Abrigo
FEBRUARY 13, 2020
Key Takeaways To better serve their community, as well as stay competitive in this fast-moving environment, savvy CFIs are carefully blending digital innovations with their hallmark relationship banking practices. CRMs help institutions scale processes, relationships, and communication, without sacrificing the personal relationships the bank or credit union has formed.
Fundera
FEBRUARY 3, 2020
How to Start an Ecommerce Business in 7 Steps. Research the ecommerce space and find your niche. Select your business name and choose a legal structure. Apply for an employer identification number (EIN). Obtain business permits and licenses. Choose your ecommerce platform and create your website. Source or develop your products. Market your ecommerce business.
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Eastern Credit Management Services
FEBRUARY 28, 2020
When a client contacts us for the first time regarding an overdue account there is one question that the majority of them have, “How does this work?” It is a question that seems so simple, but for someone who’s never placed an account for collection, it is none the less important! Making the choice to send your customer to collections is a big decision, this blog is going to answer this question for you and hopefully help you decide!
Wellen Business Credit
FEBRUARY 26, 2020
Owning and operating a small business comes with a lot of responsibilities, and for many owners, nailing down the details can be difficult. One of the most important things to get right is your asset management system, which will help you keep track of your inventory and make sure it’s safe. After all, you’ll have a hard time keeping up with your customer’s needs if you can’t find a good way to account for your inventory.
Pactola
FEBRUARY 28, 2020
It was late in the year 1879. A young man and his team huddled in a laboratory which they had spent nearly two years experimenting on the same invention. The leader of the team may have been thought of as a failure compared to many others in his day. Concerning education, other than being mostly self-taught, he only had three formal years of school as a child and some classes in chemistry at New York City’s Cooper Union.
GoCardless
FEBRUARY 11, 2020
How we fixed performance problems in our API through the tools we use every day.
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Fundera
FEBRUARY 18, 2020
There are a lot of economic concepts that govern the way people do business. Some of them are simply working in the background as you successfully run your company; others require a more hands-on approach. Market demand falls into the latter category—it’s a crucial concept for any business owner to know in order to manage their company effectively. .
Eastern Credit Management Services
FEBRUARY 28, 2020
The last few years have seen the rise of companies promoting easy consumer access to your credit score. It’s only recently that the average consumer can have quick access to their personal credit data, something once limited to financial institutions. Even with this knowledge, most consumers are unaware of how those scores are calculated and how negative the impact of an account for collection on their credit file can be.
Fundera
FEBRUARY 5, 2020
How to Build Relationships With Clients. Do your homework. Practice active listening. Be friendly and personable. Build a partnership. Deliver on your promises. Keep them in the loop. Ask for feedback (and apply it). Be the expert. Take accountability when you slip up. Explore other communication forms. Express gratitude. Long-lasting relationships are difficult to forge and even harder to maintain, especially in the business world.
Fundera
FEBRUARY 17, 2020
For many companies, business lending is pretty straightforward: Apply for a loan and get a decision. Nonprofit business loans, however, have a few more moving parts. As you’re looking for business loans for nonprofits, it’s important to be educated on the lender’s perspective, which is particularly important in obtaining a decision and figuring out where to apply in the first place.
Abrigo
FEBRUARY 28, 2020
Large SEC filers have officially adopted the current expected credit loss standard, or CECL, for recognizing credit losses, and other financial institutions are eager to learn from their implementation efforts. While credit unions have until 2023 until they must comply with CECL, there is likely less time than expected. Experts and 2020 adopters have repeatedly stressed the importance of preparing early.
Abrigo
FEBRUARY 27, 2020
Key Takeaways FinCEN hires Digital Innovation Officer to prove commitment to innovation in BSA/AML. Abrigo embraces innovation with the introduction of artificial intelligence scenarios. Our Transparent AI is easy to explain to regulators. . The Financial Crimes Enforcement Network (FinCEN), along with the Federal Banking Agencies, released a joint statement in December 2018 emphasizing financial institutions’ need to embrace technology to strengthen their BSA/AML programs.
Abrigo
FEBRUARY 12, 2020
In an effort to enhance regulatory efficiency and capture complete, accurate Currency Transaction Report (CTR) data to law enforcement, FinCEN has issued an administrative ruling regarding CTRs (FinCEN Form 112). Financial institutions have new requirements for reporting transactions involving sole proprietorships and legal entities operating under a “doing business as” (DBA) name.
Abrigo
FEBRUARY 12, 2020
Key Takeaways Commercial real estate lending will be a top focus for many financial institutions in 2020. The Mortgage Bankers Association expects 9% growth in CRE originations in 2020. Despite expectations for growth, bankers, regulators, investors, and others are watchful about potentially lower returns and credit risks ahead. To read news headlines, commercial real estate (CRE) is headed for a terrible 2020.
Abrigo
FEBRUARY 7, 2020
This morning’s Employment Situation report from the Bureau of Labor Statistics showed decent strength in labor markets. In January, there were 225,000 new jobs added, significantly higher than the 161,000 jobs predicted. The headline unemployment number (U3), which was expected to remain unchanged, ticked up one-tenth to 3.6%. Job gains were strongest in construction, health care, and transportation and warehousing.
Abrigo
FEBRUARY 6, 2020
Key Takeaways The OFAC Symposium highlighted the "maximum pressure strategy" to address tensions. The OFAC has increased sanctions activity. The OFAC modernized communication to increase efficiency. After a three-year hiatus, the highly anticipated OFAC Symposium provided a wealth of information to financial institutions, attorneys, government officials and other attendees in a closed-to-the-press event.
Abrigo
FEBRUARY 2, 2020
Key Takeaways The global AML community has long seen the U.S. as behind in KYC. The CDD Rule has strengthened U.S. CDD expectations – both at onboarding and with ongoing monitoring. Pressure continues for increased transparency and verification to fight money laundering and terror financing through shell companies. Anonymous shell companies are one of the most widely used methods for money laundering and hiding the proceeds of corruption around the globe.
Fundera
FEBRUARY 26, 2020
Long considered a stop-gap form of employment, freelancing has emerged—thanks to improvements in technology, changes in cultural norms, and an economy shaped by post-recession forces—as a viable, full-time career path for millions of Americans. . According to the most recent “Freelancing in America” report produced by the Freelancers’ Union , the share of full-time freelancers increased from 17% in 2014 to 28% in 2019.
Fundera
FEBRUARY 17, 2020
When you think of small business owners, the first thing that comes to mind may not be kids, but there are lots of reasons to encourage your children to start a business of their own. It’s a great way to learn responsibility, flex their creative muscles, and get hands-on experience with managing their finances (it’s never too soon to start). These kid entrepreneurs prove that age is irrelevant when starting a business—as long as you have the right idea and the motivation.
Fundera
FEBRUARY 7, 2020
For aspiring entrepreneurs, joining a franchise is an excellent opportunity to become a business owner while mitigating much of the risk involved in starting a business from scratch. That’s because franchise advantages include a proven business model, name recognition, vendor and supplier network, and more—which cuts out a lot of the work involved in starting a business from the ground up.
Fundera
FEBRUARY 12, 2020
7 Steps for Selling at a Flea Market. Decide what to sell. Develop a business plan. Register your flea market business. Brand your flea market business. Decide how to take payments. Consider selling online. Set up business bank accounts. Whether you’re a crafting enthusiast, have a keen eye for antiques, or just want to find a new way to make a couple of extra bucks on the weekend, learning how to sell at a flea market can be a lucrative way to be your own small business owner.
Fundera
FEBRUARY 10, 2020
Pink collar jobs refer to jobs that are predominantly held by women. You’re probably familiar with blue collar jobs, which typically involve manufacturing or manual labor, and white collar jobs, which typically involve clerical or managerial duties. . The lesser-known concept of pink collar jobs likely originated in the 1940s during World War II when women entered the labor force in large numbers.
Fundera
FEBRUARY 10, 2020
Like many Americans, you may have started dipping your toe into a new business venture. Maybe you helped some friends redecorate their homes—and they paid you. Or maybe you started painting as a creative outlet and a few people have asked to buy your work. . When tax time rolls around, you may start to wonder if your new venture is considered a hobby or a real business.
Fundera
FEBRUARY 22, 2020
There are a lot of benefits to starting a home-based business. You don’t have to commute, you can work in your comfy clothes, and you’re in control of your schedule—to name just a few. What if you could combine all the benefits of a home-based business with those of a franchise ? Well, you can. . There are a number of franchises that you can operate out of your home.
Fundera
FEBRUARY 5, 2020
Unit 108 Yoga is the only yoga studio in the Sunset Park neighborhood of Brooklyn, New York. Considering yoga studios are a dime a dozen in most urban neighborhoods, including nearby Park Slope, Red Hook, and Gowanus, this is pretty unusual. But Sunset Park is a bit different from those areas. The neighborhood comprises predominantly immigrant families (mostly Latino and Asian), the population skews older, and there’s not a single Starbucks within its 48-block radius.
Fundera
FEBRUARY 28, 2020
Accounts Receivable Aging. Aging your accounts receivable means measuring the amount of time between when unpaid invoices were issued and the current date. This information is summarized on the accounts receivable aging report, which is typically broken down in 30-day increments, with totals along the right-hand side and the bottom that show you how much money is due to you from each customer and how much is due in each 30-day period, respectively.
Fundera
FEBRUARY 20, 2020
Those with the skills and patience to teach our young ones deserve great respect and good pay. Unfortunately, many teachers across the country don’t get the salary that they need from teaching alone. . Luckily, teachers have highly marketable skills that can be applied in a multitude of areas. While they may not want to start a business in addition to their full-time job, their schedules often allow them to add a side hustle on weekends or seasonal breaks.
Abrigo
FEBRUARY 3, 2020
Key Takeaways At many financial institutions, a substantial share of the IT budget is tied up in technology infrastructure and maintenance and cannot be used for new initiatives. Financial institutions generally are moving away from self-managed, on-premise technology and are finding hosted solutions that provide the security and scalability they need.
Fundera
FEBRUARY 1, 2020
7 Beauty Business Ideas. Become a freelance hair and/or makeup artist. Open a salon. Resell new or lightly used beauty products. Become a freelance esthetician. Become a brow, nail, or lash technician. Start a beauty blog. Sell your homemade beauty or skincare products. If you have a passion for helping people look their best and you want to start a business of your own, the beauty industry may be the place for you.
Fundera
FEBRUARY 21, 2020
7 Tips to Sell at a Farmers Market. Decide what to sell. Develop a business plan. Choose a business entity. Register with your farmers market and secure permits. Brand your business. Set up business bank accounts. Decide how to take payments. Consumers care more than ever about where their food comes from. If they can meet the person who grew it or raised it, they’re much more interested in making a purchase.
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