quiltmummo Posted June 24, 2010 Report Share Posted June 24, 2010 Anyone know of which credit card companies offer good rates for new small business start ups ? I feel the big "R" (retirement) coming on soon. Now that I have my new studio almost complete & looking into registering the business name. Simply wondered if anyone has any advice in terms of which credit card seems the most friendly ! Looking forward to wholesale prices on supplies. Thanks, Lynn Link to comment Share on other sites More sharing options...
quiltmummo Posted June 24, 2010 Author Report Share Posted June 24, 2010 Anyone know of which credit card companies offer good rates for new small business start ups ? I feel the big "R" (retirement) coming on soon. Now that I have my new studio almost complete & looking into registering the business name. Simply wondered if anyone has any advice in terms of which credit card seems the most friendly ! Looking forward to wholesale prices on supplies. Thanks, Lynn Link to comment Share on other sites More sharing options...
jmcclannan Posted June 24, 2010 Report Share Posted June 24, 2010 I don't even know how to go about making my business "official". Link to comment Share on other sites More sharing options...
jmcclannan Posted June 24, 2010 Report Share Posted June 24, 2010 I don't even know how to go about making my business "official". Link to comment Share on other sites More sharing options...
boppinbrandy Posted June 24, 2010 Report Share Posted June 24, 2010 I use an online CC company called ProPay. Cheap rates and a yearly membership fee. They even have a card reader you can buy. Link to comment Share on other sites More sharing options...
boppinbrandy Posted June 24, 2010 Report Share Posted June 24, 2010 I use an online CC company called ProPay. Cheap rates and a yearly membership fee. They even have a card reader you can buy. Link to comment Share on other sites More sharing options...
JoAnnHoffman Posted June 24, 2010 Report Share Posted June 24, 2010 I send a Paypal invoice, it's easy. Link to comment Share on other sites More sharing options...
JoAnnHoffman Posted June 24, 2010 Report Share Posted June 24, 2010 I send a Paypal invoice, it's easy. Link to comment Share on other sites More sharing options...
Joyce Posted June 24, 2010 Report Share Posted June 24, 2010 As a former quilt shop owner, the fee will eat you up. And if you decide to get rid of the charge cards they will again charge a big fee. I would avoid charge cards.IMHO Link to comment Share on other sites More sharing options...
Joyce Posted June 24, 2010 Report Share Posted June 24, 2010 As a former quilt shop owner, the fee will eat you up. And if you decide to get rid of the charge cards they will again charge a big fee. I would avoid charge cards.IMHO Link to comment Share on other sites More sharing options...
quiltmonkey Posted June 24, 2010 Report Share Posted June 24, 2010 Not exactly sure what your question is: Are you asking about customers using credit cards and you having that as a payment option? Or are you asking about a credit card that you will use for purchasing? I used to have a Bank of America Visa card and the annual rates $75 just did not justify me keeping it because I really didn't use my credit card that often; most times it had a zero balance cuz I paid it off. Anyway, I went to my local credit union (that I have been banking with forever) and got a Visa credit card through them. No annual fees. And, very quick excellent customer service. To speak on the phone with a real live person at Bank of America was like pulling teeth; took about 10-20 minutes of pushing menu buttons and on hold. My new "no fee" credit card is just fine with me! (plus BOA had a higher interest rate!) Link to comment Share on other sites More sharing options...
quiltmonkey Posted June 24, 2010 Report Share Posted June 24, 2010 Not exactly sure what your question is: Are you asking about customers using credit cards and you having that as a payment option? Or are you asking about a credit card that you will use for purchasing? I used to have a Bank of America Visa card and the annual rates $75 just did not justify me keeping it because I really didn't use my credit card that often; most times it had a zero balance cuz I paid it off. Anyway, I went to my local credit union (that I have been banking with forever) and got a Visa credit card through them. No annual fees. And, very quick excellent customer service. To speak on the phone with a real live person at Bank of America was like pulling teeth; took about 10-20 minutes of pushing menu buttons and on hold. My new "no fee" credit card is just fine with me! (plus BOA had a higher interest rate!) Link to comment Share on other sites More sharing options...
Bonnie Posted June 24, 2010 Report Share Posted June 24, 2010 When I read this earlier I answered but it didn't stick...I too used Paypal, because didn't get that many customer who needed to use a credit card...the fees were a bit lower then than now at 10%, but if you only have one or two a month its better than having the machine and the hefty fees that Credit Card companies charge you. Link to comment Share on other sites More sharing options...
Bonnie Posted June 24, 2010 Report Share Posted June 24, 2010 When I read this earlier I answered but it didn't stick...I too used Paypal, because didn't get that many customer who needed to use a credit card...the fees were a bit lower then than now at 10%, but if you only have one or two a month its better than having the machine and the hefty fees that Credit Card companies charge you. Link to comment Share on other sites More sharing options...
quiltmonkey Posted June 24, 2010 Report Share Posted June 24, 2010 Originally posted by jmcclannan I don't even know how to go about making my business "official". Julie, This is easy -- just look up your local Small Business Development Center in Omaha and they will point you in the right direction. It's free, too. Link to comment Share on other sites More sharing options...
quiltmonkey Posted June 24, 2010 Report Share Posted June 24, 2010 Originally posted by jmcclannan I don't even know how to go about making my business "official". Julie, This is easy -- just look up your local Small Business Development Center in Omaha and they will point you in the right direction. It's free, too. Link to comment Share on other sites More sharing options...
ffq-lar Posted June 24, 2010 Report Share Posted June 24, 2010 From your post, it looks like you want a card to use for purchases for your business. Shop around--small-business friendly banks will offer a no-fee account if you have fewer than 50 transactions per month. And a linked VISA or Mastercard debit card was included with my account. As for a credit card, the business accounts manager in every bank will answer your questions happily. Just some leg-work involved. Good luck and my one piece of advice is--go a simple as you can. You don't need a CPA for a small business--even for the taxes. A regular accountant familiar with your business structure can do your taxes for you for a lot less. I didn't have a separate business account until a couple of years ago--but I kept meticulous records and filed every receipt. Start small and add on as you see the need. As for accepting credit cards for payment--only if you have out-of-town customers. A check is so much better and cheaper than a credit card. PayPal is the way to go, but I call or email distant customers and ask that they send a check. Enjoy the excitement of building your business! Link to comment Share on other sites More sharing options...
ffq-lar Posted June 24, 2010 Report Share Posted June 24, 2010 From your post, it looks like you want a card to use for purchases for your business. Shop around--small-business friendly banks will offer a no-fee account if you have fewer than 50 transactions per month. And a linked VISA or Mastercard debit card was included with my account. As for a credit card, the business accounts manager in every bank will answer your questions happily. Just some leg-work involved. Good luck and my one piece of advice is--go a simple as you can. You don't need a CPA for a small business--even for the taxes. A regular accountant familiar with your business structure can do your taxes for you for a lot less. I didn't have a separate business account until a couple of years ago--but I kept meticulous records and filed every receipt. Start small and add on as you see the need. As for accepting credit cards for payment--only if you have out-of-town customers. A check is so much better and cheaper than a credit card. PayPal is the way to go, but I call or email distant customers and ask that they send a check. Enjoy the excitement of building your business! Link to comment Share on other sites More sharing options...
Omega QW Posted June 24, 2010 Report Share Posted June 24, 2010 I recommend against accepting credit cards. IMHO credit cards are for businesses with high volume because the fees are hefty. I don't feel the idea of accepting credit cards has that much promotional value in bringing in customers you wouldn't otherwise get. Link to comment Share on other sites More sharing options...
Omega QW Posted June 24, 2010 Report Share Posted June 24, 2010 I recommend against accepting credit cards. IMHO credit cards are for businesses with high volume because the fees are hefty. I don't feel the idea of accepting credit cards has that much promotional value in bringing in customers you wouldn't otherwise get. Link to comment Share on other sites More sharing options...
quiltmummo Posted June 25, 2010 Author Report Share Posted June 25, 2010 Thank you everyone. The credit card was for my use to purchase supplies only. Most of the folks/customers I deal with now pay by cash. Thanks Shana. I have a couple of accounts at my local credit union- so thanks for reminding me to use them--great service & rates are very reasonable. Lynn Link to comment Share on other sites More sharing options...
quiltmummo Posted June 25, 2010 Author Report Share Posted June 25, 2010 Thank you everyone. The credit card was for my use to purchase supplies only. Most of the folks/customers I deal with now pay by cash. Thanks Shana. I have a couple of accounts at my local credit union- so thanks for reminding me to use them--great service & rates are very reasonable. Lynn Link to comment Share on other sites More sharing options...
kquilter Posted June 25, 2010 Report Share Posted June 25, 2010 Thanks for asking the question and everyones comments and input. Link to comment Share on other sites More sharing options...
kquilter Posted June 25, 2010 Report Share Posted June 25, 2010 Thanks for asking the question and everyones comments and input. Link to comment Share on other sites More sharing options...
Sandra Darlington Posted June 25, 2010 Report Share Posted June 25, 2010 I started a separate business checking account at my credit union. I have a debit card that I can use like a credit card...providing I have the funds in the checking account to cover my purchase. I also have a credit card from the credit union that was a personal account. I ran a zero balance for the last 6 or 7 months, so when I asked about closing it and opening a business credit card account, the lady at the CU suggested just using the one I already have but now only using it for the business. I have other personal credit cards, so this is working out perfectly. Link to comment Share on other sites More sharing options...
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