
How to Create a Successful Business Budget
Along with your blood, sweat and tears, making sure your business is financially successful takes a lot of planning and number crunching.
If you are a small business owner looking to use an unsecured business credit card to fund your endeavors, you may run into trouble if you have poor credit. That’s because business card companies demand good to excellent credit and lack provisions for co-signers. You can work toward improving your credit, but that can take time, and if you start with no credit, it can take a year or more to build it up.
Additionally, if your business is hurting and you have limited capital or revenue, adding credit card debt could push you to the tipping point. The Revenued Business Card is an alternative financing solution created to help businesses like yours succeed. We offer access to capital based on your sales record, not your FICO score.
If you’re considering applying for the Revenued Business Card, first determine your eligibility. Look at the following factors to increase your chances of qualifying for the Revenued Business Card.
A U.S. entity is a company incorporated in the U.S. — or unincorporated with its principal place of business in the U.S. You would need to have a U.S. street address for legal service of process and tax matters and an employer identification number (EIN) issued by the IRS.
For example, if you have a business incorporated in the U.S. but are wholly owned by a company in the United Kingdom, it could be considered a U.K.-based business. You would need to move central operations to the U.S. to be eligible for the Revenued Card.
Because the Revenued Business Card is not a credit card, our underwriters look primarily at your sales figures, and you must have at least $10,000 in sales per month to qualify for a card.
If you are hovering under $10,000, consider these tips:
Opening a business account is essential for your taxes, tracking expenses, managing employee pay, and increasing your chances of qualifying for the Revenued Business Card. Here are ideas for establishing a business account:
Once your business bank account is set up, your Revenued Business Card merchant account can be established.
To improve your chances of getting and maintaining the Revenued Business Card, you must maintain an average daily bank account balance of at least $1,000.
An average daily balance allows you to drop below the minimum for a short time. Your account records will be recorded at the end of each business day. At the close of your statement cycle, Revenued will average those balances by adding them and dividing that number by the number of days in the statement cycle.
Keep an eye on bank fees like overdraft or non-sufficient fund charges, which can add up to around $35 on average. Your bank may offer ways to avoid monthly costs. Take advantage of offers like paperless statements, direct deposits, or using online services to reduce charges.
If your business relies on invoice-based payments, your bank balance might go negative while waiting for the money to land in your account. As long as your account doesn’t slip into the red more than three days in a month, you are golden to qualify for the Revenued Business Card. Ways to improve your chances:
To obtain a Revenued Business Card, you need to be in business for at least six months. The tips we have given above will help you make it to the half-year benchmark. Making it another six years is more of a challenge, but you can do if you:
Be sure to do the things listed above to increase your chances of qualifying. Once you are approved and start using the new Revenued Business Card, you will wonder how you ever did business without it. To find out if you qualify, complete our online form or call (855) 943-5363.
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Along with your blood, sweat and tears, making sure your business is financially successful takes a lot of planning and number crunching.
Note: Due to funding no longer being available through the US Small Business Administration (SBA) for the Paycheck Protection Program (PPP), Revenued is no longer accepting applications. If you haven’t already, start your PPP application now To streamline the application process and ensure you’re able to complete the full application using our automated platform, please […]
The Employee Retention Credit (ERC) is a tax credit available for small business owners, LLC’s, S-Corps or 1099 employees. Similar to the $1,200 stimulus check taxpayers received, this credit is designed to help small businesses during these trying times. Find Out if Your Business Qualifies It’s a fully refundable tax credit for employers equal to 50 percent […]
Note: Due to funding no longer being available through the US Small Business Administration (SBA) for the Paycheck Protection Program (PPP), Revenued is no longer accepting applications. If you haven’t already, start your PPP application now. To streamline the application process and ensure you’re able to complete the full application using our automated platform, […]