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Smart tips for small-businesses
Six ways to use credit cards in business

Start by just getting a business card.
This isn't usually an issue for larger businesses; but many small-business owners don't even have a card in the name of their business. So, when you as the business owner want to charge a business expense, you have to charge it on your personal card. Then, when your personal charge-card bill arrives, you have to separate out the business charges and have the business pay the charge or otherwise reimburse you under a qualified reimbursement plan.
Even if you've designated one personal card to be used solely for business, you still have the paperwork mess between your business and personal accounts. It's also easy to sometimes mistakenly pull out the "wrong" personal card for a business purchase. In short, I've seen small-business people spend way too much effort worrying about whether the right checks are being written out of the right accounts when personal cards are used for business expenses.
With a card in the name of your business, life gets much easier. That card becomes the only one you use for business expenses. The business card's charges are paid with checks written on the business account. Paperwork and recordkeeping are simplified.

Review your rates.
With interest rates falling, you should check to see how much you're paying for the convenience of business credit.
As with other credit accounts, it's easy to be attracted by the lure of a low initial rate and then forget that the rate can increase after the end of a "teaser" period. Businesspeople with good credit histories should be able to find attractive rates on cards. In some cases, I've seen business cards with rates of less than 5% for the first year and less than 10% thereafter.
By the way, credit-card companies have gotten tremendously sophisticated in their marketing. For example, don't be surprised if an initial application states that you will be offered one of two or three different rates, depending on the results of the card issuer's credit check. A single card issuer may have dozens of variations on its credit-card terms. There's no longer such a thing as the "Standard XYZ Bank Credit Card."
Consolidate.
If you've been using several cards in your business, now is a good time to consider consolidating your charge balances and accounts. Again, simplifying your business life and reducing the flood of papers coming to you is the primary goal here.
But consolidating also makes good business sense. If you're carrying high-interest debt, rolling it onto a lower-interest card will cut your expenses immediately. You can also take advantage of those extra-low initial rates to give yourself some extra financial breathing room.
Check the fine print.
It's not just the late payment fee of 25€ or the returned check fee of 30€ that you have to be aware of. I've seen cards that charge monthly fees regardless of how much or little they're used and cards that assess the equivalent of upfront application fees.
Fortunately, important information about a card — including the annual percentage rate, annual fee, interest-free grace period on purchases, minimum finance charge and miscellaneous fees — can be found on the so-called "disclosure box" that is required as part of every credit-card application form. Reading that will help you cut to the chase in identifying the good deals.

Take advantage of convenience.
I'll let my own bias show here: Am I the only person who just hates standing in line watching someone write a check for 7 or 14€ at the office supply store? (And to add insult to annoyance, the checkbook doesn't even come out until after the items have been rung up.)
I understand why people sometimes prefer not to use cash — it can be harder to remember what you spent that money on, especially if you lose a flimsy receipt. But writing checks is slowwwww. Use a business charge and you'll have a receipt of your purchase and a better running tally of your expenses. And the person in line who thanks you for your efficiency might be me.

Take advantage of technology.
I tend to be a send-it-to-me-in-the-mail kind of guy. But even I am seeing how credit-card companies are starting to do a better job of harnessing computer technology in ways that can make small-business people's lives a little easier. Automatic payments through the Internet are probably the most obvious example of that. Online account access (which could be very useful if, for example, you provide a business card to an employee and want to be able to monitor expenses) and other features also are likely to increasingly become part of a small business's integrated financial world.

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