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What Is a Merchant Account? A Guide for Small Businesses

A business would need a merchant account to securely accept electronic payments, such as credit and debit cards, and streamline the payment process, ultimately expanding customer payment options and improving financial transactions.

By November 29, 2023 | Retail, What is

What Is a Merchant Account? A merchant account is a bank account where payment processors temporarily store a merchant’s sales proceeds until the funds are deposited to the merchant’s elected bank account. Merchant accounts are used in conjunction with a payment processor, which facilitates the transaction. Most merchant account providers also offer payment processing services…

Cross-Border Payments: Small Business Guide

By November 29, 2023 | Retail, What is

Cross-border payments, which involve international transfers of funds between individuals, businesses, and financial institutions, are now essential in today’s global economy. The surging popularity of these transactions can be attributed to the increased interconnectedness of businesses worldwide. Small businesses, in particular, are embracing cross-border payments due to the benefits they offer, such as expanded market…

Self-employment Tax: Rates & Calculations

By November 27, 2023 | Free Resources, Taxes, What is

If you’re a sole proprietor, freelancer, or independent contractor, then you’ll likely need to pay self-employment tax. Considered the equivalent of payroll taxes that W-2 employees pay, self-employment tax is due on income earned and must be paid regardless of whether you receive a 1099-MISC for your services. The self-employment tax rate includes both Social…

HR Compliance: Examples, Laws & Best Practices [+Checklist]

By November 24, 2023 | Human Resources, What is

Human resources (HR) compliance is the process of ensuring your company adheres to all employment laws and regulations—from hiring and onboarding new employees to administering their benefits and ending the employment relationship. Small businesses are uniquely susceptible to compliance violations because they often lack the oversight necessary to notice and correct issues. To ensure you…

What Is Merchandising? Definition, Benefits & Cost

By November 22, 2023 | Retail, What is

Merchandising includes all the non-verbal tactics retailers use for presenting and promoting their goods in-store. This includes your store layout, the products you choose to sell, how you arrange them, and even your pricing strategy. Retailers use merchandising in their stores to cultivate their brand image, improve customer experience, and drive sales. Merchandising can make…

Paid Sick Leave Laws by State

By November 20, 2023 | Human Resources, What is

Although there are no federal laws requiring that employers provide paid sick leave, some individual states (as well as cities and counties) have created their own regulations. For instance, employees in Colorado accrue one hour of sick leave for every 30 hours worked (capped at 48 hours in a year), while workers in Washington, D.C.,…

What Business Overdraft Protection Is & How It Works

By November 15, 2023 | Banking, What is

Overdraft protection is a business checking service that allows your bank to transfer funds from a backup account, credit card, or a line of credit to pay for transactions in the event that your main checking account’s balance is insufficient. It protects you from overdraft fees and nonsufficient funds (NSF) fees. In many cases, you…