I found this article written by Mike over at mybusinesscreditblog.com

Getting an 80 paydex score (a perfect business credit rating) is getting harder and harder but this is actually the first key to building business credit. Clients have been emailing and calling me constantly to figure out how they can get an 80 paydex score in a shorter time and we have been compiling some information on the quickest way to get the 80 paydex and this is what we have come up with.

The best resource on the page are the 4 links to companies which are known to report to Dunn and Bradstreet quickly, and offer Net30 terms.

The following table contains D&B’s description for each of the PAYDEX score levels. As you can see, 80 means prompt, which is good enough to get just about any line of credit or credit card you would need for your business.

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Technorati Tags: business credit, dunn and bradstreet, paydex

The first step in establishing your business credit is getting DUNS number from Dun & Bradstreet. Unfortunately, if you try to do this yourself, when you call D&B they will try and charge almost $600 to get it.

The good news is there is a way to get your DUNS number absolutely free:

It’s so simple, you’re not going to believe it:

Call 866-705-5711 and state you are applying for federal grants/contracts and you need a duns number. They will give it to you on the spot with no solicitations.

Before you call, go to FedBizOps.Gov , and click on the opporunities button boxed in red in the picture below. On that page, find an opportunity that matches your business and write down the code (solicitation number) that is just below the link. If Dun & Bradstreet asks, give them the opportunity name and solicitation number.

Click Here For Rull Size Image

Popularity: 37% [?]

Technorati Tags: dun & bradstreet number, dun and bradstreet, dun and bradstreet number, DUNS, duns number

Thanks To Darren over at Problogger.net I am playing with a new widget that I believe provides a fantastic level of interactivity to Maximum Business Credit.

The widget, as you seen to the left is called Skribit. The widget provides a service where by the readers (You) are able to provide suggestions about what ou want the blogger (Me) to write about. A simple UI and voting mechanism allows me to organize and prioritize the topics you request.

So, from now on, 1 post per week will cover the most requested (or most relevant) suggestion on our Skribit Widget.

You will notice the widget is placed on the right hand sidebar, and is available on every page and post on MaximumBusinessCredit.com

The first topic in the list is "Why Are You Using Skribit," which is the default question asked by the Skribit team, which is what prompted me to write this post.

The power of this tool is the ability for you to give me feedback about whats on your mind.

 I encourage all of you to make suggestions and vote up topics that you find interesting so I can test it out!

Popularity: 11% [?]

Technorati Tags: feedback, interactivity, skribit

Think All Merchant Accounts Are Created Equal?

The following horror story comes from Travis Gomez, sales manager for CambridgeCommerce

Imagine you just launched a homerun direct response campaign. You’re getting a 4:1 MER (media efficiency ratio). You have thousands of units flying out of your fulfillment house. You’ve just spent a million dollars for more media and are getting ready to order more units. Everything’s running perfectly. STOP. Your local business bank, which you’ve banked with for years and gave you a great deal on your merchant account, just notified you that it placed a hold on that transaction because you have exceeded your merchant account limit and it is uncomfortable with your recent merchant processing activity. WHAT?!

The truth is not all credit card processors, and thus merchant accounts, are up to the task of meeting your business demands.

8 Questions For Your Merchant Account Processor

Everytime you’ve wanted to work with a bank, they grill you about every imaginable detail in the form of applications. It stands to reason that if the bank wants to do business with you, that you sould get to return the favor .

1. What Are The Requirements For Opening An Account?

Typically the merchant will want you to have your EID number, a web site, and will do a credit check against your business.

2. What Documentation Will You Need To Provide?

The required documentation for obtaining a merchant account is left completely to the discression of the Bank. Some examples would be a copy of your credit report and FICO score, proof of domain name registration, and a copy of your business license. If your business doesn’t have it’s own credit established, it is possible (although no recommended) to utilize the business owners personal credit report.

3. How Long Does it Take For Approval

Approval should take no more than 5 business days, and preferably should take 48 – 72 hours. If the bank takes longer than this to approve your account, imagine what your interaction with customer service are going to be like when you have a problem.

4. If You’re Using A Bank, How Much Experience Do They Have Servicing Merchant Accounts?

Remember, you are interviewing the bank for the purpose of giving them your business. I would ask them the following four questions:

1. How long has the bank been servicing merchant accounts
2. How many merchant accounts does the bank handle
3. Name some of their biggest accounts
4. Here’s the best one… Ask them what differentiates their merchant account services from other banks.

5. Do They Require You To Have a Website

Believe it or not, some providers require your business to have a website, while others will approve your account without a website, but till leave your account inactive until you get a website.

6. What Are The Costs For Opening The Account

These costs differ from provider to provider. It is always important to inquire about all the relevant costs that are being levied by the provider in order to open your new account.

7. What are the Processing and Monthly Fees

This tip is The Most Powerful bit of information you can use to choose the best merchant account. Simply ask the representative to verbally address all of the fees associated with the account. This means all processesing, maintanence, monthly, and "fine print" fees. Write these down, and compare the feed schedules to at least two other merchant account processors. The most reputable processors will happily disclose all of their fees

8. How Do Their Plans Adjust To Growing Business?

Don’t let what happened to Travis happen to your business. Present your growth estimates and ask the bank how their services will be able to expand and adapt to your growing business. I would recommend using Travis’s story and asking them what assurances they can give you that this will not happen to your business.

A Reputable Merchant Account Provider

My favorite merchant services provide is Merchant Express. Merchant Express offers no application fee merchant accounts for store fronts (retail point of sale), internet, and mobile (phone) businesses.

Personally, I don’t like establishing business relationships over the internet, so I called Merchant Express directly. I spoke with a nice sales woman named Sharon, who talked me through the process.

I was amazed at the quality of the overall package, including the wide array of processing options, included options, and overall price structure.

They offered me a 30 day risk free trial for their internet merchant account, which setup and used on my personal training and nutrition website. As a side note, integrating the payment processor into my website was a snap!

Benefits and Details

First of all, they gave me a free Authorize.Net account, for which most processors charge a couple hundred dollars. You need an Authorize.Net account because they are the number one payment gateway available on the market, and the software is pretty much pre-integrated with every shopping cart. 

Being the dilligent investigator that I am, I asked Sharon to disclose all of the fees including setup, processing, and monthly services fees. The monthly service fee is a very competative $9.95 a month; however, where Merchant Express really saves you money is in the transaction fee (known as a batch fee). Most processors charge $0.35 per transaction, where as Merchant Express charges $0.24 per transaction, a savings of 32%

The entire feed schedule is available on their website, so if you’re interested heres the link: Merchant Express Internet Account Fee Schedule

Amazingly Fast Approval

As I stated earlier, the typical time to get approval on a merchant account is about 5 business days. Merchant Express had me approved in 24 hours.

Quickbooks Pro Integration

Many small business owners such as myself use Quickbooks Pro to manage their business finances and accounts. One of the key selling points for me was the ability to integrate all of the credit transactions with Quickbooks Pro, and to be able to view order information and transaction details

Top Notch Custom Support

From working through my application, to integrating into my website, Sharon and the technical support staff were amazingly helpful and responsive. I had my shopping cart up and running with over 19 proudcts in just 1 day.

I hope utilizing these questions, as well as putting in your due dilligence connects you with a merchant account that meets your business needs. If you have any questions or comments, I encourage you to post them below!

-Steve

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Technorati Tags: internet merchant account, merchant account, Merchant Accounts, merchant express

This 60 minute video explores some very unconventional yet amazingly effective strategies for creating a corporation, establishing business credit, and making the funds you need to succeed available to you. After watching the video, please take some time to post your comments and questions.

Popularity: 16% [?]

Technorati Tags: business credit, establish business credit, getting business credit

This video does a really good job of explaining the difference between personal credit vs. business credit.

The most important fact is that carrying a balance on your personal credit card above 40% of your maximum immediately lowers your credit score.

With business credit, the only thing that matters is payment history.

Popularity: 11% [?]

Technorati Tags: business credit, personal credit

This 4 part video series comes from Tom Kish from WhoHasMyCash.Biz

While I do not promote his system, the he does cover some great information on protecting your personal credit, most interestingly, by using business credit.

Part 1 -- Personal Credit
Understanding the factors that constitute your <tag-tec>FICO</tag-tec> <tag-tec>credit score</tag-tec> will help you to understand how to build and protect personal and business credit. Also, having average (620 -- 690) or better personal credit will make establishing and building you business credit much easier.

Part 2 -- Establishing A Business Entity
Tom covers creating a business entity, this means an LLC, LLP, C-CORP, S-CORP, or other non-sole proprietorship. He explains why you want to have a business and file tax returns for that business. You’ll also learn what the physical requirements are for creating your new business, including having an address that is NOT a P.O. Box.

http://www.youtube.com/watch?v=ADRhLC2r1kw

Part 4 -- Applying For Credit

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Technorati Tags: business credit, business entity, protection