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Home Page > Finance > Personal Finance > Small Business Credit Card Fraud

Small Business Credit Card Fraud

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An easy and short definition of small business credit card fraud states that it is a fraudulent transaction that is conducted by stolen small business credit card or stolen card information. Such fraud usually results in illegitimate purchase of goods and services.

A sophisticated definition of small business credit card fraud defines it (sometimes referred as Credit Fraud) as an illegitimate operation using personal or small business credit cards or card information that is used for paying for the fraudulent transaction. The ultimate objective of such transaction is buying products without actually paying for them or illegally transferring funds to the account.

If you think that you are a victim of small business credit card fraud, the first thing you should do is report to your card issuer and even block your card, if necessary.

In USA out of trillion that consumers have available on their cards only -3 billion is estimated to be fraud loss. This makes a tiny fraction of one percent that may seem that alarming. However the consequences of fraud may be extremely disturbing for the victims. Although in USA victims are insured towards financial loses, however the costs are the inconvenience, higher interest rates and fees by which banks cover losses.

There are several ways how credit thieves get access to victim’s account to get engaged in credit fraud and use available cash for fraudulent purposes. Card thieves can:

1. Steal victim’s card (including stealing from the mail box)

2. Stealing victim’s credit card information (looking over the shoulder, examining victim’s trash, looking at personnel records in an organization)

3. Taking over victim’s account (through false e-mail, unauthorized telephone conversation)

Internet is a main source of credit fraud. When a customer makes a purchase through Internet, a sales person does not have possibility to physically inspect the small business credit card; therefore he/she relies on provision of credit card information by mail, phone or online form. This creates a fertile ground for credit fraud, since delivery companies are not required to check identification of the receiver of the good. The only thing that merchant can do is that he/she may require delivery of goods to the address approved by cardholder. Besides small transactions are not controlled if fraudulent transactions are conducted carefully, their detection becomes less likely.

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If you think that you are a victim of small business credit card fraud, the first thing you should do is report to your card issuer and even block your card, if necessary.

There are several ways how credit thieves get access to victim’s account to get engaged in credit fraud and use available cash for fraudulent purposes. Card thieves can:

1. Steal victim’s card (including stealing from the mail box)

2. Stealing victim’s credit card information (looking over the shoulder, examining victim’s trash, looking at personnel records in an organization)

3. Taking over victim’s account (through false e-mail, unauthorized telephone conversation)

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Elliot Clark -
About the Author:

Elliot Clark, Owner of blogs on Apply for Business Credit Cards and Easy Approval Credit Cards, Buy Prepaid Credit Card

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Who is liable for credit card fraud ?
A business credit card debt was reported in my Personal Credit report as a O-9 (COLLECTION).Can a business debt that was open under my EIN be reported in my personal credit report? How can I remove it
What are the adverbs and adjectives in these paragraph? A credit card is a small plastic card issued to users as a system of payment.It allows its holder to buy goods and services based on the holder’

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How to Use Your Credit Card

Source: http://www.articlesbase.com/personal-finance-articles/small-business-credit-card-fraud-1270097.html

Article Tags:
small business credit cards, credit card fraud

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Starting a Small Business? Consider a Small Business Credit Card

admin — Mon, 07 Mar 2011 10:57:15 +0000

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Starting a Small Business? Consider a Small Business Credit Card

Starting a Small Business? Consider a Small Business Credit Card

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Home Page > Business > Small Business > Starting a Small Business? Consider a Small Business Credit Card

Starting a Small Business? Consider a Small Business Credit Card

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Congratulations, you just opened your doors, hung your shingle or launched your website. Now let’s talk about credit cards! I know this might not be at the top of your to-do list, but you may be surprised to know that a business credit card can give you more time to focus on your business, pave the way to facilitating expansion, and save you money in the process.

I’ll tell you what, take a few minutes to read this article and you’ll probably find a way to fit applying for a small business card into your schedule today.

In the interest of time, I’ll cut to the chase and highlight a few things a business credit card can do for you right here. If you choose to read beyond these four points, I’ll give you more details.

1. Establish a credit history for your new business so that when you are ready to expand and become a bigger business, you’ll have a better chance of getting the loan you need.
2. Save you time every month by easily separating your business expenses from your personal expenses.
3. Save you money at tax time.
4. Protect your personal credit by keeping business credit card balances off of your credit bureau report.

If your ready to get a business credit card now, check out some of our favorites at Top Business Card Picks.

If your still not convinced, and have a little more time, here are the details.

Establish a credit history for your business: Many business credit card companies report the performance of their business credit card customers to one or more of the business credit bureaus (D&B, Experian or Equifax). Most lenders who make business loans will review reports from these companies when making lending decisions. Establishing a good credit history for your business by opening a business credit card, using it and making your payments on time will help you when you apply for loans in the future. Beware; while most business credit card companies report to the business credit bureaus, there are some that do not. It is probably worth a few minutes to call the credit card company you are considering, to ask if they do.

Save time by separating business from personal expenses: As a new business owner time is likely a scarce resource. Who wants to spend it combing through pages of credit card statement trying to separate your business and personal expenses? Using a business credit card can help you avoid time consuming conversations with yourself like, “was that Office Depot charge last month for printer ink for the office or for Tommy’s school project?”

Save money at tax time: I’d bet you have better things to do with your money than pay more taxes than necessary. Small business owners notoriously miss deductible expenses. Using a business credit card for as many business expenses as possible will help to ensure that you don’t miss any deductible expenses that are buried on your personal credit card statements. If you plan to use one, ask your accountant, I think you’ll find that he or she agrees.

Protect your personal credit: While many business credit card companies report to business credit bureaus, most do not report business card accounts unless you miss payments. This is an important, yet often overlooked benefit of a business credit card. Why? Credit scores, which virtually all lenders use to make credit decisions, are based on the information on your personal credit bureau. They consider things like your total amount of credit card balances, total number of credit cards and the how much of your total credit card limits you have used. If you use your personal credit cards for business purchases, lenders will think you personally have more credit card debt. This could decrease your credit score. A lower credit score makes it more likely you will have your APR increased, credit limits decreased or find it more difficult to get approved for things line mortgages and car loans. So keeping your business expenses off of your consumer credit bureau by using a small business credit card makes a lot of sense.

Now that you’re convinced, check out Creditgumbo.com’s Top Business Card Picks. Or, for more information, browse through the “Business Credit Card” listings in our Credit Blog section. Oh, and best of luck with your new business!

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Dave Griffith -
About the Author:

Dave Griffith is a credit expert with nearly 20 years of credit and risk management experience, co-founder and contributor to the website CreditGumbo.com, and an international credit card consultant.

]]>

Questions and Answers

Ask our experts your Small Business related questions here…

A business credit card debt was reported in my Personal Credit report as a O-9 (COLLECTION).Can a business debt that was open under my EIN be reported in my personal credit report? How can I remove it
What are the adverbs and adjectives in these paragraph? A credit card is a small plastic card issued to users as a system of payment.It allows its holder to buy goods and services based on the holder’
Who are main competitors in credit card market in usa? what type of competition is in credit card industry in usa?

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Article Tags:
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Dave Griffith is a credit expert with nearly 20 years of credit and risk management experience, co-founder and contributor to the website CreditGumbo.com, and an international credit card consultant.

What are the Best Small Business Credit Cards?

admin — Sun, 06 Mar 2011 11:09:44 +0000

by ShashiBellamkonda

What are the Best Small Business Credit Cards?

What are the Best Small Business Credit Cards?

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Home Page > Business > Small Business > What are the Best Small Business Credit Cards?

What are the Best Small Business Credit Cards?

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Small businesses have established themselves as the backbone of the economy in the United States. In fact, it is primarily through the hard work and innovation of small businesses that we have been able to survive through the recent economic turmoil. The struggling economy has not only affected consumers, but also small businesses, and many business owners are finding it increasingly difficult to get the funding that they need to sustain their businesses. In addition, getting a business loan has become extremely difficult and without the proper funding many small businesses will unfortunately have to close their doors.

Credit cards are one of the best ways for you to fund your business in these truly tough times. As a business owner, it is important that you look into which small business credit cards are best for your particular situation So what are the best small business credit cards?

The best small business credit cards should have all of the following characteristics:

Low or Fixed Annual Percentage Rate – If you are buying a lot with your credit cards transferring large balances from one credit account to another, then you are going to want to make sure that your credit card has the best possible annual percentage rate or APR for purchases and balance transfers.

Access to Balance Transfers – If you are planning to transfer a high interest balance to your new credit card, you should look for a card that waives the balance transfer fee or offers a low APR on the balance transferred. In any case, do the math and make sure that the fees associated with the transfer are something you can handle.

Introductory Offers – Cards that come with different offers for a period of 12 to 15 months can be extremely useful for small business owners. For example, if your card offers a 0% APR on your purchases for a period of 15 months, then you can buy all of the things that you need without having to worry about paying enormous interest rates before you have a chance to pay off the balance. No annual fees, low or no interest on balance transfers and free employee cards are other examples of introductory offers that may fill a niche in your business needs.

Grace Period – Some small business credit cards also allow you to defer payments for a period of a few months. This can be extremely helpful when it comes to the cash flow challenges that small businesses common find themselves having to contend with.

The right business credit card can really make a difference in these difficult economic times. And while finding the best small business credit cards may not be easy, as a business owner it’s important that you do what it takes to get your business the financing that it needs. The country is counting on it

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Renting Is A Profitable Business Amid Credit Crunch

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Renting Is A Profitable Business Amid Credit Crunch

Renting Is A Profitable Business Amid Credit Crunch

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Renting Is A Profitable Business Amid Credit Crunch

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Mortgages are a financial product that, much like any other, come in all shapes and sizes. Some are easy to get, others not so. Some mortgages will have different criteria to others and each mortgage will vary between one lender and another.

Buy to let property mortgages are different to your average mortgage for a residential property because the amount you can borrow depends on your projected income figures. Of course, this will vary in different areas of the country. Some towns and cities, particularly those with a large student population, have high demand for rental properties and therefore the rental yield promises to be pretty consistent.

However, try to borrow against a buy to let property in a sleepy village and this could present more difficulties. You can argue that it will be a holiday home for the more discerning visitor and you will be able to rent it out through high season but it is unlikely this will be enough to convince a bank of lending you any substantial finances.

It is relatively easy to research the rental potential in your proposed area. A look through the papers at what is already available to let and even the adverts that are placed by people looking for accommodation will give you an indicator of what the competition is like. You can also talk to local estate agents and letting agents. From this information, you will be able to glean the facts regarding what properties are called for, what accommodation shortages there are in the area and what the rental potential is.

Once armed with this information, you can then approach a lender with a respectable business plan indicating how likely it is that you will be able to rent out your buy to let property and what you can expect to earn. If you take the time to do this research, although the bank will have some figures of their own, it demonstrates a serious dedication to make property letting a worthwhile venture. This could well sway the lenders opinion as to whether or not to forward you a buy to let property mortgage at all.

Of course, when deciding on this matter, the banks may well take into consideration your other financial commitments to ensure you don’t overstretch yourself. This is understandable, given the amount of repossessions that are occurring amid our current credit crunch. At the moment, there is a distinct difficulty in getting on the property ladder in the first place so many buy to let mortgages will often be given to people that are seen to be managing their finances adequately already.

They will also take into account that, because of the difficulties for first time buyers, rented accommodation is more in demand. Anything from a bedsit in central London for the city worker on his way up the ladder to a large family home for those looking to re-locate will all be in demand. Cities with a university are also popular places to buy up property to rent given the large student population.

If you are considering this type of venture, then you would do well to also state that you would use a management service. This will help to protect your investment against mis-use or abuse, giving you and your lender peace of mind for your property investment.

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Property expert Catherine Harvey looks at how to give yourself the best chance of obtaining a buy to let property mortgage without too much hassle.

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Property expert Catherine Harvey looks at how to give yourself the best chance of obtaining a buy to let property mortgage without too much hassle.

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Maximize the Benefits of Using A Credit Card in Your Small Business

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Maximize the Benefits of Using A Credit Card in Your Small Business

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Since these small business owners are already using credit cards to provide financing for their businesses, they should consider converting to business credit cards instead. With prudent usage and wise management, the small business credit card could be an effective business tool to help small business owners “grow” their businesses.

Among other things, a business credit card allows you to separate business transactions from personal charges, thus avoiding potential problems in managing your funds and preparing your tax reports. A business credit card also conveys the message to third parties who take an interest in your financial transactions, such as the IRS and creditors, that you are managing your business and its financial accounts in a professional manner.

A significant benefit of having a business credit card is the year-end statement summary that business credit card issuers provide to their cardholders. This detailed listing helps you to itemize and classify your business expenses.

The small business credit card is a good way of building your business credit. By being judicious in the management of your business credit card accounts, you will strengthen your credit standing. This will be an important factor when you need additional financing for growth or expansion purposes.

The responsible management and sensible use of your business credit card cannot be overemphasized. Some ways of achieving this include:

• Make use of your local bank. There is much to be said in favor of engaging with your existing bank when you need to apply for a small business credit card – especially if the difference is not overly significant between your banker and the other card issuers’ offerings. Your existing relationship will make the card approval process easier. It will also help with your other financing transactions.

• Avoid missed or late payments. You should be judicious about making your monthly payments on your business credit card in a timely manner. Failure to make payment by due date, leaves you vulnerable to higher interest, costly fees and a blemish on your credit record.

• Capitalize on grace periods. Business credit cards give you a 21-day grace period before you need to pay your purchases. You can maximize this to improve your cash flow.

• Pay your bill online. Most of the business credit card companies accept payments online. Their websites are secure, which means that that your online transactions will not be compromised. This will save time and avoid the extra costs normally incurred when making use of other modes of payment. It also ensures that your payments will not be subject to delays.

•Limit having multiple cards. There is some advantage to having a couple of business credit cards. If you sign up for too many cards though, your credit scores will suffer. It may also make management of your accounts more difficult.

Given the salient benefits of using a business credit card as opposed to using a personal credit card, converting to a business card will be an astute move. Your business credit card is a worthwhile business enabler for as long as this credit line is dealt with responsibly and in a circumspect manner.

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To read about bruised bone and bone degeneration, visit the Bone Problems site.

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What are the adverbs and adjectives in these paragraph? A credit card is a small plastic card issued to users as a system of payment.It allows its holder to buy goods and services based on the holder’
How did someone use my credit card ?
Hi my name is lilia my husband and i used our credit cards we have a few now its very hard to divide payments for each one of them, we wanted to get a loan and pay them off and just have one loan

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