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Keeping on top of cash flow can be one of the most difficult aspects of running a small business. There is a range of quick cash options available for companies that find a hole in their funds when bills need to be paid, but advisers warn that sustainable businesses must deal with the reason for the shortfall to stop it becoming a crisis in future.

Since setting up a micro loan facility for small businesses in 2007, NAB has granted 866 loans of an average of $15,694 each. And the popularity of the facility is growing, a spokesperson says. Commonwealth Bank and Westpac also offer a range of short-term, unsecured loans for small businesses.

Teresa McDowell got an $8000 micro-enterprise loan from NAB to get her line of skincare products, Hemp Hemp Hooray, off the ground. We were new in the business and we had no assets to offer as security, and limited savings, she says. Our financial position wasnt great on paper. Wethinsp;were still paying back a personal loan from another business.

McDowell had to show a business plan, comprehensive forecasts and a marketing plan. She says getting the loan was pivotal in getting the business started.

NABs micro-enterprise loans of between $500 and $20,000 are for start-ups and existing businesses with fewer than five employees. The loans have a 90-day interest- and repayment-free period. Enterprises are paired with a business coach for 12 months, who provides mentoring. The loans have fairly minimal criteria, but there are other options for businesses that dont satisfythinsp;those requirements.

Brisbane-based short-term credit company Cash Doctors offers cash advances of up to $600 which are to be paid back within three months. Consumers are the companys main focus, but the grants can make a difference for a business when accounts are coming down to the wire.

Property or assets are not needed for security, but recipients must show they are employed and accruing sick leave and holiday pay. The company doesnt charge interest. Instead, customers are charged with an account set-up fee, drawdown fees and a weekly management fee.

Cash Doctors marketing manager Roger McBride says a $400 loan borrowed for two weeks would incur a $45 drawdown fee and a $30 weekly management fee. It would cost $505 in total 26 per cent above the loan amount. Its not cheap, but McBride says the convenience of the service is worth it.

People look at our fees, but to go through the process of applying for a credit card, or bank loan, and then hoping you can pay it back in time it can be really difficult.

If long-term sustainability is the goal, however, then merely plugging holes is not good enough, according to business coaches and advisory organisations.

Enterprise Connect, an offshoot of the Department of Innovation, Industry, Science and Research, assists small businesses by providing free reviews, coaching and financial assistance.

Enterprise Connect administers more than $50thinsp;million annually in grants and subsidies. The funding is not meant to be used by companies as a stopgap between payments. The organisation emphasises the importance of sound business planning, rather than living week to week. It also recommends small businesses use the services of a business coach for planning advice to ensure loans or grants are not needed in a hurry.

For many business coaches, the most effective tool for dealing with cash flow constrictions is planning. Its all about being prepared, says Jackie Zelinsky, chief executive of coaching network Business Enterprise Centres Australia. She says businesses can help themselves by having a good relationship with their bank keeping lines of communication open is a crucial part of cash-flow management.

You need to be proactive, she says. You need to go to the bank and explain the issues youre having. Businesses that are upfront with the information find the banks are more willing to work with them.

Businesses arent alone in facing a mad scramble for cash. Unforeseen or emergency situations forces the average Australian to borrow $200 a month from family and friends, according to a Commonwealth Bank study, and running out of money before payday is the reason 26 per cent of respondents borrow.

Cash Cow Advances is a leading nationwide service provider of cash advances and payday loans.

MerchantCashinAdvance.com now helps Travel and Vacation businesses get away from traditional business loans with business cash advances.

Dallas, TX (PRWEB) April 23, 2012

Business cash advances have been a great source of working capital for traditional retail businesses for several years, but now – just in time for the summer tourism season – theyre available to high-risk businesses in the travel and tourism industry as well, thanks to MerchantCashinAdvance.com.

As with any other merchant cash advance, the travel and vacation-oriented advances are designed to be fast, flexible, and fee-free. Whether a business is a high-touch walk-in travel agency, a vacation planning company working exclusively on the internet, or a click-and-mortar combination of the two, proof of ability to repay the advance (generally through credit card factoring) is the key criteria to receiving funds.

MerchantCashinAdvance, LLC, one of the largest merchant cash advance companies in the world with 24/7 global support for its services and products, has already eliminated application fees through the month of May. Now it is offering a viable alternative to small businesses loans to a whole new market, and no credit reports are required.

The company, which is headquartered in Orange County, California, provides information about merchant cash advances and its other products, as well as a simple-to-complete online application on its website: MerchantCashinAdvance.com.

Every business cash advance provided by MerchantCashInAdvance.com is tailored to the specific business in need of funding. Once approved, clients have the option of receiving their merchant cash advance on their schedule, so they can expand or develop their businesses at whatever speed is best for them. The company also offers merchant invoice advances, and other cash advance products.

Application is simple: MerchantCashInAdvance.com visitors simply fill out the online merchant cash advance application and wait for a call from a merchant cash advance specialist, which comes within 24 hours. The assigned MerchantCashInAdvance.com specialist will explain the companys merchant cash advance credit card factoring program in full. Online merchant cash advance applicants at MerchantCashInAdvance.com can also expect same-day approval.

For quick business cash advance processing and approval, travel and vacation business owners can visit www.merchantcashinadvance.com and complete the application form.

About MerchantCashInAdvance.com:

MerchantCashInAdvance.com is the worlds largest merchant cash advance lender.

Company Contact Information

MerchantCashInAdvance.com

Rebecca Randells

1839 9th St. Dallas, TX

75203

Phone : 877-871-6097

For the original version on PRWeb visit: www.prweb.com/releases/prweb2012/4/prweb9434923.htm

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

Small business loan alternative providers RetailCapital.com, recently launched financial services for business owners who are looking for easy access to fast cash advances for their business.

Troy, MI (PRWEB) April 07, 2012

Small business loan alternative providers RetailCapital.com recently launched online financial services for business owners who are looking for an alternative to traditional business loans. The company now offers a variety of business capital services, including fast merchant cash advances that can be applied for online and the highest standard of quality customer service. As reported by the company’s spokesman, Meredith Block, the small business loan alternative services offered by RetailCapital.com, have become a popular option for businesses who need capital for unexpected repairs, new equipment or anything else that may come up unexpectedly in a business.

Business owners who need a quick capital solution typically find that applying for a traditional business loan is a complicated and lengthy process. According to Block, “Many business owners find themselves looking for a small business loan alternative once they discover how complicated it can be to apply for a traditional business loan. With merchant cash advance services, you don’t to worry about a lengthy approval process – it’s to get the money you need for your business when you need it the most.”

The business cash advance process at Retailcapital.com doesn’t involve a lengthy application or collateral pledges on your home or business, points, a fixed payment schedule or any restrictions on how the business owner uses the funding. Business owners love the convenience that a small business loan alternative offers, and also appreciate that the advances do not affect your ability to qualify for any other types of financing. In addition, there are no coupons to send in or checks to write as repayment.

Retail Capital provides merchant cash advances that are a simple and convenient alternative to traditional business loans. The company serves small to mid-size businesses by providing an alternative to traditional sources of capital, including bank loans, home equity loans and credit cards. Retail Capital provides a flexible, hassle-free solution for business owners who need immediate access to working capital. For more information, please visit http://RetailCapital.com.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/4/prweb9380844.htm

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

ST. PAUL, Minn.
A new report claims US Bank and Wells Fargo are preying on low-income customers by offering short-term loans with steep fees.

The report by the group Minnesotans for a Fair Economy claims the fees are the same or worse than charges imposed by traditional payday lenders. Minnesotans for a Fair Economy, which includes community, faith and labor groups, has asked Wells Fargo and US Bank to stop offering the loans.

This product is a debt trap. Thats it. Its designed for profit and we see the pain that it offers, said Darryl Dahlheimer, program director at Lutheran Social Service Financial Counseling, who supports the groups efforts to persuade the banks to stop offering the loans.

The loans are offered to customers at US Bank and Wells Fargo who have a bank account in good standing and receive paychecks, Social Security checks, or other income via direct deposit. Customers can request up to $500 in a cash advance without completing an application or meeting with a personal banker. The banks then take the loan amount, plus fees, from the next direct deposit.

The cash advances come with considerable fees. US Bank charges $2 for every $20 borrowed – a 10-percent fee. Wells Fargo charges slightly less $1.50 for every $20. Customers pay the same fee regardless of whether they pay the loan back in a day or a month. US Bank requires customers to pay back the advance and the fees within 35 days.

For example, a US Bank customer who takes out a $100 cash advance pays $10 in fees. If the customer pays the loan back in 10 days, the fees are the equivalent of a 365 percent annual interest rate, the report said.

Kevin Whelan, spokesperson for Minnesotans for a Fair Economy, said he does not know of any other banks that offer similar loans. Officials at TCF Bank and Bank of America told MPR News they do not offer this type of loan.

Wells Fargo and US Bank declined to provide information about how many customers rely on cash advances and how frequently customers use the advances. A 2011 report by the nonpartisan research and policy group Center for Responsible Lending found that nearly one-quarter of all consumers who use bank payday advances receive Social Security. It also found customers who rely on the loans are in debt for 175 days a year on average. The group compiled the statistics using nationwide checking account data from a private research firm.

US Bank spokesperson Nicole Garrison-Sprenger declined an interview request. In an email, she said the banks product, known as Checking Account Advance, is a safety net for customers who have no other way to pay for unexpected expenses such as a medical emergency or an auto repair.

Cash Cow Advances is a leading nationwide service provider of cash advances and payday loans.

Woodbridge Pre-Settlement Funding Closes Q1 With Growing Lawsuit Cash Advance Portfolio and Triple Digit Growth
Woodridge Pre-Settlement Funding, LLC, a leading provider of lawsuit cash advances celebrating its first year anniversary in April has grown rapidly, experiencing a triple digit increase in business in first quarter 2012.

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

New York, NY (PRWEB) April 18, 2012

Paramount Merchant Funding and it’s subsidiaries, a leader in facilitating merchant cash advances and small business loans recently enlisted the services of Eric Greenstein as the company’s new finance chief “to enhance the overall skill-set of our already successful team,” said the firm’s CEO. Mr. Greenstein was selected from an “extensive list of qualified candidates that had thrown their hats into the ring,” added the CEO.

Mr. Greenstein, 50, is a CPA with a BS in accounting from New York’s Binghamton University, an MBA from Chicago’s DePaul University and a Masters in Taxation from Villanova University, Philadelphia. Mr. Greenstein brings with him many years of financial expertise. Prior to joining Paramount, he held the positions of CFO and Assistant Treasurer with companies in New York amp; Chicago, respectively. During his outstanding career, he has also held key positions at major industry giants, including KPMG, GE Capital and Hewitt Associates.

“I am excited to join Paramount Merchant Funding as their Chief Financial Officer. In any economic environment, it is the rare visionary perspective that focuses upon unique business opportunities. Paramount has that and more with the energy and drive to meet the market’s demand and propel continued growth and success”, says Greenstein.

“Mr. Greenstein’s vast knowledge of the world of finance represents an excellent addition to our team,” said the company’s CEO. “Having garnered such a wealth of experience and years of vital business contacts in the field, he will be able to guide the financial operations of our company from a very knowledgeable and insightful viewpoint. The addition of Mr. Greenstein to our organization’s executive team, we expect, will in no way change our mission or direction. We feel that this carefully vetted executive will by all means, increase our company’s focus, financial stability and long-term industry leadership.”

About Paramount Merchant Funding

Paramount Merchant Funding was founded in 2008 to provide different working capital solutions for small to medium sized businesses across the United States. The company was founded with a focus on providing businesses with working capital within just a few days by utilizing our state of the art technology platforms to manage transactions and transparency for our firm and our clients. Since its inception, Paramount and its subsidiaries have funded over 85 million dollars to over 3,000 businesses.

CONTACT:

Address:

242 W. 36th Street, 14th Floor

New York, New York 10018

Toll Free: 877-885-1505

Fax: 888-722-3313

Cash Cow Advances is a leading nationwide service provider of cash advances and payday loans.

No one likes to pay more in income tax than they have to, but it happens all the time thanks to inadequate record keeping.

If a business owner doesn’t understand the accounting process and the basic skeleton of a good set of books, costly errors can go undetected. Business income is a common area to make mistakes, so here are a few tips designed to eliminate potential problems.

Sales are the primary source of taxable income for most small businesses, and this is the only income that should be shown at the top of the Profit and Loss Statement. Sales can be broken down into several line items if you wish. For example, a clothing store may break out sales numbers by broad categories of items, such as, women’s clothing, men’s clothing, accessories, jewelry, shoes, etc…

What I often find when drilling down into the gross sales reported on the profit and loss is income that is not taxable at all: loans, capital contributions, deposits of gifts from parents or loan repayments. If a tax pro uses the total reported on the profit and loss statement and the total contains these types of transactions, the business owner will pay more in taxes than required.

To prevent confusion, monies from sources other than sales when deposited into the business bank account must be classified according to the type of income they represent. Take a look at the chart of accounts on your accounting software. If you are using QuickBooks, go to the top ruler bar, click on lists, and chart of accounts. Note that all accounts are categorized on the right hand side by type of account: bank, assets, liabilities, equity, sales, expenses, other income and other expenses, etc. Whenever you post a transaction, QuickBooks will provide you with the name of the account as well as the type of account it is. Start paying attention to this feature.

Capital Contributions: Any time you transfer money from a personal account or deposit cash from your pocket into a business bank account, you have increased your equity position in the business. Therefore, the transaction should be classified as a capital contribution. On your chart of accounts under equity, you may see this listed under a similar name such as owner investments, paid in capital (corporation) or owner contributions.

Owner Loans: If you are a sole proprietor, you are the business and don’t need to set up a liability account payable to yourself. Not only is this not the method to be used to record monies you “lend” to yourself, the business, but it will falsely decrease your equity position. Post these items as capital contributions.

However, if your legal form is corporate, you may wish to classify these transactions as loans. In this case, set up a liability account (short term – payable in one year or less or long term – payable in more than one year). Check with your tax pro to determine if it would be better to show the transaction as a loan or as paid in capital.

Bank Interest: When your business accounts earn interest, these amounts should be shown on the profit and loss statement but at the very bottom of that statement under Other Income. You are not required to pay self-employment tax on interest earned on business accounts, therefore do not report this income on your Schedule C. It belongs on Schedule B of the tax return.

Credit Card Cash Advances and Consumer Loans: I can’t believe how many times I’ve seen these transactions mixed up in sales. Not only might the business owner, who obviously needed a cash infusion to begin with, hurt himself further financially by paying taxes on nontaxable income, but he is losing a valuable interest deduction by not properly tracking the repayment of the loan or cash advance. Set up this account as a credit card liability. When the monthly statement arrives, record the interest expense as well as any new charges. It is best to have a credit card devoted 100% to business. But if personal charges occur then post them to your draw (also an equity account).

Reconcile the credit card or loan account monthly in the same way you would reconcile your checking account to ensure the correct balance is carried forward. QuickBooks allows the reconciliation of liability and credit card accounts including full reports.

Periodic Income:

1. Say you have a vending machine on the premises that you cash out every couple of months, that income is taxable and should be recorded as “Other Income” at the bottom of the profit and loss statement.
2. Or perhaps you receive a check from the insurance company for flood damage at your business, this reimbursement will be recorded as “Other Income” and included on your Schedule C. Of course, so will the offsetting expenses to clean up the damage. It’s usually a push.
3. Rebates on equipment, business vehicles, etc. are not reported as income. Instead they reduce the basis of the item purchased. The rebate should be recorded as an asset in the same account that the purchase resides.
4. Gifts from friends and family members can be attributed to your owner capital contribution account.
5. Business loans from family members – see consumer loans above.

Bonnie Lee is an Enrolled Agent admitted to practice and representing taxpayers in all fifty states at all levels within the Internal Revenue Service. She is the owner of Taxpertise in Sonoma, CA and the author of Entrepreneur Press book, “Taxpertise, The Complete Book of Dirty Little Secrets and Hidden Deductions for Small Business that the IRS Doesnt Want You to Know.” Follow Bonnie Lee on Twitter at BLTaxpertise or Facebook at http://www.facebook.com/taxpertise.bonnielee

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

About a year ago, in the 2011 State of the Nation Address (SONA), the President pointed out the major issues that were WRONG about the ARMMpolitical patronage, private army, huge cash advances, ghost teachers, ghost infrastructures, continuing poverty, and electoral fraud. These lsquo;wrongs were the reasons for the cancellation of the 2011 ARMM elections that paved the way for lsquo;reforming the ARMM bureaucracy and style of governance.
Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

Troy, MI (PRWEB) April 14, 2012

Merchant cash advance providers Retail Capital are excited to announce the hiring of Joshua Mitchell as the company’s new President of ISO Relations. Mitchell, a seasoned veteran in the Merchant Cash Advance industry, has taken on the development and management of Retail Capital’s ISO relations Offices throughout the US, and will also serve as the company’s resident expert in Merchant Cash Advances and bankcard services. Ryan Rosett, Retail Capital’s CEO reported, “We are thrilled to welcome Josh to the talented group of small business financial experts here at Retail Capital. His extensive experience in the MCA industry combined with a dedication to partner development makes Josh a highly valuable addition to our team.”

According to Rosett, one of Mitchell’s first tasks will be attending the 2012 ETA Annual Meeting amp; Expo in Las Vegas, April 17th-19th. “Josh and I will be attending this year’s ETA conference. It’s a great opportunity to represent Retail Capital and connect with other experts in the payments industry.” This year’s ETA Expo will bring together over 3500 payment professionals and suppliers for peer-led education, networking and one-of-a-kind partnership opportunities. Keynote speakers include former chief evangelist for Apple, Guy Kawasaki and notable political analyst, Charles E. Cook Jr.

“Taking advantage of these kinds of networking and learning opportunities is critical to our business, as the financial industry is always evolving.” reported Rosett. He added, “This is why it was so important to get Josh on board with us as soon as possible. His expertise in ISO relationships and alternatives to small business funding will be a wonderful asset to both our business, and our customers.”

Retail Capital provides merchant cash advances that are a simple and convenient alternative to traditional business loans. The company serves small to mid-size businesses by providing an alternative to traditional sources of capital, including bank loans, home equity loans and credit cards. Retail Capital provides a flexible, hassle-free solution for business owners who need immediate access to working capital. For more information, please visit http://RetailCapital.com.

Cash Cow Advances is a leading nationwide service provider of cash advances and payday loans.

The bank that triggered a flurry of consternation this week over its apparently successful challenge to the 2009 Credit CARD Act offers a credit card for subprime borrowers that prompted a warning last year from Consumer Reports.

First Premier Banks Gold Card, a credit card promoted to consumers with less than perfect credit, charges a $95 processing fee, a 36 percent APR for purchases and cash advances, and a $75 annual fee for the first year. While the cards annual fee drops to $45 the second year of ownership, it then charges a monthly service fee of $6.25, or $75 annually. Total fees in year one are $170 and in year two, $120. Yet it has just a $300 initial credit limit, which drops initially to $225 because of the $75 annual fee.

These terms are somewhat different from what we reported in December 2011. Watch out, we said, pointing out the cards 49.9 percent APR and monthly service fee of $6.50. While the cards APR is now lower, the new $95 processing fee places First Premiers card among the highest-fee cards weve seen.

Upfront fees upheld
First Premiers legal challenge to a consumer-friendly credit-card rule led to events that provoked outrage among some consumer groups this week.

The 2009 Credit CARD Act restricted credit-card fees to 25 percent of the cards initial credit limit in the first year of card-ownership, but the Federal Reserve extended that restriction to cover fees charged before a credit-card account is opened. First Premier responded with a lawsuit against the Feds new rule, and last September, a federal judge in South Dakota granted a motion for preliminary injunction against enforcement of the Feds change.

In response, the Consumer Financial Protection Bureau, which took over regulatory authority of credit-card issuers from the Federal Reserve, issued a proposed rule this week that goes along with the court ruling, and could make it easier for other credit-card issuers to charge high up-front fees to prospective customers. Under the proposal, credit-card issuers could charge more than 25 percent before the accounts were actually opened. Once open, new fees would be limited to 25 percent of the credit limit for the first year.

The CFPBs proposal has some consumer groups up in arms, and others determined to figure out a work-around. One observer suggested that the fledgling agency had deemed that it did not have as much power to pursue the issue as did its predecessor agency, the Federal Reserve, and had decided to pick its battles and stick to a more rigid interpretation of the law.

Consumers Union, the policy and advocacy arm of Consumer Reports, expects to issue a comment on the new rule by mid-June.

We hope that there is a path to extend this kind of protection for credit card users, said Pamela Banks, senior policy counsel for Consumers Union.  A lot of people have been hit with big sign-up penalties before they even open their account.

Related:
New credit-card deals: Bonus rewards and low teaser rates are enticing, but watch out

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.