Using a Business Line of Credit to Stop Overdraft Bank Fees
At some point, as a small business owner, you had to stop and look fear in the face and know you would succeed anyway. Still, running out of cash is scary and banks don’t make the situation any easier. If you are having cash flow issues, you should know that a business line of credit can be used to stop overdraft bank fees.
Sometimes, it can seem like everything hits you hardest when you are at your lowest point. For example, when you are experiencing cash management problems, banks make things worse by putting up restrictions and charging overdraft bank fees. Having a business line of credit can get you out of this mess.
The Problems with Banks and the Small Business Owner
Many businesses experience ups and downs in cash flow, leading to times when your bank account will go in the negative. Everyone has heard of overdraft fees but when it comes to businesses, those fees can be $25-$80 per occurrence. This can result in $5,000-$10,000 or more per year in extra business expenses.
Then there is the difficulty with getting any type of small business loan. Banks use a strict set of criteria and computer algorithms to make funding decisions. You must have the right amount of collateral, a super credit history and the proper debt-to-income ratio. However, as every entrepreneur knows, these numbers don’t tell the whole story.
Additionally, banks take forever to give you an answer on your fast business loan application. First, you must fill out tons of paperwork, which can take days to complete. Even with all your information at their fingertips, banks still take weeks to respond. Unfortunately, the answer is usually no and then you have to start the process all over again somewhere else.
How to Use a Business Line of Credit to Stop Overdraft Bank Fees
With a line of credit from Financing Solutions (www.financingsolutionsnow.com), you can address negative balances by having the ability to wire funds into your account and then pay the line back when you are back in the black.
At Financing Solutions, an unsecured business line of credit is easy to get in place. In fact, you can have the instant business funding you need in 48 hours or less.
When you have a line of credit, it can be used as working capital or just extra cash to tide you over. This means that you won’t have to overextend yourself so you avoid overdraft bank fees.
Things Your Business Should Stop Doing Right Now
Hanging on to toxic employees – just one manager or team member can damage your entire organization by being disrespectful, selfish or mean. This serves to zap morale and could cause good people to leave. Get rid of them now.
Accepting clutter – a disorganized office marks a dysfunctional business. It sets a bad example for how people should behave and casts a negative image on your operation. Get a better system in place now.
Dealing with overdraft bank fees – with help, you can stop living at the mercy of all those bank rules and regulations. Get immediate business funding from Financing Solutions now.