NFC payments are contactless payments that use near-field communication (NFC) technology to exchange data between readers and payment devices like Apple Pay and Google Pay eWallets in smartphones and smartwatches, or tap-to-pay credit and debit cards. NFC devices must be close together (typically less than 2 inches apart) to complete these contactless payments. NFC payments…
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Top Alternatives to Invoice Factoring
While invoice factoring may be common in certain industries, it is not a one-size-fits-all financing solution. It does not address large capital needs, and it requires an ongoing invoice assignment. It is also active financing, so even if the business doesn’t utilize the capital, it still must pay a fee. The top alternatives to invoice…
Filling Out an Invoice Factoring Application in 6 Steps
An invoice factoring application can be completed in six steps, most of which require providing the information a factoring company needs to approve you for funding. The process can take from one to five days, depending on the number of invoices and the speed with which you provide additional information. Once you complete the initial…
Understanding Invoice Factoring Rates & Costs
The best way to figure out the cost of factoring invoices is to work directly with an invoice factoring provider. Most will charge a discount rate and several fees to ensure they are compensated adequately for the risk they take by providing funding. By understanding the fees and estimating potential costs, small business owners can…
Invoice Factoring Contract Terms
Invoice factoring terms include the funding amount, advance rate, repayment terms, personal guarantee requirements, and speed of funding. In general, the most important term to maximize is the advance rate because that directly impacts the cost of capital. The other important term is the funding amount, which you should ensure is sufficient to make factoring…
Invoice Factoring Requirements
Invoice factoring companies have a unique set of requirements that usually don’t include measuring a business’s individual credit or time in business. However, there are restrictions on the type of invoices that can be factored, the creditworthiness of a business’s customers, and even the volume of invoices that need to be factored to qualify. Invoice…
What Is Invoice Factoring?
Invoice factoring is a type of financing that converts invoices due within 90 days into immediate cash for your small business. You submit an outstanding invoice to the factoring company, and it provides you with part of the invoice value for a small fee. It’s different than invoice discounting, which uses the invoices as collateral….
What Does a Property Manager Do?
Property managers manage, maintain, and operate residential and commercial real estate for property owners and real estate investors. Property managers perform a variety of tasks and range of duties, including finding and securing qualified tenants for vacant rental units. Some landlords who own fewer than 10 rental properties act as a property manager, self-managing their…
What Is a UCC Filing & How Does a UCC Lien Work?
A UCC lien filing, or UCC filing, is a notice lenders file when a business owner takes a loan against an asset. A UCC filing gives lenders a claim on assets a debtor pledges as collateral. The term originates from the Uniform Commercial Code (UCC), a set of rules governing commercial transactions. When a UCC…
SBA Loans: What Is an SBA Loan?
When a small business owner needs financing, the first option to come to mind is usually a loan through the Small Business Administration (SBA). While many people are familiar with the term “SBA loan,” they often aren’t clear on what these loans are, or even how to get them. We’ve provided a general overview of…
How Much Does it Cost to Open a Restaurant?
Startup costs for a new restaurant typically range from $95,000 to more than $2 million. The actual amount it costs to open a restaurant depends on factors like rent, furniture choices, and renovation goals. Typical expenses include one-time purchases like furniture and equipment alongside recurring payments like rent and utility bills. Lack of capital is…
What Is Pay-As-You-Go Workers’ Comp Insurance?
Pay-as-you-go workers’ compensation is an insurance payment plan that bases your premium on your actual payroll. This is different from traditional plans that use projections to determine your costs and can result in an extra bill at the end of the policy. Choosing pay-as-you-go workers’ comp minimizes this risk and allows you to spread premium…