
Increase Revenue With These 10 Easy-to-Follow Steps
You should have a good understanding of your market and your customers’ needs and motivations, and any new effort to increase revenue should be driven with this in mind.
You may have the best intentions for keeping track of your company’s financial obligations and paying your bills on time, but sometimes circumstances interfere. Business cash flow can be challenging to predict, so the money that you thought would be available just isn’t there, or your busy schedule caused you to miss your bill due dates.
What happens if you forget a vital payment toward your business credit card or loan? What fees will you incur if your repayment is late? It depends on the financing you have and the agreement terms you have with your lender. Along with late fees, some lenders and credit card companies will increase their interest rates as an additional penalty.
With the Revenued Business Card’s simple fee structure, you will always know what costs to expect. You can also track your balance and payments using Revenued’s calendar feature on your merchant web portal.
Continue reading to discover more about the typical fees you will incur if your credit card or loan repayment is late and the difference Revenued can make in your business.
Anytime you borrow money for your business, you agree to repay those funds according to a set schedule. If you miss a planned payment or pay less than the required minimum amount, the lender will levy a penalty, usually in the form of a fee.
Penalties vary from lender to lender. They may depend on how often you’ve been late in the past and how far behind you are with your payments. Potential late payment penalties could include:
Your repayment history is one of the largest components in determining your credit score. Failing to repay your debt makes up 35% of your FICO score. Though a single late payment won’t hurt your score by much, a habit of missed payments will likely harm your credit score.
Several late payments on your report will likely diminish the likelihood of qualifying for a future home or car loan. Typically, lenders want to know whether your past credit accounts were paid on time. This gives them an idea of your creditworthiness and the amount of risk they will take on when offering credit.
Underwriters for the Revenued Business Card do not look at your FICO score when considering your credit report. We perform a soft credit check (which does not affect your credit score) to ensure there are no MCA defaults, and your repayment history is only a small consideration of how we calculate your factor rate.
The Revenued Business Card is not a loan or a credit card; therefore, you are not repaying the funds. You are paying the cost of accessing your future sales revenue.
When you make a purchase with your Revenued Card, your online Payment Calendar will reflect the cost of the purchase and your daily payment amount. Payments are automatically deducted from your bank account each day. It is your responsibility to ensure you adequately match your actual sales against the forecasted amount so that the deduction doesn’t bounce. If your sales are less than originally forecast you need to contact customer service to change the daily amount. This is commonly known as the true up. .
If your payment bounces without prior notice, you will incur a $35 bounce fee. This can happen if your business bank account does not have the funds available when the daily fund payment is set to come out. When you incur a bounce fee, it will show on your Payment Calendar for each day it is assessed.
To lower your chances of receiving a bounce fee, carefully track your business bank account activity to ensure there is enough money to cover your daily payment. Take advantage of your mobile app or online banking website to thoroughly monitor your deposits and debits.
Consider opening an interest-bearing savings account and have it linked to your business checking account to cover overdrafts. Deposit extra revenue into that account for emergency reserves, and so the money will be there when your payment is scheduled to be withdrawn.
You can also set up reminders on your computer or smartphone’s calendar program to jog your memory and check your bank balance prior to your Revenued payment coming out.
Additionally, keep a close eye on your Payment Calendar located on your merchant portal. Log in through the Revenued website and click on the Payment Calendar link. Here you can view the payment amount that will be deducted, when it will be deducted, and your spending balance.
The Revenued Business Card sets the standard for cash management. Unlike a credit card or bank account, the Revenued Card gives you control over your cash flow. The fee you incur from Revenued if your payment is late is modest compared to the penalty ratio of standard business credit cards.
We created the Revenued Card from the ground up to be different, including a card you can use nearly anywhere, flexible spending limits based on your business, instant approvals, cash draws, and more. Discover more about the bold new Revenued Card by calling our customer service team at (855) 943-5363 or by completing the online form.
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You should have a good understanding of your market and your customers’ needs and motivations, and any new effort to increase revenue should be driven with this in mind.
Business credit cards can offer small businesses a lot of benefits, including a way to separate spending, manage cash flow, and earn rewards. Citibank offers several credit card options for small businesses. Read reviews to choose the right one for you.
The Revenued Business Card can be used to make purchases just like any money card. The difference is there are no credit obligations, no interest, and no damage to your credit report. The Revenued Business Card is unique because its funding model is adjustable enough to underwrite businesses in any industry with limited revenue, operating […]
Making sure you have enough cash on hand to pay your expenses all year round can be tricky when you’re earning most of your revenue during only part of the year.