A virtual terminal is a secure payment portal used by merchants to remotely process credit card and other non-cash payments on behalf of their customers. Most payment services providers include a virtual credit card payment terminal with every merchant account. Information is encrypted as the customer’s payment details are digitally sent and received by the…
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Cash on Delivery: What It Is & How It Works
Cash on delivery is a method of accepting customer payment when a product or service is delivered (as opposed to in advance). COD reduces card fees and lets customers try before they buy.
With cash on delivery (COD)—also called collect on delivery—a customer can use cash or another payment type, like a cashier’s check or credit card, to pay the courier once their merchandise is delivered. COD is popular in regions where consumer trust in online payments is low and among businesses that want to let customers “try…
Payroll Garnishments: Small Business Guide
Payroll garnishments are legal deductions from an employee’s wages, mandated by court orders or government agencies, to satisfy debts such as child support, tax levies, or student loans. Ensuring compliance with payroll garnishment rules is crucial, as failure to do so can lead to serious consequences, including fines and penalties. Payroll garnishments can be daunting….
What Is a Business Partnership?
A partnership is a business structure where two or more individuals or entities come together to conduct a business venture. Each partner contributes money, property, skills, or labor to the business and shares profits and losses. Most partnerships have an agreement that states every partner’s rights and responsibilities, how much ownership each has, and how…
Payroll for Nonprofits: An Easy Guide for Employers
Most nonprofits may have tax-exempt status, but they’re still liable for some of the same payroll taxes as for-profit businesses. Our guide tackles the different payroll taxes for these organizations.
Nonprofits are organizations dedicated to pursuing mission-oriented goals and providing public benefit. Unlike businesses, these organizations (like foundations, charities, and social welfare groups) aren’t formed to generate and distribute profit. Payroll for nonprofits is processed in much the same way that for-profit businesses do; however, there are some differences depending on your organization’s structure and…
Purchase Order Financing: What It Is & How It Works
Purchase order (PO) financing is the process in which a creditor pays your suppliers for goods so that they can be delivered to your customers. If your business has insufficient funds to pay your suppliers up front, then this type of financing can help avoid delays in fulfilling customer orders. Take note that PO financing…
What a Web Content Management System Is & How to Choose One
A web content management system (CMS) is software used to build and design a website, create and edit pages, organize content, upload media assets, and optimize the site for search. There are dozens of CMS platforms available, from WordPress to Wix. Below, we explain more about the different types of CMS solutions available for building…
Quick Ratio: What It Is & How To Calculate It
The quick ratio, also known as the acid test ratio, is a calculation that shows if a company has enough current assets to cover its current liabilities. It is a liquidity ratio used by a company’s stakeholders, investors, and lenders and takes a company’s quick assets, which are current assets minus inventory and long-term receivables,…