The auto repair industry faced a decline during the recession. However, in just the last few years, the auto repair industry has not only experienced a comeback but has continued to grow. Consumers, keen on saving money, are driving their cars longer, and that means auto repair shops will greatly benefit. Business loan lenders are also well aware that almost 75% of aftermarket car repair is carried out by independent auto repair shops.   In order to take advantage of this massive opportunity, now and in the future, auto repair shops need to have the funds to meet these needs.  Why […]

Despite the immense challenges imposed by the global pandemic, the restaurant industry has experienced robust growth over the past few decades. According to Statista, the U.S. quick-service restaurant (QSR) industry’s output has experienced an increase of well over 50 percent since 2007. This contributed to an “all-time high” of nearly $283 billion in 2020.  The U.S. full-service restaurant industry, also experienced growth, reaching $80 billion in 2020. As one of the most critical industries for the U.S. labor market, it is estimated that over 14 million Americans are employed by restaurants.  Restaurants Need Cash If there is anything certain in […]

Seventy-two percent of loyalty program executives have suffered fraud-related problems, according to a study by a Loyalty Security Association.  In particular, cases of deceitfully redeemed flyer miles are a primary concern. The same research revealed that 1 percent of redeemed air miles are phony. That figure accounts for a $3.1 billion loss worldwide.  Even more worrying, expenses incurred by the top five airline-loyalty programs jumped 12 percent to $27.5 billion in 2020. Types of Loyalty Fraud There are two types of loyalty fraud: 1. Internal Fraud.  This happens when staff(s) who are part of the loyalty program’s control crew plan […]

Last year COVID-19 slowed down businesses forcing entrepreneurs to find new strategies in a bid to stay afloat. For instance, they introduced Cash Discount Programs to attract clients and boost sales without chasing away customers.  Discounting your goods/services may sound like a wrong approach, but it makes sense if you have a well-thought-out strategy? Cash Discount Program: How Does it Work? A cash discount program is a short-term payment plan that merchants organize to lure customers to their products. Merchants who participate in cash discount programs give discounts to customers who pay with cash. These cash discount programs can be […]

New Report Says Every $1 of Fraud Costs E-Commerce Merchants $3.60 When it comes to their list of concerns, fraud has always been at the top of the list for merchants. As the pandemic has ushered in the age of contactless payments, this threat has only grown. Contactless was well on its way, but the changes that have taken place rapidly over the past 2 years have pushed merchants to adopt this form of payment, perhaps before they were really ready.  The outcome? Fraudsters are always ready. Ready for any and every opportunity to breach a weak spot. According to […]

Most business owners would readily agree, technology is great – until it isn’t. The power goes out, your store is back to processing cash and tracking sales on paper. Your merchant account gets frozen, you lose access to credit card processing. If you’re one of the many that have or are experiencing a frozen PayPal account, never fear. Here’s everything you need to know to unfreeze your account and get things back to “business as usual”. Step 1: Why is My PayPal Account Frozen? How do I unfreeze my PayPal account? The first step is to ask yourself: Why is […]

As the uncertainty, confusion, and worries of 2020 drag on, many consumers will continue to rely on online merchants – more than ever before. This holiday season, online merchants expect consumers to lean on them for all of their shopping needs, from holiday decor and groceries to gifts and holiday cards. For many retailers, this shift in consumer trends may feel overwhelming and a little disappointing, but it likely doesn’t come as a surprise.  The shift to e-commerce has been happening for some time. The coronavirus pandemic has simply sped up a process that was already in the works. In […]

Alternative funding can be the safety net for a business in a tight spot, but it can also be the worst bane of your existence–and the beginning of a debt cycle. A Merchant Cash Advance is common among phony alternative lenders looking to rip off needy small business owners.  Unlike traditional loans, these products feature painless applications and instant funding (in as soon as 24 hours). It’s no wonder most entrepreneurs rush to accept these offers even before reading the fine print. What’s a Merchant Cash Advance? A merchant cash advance is a short-term loan that allows businesses to access […]

Business credit scores, also known as commercial credit scores, are those used by lenders to determine whether you will be financially responsible enough to pay back a loan. Usually, these scores fall between 300 and 850, and they go up as you prove yourself as a dependable borrower. How Do Credit Agencies Determine Business Credit Scores? Business credit scores like personal FICO scores are determined by the three main credit reporting agencies, TransUnion, Equifax, and Experian. These companies collect data about all consumers and businesses in the United States.  The information these agencies gather includes public records, court filings, liens, […]

Savvy small businesses in need of cash understand the significance of speedy and convenient funding from alternative lenders. Most SMBs don’t stand a chance with standard business loans. Traditional sources like banks not only do a credit pull, they also subject you to burdensome application procedures and long processing times. So most applicants would rather turn to hassle-free alternatives like a cash advance loan. Cash Advance Loans: What Are They? These are short-term loans that can get you money in your account within 24 hours. They’re an attractive option for people who need fast cash and don’t want to get […]