Getting BBB accredited can open doors for your small business. A BBB accreditation (aka a Better Business Bureau accreditation) is a certification from the Better Business Bureau that shows customers you’re a credible, good-standing business. While it isn’t a requirement, it’s something to consider setting your sights on for building your long-term brand reputation. And…
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What Is Owner Financing & Who Is It Right For?
Owner financing describes a type of real estate transaction in which the seller of the property acts as the lender. In other words, the seller of the property agrees to provide ownership of the property to the buyer, and in exchange, the buyer makes loan payments to the seller instead of a traditional bank. Owner…
What Is an Amortization Schedule?
An amortization schedule is a table or chart that shows each loan payment throughout the life of the loan. These payments are broken down to show how much will be allocated to the loan’s principal and accrued interest charges, as well as the new loan balance after each subsequent payment. A schedule can be used…
What Is Artificial Intelligence (AI) in Banking?
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,…
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…