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Articles about business credit cards

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cash loan short-term financing
Best Sources for Short-term Finance (Updated For 2024)
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KEY TAKEAWAYS

  • Short-term financing options like short-term loans and merchant cash advances can offer small business owners fast remedies for addressing cash flow challenges, all while providing flexible repayment terms.
  • Accounts receivable financing and business lines of credit offer access to capital based on invoices or credit limits, allowing businesses to manage working capital effectively.
  • Trade credit, inventory financing, business credit cards, and peer-to-peer financing can be good alternative sources of short-term finance that cater to specific needs, from delaying supplier payments to securing inventory and accessing peer-based loans.

Every small business owner deals with capital and cash flow management, which can include capital shortages. Whatever the reason for a shortage may be, it’s the owner’s job to find ways to infuse additional capital into their business when one occurs. Short-term financing can be a viable solution in such instances.

The good news is, there are many forms of short-term funding available for consideration. In this article, we’ll highlight some of the best sources of short term financing available to help you grow your business.  So, if you need short-term business financing to improve cash flow or for another reason, consider these options.

Short-Term Loans

As its name suggests, this type of business loan matures after a short term, usually within a few months. While these loans typically come with fixed interest rates, there are some lenders that offer variable interest as well.

Short term loans are best used to address immediate cash flow needs, and they can be very beneficial for different businesses under the right circumstance. For example, you lack the cash to pay your employees’ salaries because your business is dealing with the tail-end of your slow season. These short term business loans can fill the gap until business picks back up.

Because of their short maturity periods, a short term loan is typically granted with lower borrowing caps than you would see with financing that has a longer maturity period.  Still, the overall cost of financing is often lower than a long term loan.

Merchant Cash Advance

If your business has not built a credit history yet, you may still qualify for a merchant cash advance, Unlike traditional loans, merchant cash advances offer a flexible financing solution based on your sales, not fixed rates. Instead, a financing company purchases a business’ future sales as a discounted rate.  Payback occurs as you make sales or your accounts receivables are paid during your normal course of business, with a percentage of that incoming revenue.

There are a number of perks to taking out a merchant cash advance. One is the fact that you, the borrower, can negotiate the rates. You also don’t typically need collateral to secure the loan, but personal guarantees are required, and approval times are generally faster than a traditional term loan.

On the flip side, merchant cash advances subject borrowers to higher interest rates than traditional loans due to the uncertainty involved with sales.

Accounts Receivable Financing

Accounts receivable financing, also known as invoice factoring, allows borrowers to leverage their outstanding invoices for immediate capital.  Unlock immediate capital with accounts receivable financing by leveraging the value of your outstanding invoices. Lenders can give you up to 90% of the total invoice value upfront, and you’ll receive the rest (minus a factor fee) once your customers pay their dues. You can receive the money within a matter of days, and stellar credit isn’t required On your end. Instead, terms are based on your customer’s creditworthiness.   As such, invoice Factoring is an ideal financial product if your business has several outstanding invoices with well-established businesses.

Accounts receivable loans can be repaid in two ways. The first is structured where you pay back the amount borrowed after you’ve collected payment for your invoices, plus the interest you and the lender agreed upon when you were approved for the loan.

The second option is to sell your invoices to the lender at a pre-determined rate. Instead of repaying the loan, you’re actually shifting the burden of collecting and settling the amounts due from your customers to the loan company.

Be sure that you understand the terms of your agreement and consider the factor fees and other rates. This way, you know how much this short-term funding will cost your business in the long run.

Business Line of Credit

A business credit line grants you access to a set amount of credit that you can borrow from as needed. Instead of providing you with a lump-sum loan, a business credit line allows you to select however much cash you need, within your limit, at any given time. The rest of your credit remains available, for the term of your agreement, for you to borrow when the need arises again.

This alternative to traditional business loans is advantageous because you’re not limited by preset loan amounts. For example, if you only need $5,000 and have a credit line worth $10,000, you can borrow what you need and still have $5,000 to draw from when cash flow requires it again. The only downside is that lines of credit generally run-on variable rates. Therefore, interest on the loan can fluctuate.  However, a credit line gives you the flexibility to take money as needed; it also gives you more freedom in using that money vs. a business credit card which limits your.

Trade Credit

Trade credit is essentially a “buy now, pay later” agreement between a vendor and their supplier. Through this type of short-term financing, you can buy much-needed inventory from your supplier that you can pay for at a later date. This eliminates the need to have cash on hand to pay the supplier upon delivery.

While it does not provide you with cash, the trade credit arrangement still helps to improve cash flow by providing you with inventory that you can sell off and earn revenues from. If you have a good working relationship with your vendors, you can expect very low or even no interest at all!

Trade credits are beneficial if you’re expecting huge sales of a specific product or product line. For example, if you need inventory for a Black Friday sale and don’t have the cash, you can arrange for credits with your suppliers instead.

Another perk to using trade credit for short-term financing is that these transactions can improve your business credit.

Inventory Financing

Inventory financing is another ideal short-term financing avenue that product-based small businesses might consider. This type of financing offers working capital to purchase inventory. The inventory serves as collateral for the loan. It is a secured loan, but you don’t need to pledge any business assets to the lender. Instead, the inventory that you’ll be purchasing serves as collateral.

Just like trade credits, inventory financing is a great option when you’re expecting a huge inventory movement like seasonal sales, but your supplies have already run low and you have no capital available. Just make sure you pay off the loan once you’ve sold off the inventory you pledged for it, or else the lender will seize your supplies upon default.

Business Credit Cards

Like their consumer counterparts, business credit cards can provide purchasing power even when your cash flow is tied up. You use credits assigned to your card to make purchases and then pay them off when the due date arrives. Paying off the credits makes them available once again for use.

Business credit cards are generally more advantageous because they provide you with flexibility in repaying the credit. Depending on the type of card you apply for, you can also earn various rewards that can be put towards your business needs. Plus, it’s easier to apply for a business credit card than for a business loan.

Peer to Peer Financing

Peer-to-peer financing generally involves individual investors that act as lenders. Instead of a financial institution, these people are found on P2P platforms where they offer businesses or individuals the opportunity to apply for loans from them.

Just like traditional loans, the borrower and the lenders agree to a loan with fixed interest rates. The transaction is made between the two parties directly. The only “middleman” involved is the platform.

The more personal nature of the negotiations also improves the borrower’s chances of being approved instead of trying to borrow from a financial institution. The interest rates may also be more favorable.

While it gives borrowers direct access to funds, peer-to-peer financing also complicates the process. This is because not all lenders will want to finance the amount needed. For example, if you’re seeking a loan of $20,000, one lender may agree to let you borrow $1,000, another will extend you $5,000, and so on and so forth. This means multiple negotiations and, as a result, multiple loan agreements with varying dates and interest rates.

It’s good to know what options for short-term financing are available for your business when you’re in a pinch. This knowledge saves you from a lot of stress and headaches from wondering where you can get quick financial aid.

What is the Difference Between a Business Line of Credit and a Business Credit Card?
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The modern lending marketplace gives small business owners a bevy of options for financing or access to capital. While this is overall a great thing for business owners, it’s easy to get overwhelmed by the number of sometimes quite similar options in the marketplace. Specifically, most small business owners have probably asked themselves whether a business credit card or line of credit makes more sense for their business’ needs. Knowing the answer to that question actually takes more than knowing your needs; you also need to know the key benefits of and differences between the two products.

KEY TAKEAWAYS

  • Business credit cards can help your business build good credit.
  • Your business line of credit helps you access revolving financing on demand.
  • Interest rates and your credit limit vary depending on the financial product.
  • Using financing products responsibly is a great way to foster business growth.

WHAT ARE THE PRIMARY DIFFERENCES BETWEEN A BUSINESS LINE OF CREDIT AND A CREDIT CARD?

While a line of credit and a credit card serve mostly the same high-level purpose, access to drawable credit, there are several considerable differences between the two products. Learning about the unique qualities of each product can help your business pair up with that option that best fits your needs – both current and future..

Credit Limit

Depending on how large of a credit limit you need, a credit card or line of credit may make more sense for your business. The credit limit on a business line of credit are typically considerably higher than the average credit card. With lenders like Kapitus, you can access a business line of credit to borrow considerably larger sums.

Credit cards are designed for smaller, short-term purchases. For example, you can use a business credit card to make small purchases of incidentals or to cover a business dinner. On the other hand, lines of credit are ideal for larger investments, such as purchasing inventory, covering payroll or buying more expensive equipment.

Interest Rates

Interest rates are one of the most important factors to think about when taking up any financing product. Being aware of your interest rates is essential to running your business, and taking on a new financing product like a credit card or line of credit requires serious vigilance on the part of the business owner.

Interest rates can vary wildly between a business credit card or a business line of credit.

While credit cards often come with higher interest rates than lines of credit, and holding a balance on your credit card can quickly become very costly, you may be able to completely avoid paying credit card interest if you pay your balance in full at the end of each billing cycle.

With a line of credit interest is charged on the principal balance, but lines of credit often come with monthly maintenance fees, so even if you’re paying your balance in full there can still be that additional monthly cost.

Draw Period

Your draw period defines how long you can continue to borrow money after getting approved. Using a business credit card will enable you to continue to borrow for as long as your account is open and remains in good standing.

Lines of credit are a form of revolving financing with a fixed draw period. Your draw period depends on the lender, but it’s not uncommon for draw periods to last for two to three years and in some rare cases going out as far as five years.. You can continually borrow up to your credit limit during the active draw period.

Fees

Line of credit providers commonly charge origination fees that will typically range anywhere from 1-5%. In addition, some lenders may charge maintenance, draw, and late fees. It pays to speak to your lender before applying for a business line of credit to determine the full scope of fees you can be charged. Every lender has different criteria and every lender charges different fees, so be sure to compare options.

In contrast, business credit cards sometimes come with zero fees, whereas some could charge serious sums per year. Other fees can apply to your business credit card, including cash advance, over-limit, and foreign transaction fees and an annual fee for holding the card.

Payback Periods

The payback period is essentially another word for your billing cycle. The billing cycle determines how quickly you’ll need to make your initial repayments.

Most business credit cards have payback periods of 28-31 days, meaning you’ll need to repay what you borrowed before the end of the billing cycle to avoid being charged interest.

Lines of credit, on the other hand, can have repayment terms of daily, weekly, bi-weekly or monthly, depending on your agreement with your lender.

Added Perks

Credit card companies have become increasingly competitive in an attempt to pull in clients. This means that modern credit cards often come with a collection of incentive perks that, if used wisely, could become a big reason for choosing a business credit card over a line of credit. Some premium business cards tout their perks as a major bonus for becoming a client.

Some of the added extras available via your card could possibly include:

  •       An introductory APR
  •       Purchase protection
  •       Extended warranties
  •       Complimentary airport lounge access
  •       Reward points for cash back, gift cards and travel

Choosing a card based on perks alone doesn’t paint the full picture of what your experience with the card may be, of course. When choosing a credit card, think of perks as a bonus on top of terms that your company is already comfortable with.

Finding the Right Fit for Your Business

Finally, what if your business is looking to cut borrowing costs in the face of rising interest rates? With the right lender, a credit card may offer lower lending costs because of an introductory APR. However, you only stand to gain if you can pay off your outstanding debt before the end of the billing cycle. Further, introductory low APRs generally only last for the first year of using a card.

On the other hand, if you’re a more established business and need a revolving credit line to help cover larger unforeseen expenses or to cover some operating costs in a down period, a line of credit may be a better option for you.

It could also make sense, in some instances, for a business to have both a credit card for smaller everyday expenses and a line of credit as a “nest egg” or to cover those larger expenses.

WHAT ARE THE PROS AND CONS OF A BUSINESS LINE OF CREDIT?

Your business line of credit is a form of revolving credit that enables you to borrow generally larger amounts on demand for a defined drawing period.

Like all types of financing, there are pros and cons to your line of credit.

Pros of a Business Line of Credit

  • Higher Credit Limits – Lines of credit enable you to borrow larger amounts over a specified period. It’s not inconceivable to borrow more than $10,000 as part of a single credit line.
  • Repeated Access to Capital – Repay the outstanding balance, and you’ll have no problems continually borrowing large amounts against your credit line until it expires.

Cons of a Business Line of Credit

  • Shorter Payback Period – Some credit lines have very short billing cycles, and you could be making payments on your balance daily or weekly.
  • No Rewards – Unlike credit cards, there are usually no additional perks or earned points to getting approved for a line of credit.
  • Potentially High Fees – Some lenders levy larger fees to maintain your line of credit. In some cases, the annual maintenance fees can outsize standard credit card fees.

WHAT ARE THE PROS AND CONS OF A BUSINESS CREDIT CARD?

While more than half of small business owners don’t have credit cards (meaning they often rely on long-term financing options), they shouldn’t be discounted as business credit cards can play a role in driving growth within your business.

To decide whether a credit card makes sense, here’s a rundown of the pros and cons of having one for your business.

Pros of a Business Credit Card

  • Effective Credit Building – Regularly using your business credit card and paying the full monthly amount due will likely help improve your business credit.
  • Rewards – Credit card rewards – like points – can be especially lucrative for businesses that regularly draw and restore large amounts of their credit. These rewards can sometimes be redeemed as direct cash back.
  •  Employee Cards – As the primary account holder, you can distribute secondary cards to your employees. This means that travel or other necessary expenses can be charged directly to your company card. This is both a big convenience for your employees and a good boost to your business image.

Cons of a Business Credit Card

  • Qualification – Qualifying for a business credit card generally asks for a high credit score; this may be difficult for some newer businesses.
  • Lower Credit Limit – Business credit cards often have lower limits compared to lines of credit. This means that if you plan on using your credit for larger purchases, you may find a credit card more difficult to manage.
  • Personal Liability – Failure to repay could lead to personal liability, which could also damage your own credit history.

USE CASES FOR A BUSINESS CREDIT CARD VS. BUSINESS LINE OF CREDIT

Consider the following use cases to better understand whether a business credit card or line of credit may suit your needs.

Business Credit Card

Use Case Example
Build Credit Building your business’s credit score enables you to improve your credit and qualify for additional financing.
Earn Rewards/Cashback Credit card providers offer additional rewards and cashback, allowing you to cover other expenses, such as travel.
Everyday Purchases Credit cards make simple transactions quick, easy, and simple to track through your accounting software.
Protection Many credit cards offer purchase protection as standard plus other forms of protection, such as trip insurance.

Business Line of Credit

Use Case Example
Cover Every Expense Credit cards have limits on the type of purchase you can make with them, such as payroll and leases. Lines of credit have no such restrictions.
Make a Larger Purchase Take advantage of the higher credit limit of a line of credit to make larger purchases, such as equipment and payroll.
Carry a Balance Businesses that need to carry a balance because they can’t make the repayments immediately may prefer a line of credit to avoid incurring excessive credit card interest rates.
Put Up Collateral With collateral, lines of credit enable far higher credit limits to fund larger purchases, including heavy equipment.

Financing your business’s future requires choosing the right financing option at the right time. Credit cards and lines of credit may seem like similar products, but the two have massive differences in terms of how much you can borrow and how much you can expect to pay.

What are the Different Business Lines of Credit, and Which One is Best for Your Business?
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Business lines of credit are incredibly valuable tools that offer flexible financing to help small business owners meet expenses and grow. Lines of credit, much like your personal credit card, have borrowing limits and make funds available to you when you need them. They also give you the option to pay down some or all the debt at various, pre-agreed upon intervals. You only pay interest on the amount that you’ve used, and most lines of credit will require you to bring your balance to zero at certain times. 

The benefits of having a line of credit are tremendous, and in some cases, businesses may not be able to survive without one. For example, seasonal businesses may use a line of credit to meet payroll during the off-season or to order inventory in advance of their busy seasons. Credit is also used in case your small business quickly needs emergency cash.

Before you apply for one, however, you should consider that a line of credit is not a one-size-fits-all product. There are different types of lines of credit that you should consider before deciding on which one is best for your business.  Some credit lines may offer higher lines of credit while others may require collateral..

Deciding on the right one for your business can be tricky, and it’s important to know the different types that are available to you, as well as the risks associated with each one:

#1 Secured Line of Credit

A secured business line of credit is one in which you, the borrower, take on a significant amount of risk. In these types of credit lines, you will have to put up collateral, such as your business assets, personal savings, or surplus business cash; or, if your business is a pass-through business, your personal assets such as your home. In the event you can’t pay off your balance, the lender reserves the right to seize those assets. 

That said, there are distinct advantages to a secured line of credit over an unsecured line. First, since you’ve put up collateral, there is a good chance that your line of credit will be bigger than it would be with an unsecured line of credit. Second, since you’re the one taking on much of the risk with a secured line, you most likely will pay less interest. Third, you don’t typically need as high of a credit score as you would with an unsecured line of credit.

#2 Unsecured Line of Credit

An unsecured business line of credit is the more popular option for small businesses since this option requires no collateral, and the lender takes on most of the risk. Applying for an unsecured line of credit is often simpler than a secured line, and approval may be quicker. 

An unsecured line of credit typically carries the same payment requirements as a secured line of credit, but in exchange for taking on much of the risk, the lender will usually require a strong credit score to obtain one. Since it is unsecured, the spending limit may not be as high as a secured line of credit, and the interest rate may be higher than a secured line of credit.

#3 Business Credit Card

If you need to pick up the tab for a business meal or must purchase new office equipment such as a laptop computer or printer at a moment’s notice, a business line of credit would not be convenient for you since it could take days to transfer money from your line of credit to your account. A business credit card, however, is a very handy tool to fulfill immediate cash needs for your business. 

A business credit card works pretty much the same as a personal credit card – it could offer perks such as travel miles and cashback rewards and will be there when you need it. Business credit cards usually have fewer requirements to obtain than a line of credit, and they won’t tie up your personal assets as they don’t require collateral. 

The drawbacks compared to a line of credit, however, is that business cards usually carry a higher interest rate than a line of credit, and many of them charge an annual fee.

#4 Real Estate Line of Credit

If you’re in the business of buying and selling properties, such as a home flipper, for example, then you should consider a real estate line of credit. A real estate line of credit is similar to a home equity line of credit, which is credit based on how much equity you have invested in a piece of real estate. 

Real estate lines of credit work in a similar way to any other lines of credit. They can be either secured or unsecured, depending on your FICO score, and they allow you to buy a piece of property before you sell your existing property.

Choose Carefully

Before you decide to take out a business line of credit over another form of financing, you should carefully consider the reason you need to borrow money in the first place. Lines of credit are probably not good for long-term business needs such as the purchase of expensive but crucial equipment or an office lease, and typically carry higher interest rates than other short term financing products. 

If you have immediate cash needs or want cash available in case there’s an emergency, such as your air conditioner breaking down or a leaky roof in your office, then a line of credit is probably the best solution for you.

are-credit-card-cash-advances-bad
Are Credit Card Cash Advances Bad?
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Do you use your credit card to make withdrawals for your business? If so, you might be making an expensive mistake.

Whether it’s a business card or a personal credit card, it’s time to think twice about using your credit card as a debit card. Here’s what you need to know.

4 Reasons to Think Twice About Using Your Credit Card for Cash

Withdrawing money via your credit card could be costly for these four reasons.

1. Cash Advance Fee

It costs more to borrow cash from your credit card than to make a purchase using your card because of what’s known as a “cash advance fee.” Depending on the terms in your agreement, credit card issuers could charge you either a flat rate fee or a percentage fee of the withdrawal amount — whichever is greater.

2. No Grace Periods

Like personal credit cards, business credit cards usually offer a grace period. A grace period is the time period between the end date of a billing cycle and your next credit card due date. Cash advance transactions typically do NOT have a grace period. Instead, interest begins accruing immediately upon withdrawal, resulting in a higher total interest charge on cash advances than you’d see on a purchase transaction.

3. Higher Borrowing Rates

Another expense to consider with a credit card cash advance are the potentially higher interest rates. Interest rates on cash advances may be higher than the rate charged for purchases on the card. Refer to the fine print in your credit card agreement or contact your card issuer for more information.

4. Potential Unlimited Personal Liability

Does your business credit card have a personal liability clause?

If you’ve provided a personal guarantee for your business credit card, you’re personally on the hook for paying off that credit card debt if your business fails. That debt could include all the cash advance withdrawals from that credit card. This is the case even if the way you’ve incorporated your business (for example as an LLC) protects your personal assets against business litigation.

How to Calculate Your Credit Card Cash Advance Cost

If you’re wondering just how much a credit card cash withdrawal could cost, here’s how to figure it out

  1. Calculate the initial cash advance fee based on the withdrawal amount. For example, the fee on a $3,000 withdrawal from a card with a 3% cash advance fee is $90.00.Next, calculate the interest charges. Divide the annual percentage rate (APR) for cash advances on your card by 365. Then multiply that figure by the number of days you’ll carry the balance and the withdrawal amount. Based on the example above, a $3,000 advance at an APR of 21% for seven days, the calculations look like this: 21/365 = 0.00274 daily interest x 7 days = 0.019178 x $3,000 = $75.53.Add the interest charge to the credit card advance fee for a total cost of $165.53 (90 + 75.53) in charges and interest to take a $3,000 cash advance for seven days.

Alternatives to Business Credit Card Cash Advances

Luckily, there are less expensive ways to borrow money for your business.

  • A business line of credit gives access to funds as needed, and you’ll only pay interest when and if your business uses it.
  • Equipment Financing and short term loans often have comparatively low rates, especially when they’re secured against collateral such as real estate, equipment, or machinery.
  • Other business financing options include borrowing against your accounts receivables and invoices through revenue-based financing or invoice factoring; invoice factoring is a good option for subcontractors,.

Look into the other business financing options available to you before taking a credit card cash advance. Doing so could save your business a bundle.

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Copyright 2024 Strategic Funding Source, Inc. All rights reserved. Kapitus and the Kapitus logo are registered trademarks of Strategic Funding Source, Inc. Loans made or brokered in California are made or brokered pursuant to California Finance Lenders License No. 603-G807.