A dormant business bank account occurs when an account has no owner-initiated transactions—such as withdrawals, deposits, and cash, check, automated clearing house (ACH), or wire transfers—for more than 24 months. This can apply to deposit, investment, and retirement accounts. Interest accrued is not considered a transaction to keep an account active. Dormant business bank accounts…
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What Is Meta Pay? A Small Business Guide
Meta Pay is an in-app mobile payment service owned by social media company Meta. It allows users on Facebook, Instagram, and WhatsApp to send and accept money within the app. Businesses may also add a Meta Pay button on their websites so customers can conduct seamless transactions without leaving the website. Using Meta Pay will…
Time to Hire: Measuring and Improving Recruitment Efficiency
Time to hire serves as a prevalent metric in the world of recruitment. It gauges the duration, measured in days, between a candidate submitting their application for a job and the subsequent acceptance of a job offer by the same candidate. In today’s competitive job market, improving time to hire has become a priority for…
What Is a Digital Wallet & How Does It Work for Merchants?
A digital wallet, also known as ewallet or mobile wallet, is a type of mobile payment service that allows consumers to securely store information for multiple credit and debit cards and even hold a fund balance on a mobile app. The same app can then be used to complete transactions without the need to present…
What Is a Bad Credit Score & How Is It Fixed?
If you’re applying for a business loan, lenders can check both your personal and business credit scores: Bad personal credit is usually defined as having either a FICO credit score below 580 or a VantageScore of 600 or less. Bad business credit is often defined as having a PAYDEX score below 50, a FICO SBSS…
Personality Hiring: What it Is, Pros and Cons, and How to Hire
When people hear, “personality hiring,” many think it means hiring the friendly, outgoing guy who makes everyone laugh. In fact, according to Forbes, many young workers believe they should be hired for their personalities and the positive energy they bring to the workplace. However, true personality hiring is far more complex than rating charisma. It…
28 Employee Appreciation Ideas to Motivate Your Team
Appreciating employees, even in small wins, boosts employee morale. It makes employees feel that they are seen and heard. When employees feel valued and appreciated they become more productive and motivated. When appreciating your team, take into consideration their preferences. Nothing is more powerful than the appreciation that resonates with the receiver. To help in…
What Is a Hiring Manager?
A hiring manager oversees the recruitment process, defining job requirements, evaluating candidates, and making final hiring decisions. They collaborate with HR to ensure selected individuals align with team needs. This role extends beyond technical assessments, considering team dynamics, cultural fit, and long-term organizational impact. Depending on the specific responsibilities based on the organization’s structure and…