A payroll loan is a type of short-term borrowing that a business can use to pay its employees when cash flow is tight. If you’re a small business owner, you know that maintaining a steady cash flow can sometimes feel like walking a tightrope. Payroll loans can act as a safety net, ensuring your employees…
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What Is Plaid? How Does It Work & Is It Safe?
Plaid is a financial technology company that acts as an intermediary between financial institutions and third-party applications. Using Plaid makes it easy for users to quickly and safely connect their bank accounts with apps, helping them manage money and make transactions effortlessly without providing the apps with their bank login information. While users may sign…
What Is a Payment Gateway? How It Works for Small Business
A payment gateway is a customer-facing platform that collects payment information during checkout. The gateway then encrypts the customer’s data and sends it to the payment processor to initiate the transfer of funds. Payment gateways are used by: Businesses selling remotely, on a website, on social media, or on mobile. Checkout counters in brick-and-mortar stores…
What Is a CRM Database + 4 Key Benefits
A customer relationship management (CRM) database simplifies the process of collecting, tracking, and organizing client data. For an organization with hundreds of thousands or even millions of customers, this data could easily grow to monumental proportions—but that’s exactly where the CRM database comes into play. In this article, we’ll learn about what a customer relationship…
Order Fulfillment Costs: Fulfillment Center Pricing Explained
Third-party order fulfillment companies help retailers handle their orders for a set of monthly fees. The primary costs include fees for receiving inventory, storing it, packing orders, and shipping them out. Other costs can come from processing returns, restocking, initial setup, account management, inbound shipping, packaging, custom labeling, and special requests, like kitting. The total…
What Is a Kiosk? Types, Pros/Cons & Examples
In retail, a kiosk is a digital display or small structure that businesses often place in high-traffic areas to engage customers.
Kiosks offer a great opportunity to improve store functions and customer experience by providing information or offering self-service options. They often incorporate an interactive display screen, though they can also be non-interactive. In this article, we will look at different kiosk types, discuss how kiosks can improve your business, and examine how real-life companies are…
What Are Accounts Payable & How To Account for Them
Accounts payable (A/P) is the amount that a small business owes to third-party suppliers and vendors. It is a liability account in the balance sheet that shows the outstanding amounts that are yet to be paid. This article will teach you what accounts payable are and how you should account for them properly in the…
Completed Contract vs Percentage of Completion Method
The primary difference between the completed contract method (CCM) and the percentage of completion method (PCM) is the timing of income recognition. With PCM, income is recognized in phases as the work is completed while, with CCM, income is recognized upon completion of the contract. Quick Comparison of Completed Contract vs Percentage of Completion Method…