Payment gateway vs payment aggregator

What is the most important thing for a company that sells its goods online? We can talk about favorable conditions on the market, the loyalty of the company's customers, as well as other factors that are certainly important. However, the most important thing for any firm is the level of profit it is counting on.

Any company knows that to increase sales, it is necessary to provide access to many payment options and to actively attract customers. This knowledge is enough for the firm's management, they don't want to get into all the details and technical aspects of the payment acceptance process. They may not even know the difference between a payment gateway and a payment aggregator. Right now, we are going to look at the main differences between these undoubtedly most important factors for successful online payment acceptance for any company and understand how they are different.

The main difference between aggregator and gateway

The difference between a payment gateway and an aggregator is hard to notice, even for companies that have been working in the market for months but have simply decided not to delve too much into these issues.

However, the problem is that if you do not know the difference between these concepts, you won't be able to make the right choice of a payment gateway provider, i.e. a payment aggregator.

You have probably already guessed from the last sentence that an aggregator is a payment gateway provider. A gateway provides a company with only one specific way to accept payments, such as WebMoney or credit card acceptance. A payment aggregator provides a myriad of different ways to accept payments, from cash to checks, cards, e-money, etc.

Working with an aggregator, there is no need for a company to open several bank accounts and accounts with payment service providers at once. The payment gateway makes it much easier for companies to accept and process payments. The aggregator handles all the tasks related to the integration with payment providers, offering the company a single ready-made solution for accepting payments.

Another crucial difference is that a payment gateway sends a payment, but it is only a payment intermediary, i.e., it does not directly interact with the funds that the customer has paid to the company for goods.

An aggregator, on the other hand, as the name implies, accumulates the money in its own hands and then transfers it to the beneficiary's bank. The fees of the gateway and the aggregator will also be different, but it is not quite correct to compare them. In the case of the gateway, the company pays only the fee to the gateway itself, and the services of the acquiring bank are paid for separately. In the case of an aggregator, the firm will charge one rate, which will already contain both the commission of the gateway itself and the fee of the acquiring bank.

If you are interested in getting access to more features and ready-made settings at once, choose a payment aggregator. Connection in this case will be quite simple. If you choose a payment gateway, your company will have an opportunity to customize the payment service. Moreover, you will receive additional services; however, it is important to understand that the speed of the connection will be considerably lower and will require time as well as the preparation of documents.

Thus, if we summarize all the differences between a payment gateway and a payment aggregator, we may say that the main differences are the work process, connection speed, and additional conditions. If the flexibility of settings is a plus for the gateway, for the aggregator you get ready solutions with a fast connection. As for the level of risk, a gateway will have a lower risk level than an aggregator.

Choosing a payment aggregator will be absolutely the right decision because, in this case, you will get the functions of the aggregator itself as well as several payment gateways. Due to the high level of competition, you will negotiate more favorable terms of cooperation with the company.

Four amazing rules to become a profitable trader

Everyone wants to lead their dream life. But in the world economic crisis finding a decent has become extremely difficult. For this very reason, many people in Australia often consider trading as their prime source of income. But before you start making a significant amount of money from the Forex market, you must learn the three major forms of market analysis. Those who trade without having any clear knowledge about the retail trading industry are the ultimate losers of this industry. You will be surprised to know more than 90% of the traders are losing money. So why do people still want to trade the market? Since most of the professional brokerage firm like Saxo offers high leverage trading accounts to the retail traders, making a huge profit with a small investment has become extremely easy. Today we will share four amazing facts which will help you to become a profitable trader.

Learn fundamental analysis

Those who are relatively new to the trading industry only focus on the technical factors. But technical analysis will never help you to find the big market movements. Majority of the pro-Aussie traders uses fundamental data to find quality trades in favor of the long-term market trend. You might have very little experience but this doesn’t mean you will be trading without knowing fundamental analysis. Your trading strategy must include fundamental and technical data. When you develop your trading strategy, be sure to use the demo accounts. Never trade the market with real money unless you have backtested your trading system in the demo environment.

Use the Japanese candlestick pattern

If you can learn support and resistance level trading, it’s enough to lead your life. But how do you trade the key levels of the market with the extreme level of precision? To be honest there is no exact way. However, if you start using the price action confirmation signal, you will find things relatively easy. CFD trading in Australia has become easier since many expert Aussie traders offer price action trading course. This course is based on the different formations of the Japanese candlestick. Every candlestick bears information. As a forex trader you to understand the language of the candle. Things might seem a little bit hard at the initial stage but if you focus on the core factors, you will learn the details very easily.

Embrace the losing trades

This is the most important thing you need to learn as a trader. The new traders never embrace their losing trades. They are always trying hard to win trades. This market is nothing but a field of probability. No matter how hard you try, you will always have to face losing trades. So how do you make money even after losing 50% of the time? The idea is very simple. Always trade the market with 1:2+ risk-reward ratio. This simple principle will help you to become a profitable trader regardless of the conditions of the market. At times you might have to face a series of losing trades but this is absolutely normal. Stick to your trading strategy and wait for the next trades.

Never become a trade addict

Trading is just like addiction. If you fail to control your emotion you will find yourself behind your trading screen 24 hours a day. But the pro traders always trade the market in an organized way. They focus on different trading hours and based on the quality of trade setup they execute their trade. By over trading the market you can never earn huge amount of money. You have to find good trades and trade the market with discipline. Even if you can find one single trade, it’s enough to secure your whole month profit. Forget about your past trade result always stay concern about your next trade. Learn to manage your trade in a very efficient way so that few losing trades doesn’t cause emotional stress.

How Fintechs are enabling a larger section of the working-class populace to get easy access to credit

The access to credit has undergone significant transformation in recent times, thanks to the emergence of Fintech lenders in the market today. While traditional lenders such as private and state-run banks also offer online personal loans, it is Fintechs that are making their presence more palpable by offering a larger section of the populace with personal loans through their easy-to-meet eligibility parameters.

Qbera is leading Fintech lender that operates in several of India’s top cities including Bangalore, Delhi-NCR, Mumbai, Chennai, Hyderabad, Pune, Jaipur and Ahmedabad. Qbera offers instant personal loans to salaried individuals, subject to them meeting some basic credit eligibility parameters.

Let’s look at some points which substantiate how Fintechs are reaching a larger section of the working-class population and enabling them to get easy access to credit (mostly unsecured personal loans).

Easy eligibility parameters

Fintechs have a much more easy-to-meet eligibility framework in comparison to traditional lenders such as private banks. The eligibility parameters in the credit score and income segments are comparatively easier to meet for Fintechs as against popular private banks. For instance, Fintechs offer loans to individuals with net monthly salaries starting from Rs.20,000, and with credit scores as low as 575. Private Banks on the other hand require applicants to have a minimum income of at least Rs. 30,000 (popular banks require incomes of at least Rs. 40,000 per month to become eligible). As for the credit score, most traditional lenders necessitate individuals to have a minimum CIBIL score of 700.

Quick and paperless application processes

Fintechs have adopted a super-quick, and completely digital application process in recent times, and a prominent reason why they’ve become immensely popular in Tier-1 Indian cities is this. The application process can be initiated online, and completed online too. This includes the submissions of documents as well. Verification of documents is done digitally, thereby speeding up the process to a great extent, infusing greater interest among the working class population due to the quick application process.

By these very impressive ways, Fintechs have allowed a larger section of the populace to get access to instant personal loans.

Common Invoice Factoring Mistakes You Should Know

Factoring is used by many businesses to increase their capital. A factoring agreement is where the funding source, called the factor, buys the right of the seller (client) to collect on an invoice at a discount.

The factor usually pays most of the value of the invoice upfront and the remaining balance upon actual payment of the buyer. It is not a loan and helps keep the business cash flow steady. Here are some common invoice factoring mistakes to avoid:

1. Not sending an invoice - This one is pretty obvious, but a lot of companies don’t send invoices. Invoices should be sent for both written and verbal contracts. This is a means to remind your customer that they need to pay you and exactly how much they owe. People tend to have a lot of things going on for them and payables can easily happen.

Invoices are part of your records and if you’re not careful with your accounting practices, you could be at risk of being overcharged by the factor. Make sure you plan for how you account for the advance and fees attached to it.

2. Failing to ask for the maximum limit upfront -The factor will usually appraise your business and set a maximum amount that you can advance. You need to find out how much is available to you before you enter into an agreement. It is important that the amount is enough to fund your business so you that you can look for better alternatives if it is not enough.

On this note, you should also ask how much is the upfront percentage that you will receive. As already mentioned, the factor will pay a percentage of the total advance (75% to 85%) and pay the remainder once the buyer pays the invoice.

3. Not exploring all your options - Just as it is with any aspect in your business, you need to do a thorough research on your options for funding. Different businesses have different needs and thus have different financial solutions. Just because a friend’s business is doing well by using one particular facility does not mean it is good for your business to. Explore your options by finding out what’s available out there, weigh the pros and cons of each option and determine whether or not these apply to your business.

Consider your options before committing to a contract with one funder. Speaking of contracts, don’t commit to a long-term receivables finance contract of several years. You need to make sure that you have the ability to refinance or not and a long-term contract will limit this capacity. Make sure that you have an alternative plan and that you can gracefully exit the agreement and switch strategies when you see the need.

4. Not monitoring your factor’s relationship with your customer - Remember that once you enter into a debtor financing contract, your factor will be the one who will handle collections. They will be the ones who will deal with your customers in terms of invoice payments on your behalf. Make sure that the factor has exceptional customer service. They should make sure that your relationship with your customers remains intact and positive.

A good way to check your factor’s responsiveness and customer service practices is to try out their contact points yourself. Send them an email, give them a call and chat with their chat support and see how well they handle questions and attend to concerns.

One other important issue in this matter is that when you turn over your invoices to a funder, you will lose track of your customers’ payment habits. You will not know whether or not your customers are paying promptly. You will also not be able to keep track of your cash collection cycle. These are things you would want to think of when considering invoice factoring as a financial solution.

5. Invoice factoring vs. invoice financing - Make sure that you are entering into an invoice factoring agreement and not one for invoice financing. The difference between the two is that for invoice factoring you are turning over collections of your invoices to the factor as a third party in the sales contract with your customer. Invoice financing is where your invoices are merely used as collateral for a loan from the financing company.

It is also important to note that as a business owner, you should not turn to invoice factoring as a solution for every small setback in your business finances. Note that most invoice factoring finance companies have higher interest rates compared to business cash flow loans. However, it is easier to procure invoice factoring than it is to get a bank loan.

6. Failure to understand all the terms of the contract - Make it a habit to read everything when you are running a business. This is particularly important in contracts because you will be binding yourself to these terms and you will be held liable for any violations or non-conformity. Read the fine print, make sure that there are no hidden fees or conditions that were not made known to you upfront.

Be sure that you know the term requirement or whether you are required to meet monthly minimums. Find out what will be the penalties if the terms are not met. Determine these factors before you enter into an invoice factoring contract.

Business is not a simple, one-sided operation. There are so many factors to consider and this compilation of common invoice factoring mistakes will hopefully help you make sure that your business runs as smoothly as possible.

Whatever your business decisions are in terms of funding, debtor factoring etc, the most important factor to consider is whether or not you do need to bring in a third party into your business relationships. Consider the benefits as well as the risks and continually weigh these extremes because things and circumstances change. What you need now may not be what you need in six months or a year.

Aside from regular self-evaluation of your business practices and standards of procedure, take into consideration your customer. Are they happy with your practices? A good business standard is to make sure that your customers don’t just buy from you once. They should want to keep coming back to you to buy more.

The 3 Costliest Banking Mistakes Entrepreneurs Must Avoid

Poor money management is one of the biggest reasons why new entrepreneurs fail. And key to successful money management is the relationship you build with your bank. If you still consider the bank as simply a place to store and borrow money, then you’re missing a huge opportunity to access resources that will empower your small business.

To make the most out of what your bank has to offer, make sure to avoid the following most expensive banking mistakes small businesses commonly make.

1. Mingling personal and business finances

It’s not enough that you have a separate personal and corporate bank account. You also have to be diligent about making sure transactions are made using the right account. Business expenses must only be charged through your business credit cards and checking accounts, without exceptions. And should there be a need to move money between your personal and business accounts, then such transfers must be properly explained and documented.

A clean and clear separation between your business and personal finances allows you to:

● Establish a more efficient tax return process, allowing you to easily see and access tax benefits and cut accounting costs

● Manage your business account better by establishing separate accounts for categories such as tax, revenue, payroll, and so on, as needed

● Make business audits easier

● Obtain a clearer understanding of your business’s financial standing, which equips you with the information you need to evaluate and drive profitability for your company

2. Failing to maximize services that lead to healthy cash flow

While profit may be an easy measure of business success, it’s cash flow that will keep your business up and running. But managing cash flow is known to be one of the toughest and most daunting tasks entrepreneurs face. It is thus important for your business to take advantage of the right financial tools and expertise from your bank that are designed to boost cash flow and address cash flow challenges.

Take advantage of cash management services from your bank, that help you manage incoming and outgoing cash. For instance, end-to-end global disbursements and receivables services can simplify your domestic and foreign payments and collections so you can enjoy lower operating costs and improve business efficiency.

Other examples of banking services that help you manage good cash flow are:

● Payment and account solutions that streamline local and foreign currency transactions

● Global corporate credit cards that help you effectively control your working capital, from goods and services cost to travel and entertainment

● Global payables solutions that allow quick and easy electronic and paper-based payments from local and international customers

● Virtual accounts, cheque management, and paper and electronic collections for managing receivables, so you can quickly turn them into cash

● Other solutions that protect you from financial shortfalls: business loans, guarantees and standby letters of credit, and import and export finance

3. Neglecting to invest in building a relationship with your business bank

There is no “one service fits all” option when it comes to banking. What may work for another business may be irrelevant for yours. And even if it worked for you last time, it doesn’t mean it will continue to be effective at all times. That’s why it’s imperative that you communicate your needs and goals to your bank, as they have the capacity to come up with the exact solutions according to your situation at the moment.

When you start to view your bank as an integral part of your business’s ecosystem, they can deliver more personalized and extra-value support such as:

● Connecting you with contacts, clients, partners and potential investors that are part of their vast local and international network

● Identifying useful tools and products that may not be easily available to ordinary clients

● Referring you to external solutions and experts to address even non-financial challenges you may have

● Offering easier and faster processes, thanks to their familiarity with your business requirements

The best business bank you can find for your small venture can be your growth partner. Your bankers can help you unlock solutions to your biggest challenges, and provide you the support you need as you work toward achieving your business goals.

10 Financial Services You May Not Know You Need

When it comes to your finances, it’s safe to say that you usually know what you’re doing. Most of us know how much money we earn, and roughly how much our bills come to each month - even if it’s just because we tend to know what we have left to spend each month. Either way, it’s relatively easy to know where you’re at with your money without being a financial expert.

But if we were to take that idea one step further, and say that you’re generally incredible with your cash and you even have systems in place to make sure you do stay on top of things, you may consider yourself to be a bit of a financial pro. So much so that you don’t really need much help with how you handle things. But if that’s how you think, you’re more than likely wrong. Because most of us may require some kind of financial service without really knowing it.

Sometimes, the financial services we need are things that we could implement now just to make life much easier, and sometimes they’re going to be things for the future. And sometimes, they’re even things that could come in handy, despite never really knowing that we may need them. So, if you want to make your financial life even more efficient, here are the financial services you should consider taking on board.

An Accountant

When it comes to accountants, you’ll often find that people are all for them, or they’d rather do without. Even if you tend to fall in the latter camp, it may do you some good to realize that actually, an accountant is going to make your life much easier. When it comes to filing your tax return, it may take you hours and hours to do each year. Whereas hiring an accountant could be quicker and most-cost effective for you, as you can get on with other things as they do it.

A Financial Advisor

Next up, you may also want to consider taking on some financial advice. Again, this isn’t going to be for everybody, but it could prove invaluable to you. You may think that you know what you’re doing with your money, savings, and investments, but you may not be getting the most out of your money. With a skilled financial advisor, you’ll be able to maximize your savings and ensure that you’re getting the best return.

An Assistant

If you’re self-employed, you may also want to think about taking on an assistant. Because it doesn’t make a lot of sense for you to be spending all of your time working on your financials when you have other work to be doing. So, it will often pay for you to hire an assistant to handle, chase, track, and manage your finances for you, freeing you up to get on with your work.

Specialist Finance

Lots of people will require different kinds of finances in life, you’ve probably had a loan or mortgage in the past. But what about specialist finance? From working with a bail bond company to a business investor, you may not know it now, but they could be essential for your future. Because you may not always have access to the money you need for specific ventures.

Realtor

Then, there’s also a realtor to think about. And before you say that technically they’re not a financial service, they are there to help you sell your house and they want to help you make as much money as possible. There are many benefits of working with a real estate agent, but their expertise is always one of them. Not only will they help to maximize your properties worth, but they can also manage any rental property you own which can make it more efficient for you.

Insurance Broker

Next, there’s also an insurance broker. This is going to be a particular service you should take advantage of if you have lots of different insurance needs. From health to home to business to car, and more, you may find that having an insurance broker to handle the policies for you means that you can get them cheaper overall.

Specialist Dealer

Again, we have another service here that isn’t quite a financial service as such, but it’s there to make you money - so we’re going with it. And it’s the service of a specialist dealer. Should you be interested in collecting things like art or jewelry, you may wish to sell certain pieces at some stage, and this is where the specialist will come in. As they will have the expertise and connections that will allow you to get the most money for your sale.

International Bank Account

From here, it’s the on to the idea of your international financial affairs. Because if you work overseas, or have some international interests, then you may find that you won’t be getting the most out of your money by constantly transferring between currencies. So, you may want to work with an international bank for this exact reason. With an international account, you won’t have to keep losing funds when exchange rates are poor.

Cryptocurrency Advisor

With talk of international transactions, it then leads us nicely to the idea of cryptocurrency - which is taking the world by storm. It’s proving essential for international transfers due to the lack of fees. But, if you want to get involved with cryptocurrency, and you have no idea what you’re doing, or you just don’t have the time, you may want to consider working with a cryptocurrency advisor.

Financial Software

Finally, you may also want to consider taking up the use of financial software. Staying on track with your finances is only easy if you’re organized and you stick at it. But we don’t always have the time to do this ourselves. And while you may not want to hire someone as point three suggested, you may choose to work with a software service instead. This could streamline your financial life and make it so much easier to manage.

Will Payments Bank Ecosystem Disrupt Banking Industry?

A Payment bank can maintain both a current and a savings account which includes issuing of banking instruments like ATM or debit cards, net banking & mobile banking. Currently, payment banks are restricted from offering loans or credit cards & investments in government securities. Deposits from NRIs are also not allowed at the moment. 

India is warming up to this new digital banking ecosystem called as “Payments Bank”. This is the brainchild of the RBI (Reserve Bank of India) that allows institutions that operate such banks to accept and restrict deposits beyond Rs. 1 Lakh with interest on the money being deposited by the customer using a mobile device.

Perhaps the biggest driving factor for payment banks is that they offer banking at your convenience. You can use your payments bank account from your home or elsewhere without visiting physical a bank whereas traditional banking is still heavily relies on you to visit a physical bank for most things. While the traditional banking system requires you to maintain a minimum of Rs 1000 as monthly balance, payment banks offer a Zero Balance Account where no minimum balance is required for operating such accounts. 

Security on such platforms is of uttermost importance and hence many payments banks employ many security layers & are considered safe for the most part. One of the key advantages of such accounts is that they are more consumer centric in many ways - you can simply use your mobile number as your account number. You also get to avail several offers at your disposal such as cash back and discounts once you register for such an account.

The Rate of interest on a payments bank account is way more than these traditional bank accounts, where the highest rate of interest being provided is up to 7.25 %.They arealso known for their easy KYC norms and minimal fees so open a payments bank account to compliment your savings account today!

A More Sensible Approach To Business Finances

If you want your business to do well in the long run, then taking care of the financial side of things is likely to prove essential. So many businesses these days fail to really appreciate the importance of this, and this lack of understanding can easily lead to some of the more serious ongoing problems which businesses face. If you want to ensure your business does well in the future, you need to watch over the finances and ensure that the approach you take is a strict and sensible one. In this post, we are going to look at some of the things you will need to ensure that that is the case. Let’s have a look and see what you might need to make sure you have in your business.

A Professional In Charge

If you are serious about the business finances being well looked after, then having someone in charge of them is likely to prove essential. Of course, it goes without saying that this person needs to be as professional and dedicated as possible, as this ensures that the finances will be well looked after on the whole. You should also ensure that they are genuinely well educated in all matters financial, and the quality of their qualification should be taken into account when you are trying to fill the role. It can be an accredited online mba in accounting or a university degree - whatever it is, the main thing is that they are genuinely qualified to look after your business’ finances. This will give you plenty of faith, and ensure that your approach to your business finances is as strong as possible.

Rules & Regulations

There are a couple of main types of rules and regulations you will need to take into consideration. For a start, you of course have the laws of the land, the legal procedures which you need to follow. It is highly important that you do not deviate from these, as this is one of the quickest ways to land yourself in big trouble - and that is no good for any business in the world. You might also have your own internal rules and regulations, and this is often a good idea, as it helps to ensure that you keep yourself in check when it comes to your business finances. In some case, there will also be industry-specific rules, and you should be sure to keep a close eye on those as well. Generally, self-auditing is a safe way to ensure that your practices stay above board at all times.

Emergency Protocols

You should do everything you can to prepare your business for the worst - that way, you will be much more likely to save it from the brink, should it get to that point. To be able to do that, you need to have a number of strict emergency protocols in place - and you must ensure that everyone is well aware of what they are, and everyone has their own role in the protocol which they understand.

Stock Marketing Tips Every Beginners Should Know

If you are a newbie in the stock market, here are seven tips that will make such investment profitable.

1. Invest the surplus

There are no guaranteed returns when you invest in the equity markets. There is always the possibility that your entire investment is lost. Therefore, it is advisable you do not invest money that is required for your financial stability.

2. Place limit orders

At the time of placing the order, you may choose market or limit option. A market order is immediately executed at the current rate. On the other hand, a limit order allows you to set the price to acquire or sell the stock. This allows you to remain in control of your investment.

3. Plan for the longer term

A common mistake made by investors is trying to find stellar stocks that provide high returns in a short period. Finding such stocks is almost impossible; it is recommended you choose companies that will deliver good returns in the longer term.

4. Analyze relevant news

The world is a global place and even a small bit of news can affect the stock market and indices today. In most cases, the daily news does not drastically affect the long-term performance of companies. Therefore, it is important you analyze only relevant news and make informed decisions based on these.

5. Spread out your investment

It is prudent to spread out your investment over a period of time. This will safeguard your investment against significant price decrease due to some instances, such as not-as-expected earnings report. Furthermore, you must accumulate several stocks by using your investible surplus to create a diversified portfolio.

6. Make modifications as needed

Regularly monitoring and reviewing your portfolio is prudent. It is recommended that you modify your holdings if one stock comprises more than one-third the value of your total investment portfolio. This means you must sell such stocks that have a higher value and purchase other shares that still have potential to grow.

7. Book your profits

Investing in the stock market may make you wealthy only when you book profits. It is very common that you may want to continue holding to a stock because of the price increase. However, you must remember that no stock can grow for an indefinite period. You must keep a price target and once this is reached, you must book the profits.

Stock market investing is easier than you may consider. You may use the aforementioned tips to take control of your finances and build wealth over a period of time.

5 tips for start-up Business

Everybody are not made for job few are made for business. Those who are made for business they do have their unique ideas to start which might get success if rest of the key factors will take place properly. What are those key factors? What we call this type of business? Here goes the details analysis about it.

Unique ideas to start a business is called start up business and the key factors for those businesses are locate the right location for the business, arranging funds, target the correct clients, discuss with the business consultants to set up correct goals, requirements to do online & offline marketing for the same. Here goes the detail of these mentioned points.

1. Correct business location: While you are planning to set your business location will take a major part for its success. Because if the business location is properly connected then your carriage or the conveyance cost will be less which will impart on your per price cost. If you can manage to give product in less cost in the beginning then that will attract your clients automatically.

2. Target the correct clients: As your business is a start up business so you won’t target a huge client for huge profit. If you will do so then there will be high chance of failure. The reason behind this is you are new in the market & don’t have any reputation which huge clients are always looking for to do their business. So, try to target small but stable clients to start your business. Here while quoting your price do discuss with your finance team properly. So, here the skilled employee’s knowledge will take place. So, take hiring professional help while building up your finance department specially hiring accountants. Also for financial data to present to the clients bookkeepers will take a important role so that part also you need to take care or discuss with you hiring professional help team.

3. Take assistance from the business consultants if required: You might working on your business ideas for a long but you are coming to the market now. The present market situation is unstable & that is keep on changing very frequently. So, we need proper assistance to get a clear picture on the market & not only that business consultant will tell you whether you are in the right path or not. For choosing correct business consultants you need to survey the market there are many reputed processional business consultants like Trevor McClintock who can help & guide you.

4. Business presence should be properly: Now everyone is using internet so company or the business website should be there. Where company’s contact us page should be proper along with the address. Also few leaflets you can publish to promote your business.

5. Social media promotions: Now social platforms are strong to explore your business & its products. So, you should be available strongly in social media platforms especially in Facebook, Twitter & linkedin.

So, I hope these above points will help the start up business owners with this relevant information. From the author’s team of YourFinanceFormulas All the Best to all start up business person & good luck for your future goals.

Got A Burning Financial Question? Here's Who To Ask

Throughout your life, you’ll run into a few financial situations that can throw you slightly off balance. These may not be too serious, but they could end up with you having a few questions that you want answering. Perhaps you just have some questions about your current investments. Or maybe you just want a particular type of bank account and its pros and cons explained to you in language that you can understand.

So what happens when you have some burning financial questions that you need answered pretty quickly? Thankfully, there are plenty of sources where you can find your much-needed information. So what do you need answering right now? Here are the best sources to turn to in your times of financial need.

Financial Blogs

Thanks to the Internet, there are now lots of financial writers who are now able to publish their views and opinions online in the forms of blogs. Most of the big financial blogs are full of invaluable information. You should be able to find a post that covers the topic you have questions about. If not, it could be worth commenting on a blog post to see if any of the other blog readers are able to jump in and answer your question for you.

Financial Newspapers

There are also many newspapers that focus on the current market and economy. These often have a lot more detail in than the blogs. Not only that, though, but they also have up to date on the prices of stocks and shares. One of the benefits of regularly reading the financial papers is that you will be able to read all about the current trends that are affecting markets. Looking at the markets can help you to make better judgements when it comes to investments and big money decisions.

Financial Advisors

But what if you think that your current question is closely linked to your own personal finance situation? If this is the case, then you could always see a financial advisor. As they will have lots of experience and training in the financial sector, they will be able to draw on all their knowledge to advise you with all your finances. Once you do sign up to a financial advisor, you will be able to call them whenever you have a question that you need answering. You will be able to chat to your advisor about a number of financial topics, including investments, retirement plans, and life insurance.

Financial Charities

A few charities have been set up to help people who find themselves in bad financial predicaments. If you are struggling to get out of a lot of debt, these charities will be able to advise you and can also help you to better manage your money. They can help you set goals for yourself which is one of the first important steps to improving your financial situation.

Your questions won’t worry you for too long once you turn to one of the above useful sources.

5 Hidden Costs of Running A Business

You may think you have it all covered. You’ve accounted for the rent, for the cost of utilities and the staff you’ll need. But what other hidden snags should you be aware of. If you’re just venturing into business for the first time, here are 5 hidden costs that you may have overlooked when budgeting

Insurance

Running a business can come with multiple insurance payments, some of which are compulsory, others of which aren’t but are generally recommended. Employer’s Liability Insurance is the main compulsory one (although if you don’t have staff and you’re solely running the business you don’t need it) protecting you against staff who are ill or injured and staff that make claims against you.

Other insurance types can protect you against property damage, public claims, professional indemnity and faulty products given to you by the manufacturer. In some businesses, certain insurance types may be less suited than others. Researching all these can get you the best deal.

Payment technology

For those setting up a business in retail, a till and card reader can be a last minute purchase. Shop around to get the best deal on these items. If your business is likely to dealing with credit cards, you may need a credit card terminal too.

For businesses that deal with transactions online, make sure you have a secure payment method set up. This could mean investing in good digital security to make sure the account details of yourself and your clients are safe.

Marketing

Some people only start looking into marketing once they’ve got their business working, then realising they don’t have the adequate amount of money for it. A large chunk of your budget should go into marketing and you should start doing it before setting up your business, telling people when your business opens and building up hype. Marketing should not be seen as a one-off expense at the beginning, but a regular payment to keep your business constantly expanding.

Accounting

Unless you’re already a dab hand with figures, you should probably think about hiring an accountant to handle your taxes and expenses. This will free up the time slaving over spreadsheets, allowing you to focus on other business aspects. Shop around for accountants that best suit your area of expertise. Most small businesses shouldn’t need an expensive accountant, unless the nature of your business is complex monetary issues.

Utensils & equipment

There is some equipment such as computers and desks for an office and table and chairs for a restaurant that you’ll have already budgeted for. But other small items such as printer ink and receipt paper may well slip your mind and only become clear days before opening business (or even once you’ve started business). Budget beforehand for all the items that you can think of and then leave some extra money aside for last-minute equipment purchases that you’re likely to have forgotten. Having a grand spare to dip into can act as a nice safety net, especially when starting a business.

Do Your Homework Before You Start To Work From Home

Being able to set up a business from home is quite possibly the thing that most of us dream of. No more commuting to a drafty office, and being able to snuggle up in front of your laptop to work through your morning emails with a cup of coffee. It sounds like bliss. But there is a lot more to it than meets the eye. From a financial perspective, you will have to invest more money into your business at the start to cover any gaps in payment from your clients. You need to pay your staff! Or if you are working as a solopreneur, what can you do to ensure that you are doing enough to guarantee your investments are going to pay you down the line?

Setting Up Your Work Environment

This is the best place to begin. The nature of the home worker you may be familiar with. Everyone talks about working from home as if it’s a day off. If you have this attitude then how are you able to get any work done? You are employed by yourself, so make sure that your attitude is the right one! Yes, you are working from “home,” but you are “working.” And that is the operative word. What if you have pets and family around? You can’t stop work just because there is some mess left by Fido. Invest in a home office. It may even be time to look for a new home for your new way of life. Companies like coral homes have homes that may be more suited to the home worker lifestyle.

How To Give Your Professionalism An Upgrade

There are many things that can give your business an image of it being a home-run, small company. And that is very likely what your company is. But if you plan on doing business with larger firms they will not want to touch you because you are small fry. The best way to combat this is to give your business an image of professionalism. And this can be achieved, even if you are running your company from your kitchen! Using companies that provide virtual offices, they can give your business the impression of it being a larger firm. Using answerphone services and mailbox addresses that you can use instead of your residential one, they work to give that image a major overhaul. Need to schedule a meeting? Then you can do it online.

The Financial Benefits Of Being At Home

Yes, there are plenty of course. You don’t need to invest in an office or property. However, if your business is thriving it will be a necessity. In the short term, you can claim expenses back for utilities such as electricity. So it is a handy way for you to save some money on the home bills while also saving money on your business. If you need to upgrade your communication, you can invest in a VoIP (Voice-over Internet Protocol) phone system, which will connect to your existing internet connection. Using this will help to liaise with other workers if you are still trying to organize your business before getting a location.

Getting Help With The Nitty Gritty Of Your Business

Yes, you may be a superstar salesman or a magnificent marketer but there’s more to business than just that. Behind the scenes is equally as important and it’s important that you get to grips with that side of things before they start to mount up on you. Here’s some tips on how to control the nitty gritty side of your business.

An important part of business life is paying your taxes. Whatever your business does and how you do it, tax is a necessity. Fall behind with them and you could end up being in a lot of trouble. As the owner, you will need to pay several taxes like sales tax, including those of online sales, property tax and business income tax. However a lot of these can be subsidised as business expenses, as long as they are related to your business. It’s vital that you do thorough research into this as at first, it could be quite confusing. It may be best to hire somebody to sort this out for you and relieve you of this particular stress or instead, you could go online and look through sites like http://attorneystaxrelief.com/ to provide some professional assistance.

Insuring your business is another essential business requirement. As soon as you open your business, you’re at serious risk and an accident or a fire could finish you off before you’ve even started. It’s important therefore that you get sufficient insurance to keep you away from the flames. Professional liability insurance in particular, is vital in the case that a negligent claim has been pushed upon you, in regards to an accident that has occurred. Property insurance is also important in that it covers everything in your office space and if a fire or a theft happens, you can claim for your losses. With your staff, workers’ compensation insurance is also necessary. Similar to professional liability insurance, it covers your back if there is an accident or even a death in the workplace.

An element of your business that sometimes gets swept under the carpet is that of health and safety; yet this is arguably the most important element in your company. As mentioned before, you need to always be on your toes in business and ensure your staff and yourself come to no harm. Employ a health and safety officer or bring in a company that can help you undertake a thorough risk assessment. It’s also best to start a recording log and leave it in a safe place, in order to try and prevent accidents for the present as well as for the future. This will keep employees feeling safe and secure in the office and will also cover your back if indeed a claim is brought forward.

It’s important to not feel alone in business. Why not employ somebody who is trained with the experience that you’re seeking, to focus on a particular job? This will leave you to the things that you’re more confident on.

Crucial Advice To Ensure Financial Security For Your Loved Ones

Death is something no one likes to think about. The problem is, if you don’t think about it, you can leave your family in a bad financial situation when you go. It’s crucial that you plan effectively, and leave them financially secure for the future.

So, here’s come advice on what you can do:

Write A Will

The best thing you can do is write a will and bequeath your family money/assets. Most people are very conwell-prepared quitclaim deedfused about the concept of a will. If you die, and you haven’t written a will telling people where your assets will go, then your family might not get them. Especially with things like stocks and shares. Furthermore, a will helps you allocate funds to separate people. So, you can give a percentage to your children, siblings, etc. Most importantly, it provides you with the best opportunity to make your loved ones financially secure. Plus, it can stop any arguments about who gets what. If it’s in your will, they’re legally bound to get what they’re given. You can find sites like http://money.usnews.com/ where you can find will writing advice. It’s important you know how to write a will, and make all of your intentions clear.

Get Life Insurance

Taking out a life insurance policy is essential if you want your loved ones to have a secure financial future. What this means is that when you die, your family get money from your policy. If you pick the best policy possible, you can ensure they get as much money as possible. A lot of people neglect to take out a life insurance policy, as they don’t want to pay for it. To this I say, think of it as an investment for your family’s future. There are plenty of places like cheaplifeinsurancenoexam.net where you can get more info on quotes, etc. I strongly advise you to shop around for the best deal out there. Don’t settle for the first one you see, compare them and make a pros and cons list of each insurance provider you look at.

Start A Private Pension

If you’ve been working for a certain number of years, you will be eligible for a pension. This is provided by the government, and you get it when you retire. If you were to die, this pension would go to your spouse, and help provide them with income. What you also need to do is start a private pension fund too. You can set this up with various companies, and start saving more money. It works like a regular pension; you just use it as a secondary source of retirement income. I think it’s important to do this, as it can help provide an income for your family when you pass away. Therefore, they can feel more financially secure.

Provide A Home

Rental fees for apartments and condominiums really cost a lot because it is a monthly expense. Some even have additional charges. So you can make big savings by investing for a real estate property. It is also a great gift for your loved ones especially your children. You may transfer the property to them through a well-prepared quitclaim deed and let them take it as their own. Eventually, if they plan to move to another place, they may sell it for additional investment or have it rented by others for continuous income.

As well as these tips, I suggest you put an emphasis on saving money. The more you save, the more you’ll have in the bank when you die. For money saving advice, check out my article here http://www.yourfinanceformulas.com/. It should help you become more frugal, and save more money for your family’s future.

Making Sense Of The Financial Side Of Doing Business

All businesses are designed to make money, or else they would not exist. This does not mean, of course, that money is the only thing that a business owner needs to think about. Nothing could be further from the truth. A business needs to think about every aspect in which it operates. Otherwise, it might well find that it does not last for very long in the real world. If you are a business owner, you are probably keen to make as much profit from your business as possible. This is entirely natural. However, it would be a mistake to suppose that profit is the only aspect of the financial side of things to worry about. The fact is, there is much more to it than that. In this post, we will go through some of the major elements of the financial side of your business. You need to bear all of these in mind if you want your business to enjoy any long-term success. Let’s dive in now and take a look.

Planning

All businesses require a huge degree of planning, in all areas, and in the financial side of things in particular. The fact is, most business owners fail to properly plan for their business’ future. This only leads to improper actions and further disappointment. If you want to make the most of having a business, you need to make sure that you are planning ahead every step of the way. There is no such thing as planning too much, so get started today. The more you have planned for, the more money you save overall, and the fewer surprises you come into. It might not be the most important part of the process, but it is essential. Try to plan ahead as much as you can and in as much detail as you can. That way, you are more likely to avoid any nasty surprises or bad decisions. This is much easier said than done, of course, but it is worthwhile.

Funding Options

One of the more difficult or challenging aspects of the entire process is sourcing decent funding at the very beginning. This is obviously an essential part of running any business. It just so happens that it is also one of the most difficult. When you are looking for funding for your business, you should think about all of your options carefully. Chances are, you won’t want to settle for the first opportunity that comes along. However, you might find, after some research, that you do. Either way, it is a good idea to take your time and compare them carefully. The most common source of funding for new businesses is to get a loan through a bank. This is possibly the easiest one to secure. However, bear in mind that you will need to pay it back, probably within a certain time frame. And, of course, there will be a - probably significant - amount of interest to pay on top of it too. However, you might find that this is your best option.

If you have any personal wealth, using that might be your best bet. Alternatively, borrowing money from friends or family is always an option. Just be careful not to step on any toes or ruin any relationships. No business is worth that! As we have seen, finding proper reliable funding can be remarkably tricky. But once you get it, most of the hard work is done in terms of the financial side of doing business.

Tax

Businesses have certain legal duties to fulfill. It is important that you stay on top of these and ensure that they are done. Otherwise, you might find that you get into some serious trouble. And then it can often be hard to continue in the same way as before. It is best to avoid the hassle altogether, and follow the law religiously. When it comes to the complex issue of tax, many business owners are in over their head. If that applies to you as well, don’t worry too much. The good news is that there is plenty of help to be had. If you are really unsure about the amount of tax you have to pay and when, then ask the help of a professional. Getting advice from an accountant or law firm could be the easiest way to make sure that you stay on top of it all. You might find it helpful to take a look at this advice by the Alexander Law Firm, too. Getting on top of the legal side of things is an important part of doing business. Make sure you don’t make any serious mistakes.

Keeping Costs Down

Now let’s take a more detailed look at the ways in which money tends to work within a business. It goes without saying that one of the major objectives for most businesses is to keep costs down. This is easily achievable, yet at the same time surprisingly complex as an issue. To begin with, you should take a look at every single expenditure that you have going out. One by one, try to decide whether it is essential. If it is not, get rid of it entirely. For everything that remains, see if you can find a way to make it cheaper. Often, the solutions here come from simply thinking on your feet and being a little creative. Keeping costs down is a vital part of ensuring the ongoing health of your business, so you should take this as seriously as possible.

Increasing Profits

The other side of the same issue, of course, is increasing your profits as much as possible. To achieve this, you would do well to carry out some market research. That way, you can discover whether or not you are charging as much as you can charge. You might be surprised to discover how much you can boost the price of the product without offending the consumer. Of course, you should also make sure that you do not compromise on quality.

How Investing Your Money Can be Fun

There are all kinds of reasons for you to invest your money. It’s a sensible thing for people to do if they want to make themselves more financially secure in the long-term. But there are other people who simply do it for fun. Investing can be fun, and you don’t even have to do it to make money. Of course, making money is the ultimate aim of making investments. But there is much else besides that. Read on to find out how investing your money can be a lot of fun.

There’s a Competitive Edge

When you invest, there is always a slight competitive edge to it. You want to do better than anyone else and prove that you understand investing better than others. If you know other people who are also investors, this is truer still. You can turn it into a competition and measure your success against your friends and how their investments are doing. It doesn’t have to be a direct competition though; it can simply be a friendly rivalry that adds another dimension to it. Everyone likes a bit of competition in their life, so this could be the ideal thing to provide it. It’s not just sport that offers you this.

You Get the Joy of Learning a New Skill

Investing is not something that comes naturally to you. It doesn’t come naturally to anyone. It’s a skill that is learnt just like any other. Think of it like learning to ride a bike or play a musical instrument. It’s the same principle. And there is always that feeling of enjoyment and satisfaction when you manage to pull off a successful investment. That pride and satisfaction you feel is part of what makes investing so much fun for you. There is no other feeling quite like it. So, learn the skill and enjoy the pride and achievements that come with it.

Risk Fuels Adrenalin

When you take risks, you get that rush of adrenalin through your body. That’s what the thrill of investing is all about. This is the same thing that makes gambling or any thrill-seeking sports fun too. When you take a risk and make an investment, your body creates a chemical reaction. It’s part of human nature, and it’s one of the things that means investing is enjoyable to us. And you can’t really argue with science. Try it out and see if that adrenalin-fuelled rush appeals to you at all. It’s not for everyone, but it’s good to see how it makes you feel at least once.

Investing Requires Thinking and Strategy

If you’re the kind of person that enjoy strategy games, such as chess, then investing could be for you. It’s about more than numbers and throwing money around. It’s about using your brain and thinking carefully about the best move to make. Every investor eventually develops their own strategy that helps them to win and get to where they want to be. This is what you will have to do as well. Not everyone finds this kind of strategic thinking fun, but many people do. If you’re the kind of person that loves nothing more than to challenge your brain and come up with strategies, give investing a try.

There Are So Many Options to Explore

There is not only one type of investing that you can try out. There are so many different types out there, and you can try them all. So, if you find that one kind of investing is not really for you, don’t despair. If you are tired of buying and selling shares, you could try something new. If you have the capital to make it happen, why not invest in homes? Buying homes, making changes to them and selling them again can be a lot of fun. Or there are things like forex trading. This is complex but great for people who like numbers. Contact a forex broker if you’re interested in it.

It’s Always Fun to Make Money

Everyone likes to make money. And at the end of the day, that’s what investing is all about. The eventual aim is always to make money and beat the system. So, if you want to invest, then this is as good a reason as any. You’ll be able to make money and get a little richer. There are not many people on the planet who don’t get some kind of enjoyment out of doing that. And when you combine it with all the reasons mentioned above, it makes investing a great way to spend your free time. You should at least give it a try and see what you think of it.

What are basic bank accounts - A knowledgebase

Basic bank accounts are special types of bank accounts in the UK for people who can’t be able to get regular bank accounts. It is important to note that it is harder to get a regular bank account in the UK than in the US. This can be attributed to numerous restrictions in the UK's banking industry barring most people (especially those with poor credit scores/rating) from getting regular bank accounts. Basic bank accounts solve this problem.

As the name suggests, basic bank accounts offer you basic banking i.e. a place to store your money and send money from. They were created for people who were either new to the country with no credit history or had accumulated a bad credit score as a result of bad debt. As such, these "bad credit bank accounts" do not offer overdraft facilities or in-credit interest. Most banks offer their basic bank account holders a debit card for making payments in regular and online stores. You can also be allowed to set up direct debits which is great because it makes paying bills cheaper.

Contrary to popular belief, basic bank accounts aren’t 100% free of charges. Just because account holders don’t have access to credit doesn’t mean they won’t be charged some fees. The accounts usually attract occasional charges i.e. you will be charged for attempting to make payments when your account balance is insufficient. Most banks usually charge an unpaid transaction fee not exceeding £25 a time. It is therefore advisable to know exactly how much money is in your account before you attempt transacting.

Basic bank accounts aren't publicised by banks simply because banks don’t stand to make a lot of money from basic accounts. Unless you make the mistake of using the card when you don’t have money, banks don’t stand to gain anything from your basic bank account. In fact, the accounts attract more cons simply because of the workload the accounts attract (administration costs) without bringing any notable returns. Unless you specifically request for a basic bank account, bank staff don’t offer the account as an option for individuals with bad credit.

You may be wondering why banks bother offering basic bank accounts if they aren't good for business. Well, the answer is simple; bankers know that they can be forced easily by legislators to offer the accounts if they refused to offer them. Such a move would have serious consequences given the fact that bankers would have already lost the goodwill of the people and legislators.

How to open/apply for a basic bank account

As mentioned above, basic bank accounts are for individuals who have poor credit history which is usually caused by bankruptcy, serious defaults or CCJs. The accounts are also available for individuals with no credit history i.e. basic bank accounts for those with no credit history. If you fit in the above description, you can open a basic bank account. Although there are a few unique exceptions, anyone can get a basic bank account. The accounts are specifically meant for people who can’t pass credit checks for standard bank accounts.

It is however worth noting that you don’t have to have be in financial/credit problems to be a basic account holder. You can open a basic bank account to simply help you manage money better. You should however be specific or the bank might offer you a standard instead of a basic account. The only group of people who aren't allowed to operate basic bank accounts are people who have had fraud criminal convictions

To open a basic bank account, you need some form of identification as is the case when opening a regular bank account i.e. a national identification card to current passport. You need a current European Union (EU) member state ID, a current UK photo card driving license or full paper driving license, an ID card issued by Northern Ireland’s Electoral Office, a benefits book or benefits entitlement letters including child benefit, pension, disability, income support and job seekers allowance or a HMRC tax notification or an assessment letter.

In case you have problems providing the above documents, you can use other ID forms. You can visit the Money Advice Service website to see the list of all the requirements you must meet to open a basic bank account with all the major banks in the UK. In case you are unable to provide any acceptable forms of identification, you can contact the respective bank and explain your situation to see if you have any other options. In a nutshell, you shouldn't have any problems applying for a basic bank account in the UK if you have the right ID documents and you don’t have any history of fraud.