. One point equates to one penny so this is an effective way to build up points slowly and take advantage of other perks like bank-level security protection which includes fraud prevention features and zero liability protection against unauthorized transactions.

    What Are The Fees & Charges For This Card?

    The fees and charges on this card are quite reasonable and comparable to those found on other business cards. The annual fee is $0, but there is a 2% charge for each purchase transaction. There’s also a 2% charge on cash advances, balance transfers, and cash-like transactions. For these kinds of transactions, you’ll have to pay a $10 minimum in addition to the regular fee. Late payments will cost you $25 or 5%, whichever is greater, while returned payments will cost you either $25 or 3%.

    The most notable feature that sets this card apart from others is its Reward Points program. You’ll earn points at one point per dollar spent on qualifying purchases made using your Bank of the West Business Rewards MasterCard credit card.

    Who Is Eligible To Apply For This Card And What Documents Are Required?

    To apply for this card, you need a business with annual gross revenues of $5 million or more. In order to be eligible, you will need to provide your business Tax ID number as well as other documentation that proves your eligibility. The card has no annual fee and does not require an intro APR period. There is also no balance transfer fee when making transfers within the Bank of The West system. You can earn points by using it in-store, online and at ATMs, but not on travel purchases made through third-party websites or travel agencies. You can redeem points after each purchase and get a statement credit when you accumulate enough points in one year. However, if you don’t have enough points in one year then they will carry over until the next year.

    What Is A Typical APR On This Card And How Can I Secure A Lower One Through Good Behavior Or Discounted Application Fees?

    The APR on this card is currently at 13.49% which is fairly average. There are a few ways that you can lower your APR though. You can apply for the card with a good credit history and one year of experience managing a business as an owner, manager, or executive and you could be eligible for an APR as low as 12%. You could also sign up through Plenti, a program that gives you points every time you make purchases and then offers discounts at select retailers when you redeem them. These rewards are worth 10-20% off and you get 20,000 after signing up just once. For new businesses, there’s a $250 fee waiver if they’re approved within 30 days of opening their account and they maintain certain criteria.

    There are so many other benefits offered by this card but these are some things that stand out as especially beneficial for new entrepreneurs looking to build their credit or learn how to use it responsibly.

    Bonus Categories (2018)

    The Bank of the West Business Rewards MasterCard is a solid option for businesses looking for a rewards credit card. The card comes with a low-interest rate and generous rewards program, making it worth considering if you’re not in need of additional perks like roadside assistance or extended warranties. This card offers a variety of features that make it an excellent choice, including:

    Low-interest rates on purchases and balance transfers 9% introductory APR on balances transferred within first 60 days (for balances transferred after 60 days, APR will be 12.99% – 22.99%)

    Rewards that can be redeemed as cash back or gift cards at any business location or online at your favorite retailer’s site

  • The 6 Best Restaurant Payment Processors for a Smooth Payment Experience in 2022

    The 6 Best Restaurant Payment Processors for a Smooth Payment Experience in 2022

    Your restaurant is more than a place to order food and sit down to enjoy it; it’s also an entrepreneurial venture that requires you to keep your finances in order so you can plan and budget accordingly. If you have an e-commerce component as well, you need payment processing that integrates directly with your point-of-sale (POS) software so payments are seamless, quick, and accurate at the table and online — no matter which one your customers choose to use to pay. If you’re looking for the best restaurant payment processors, here are the top six options on the market right now.

    1) Braintree

    Braintree makes running your restaurant easy with the best payment solutions. Braintree’s POS app lets you keep track of your inventory, order, and customer data all on your tablet or phone. Plus, Braintree has partnerships with most major card networks to provide one-touch payments from more than 130 different devices. This means no more fumbling around for cash at the end of the night! Once you complete this quick installation process, setup is pretty much automated. All it takes is plugging in your device once and installing the free app – then your company is ready to start processing payments right away.

    Braintree also provides instant refunds with an industry-leading guarantee which will be sure to give customers peace of mind when paying for their meal tonight.

    2) PayPal (without credit card fees)

    Accepting credit cards is the best way to go about accepting payments for your restaurant. However, you need to pay 3% plus $0.10 per transaction (this is known as a swipe fee). With PayPal, on the other hand, you pay 2.7% plus 30 cents per transaction (without any swipe fees), and you can also accept other forms of payment like bank transfers, ACH transactions, checks, and more. Plus, it’s easy to integrate with most POS systems and enables you to take advantage of new features that will be released this year like Person-to-Person payments and Express Checkout which allows customers to check out faster by entering their email address or phone number. While Square charges a flat rate fee of 2.75%, it’s limited to certain types of businesses and has higher setup costs than others. So if you’re looking for an affordable option that’ll make processing payments quick and easy, then look no further than Stripe! Their rates are lower than PayPal at just 2.4%, but there’s no requirement for monthly fees – so you only pay when you process transactions!

    3) Square (no monthly fees, no contract & no transaction fee)

    Square is an innovative startup that offers small businesses the ability to accept credit card payments anywhere with any device. The company has no monthly fees, no contract, and no transaction fee. Square is well-suited for restaurants because it’s compatible with most POS systems and can be used by staff members without specialized knowledge of point-of-sale systems. It’s also best suited for restaurants who have a limited number of tables because it can be used as a tabletop device or integrated into the restaurant’s POS system. Square provides instant deposits to the restaurant owner, which means they are able to use the funds right away without waiting days or weeks.

    4) Stripe (lower rate, exclusive access to your customer’s data and website integration tools)

    Oracle Payables streamlines the process of payments by working with over 150,000 restaurants and using their expertise to reduce administrative tasks. Oracle Payables has increased the number of restaurants they work with by 10% each year since 2017, which is a remarkable feat. They have also improved the payment process by creating an interactive platform that allows diners to pay at their table and provides real-time notifications on status changes. The company has plans to expand its service offerings in 2020.

    Oracle Payables offers restaurants protection from chargebacks and fraud so that they can focus on what matters: cooking great food! Egnyte (best price, ease of use): Egnyte is compatible with POS systems such as iPad or Square Register. Their integrations allow you to see all your transactions within one dashboard and make adjustments without having to log in elsewhere. With Egnyte’s best price guarantee, you’re sure you won’t find lower rates anywhere else – including other providers like Google Drive or Dropbox. It takes less than a minute for businesses to sign up and payments are processed quickly.

    5) Shopify Payments

    Shopify is a robust payment processor that can help your business grow and manage payments more efficiently. Shopify Payments includes everything you need to accept credit cards, debit cards, Apple Pay, Android Pay, and PayPal on your website or mobile app. Shopify’s built-in fraud protection tools help you reduce chargebacks and improve the customer experience. Plus, if you’re looking for an integrated point-of-sale system that supports in-person transactions and inventory management, Shopify’s POS software is one of the best options available. With Point of Sale, you’ll be able to control what products are visible on your sales floor as well as how they are priced – all while managing customers through queueing. Additionally, Point of Sale offers support for major card providers such as Visa®, MasterCard®, Discover®, American Express®, JCBTM, and Diners Club International®.

    6) Oracle Payables

    Oracle Payables is a cloud-based solution that provides a reliable, real-time payment processing system. Oracle Payables offers easy setup and integration to provide business owners with an efficient way to process payments without the need for third-party software or hardware. The Oracle Payables system also provides custom tools designed with restaurant owners in mind, including customizable reports and simplified data entry. With Oracle Payables, your restaurant will be able to offer both credit card and cash processing options that are quick, secure and easy to use.

  • AAdvantage Platinum Select Mastercard Review

    AAdvantage Platinum Select Mastercard Review

    The CitiBusiness AAdvantage Platinum Select Mastercard  has the potential to be one of the best credit cards for small business owners, but it comes with a hefty annual fee and limited extra features that might not make it worth it. Before you apply, make sure this card is right for your needs.

    Best Features

    – The CitiBusiness AAdvantage Platinum Select Mastercard offers a competitive APR and a rewards program.

    – It has no annual fee, which means the benefits of this card can be enjoyed on an ongoing basis.

    – The card comes with access to your FICO  score, which is helpful for business owners who want to keep track of their credit history and risk profile

    Things you should know

    The CitiBusiness / AAdvantage Platinum Select Mastercard is designed for small- to medium-sized businesses and offers a number of features that are beneficial for your business, including no annual fee, a 0% introductory APR on purchases for 9 months, and an intro balance transfer rate of 0% for 18 months. Plus, if you’re an existing Citi cardholder with a Citibank Private Client account, you’ll receive up to 25% more miles per dollar spent.

    How to apply

    You can apply for the CitiBusiness / AAdvantage Platinum Select Mastercard by filling out an online application. There is also a $75 annual fee associated with this credit card which is waived for the first year. If approved, you will get a welcome kit in the mail that includes your card, an instruction booklet, and a letter detailing your new account benefits and how to activate them.

    Our recommendation

    The CitiBusiness  AAdvantage

    The Platinum Select Mastercard card is a great choice for businesses with frequent travel. If you’re seeking a credit card that can help you earn rewards while providing flexible financing options, the CitiBusiness / AAdvantage Platinum Select Mastercard may be right for you.