Does your Small Business Accept Bitcoin?

Accept bitcoin at small business retailer

Small Businesses Save Hundreds of Dollars in Credit Card Payment Processing Fees Accepting Bitcoin

It hard to recall the last big thing that affected small businesses and retailers since the acceptance of credit cards in the early 1970’s.  When credit cards started to become popular, small businesses and retailers were left out in the cold.  At that time accepting credit cards at a small business was almost impossible.  Approvals were done by signature and/or telephone call.  We remember being at the department store check waiting for the cashier/clerk to call using the black phone for a credit approval.  Those days are long gone.

“Bitcoin accepted here” is displayed at small business shop retailer

Imagine if you would have invested in the Mastercard / Visa network.  Well, that’s Bitcoin today.  And even though the Bitcoin popularity is through the roof, so it seems, many retailers and small businesses are still not accepting Bitcoin as a form of payment.   Online e-commerce shops are also behind when it comes to accepting the cryptocurrency as a form of payment.

Here are some of the advantages of accepting Bitcoin at your small business, retail shop or restaurant.   Some legal professionals are already accepting Bitcoin such as lawyers, doctors, dentist and even architects.

  1. Cheaper than MasterCard and Visa processing fees.  Don’t expect to pay up to 3% to process payments. Bitcoin is cheaper than any traditional plastic card payment processing system.
  2. Get paid faster.  No more waiting for banks to settle credit card slips.  Your Bitcoin payment arrives in as little as 3-5 minutes but can take up to a half-hour on very rare occasion. But still, much faster than any other payment option.
  3. Payments can be made anonymously by discreet buyers.  For example, sex toys, hotel rentals, and other personally “private” purchases.
  4. And with today’s rapidly increasing Bitcoin value, you may be able to make some extra money on your sales.  If you get paid $500 today, tomorrow that same $500 could be $525.  But not always the case.
  5. Win a sale from a customer who wants to pay with cryptocurrency or will not otherwise make the purchase using another form of payment.

OK. So is your small business ready to accept Bitcoin?  Click here to get started and once your small business trades more than $100 in Bitcoin, you will get an extra $10 in your CoinBase Bitcoin wallet.

 

How to Establish Business Credit

bad personal credit and business credit

Establishing your small business credit profile is easier than you might think.  Don’t use your personal credit for your business.  Even if you have bad personal credit, you will be able to get credit for your business.

It’s important to know that ANY business can build business credit. It doesn’t matter if you are a startup if you do or don’t have collateral, your cash flow doesn’t matter either, and when you build credit the right way your personal credit makes no difference.

So business credit is a great solution if you can’t get a loan another way because you don’t have cash flow, good credit, or collateral. And it’s great for you even if you can get a loan because it’s the key to you getting the highest approvals at the best terms.

The first step to building business credit is to make sure your business is setup credibly. This means you should have a business address or a virtual address, a business phone number, a website and professional email address, a fax number and toll-free number, your number should be listed with 411 also.

You should have the proper licensing needed in your county, state and industry. And you should make sure that your business is listed online, and the listings are all congruent with the same information.

Next, check with Experian and Equifax commercial as well as Dun & Bradstreet to see if they have a record of your business or not. And get your D-U-N-S number through D&B for free.

Then start applying and getting approved for vendor accounts that report to the business credit reporting agencies and who will approve you for credit even when you have none already established. Some accounts that do are Uline, Quill, and Laughlin and Associates.

You’ll need to apply with them for credit, buy $50 or more worth of stuff from them using that credit, and pay your bill timely. Once you do this those accounts will report within 60 days.

Once you have 5 accounts reporting, you can then start getting approved for store credit. Some sources to try early on are Office Depot, Dell, and Amazon. Most major retailers offer business credit. Apply without putting your SSN on the application so the make the approval decision based on your business credit.

With 10 accounts reporting you can start to get fleet and cash credit.

From Side Hustle to Small Business

Side hustle to small business transition questions

How do I take my side hustle and make it a small business?  All successful side hustlers asked themselves that question at least once?

Before moving from side hustle to small business there are few things to consider.  The very first thing to consider is will your side hustle survive the next level of “risky” small business status.

A side hustle survives mainly because the owner is not totally dependent on the income and/or success of the side hustle.  A side hustle is just that; a side hustle.

So what questions should you ask yourself before jumping “all-in” to your small business?  This may mean quitting your regular to run your small business.  Big difference from having a regular steady income, plus side hustle dough.  This also means having to find health insurance, if this is something you receive from your regular job.  Health insurance for employees is different for entrepreneurs/the self-employed in the sense that the rates can go up drastically.  So now you are out your regular income stream with increased out-stream.  And we are just getting started.

This short blog is not meant to scare you, just shed some light on the differences between running a side hustle and running a small business full time.

So here are a set of questions to ask yourself before moving from side hustle to small business:

1. Do I have some back cash until the business moves from side hustle to small business?  Keep in mind, a side hustle may be able to run under the radar from business licenses, business insurance, business corporation, local license requirements and other expenses, not recommended, but many side hustlers run under the radar without any major bumps.   A small business will definitely have some expenses getting legal to run like a legit small business.  We won’t discuss business taxes in this article.

2. Will you need to hire more staff to help take the side hustle to the next level?  Most likely you will need at least an assistant or secretary.  Handling a small business is paperwork, documentation, lead building, visiting customers, marketing, and many other tasks that a side hustle may not need to succeed at the side hustle level.

3. Do I have the capital to fund a small business? Perhaps you have saved up some money from the side hustle level. But now you are moving up to small business.  Expenses are different and the initial stage from side hustle to small business you are going to need to invest some money? Do you have enough money to run a small business?  Ask yourself today and then again tomorrow.  If the answer is yes, you are ready. If not, start looking for the capital to start your small business.  There are many capital sources for small businesses.

Business lending Credit BLC can help you find the capital needed to transition from side hustle to small business.  Drop us a line.

Why Your Business Needs Reserve Business Capital

All successful businesses will always have reserve business capital. It’s necessary to support growth.


The dream of running a small business can quickly come to a crashing end when the small business owner realizes all the revenue that is generated at the small business goes back out to suppliers, employees, taxes, utilities, and other expenses.   Most business owners within their first few months in business will realize that even though money is coming in through the front door, most of it, if not all, is going out the back door (not literally, but you get what we are talking about here).

Bill Spencer owns a small auto repair shop in West Palm Beach, Florida.  He and his wife have been in business for about ten years.  That’s quite a long time when it comes to a small business considering that most small businesses fail within the first couple of years. The truth is that most businesses are succeeding, but fail because of the lack of business cash flow. If the owners had more money to continue to fund the growth of the business most would flourish to be big successful businesses.

The challenge of the small business owner is balancing money that comes in to keep the business afloat, paying its bills, managing overhead and in most cases taking care of the owner’s home and personal expenses.  In other words, the owner is living off the business at a very early stage.

This is exactly what happened to Bill. He and his wife were successfully running a small business that was making over $750,000 per year in gross revenues. However, after a few bumps in the road that led to lawsuits and other costly events, the business started to suffer.   The interesting thing wasn’t that the business was suffering, the business was actually growing. Bill’s business went from 25 clients to almost 50 clients.  Growth requires money. Most times the small business needs money to support new business spurts.  The business could need more space, more equipment, or more personnel. In Bill’s case, the business needed all of the above.  Coming out of a few costly lawsuits. Bill was still paying back personal loans he took to start the business. It was impossible for Bill to find banks that would lend him money.  So his business started to suffer.  Imagine trying to serve 50 clients with a staff, equipment, and space to service 25 clients.

Joe Samson of Business Lending Credit (BLC) says, “The best part of business is cash flow.  Sure there are some beautiful personal joys of owning and running a small business, but none like having the right cash flow at the right time”.

The moral of the story is that growth and success can kill a small-to-midsize business owner if he/she doesn’t have access to business capital in the form of business loans, business credit lines or business credit cards.

The moral of the story is that growth and success can kill a small-to-midsize business owner if he/she doesn’t have access to business capital in the form of business loans, business credit lines or business credit cards.  Even if your business is doing well today, it is wise to have some reserve business capital handy and available to support your business’ success.

Business Lending Credit can help you find that reserve line of business working capital or business credit cards. Let get your business covered today.  Reach out to BLC using the CONTACT FORM.