Credit card companies are in a fierce battle right now for customers. Most credit card companies do charge high interest rates but if you pay off those payments every month, you could potentially make some money back by charging your business expenses with your credit card.
To lure in customers, many banks and gas companies are offering credit cards that give you cash back for your purchases. For instance, Costco is partnering with American Express. Their cards will give you 1% cash back on all purchases, 2% cash back on dining and vacations and 4% cash back for gas purchases for the business accounts. Bank of America has its own offering with 1% cash back with no limits to how much you can earn.
The cash back bonuses may in fact be better than some of those airline credit cards. Instead of cash back, they give you miles toward free travel. However, if you have a cash back card, you could in fact earn more money to buy the airlines tickets separate. These cash back bonuses are cash that you can use for anything not just airline tickets. Also another bonus is that most of these cards don't have an annual fee compared to fees from airline credit cards.
So making all your business purchases using the credit card will defiintely help with the bottom line. You can also use that credit card to place an order to file a new corporation with us.
If you ever started a business or are thinking of starting a business you should be prepared for a lot of solicitors, many offering services you really don't need, but some services are legitimate and can be helpful to your business. We've gotten so many mail solicitations for credit card terminals, all promising so much for very little money. Credit card acceptance is important, you can't really succeed as a business online without accepting credit cards, but there are so many services out there that offer merchant accounts at a low cost and they're easy to sign up.
When you have a traditional brick and motor store, it's also important to accept credit cards, not accepting cards really hurts a business, especially since cash is becoming less and less important in today's market. Why many business owners do not accept credit cards is puzzling, maybe they do not want to deal with the hassle of learning how to use the terminal, or don't want to open a merchant account or they just like to keep things simple with cash.
The days of paper money are winding down, and now a company called SquareUp is bridging the gap between cash and traditional credit card terminals. The device, which is free, is attached to an iPhone, iPod Touch or iPad and allows anyone to accept credit cards instead of cash. This is great news not only for small businesses, but for outdoor vendors, event vendors as well as regular folks just selling stuff on eBay or CraigsList. Not only is the device free but the rates for such transactions are competitive with the rate services like Paypal would charge you, and it wouldn't require the user to sign up and sign in.
For more information visit SquareUp, and for more information about forming your own business or whether it be forming a Limited Liability Company, forming a Corporation or even applying for a DBA, please give us a call at 866-999-8200.