At times running a small business can be a rollercoaster ride in terms of managing finances. Setting up and handling a small business, from real estate services like home building to interior design, requires more than adequate finances. What is the best way to ensure that you are in total control of your money while running a small business? What if you can simply borrow from yourself? “Borrowing from myself,” can sound like an absurd idea. However, it makes perfect business sense and the benefit by applying this so-called absurd idea will make your life easier. So, what are the business benefits, and how can you “borrow from yourself?”
- Integrate a commercial prepaid card in your small business financial plan: Despite the emergence of credit card processing for payment, and the old-reliable cash, customers are still paying by check. The disparity between the accessibility of these payment methods can throw a wrench in any cash flow system. However, one way to modernize the check-paying method: a commercial prepaid card. With a product like a commercial prepaid card, exclusively designed for business owners, you’re incorporating an additional means of accessing your funds, without any interest charges or going into debt. Plus, with a simple & transparent pass through processing fee, usually for around 3%, you can process your checks, and load the funds to a commercial prepaid card and gain access with minimal wait. And, when you have this accessibility to your funds, you start to eliminate the need to borrow at high interest rates from creditors or lenders. This way, you are your own lender, with the control and freedom you deserve.
- Fight off any crisis without having to borrow from others: Fluctuations in cash flow are inevitable when owning a small business, especially season-based trade businesses. In times of a dip, some business owners begin to panic and turn to high-interest loan options. But what if there was a way you didn’t have to rely on unpredictable interest rates and delays? A commercial prepaid card gives you a transparent fee structure to work with, allowing you to plan your expenses instead of being surprised by them. And since you’re fast-tracking your fund flow with pay-as-you -need access, you’ll be able to overcome inevitable unforeseen crises.
The best way to ensure a smooth ride for your small business is knowing your cost of capital and being in total control. This includes being able to borrow from yourself in a quick and easy manner without having to wait for your funds to clear. With a product like a commercial prepaid card, you are empowered to take control and access your funds when you need to.