Artificial intelligence (AI) has redesigned the entire ecosystem of banking since the 1980s, when computer scientists implemented machine learning specifically trained for the banking industry. It was designed to allow banks to launch automations capable of analyzing vast amounts of banking data in mere seconds with incredible accuracy. Since then, more improvements have been made,…
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Returned Item Fee: What It Is & How It Affects Your Business
How a returned item fee works When your bank attempts to clear a check or an electronic payment through your account and your balance has insufficient funds to cover it, the transaction will be declined or returned. If the transaction is a check, it would be flagged as NSF and sent back to the bank…
What Is Job Rotation: How It Works, Benefits & Drawbacks
Job rotation is a talent management strategy that involves periodically shifting employees from one position to another within an organization. Although employees are moved to different positions, it is not considered a promotion because they retain the same pay grade. However, it gives employees an opportunity to explore various skills, gain new skills, and boost…
Mixed-Use Loans: What They Are & How They Work
Mixed-use loans are used to finance a piece of real estate that has a combination of uses or zonings, such as a property with a mix of residential, commercial, agricultural, or industrial uses. They can primarily be categorized as commercial, government-backed, or short-term and may have repayment terms as short as several months to as…
What Is a PEO & How Does It Work?
A professional employer organization (PEO) is a co-employment solution for small businesses seeking HR, payroll, and employee benefits. Acting as the employer of record (EoR) for payroll and taxes, the PEO handles tax filings, unemployment insurance, and worker’s compensation. However, you retain full control over daily business operations, such as marketing and customer service. If…
What Is Owner’s Equity in Accounting?
Owner’s equity is the amount left after subtracting all the company’s liabilities from the assets.
Think of owner’s equity like a leftover pie after everyone you owe has taken their slice—it’s what’s truly yours as the owner. Unlike a company’s fair market value, owner’s equity doesn’t reflect a company’s overall worth. Instead, it shows how much capital the owners have invested in the business and how much of the business’s…
What Is a Money Services Business? Types, Regulations & More
A money services business (MSB) is a non-bank financial institution, business, or person engaging in money transmission, money conversion, or money exchange. These include selling money orders, cashing checks, and exchanging foreign currency. MSBs are regulated by the Financial Crimes Enforcement Network (FinCEN), must follow all the regulations set by the Bank Secrecy Act (BSA),…
What Is Product Positioning? Examples & Importance
Product positioning is how you present your product to your audience to give them a specific impression. It is a strategy that motivates your target market to engage with your brand and eventually purchase your product. Proper product positioning also allows you to stand out from the (increasingly tough) competition. Importance of Product Positioning Product…