How a Current Account Helps Your Business Grow

Starting a business is quite simple in today’s world. The traditional norms for business activity have become quite fluid lately, with many companies operating remotely and spanning geographical boundaries without owning an office space.However, the first thing to do on starting your own company is to open a current account for small business. Consider the reasons why

1. A current account marks you as a serious business entity.Whether you start your business with a staff of 20 or begin working as a sole proprietor that outsources work to vendors, your business still needs its own current account. A registered organisation with a current account in the company’s name outlines your intent to function as a professional set up. The first benefit of a current account is that it establishes your company’s credentials and makes it easier to accept payments.

2. It makes it easier to track revenues.All the revenues and working capital that your business needs is linked to your current account. The current account for small business has a weekly or monthly statement that gives an accurate summary of all expenses and income. Taking an in-depth look at your current account statement makes it easier to get an idea about areas of expenditure, scope for improvement, etc. It also helps you track the growth trajectory of your company, so you can strategise for the next quarter.

3. It improves your credit score.Taking care to file your company’s IT returns, repaying business loans, and ensuring that cheques never bounce, all contribute to giving you a good credit rating. When your current account for small business is properly maintained with zero defaults and healthy account balances at all times, your credit history improves and your bank is more amenable to lending you working capital and other loans.

4. It makes banking easy.Gone are the days when small businesses transacted in cash to save on taxes. Today, paying GST every month and adhering to all taxation norms is key to finding continued success in business. The biggest benefit of a current account is that it lays out a paper trail of all transactions – this aids in maintaining financial records and all related paperwork. Since every transaction is recorded electronically, you can easily answer any queries from the IT department, if necessary. Online banking helps make daily operations even simpler, and you don’t need to maintain paper records of your banking transactions either.

5.There are various types of current accounts to choose from.

Leading banks in India today offer a wide variety of current accounts for small businesses. A valuable benefit of a current account is to have a zero balance account, which is helpful for start-ups. Besides, banks customise the current account suite and offer value added services to make daily banking more efficient. You can easily open a current account for business online, without paperwork or bank visits.

Why You Should Consider Using VoIP for Your Business

Voice over Internet Protocol (VoIP) phones & communication systems allow you to make & receive calls digitally using data networks. This and the ever increasing advancement in VoIP technology has allowed these systems to become the preferred choice for businesses worldwide, and are now being hailed as the future of telecommunications.

There are many advantages of using VoIP Telephone Systems the most important one being the cost effectiveness of this service making it cheaper than traditional analogue telephone services. As VoIP uses a broadband connection it makes it less expensive for the provider and their customers to make calls, many providers now offer a flat rate monthly fee allowing long distance and local calls to be charged at the same rate.

As VoIP is non – geographically based, this enables you to create a virtual number assigning any area code you choose to your numbers even if your business is not physically based in that area – the additional benefit of this is that your virtual number is portable so you can take it with you anywhere you go even if you decide to move offices.

VoIP Maintenance costs workout to be lower than traditional phone systems and they are inexpensive to set up as they use your existing broadband connection. This means there is no need for extra phone lines to be installed. VoIP phones are similar to telephones in there look and ease of use.

VoIP allows you to streamline your communication systems and manage your information more effectively as calls can be run over existing data networks enabling you to receive voice mail and faxes with your emails. Another great advantage is that you can make and receive calls from numerous devices such as phones, pcs (via a software-based phone), or a mobile phone that has voice capabilities. Controlling how your business calls are handled is easy by taking advantage of VoIP’s ability to enable automatic call routing & interactive voice responses.

Call forwarding, call waiting, voicemail, caller ID and three-way calling are some of the many other features that make VoIP attractive to businesses. VoIP can also be used for conference calls the VoIP technology treats services on the phone like any other kind of data, enabling the users to attach documents to voice messages, or participate in virtual meetings with the help of shared data and video conferencing.

The fact that you can make and receive phone calls wherever there is a broadband connection by simply signing in to your VoIP account makes VoIP highly portable.

With all the great advantages of VoIP phones & communication systems, it’s easy to see why it has rapidly become the number one choice for businesses. If you’re planning to switch to one of Business VoIP Solutions, complete your homework and in case, you have a question about this technology, you can make a comment below in the available space.

Explore About Best Business Services Offered by Singapore Corporate Agencies

Singapore has been turned out to be one of the most sought after business destinations for the global businesses these days. However, the corporate enterprises in the world are establishing their new branches at the most popular business spots in Singapore in order to do expansion of their trades and deal with international brands too. But, every country has its own corporate rules and regulations that need to be followed by every small to large level business. However, if you are going to do the same and want to incorporate a new business in Singapore, you should not forget to accomplish all legal business incorporation and registration formalities too. For this prospective, you need to get in touch with authorized corporate solution or business service agencies in Singapore. At such stops, you will get all possible services required for business establishment in Singapore through legal ways. Also, you will find genuine business registration experts and consultants, who will help you in getting your business incorporation goal as well as make its registration feasible as per the corporate laws in the country.

Below are some vital services offered by leading corporate or business solution agencies in Singapore such as:

Business Registration

For this objective, you need to arrange required legal documents in advance such as company’s name and address proofs, bank account details, shareholders information, capital detail, license or work permit, etc. After arranging these attributes, you are genuinely ready to apply for the company incorporation or registration in Singapore. No worries, if you do not know from where to start for the process. You can also take aid of legal business registration service firms in Singapore. The agencies have professionals, who will help you in this regard and will file for company registration to the Singapore government in a legal way. Also, they can assist you in arranging all legal proofs and documents required for the same process.

Accounting and Taxations Services

In Singapore, you will get prompt and hassle-free accounting and taxation services for corporate businesses of all domains. For this purpose, you should get in touch with ACRA approved accounting service agencies in the country. At such stops, you will find experienced charted accountants, taxation and financial experts, who have years of experience in filing GST taxes, annual returns, taxes, and rest of the accounting works to complete with accuracy.

Immigration or employment Permit

It is another best service you can avail through genuine business service agencies in Singapore. If your immigration or employment pass has been rejected in Singapore due to any legal issue, you can approach to the finest business solution agencies in the country. At such firms, you will also get possible solutions for applying work permit or employment pass in Singapore through legal ways.

Bookkeeping Services

This is also an effective service offered by the finest business solution firms in Singapore. In which, you can get complete security and safety of company’s all financial records, money transaction details, legal documents, etc. The business solution firms keep such records in the file formats or in digital mode and will save them at right place for future references whenever needed.

Ten Must Know Facts About Merchant Credit Card Processing

Owing a business these days means accepting credit card payments. Reason being, the ease and comfort of card payment have replaced physical cash. Moreover, card payment makes it convenient for the customers to buy products and services anytime they want. However, before getting with this system or you can say merchant services; the first crucial step is choosing the right card processing company. Check out the ten facts related to the same that you may not know.

  1. The cardholder is the starting of a five-party chain that leads to a business getting paid. When the cardholder swipes the card at the merchant terminal, information is sent to the processing service. For approval, this service then further sends the information to the card association. After the approval, this information is transferred to the card issuer for payment. Now, the issuer makes the payment to the merchant and bills the cardholder.
  2. Though accepting cards seems easy, there’s so much involved in the process. For instance, a credit card number is entered into the terminal, which is then transmitted to the card association for authorization. However, the transaction has not been done yet. Every detail related to the transaction is saved in the memory of the terminal (in batches) which is then sent to the card association for settlement. These batches are given to the right card issuers for payment, which then gets transferred into the account.
  3. Terminals are required to process the card payments and depend on the way a business is conducted. For instance, retail operations use terminals that are built either on independent machines that have a card swiper or built in their POS system. Moving on the businesses that are based on the internet, they use a virtual terminal. Talking about companies that do business at mobile locations, customer’s home, trade shows, either use the terminal that is used with a smartphone or goes to wireless terminal.
  4. To protect sensitive information from the cube criminals and hackers, credit card processors use SSL, i.e. secure socket layers. Using SSL, information is encrypted before sending from one location or another.
  5. Now this is very important to know that cost of accepting card payments may not be known when the service is taken the first time. However, each transaction adds to the monthly amount, which can lead to a much higher bill than expected. Hence, it is good to know everything about the bill right from the beginning.

Here, it is essential to know that some companies charge an application fee. By checking around carefully, such fee can be avoided. Moreover, if a business does not process a particular amount each month, an additional fee may be charged. Besides, statement fee is also charged. Not only this but cancellation fee is also there if a merchant account is canceled. Hence, facts are a must to know to make sure you don’t get trapped in hidden charges.

6. Evert transaction is charged with a gateway fee to verify details about the transaction, a fee to process and a discount rate which is a part of the total sale. For some transactions, the address is verified and some processors charge for it too.

7. Frauds and identity theft are possible to the merchants as well as the cardholders. When information related to the card is stolen, the issuing bank does not pay anything for the fake transactions. In other words, the merchant loses not only the commodities but also the money. At times, money from such transactions is eliminated from the account of the merchant and that without informing them. This is referred as a chargeback.

8. There is chargeback insurance that protects the businesses against fraud by covering the money that gets lost in a fake transaction. It is important to know that chargeback not only occurs when the identity of the customer is stolen but also when a purchase is made by the customer online and charge is then canceled with the card company after receiving the product or service. These transactions are covered when all the facts are known.

9. Every credit or charge card that’s accepted internationally follows a security standard known as the Payment Card Industry (PCI) Data Security Standard (DSS). This standard restricts the visibility of cardholder information during processing no matter how the information is processed.

10. Many other services may also be included in credit card processing. There are many card processing services that check verification besides card services. Hence, if a customer pays through an electronic check, facts will be verified on the account for the merchant. Not only this but processing service may also offer other electronic payment services and gift card.

These are ten very important facts about merchant credit card processing. To get the best of merchant services, take the services from reputed service provider only.