Pat Gage -Opportunity Creator

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Pat Gage

Business credit cards nowadays provide many regular people opportunities to start their own companies by allowing them to borrow the funds that they may need, while separating business expenses from that of personal charges. What a lot of business owners don’t realize, however, is that the advantage of having a business credit card does not simply end in having an outlet for loans. It actually provides so much more benefits that could help the company become more organized, grow and even earn more money.

Convenient Source of Funds

There are times, especially when one is just starting to put up a business, wherein the company may need money for capital or for other emergency expenses. Even if the business owner may not always readily have the funds at hand, having a credit account for the company can allow a convenient source of cash.

More Organized Financial Transactions and Record Keeping

When a lot of the company’s expenditures are done through credit, this helps the company in keeping track and organizing its expenditure. By having credit card companies automatically keep records of every transaction done through the account and having the business owner receive a monthly statement, the company’s work in monitoring expenses becomes less. This would especially benefit those businesses that often entail a lot of traveling and entertaining clients; as such situations may not always be practical to keep recording expenses. Most importantly, easier monitoring for accounting and tax transactions takes place.

Establishes Credibility

Using credit cards for the business can give the impression of a more reliable method of payment, and this may even make a small business seem more legitimate. The use of these business credits also helps establish a company’s business credit rating, which may assist in building a trust-worthy reputation for future investors as well as customers.

Gives Security

A certain degree of protection is given to business owners through purchasing items for the company with business credit cards, which payments through cash or other methods cannot offer. This is very important for companies that often involve traveling to foreign places because a lot of credit cards are recognized internationally. The same type of security is also important for businesses that may require much purchasing or selling of goods because payments done through credit cards can assure the other party that there will always be money coming.

Gives Businesses Time Allowance

The use of credit cards in businesses gives companies a lot of time allowance to pay for their purchases, especially when they need the goods in large quantities. Time is then given to the owner to pay for the purchases, instead of having to give immediate payment that may not always be readily available.

Consumer Benefits

Business credits also offer a lot of perks to consumers that may cater to the many different needs of the company. Some of these bonuses may include airline mileage or cash back that one can take advantage of in doing business transactions and even save the company a lot of money.

Business owners nowadays need to be practical and clever if they want their companies to stay afloat. Business credit cards provide companies a lot of opportunities that help in financial organization as well as save a lot of money.

By providing businesses a convenient source of funds, an easier record keeping, credibility, security, time allowance and a lot of other advantages, such credit cards truly benefit and help out the business owner in more ways than one.

Having the assistance of a credit card as you are starting on a new business venture may not be absolutely necessary, but it can surely help you a lot. It does not only give you a source for funds, but it also adds organization to your cash flow and in tracking expenses. Aside from this, most business credit cards offer many perks that can be of great benefit to your business.

But as tempting as these company credit cards may sound, remember that the common error of a lot of business owners is that they do not consider the disadvantages that these credit cards may include. Many have made huge mistakes in running their finances with such business credits that have often led to personal-liability. This is why you need to know about the disadvantages and learn what you can do to either handle or prevent them from ruining your business.

What are the Drawbacks of Business Credit Cards?

What a lot of small business owners do not realize is that when they are only initially starting out on a business and have not yet established a business credit score, their professional and personal finances can be blended. This is because most credit cards require a personal liability agreement from the business owner at least for the first few years when company is just starting out.

Therefore, the business owner can be held liable for any problems with the company’s credit account. For example, if your company fails to make payments on time then this could significantly dent your personal credit score despite the fact that this is not a personal transaction.

Other possible disadvantages that business credits may have include the large possibility for employees to abuse the use of company credits by charging personal purchases. Aside from this, fewer protections may come with it as compared to a personal credit card because the intended use of these credits are for company purposes and not personal. Higher interest rates are also usually charged by business credit cards as compared to personal credit cards.

What You Can Do To Control Mismanagement of Business Credits?

Despite the possible disadvantages that credit cards may bring, remember that these things can only happen if there is a mismanagement of your credit account. What you can do is set certain precautions so as to avoid such drawbacks from happening. Remember to register your company with a business credit bureau as they can help you establish a business credit score, which will later on help you forgo with the personal-liability agreement.

Also remember to manage your company’s financial transactions well. Build a favorable credit history by making the right payments and avoid making huge debts that your business cannot afford. More importantly, when you’re only starting out, remember that it cannot be avoided for you to be personally liable to debts therefore learn to use credits wisely. It would also be helpful to take extra precautions by placing minimal credit limits for employees and reporting abuse of your company’s credit account.

Remember that business credit cards can help your company a lot, but they are not flawless and therefore one has to be smart in using them. Remember to take the extra precautions and always be careful with your finances.

Through this, when you avail a credit card for your company, you can make it work for you and allow it to become a partner in making your business grow instead of giving you liabilities.

To be able to avail of many financing offers by many lenders, having a good credit score is a must. If you have one handy, this will allow you to get a decent amount with reduced interest rates, with flexible payment terms. But building your business credit score is no easy feat to accomplish.

If you just have started earning your business credit when you set up your business venture, then it’s quite easy to get a good rating within 1 to 2 years of its operation.

This is not the case, however, when you have a bad credit rating. You either have to repair your business credit on your own, or hire a credit repair professional to get the job done. Only when you fixed your score can you start to build it up.

But before you can actually start building business credit scores, you need to have a credit identity first. This can be done by putting up your business as a corporation or an LLC. These two are perfect statuses to start your business credit. Since most financial lenders are eyeing clients in corporation or LLC, having your business as one will allow you to get a loan faster than any business enterprise.

You also need to set up a credit record with a credit agency, or Paydex. Credit agencies will keep track of your credit transactions, rate them and give them scores. This will be used to determine how good your credit rating is when a financial institution does a credit check.

Paydex scores by big companies like Dun and Bradstreet will keep records on how well your company is paying your credit bills. The score ranges from 0 to 100 – the higher the score, the bigger the possibility your loan will get approved.

Now that you have established your credit identity, you need to apply for a loan before you can actually start building your business credit scores. First, you can choose either a secured loan, where the lender will ask you to pledge assets or properties as collateral that will serve as security for the loan. Note that this kind of loan will let you borrow a much larger amount (depending on your collateral), and a much reduced interest rate.

Another type of loan is the unsecured loan, which is perfect for those who don’t want to put their assets at risk by setting it up as collateral. Since the risk to the lender is higher compared to unsecured loans, the financial institution might be very strict with its application, coupled with a higher interest rate and payment schemes.

Next is the type of credit you want to be used in your business venture. Below are the most common credits you can bring out in any lender in your area:

1. Business credit card

Quite separate from a personal credit card, this type of credit is more lucrative to be used in business ventures due to its reduced APR, and flexible interest rates (depending on the amount used within the month).

2. Short/Long Term Loans

These kinds of loans allow you to borrow a fixed amount of money from the lender to be used in any way you wish. Attached with fixed interests with payment terms ranging from 5 to 10 years depending on the amount borrowed.

3. Lines of Credit (LOC)

Lines of credits are more for business who are into operation 2 years or more. Credit lines will let you have a fix amount of credit on the bank, which can be used to pay for unexpected expenses that crop up during the operation of your business. The interest expense will depend on the principal amount you have left, and will reduce as you pay your debt until it reaches zero.

Today’s featured blog post is going to be the first of several by seasoned entrepreneur and internet marketer, Mike Koenigs. He’s created and agreed to share a series of videos just for my valued readers like yourself! Mike’s best known as the guy who created the Web 2.0 syndication service, Traffic Geyser, that distributes over a million videos per week and generates top ranking, web traffic and leads in minutes by sending video content to over 70 video sites, social bookmarking, social media, blog and podcasting directories.

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When I discuss social media with my clients I try to get them to understand that typical marketing: print, phone, trade shows etc.. (outbound marketing techniques) are becoming less effective. They are becoming less effective for many reasons, one of them being social media. While I was responding to Gary’s comment I was reminded of a 2008 60 Minutes segment I saw about the Mellennials. Watch the video:

Watch CBS News Videos Online

The Mellennials are defined as Generation Y or “Generation Next”. There were approximately 80 Million of them born between 1980 and 1995 and are beginning to enter the workforce in huge numbers.

“The Millennial Generation, like other generations has been shaped by the events, and trends of its time. The rise of instant communication technologies made possible through use of the internet, such as email, texting, and IM and new media used through websites like YouTube and social networking sites like Facebook, Myspace, and Twitter, may explain the Millennials’ reputation for being somewhat peer-oriented due to easier facilitation of communication through technology…….To better understand this mindset, many large firms are currently studying this conflict and are trying to devise new programs to help older employees understand Millennials, while at the same time making Millennials more comfortable. For example, Goldman Sachs conducts training programs that use actors to portray Millennials who assertively seek more feedback, responsibility, and involvement in decision making.” Wikipedia

What do you think , will typical marketing work to attract someone that is buried in a laptop, ipod, FB, Twitter etc.. and values friendship more than work?

Wayne State University Eastern Campus welcomes Pat Gage Thursday February 11, 2010 from 6 PM to 9 PM as he speaks about Social Media. Pat is going to talk about the importance of businesses emembrassing Social Media as part of their business plan. He will show them that it can be done for little or no money and time.

You don’t need to know how to start…

Fear real estate no more…

Learning curves suck!

Can anyone really do this?

If you have absolutely zero experience in real
estate or have never done a single deal and
don’t have the slightest clue where to begin
you need to get on this webinar now…

https://www2.gotomeeting.com/register/688783098

If you fall into any of the categories described
at the opening of this message you’re definitely
going to want to hear what Tony has to say…

Why?

You see the reason alot of investors fail is simply
because they are afraid to take action because they
are afraid that they can’t sell the property quickly!

I get that. Buying houses has never been easier than
it is today, especially for those that understand
how to buy creatively, without bank loans or writing
huge checks.

What if you could learn how to actually have the I.R.S.
help fund the deal for your buyers and you won’t need
to get your buyers qualified? I know Tony is doing that
today, in this market, and selling his houses in days,
not weeks or months, at full retail price, with

No Contingencies….

I don’t want you to miss your chance to finally make
money in real estate. Because in this program he takes
you by the hand and he will work with you on your first deal.

Sign Up Now for Wednesday Night’s Webinar:

https://www2.gotomeeting.com/register/688783098

To Your Business Success

Pat Gage

Let’s Get Social….

Blog: http://patgage.blog.com
Twitter: http://twitter.com/patgage
Facebook: http://www.facebook.com/PatJGage
YouTube: http://www.youtube.com/opportunitycreator
FriendFeed: http://www.friendfeed.com/patgage
LinkedIn: http://www.linkedin.com/in/patgage
MySpace: http://www.myspace.com/patgage
Self Growth: http://www.selfgrowth.com/experts/pat_gage

I have been hearing some chatter in the internet
world about this guy in the Chicago area, named
Tony Severino and how he has the IRS helping fund
his buyers down payments when he sells the house.

Now Tony and I know some of the same people and
we are part of a mastermind group As well so I
got ahold of him and asked him to tell me more
about this IRS thing.

What he showed me is pretty amazing; he has the IRS,
yep the Internal Revenue Service, helping fund his
buyers purchase of his properties.

Anytime you can get help to sell your inventory is
pretty dang good, but to actually get a check from
the IRS to put in your account instead of them taking
money from you is even more amazing.

Join us Wednesday night at 9 PM EST by clicking on the
link below:
https://www2.gotomeeting.com/register/688783098

One of the cool parts is that you can sell the house
at full retail price, with no contingencies in as fast
as a few days. Do you have some properties that you
need to move quickly and at full retail price?

I heard from a little birdy that Tony is going to be
opening the doors this Wednesday night at 9 PM EST to
show us how he does it.

Join us Wednesday night at 9 PM EST by clicking on the
link below:
https://www2.gotomeeting.com/register/688783098

To Your Success

Pat Gage

P.S. In case you didn’t know it, that check is for $8,000!

Here is the link again!

https://www2.gotomeeting.com/register/688783098

Since I did the video announcement on the $2.7 Million Bulk package offer the
other day our phones have been ringing off the hook.

And instead of calling all the callers back one by one I decided to made a video
that details the process that we will follow to move this package.

Please this link http://www.opportunitycreator.com/bulks/ and get immediate
access to the video and the important information.

Again, this package is 16 condos and 6 executive houses (5,000 Sq. Ft. each)
for $2.7 Million on the Detroit river front.

To your Business Success

Pat Gage

P.S. The fax number is a 24 hr. fax. The seller would like to get an offer by
early next week.