Nearly every day, company owners throughout the country deal with the decision of whether to seek out a working capital loan or not. Economic instability and a long-term crisis have generated a fearful climate in the commercial world globally. That is why many small business people have decided to cut out the fat, reduce needless waste, and eliminate the services and positions that are classed as non-essential.
This choice to trim instead of growing could be considered solid business judgment if performed by a single company or a small group of companies. But, it will actually create problems in the situation. And, this will continue if we do not invest in expanding the growth and capital. So, do not get bothered with the cost-cutting.
Why would you eliminate jobs when you have the ability to create new ones?
Working capital loans come in a variety of shapes and sizes, but their purpose is, all the same, to help you expand the businesses. Why would you reduce or eliminate jobs when you can expand your business and create more, adding to the solution rather than the problem? Although the loan market is difficult right now, there are funds accessible provided to you so that you can develop a strong business plan.
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Taking out a loan is not a good idea if you do not have any idea how you will put the money to good use and achieve any level of growth. Instead, have a meeting with your company’s executives and get advice from expert financial consultants. There is always a method to grow, and this is the appropriate time to do it. Many multi-billion-dollar enterprises have emerged from the ashes of the scenario comparable to yours. It just needs some innovative thinking, a risk-taking business person, and a bank prepared to lend you money.
When seeking a working capital loan, go to the SBA
The small business administration is a federal organization that ensures working capital loans for small business. They do not truly lend you the funds like they used to do it earlier. Instead, they will refer you to a local lender that is prepared to provide you with the SBA loan after the SBA has completed its thorough research on your company. You will be authorized with their loan, and the interest rates may be a little lower than with a conventional loan. The SBA has special offers for women and minority-owned businesses, as well as financial support for those who require a little extra assistance for making financial decisions for their firms.
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Asset-based working capital loans are equivalent to begging for money from yourself
New firms are the most common receivers of SBA loans. These working capital loans are available to established enterprises that have survived the crisis, and they should have a good amount of assets like equipment and real estate. As you will be using your assets as security for a loan, you should be extra attentive when putting together your business plan. Examine all possibilities and set specified deadlines.
Apart from this, you must ensure that you are not compromising with what you have already earned. In this way, you will be more prepared for what you need and anticipate the setbacks rather than borrowing less and cutting costs on spending. Lenders understand what it takes to fund a business investment, so do not be hesitant to ask for more than you need. If you are asking for little, there are high chances of your request getting turned down.
Unsold items can be financed using an inventory financing loan
Inventory financing working capital loans are a financing alternative that many small business owners neglect. It is just taking out a loan with unsold items as security. It sounds reasonable as you will be selling the products you own and which you have in your store. As a business owner, you will be less in danger because you are moving out items that are required to be moved out, not the ones which are accumulated. This loan can be utilized to promote a sale or increase distribution networks, so you will be using the same money borrowed against the item. Another option for this kind of financing is to begin the business in a new industry like the internet, where you have not done business before.
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Factoring Invoice Loans
Is it true that everyone owes you money, but no one seems to be able to pay you? You can use a Factoring Invoice working capital loan to pay off your remaining debts. When you request for a loan, the bank will consider what you owe them as a decisive factor. They will grant you the money you require only if they think it is reputable and collective at any point in time. Many business people are taking full benefit of this type of loan as they know what it feels like at the end of everything, and they also have gone through a financial crisis.
Many firms are unable to collect the money needed to sustain their everyday operations due to growing inflation rates and the economy, which is sometimes not as good as we expect. This is the reason business people are frequently concerned about extending their funds to support operations while also funding other elements of their company. A working capital loan will help you with the money until you see a good start to your company so that you can cover your daily expenses along with the daily operations of your company.
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A large capital inflow can make a substantial difference in a company’s performance. When you have sufficient funds with you, you can demand more productive capacity or boost your marketing strategies to increase sales. A business person can look for working capital loans from a variety of places, but some countries have stricter rules than others. You must consider all the facts before applying. The time range for a guaranteed loan is from three to six months.
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The legal wrangling between Ripple and the US Securities and Exchange Commission (SEC) is becoming increasingly acrimonious. Despite the crypto sector eagerly awaiting an outcome, the case grows more complicated with each passing day.
In a recent move, the SEC filed its opposition to Ripple’s motion to strike new expert materials, including a testimony known as the ‘Fox Declaration,’ which Ripple claimed represents unsolicited expert opinion.
However, the SEC countered this argument, stating that it was a common process akin to standard summary evidence in support of calculations for disgorgement.
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The SEC insisted, ‘It’s not an expert report, does not rely on specialized experience, and does not render any opinions at all, let alone an “expert” one. Nor does it present the testimony of a percipient witness. Rather, it applies basic arithmetic to Ripple’s financial records to streamline the presentation of evidence to Judge Torres… The court should deny Ripple’s motion.’
The SEC also said that the ‘Fox Declaration’ consists of information derived from Ripple’s own documents, including tax returns and financial statements, which can be useful for determining the case’s outcome. The SEC also reminded that this very argument was already struck down by Federal Judge Torres earlier.
Just before the SEC’s deadline in the Ripple lawsuit, there was significant whale activity, with transactions affecting over 74 million XRP, leading to increased speculation about the motive behind this move. However, XRP prices have taken a hit, more due to a global crypto market sell-off and significant whale movements. Later in the day, the SEC is expected to file its reply in the Ripple case.
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It was an eventful day, with major crypto assets facing the heat and values tanking. XRP prices have dropped by 4%, but major whale activity involving significant transfers of XRP, totaling $15.92 million to Bitstamp by unidentified whales, has experts talking and wondering about the real motive behind this action. Coupled with the uncertainties around the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the future of the crypto sector hangs in balance with the final result of this legal wrangling.
Dutch conglomerate Philips has concluded a $1.1 billion deal to resolve claims in the United States related to the recall of more than 1 million breathing machines. These devices, also known as sleep apnea devices, were recalled in 2021 due to concerns that they posed a potential cancer risk.
Philips had recalled millions of its CPAP machines from the market after concerns arose that components used in the device, especially the foam, could enter the airways and potentially cause cancer. The recall occurred in 2021, and further sales of the devices were halted. The money from the deal will cover injury claims for 58,000 people, earmarking $1.075 billion for a personal injury settlement and $25 million for medical monitoring.
Lawyers representing the plaintiffs stated,
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“Ultimately, these combined agreements accomplish what we sought to achieve when this litigation began — holding Philips accountable by obtaining care for those with physical injuries and compensation for those needing new respiratory devices.”
CPAP machines, an acronym for continuous positive airway pressure machines, are used to treat sleep apnea, a serious sleep disorder where a person’s breathing is obstructed during sleep. This can be caused by the throat muscles obstructing the airways, brain disorders, or unknown causes. CPAP machines help restore the air supply via a mask and keep the airways open.
An estimated 33 million Americans use CPAP machines to treat the symptoms of sleep apnea, according to figures released by the National Council on Aging. Untreated sleep apnea can lead to several complications, including higher risks of developing diabetes, hypertension, and heart diseases.
Some customers alleged that Philips’ DreamStation machines, which were then the brand leader, had been expelling gas and bits of foam into their lungs. Philips made no admission of fault in its products and stated that most of the claims were related to “alleged technical malfunctions” that did not involve any serious injury or death. However, Chief Executive Roy Jakobs said in a statement on Monday that the company is genuinely concerned with any discomfort the patients may have experienced.
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Philips is facing a number of litigations in the US and is effectively out of the sleep machines and ventilators market, with its presence limited to selling replacement parts and servicing the machines that already exist in hospitals and patients’ homes. Earlier this year, Philips agreed to a decree requiring it to halt the sale of its devices in the US until certain conditions are met. It also agreed to repair and replace the more than 1 million breathing machines currently used by patients in the US.
What can consumers do?
The settlement, which must be approved by a judge, entitles users to a $100 award if they return their recalled device by August 9, 2024 — the claim deadline. Users who believe their device is defective should act soon to verify this if they haven’t already, and Philips’ recall page offers ways to check serial numbers and register a product. A dedicated website is available which accepts claims for the financial-loss settlement. Payments tied to the settlement are expected to be completed by 2025.
The news has been welcomed in the share markets, and Royal Philips NV shares soared nearly 30 percent in Amsterdam since the settlement amount is much less than what was expected.
Merchant services partner programs are a popular way for businesses to expand their reach and increase revenue. These programs allow merchants to offer a wider range of payment options to their customers, including credit and debit cards, electronic checks, and other forms of payment. By partnering with a merchant services provider, businesses can take advantage of advanced payment processing technology and gain access to a range of tools and resources to help them grow their business.
One of the key benefits of a merchant services partner program is the ability to offer customers a more convenient and efficient payment experience. With the rise of digital payments, consumers are increasingly looking for ways to pay using their preferred method, whether that’s a credit card, mobile wallet, or other payment option. By partnering with a merchant services provider, businesses can offer a wider range of payment options to their customers, which can help to increase customer satisfaction and loyalty.
Another benefit of a merchant services partner program is the ability to access advanced payment processing technology. Many merchant services providers offer cutting-edge payment processing solutions that can help businesses streamline their payment operations and reduce costs. From mobile payments to online invoicing and recurring billing, these solutions can help businesses stay ahead of the curve and provide a seamless payment experience to their customers.
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Overview of Merchant Services Partner Programs
Definition and Purpose
Merchant services partner programs are designed to help businesses grow by providing them with access to a range of payment processing solutions. These programs allow businesses to offer their customers a variety of payment options, including credit and debit cards, mobile payments, and e-commerce solutions. In exchange for offering these services, businesses receive a percentage of the revenue generated by each transaction.
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Partner programs are typically offered by payment processors, banks, and other financial institutions. They are designed to help businesses of all sizes, from small startups to large corporations, to increase their revenue and improve their customer experience.
Types of Partner Programs
There are several different types of merchant services partner programs available, each with its own set of benefits and requirements. Some of the most common types of programs include referral programs, reseller programs, and ISO programs.
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Referral programs allow businesses to refer their customers to a payment processor in exchange for a commission on each transaction. Reseller programs, on the other hand, allow businesses to resell payment processing services to their customers under their own brand name. ISO programs are designed for more established businesses and allow them to become independent sales organizations, offering payment processing services to other businesses.
Key Benefits for Merchants
Partner programs offer a number of benefits to businesses, including access to a wider range of payment processing solutions, increased revenue, and improved customer experience. By offering a variety of payment options, businesses can attract more customers and increase their sales. Additionally, partner programs often offer marketing and promotional support to help businesses grow their customer base.
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Partner programs also offer businesses the ability to generate passive income through commissions on each transaction. This can help businesses increase their revenue without having to invest in additional resources or infrastructure. Finally, partner programs can help businesses improve their customer experience by offering fast, secure, and convenient payment processing solutions.
Overall, merchant services partner programs are a valuable tool for businesses looking to grow and expand their operations. By partnering with a payment processor or financial institution, businesses can access a wider range of payment processing solutions and increase their revenue while improving their customer experience.
Implementing a Partner Program
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Launching a merchant services partner program can help businesses expand their reach and increase revenue. However, implementing a successful program requires careful planning and execution. In this section, we will discuss the steps to launch a partner program, best practices for success, and how to measure its effectiveness.
Steps to Launch
Launching a partner program involves several key steps. The first step is to define the program’s objectives and target audience. This will help businesses determine what type of partners they want to recruit and what benefits they will offer.
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Next, businesses should create a partner agreement that outlines the terms and conditions of the program. This agreement should include details such as commission rates, payment terms, and performance expectations.
Once the agreement is in place, businesses can begin recruiting partners. This can be done through various channels such as social media, email marketing, and referrals. It’s important to provide potential partners with clear information about the program’s benefits and expectations.
After recruiting partners, businesses should provide them with the necessary training and resources to effectively promote and sell their products or services. This may include training on product features, sales techniques, and marketing materials.
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Best Practices
To ensure the success of a partner program, businesses should follow best practices. This includes setting clear expectations and providing regular communication and support to partners. It’s also important to establish a system for tracking partner performance and providing feedback.
Another best practice is to offer incentives and rewards for high-performing partners. This can include bonuses, recognition, and exclusive access to resources or events.
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Finally, businesses should continuously evaluate and improve their partner program. This may involve gathering feedback from partners, analyzing performance data, and making adjustments to the program as needed.
Measuring Success
Measuring the success of a partner program is essential to determining its effectiveness and identifying areas for improvement. Businesses can track key metrics such as partner revenue, number of new customers acquired, and partner satisfaction.
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It’s also important to gather feedback from partners through surveys or other means. This can provide valuable insights into what is working well and what needs to be improved.
By following these steps, best practices, and measurement strategies, businesses can successfully launch and maintain a successful merchant services partner program.
