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Hot Seat – Application Received

June 6, 2025 By Joe Lawrence Leave a Comment

Hi there!

Thank you for submitting your application to be considered for our HOT SEAT! Your application has been received and we will be in touch!

Please text us at: (908) 215-7082 with the word: “hotty” so we know you got this far! We will then be in touch via text.

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Important Disclosure:

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This agreement isn’t a condition of any purchase. I also agree to the Terms of Service and Privacy Policy.

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How I Built Business Credit in 30 Days | Step-by-Step Guide

June 3, 2025 By Joe Lawrence Leave a Comment

Want to build real business credit in just 30 days?
In this video, I’m breaking down my exact 30-Day Approval Plan – the full blueprint I used to go from zero to approved.

You’ll see how to:

  • Set up your business the right way
  • Boost your business credit scores fast
  • Connect with banks that actually lend to startups
  • Get funding without showing revenue or tax returns

I’m also sharing real strategies like the “AU Technique” to boost your credit, insider tips for building relationships with banks, and how to trigger pre-qualification offers automatically.

Let’s get you funded… fast!

Download the Guide:
30 Day Approval Plan

Business Credit UPDATE: BOI, Virtual Address Denials, Chase Mistakes & More!

March 21, 2025 By Joe Lawrence

>>Click Here to Grab the Funding Database

🚨 Business Credit Update – What You Need to Know (March 2025)

Here’s a quick breakdown of the key takeaways from this video:

✅ Chase Reporting Errors: Some Chase business credit cards are mistakenly reporting to personal credit. Don’t panic—it should fix itself within 1–2 billing cycles. If not, call Chase to request a review.

📋 BOI Filing Overturned (For Now): The Beneficial Ownership Information (BOI) filing rule has been temporarily overturned. That means fewer compliance headaches—for now. But be prepared, it could return.

🏦 Top Banks Lending Right Now:

  • Truist
  • Financial Resources FCU
  • M&T Bank
  • Citizens Bank
    Pro Tip: Open a business checking account with these banks first for better chances at no-doc approvals.

💳 Use a Credit Partner If Needed: Got low personal credit? Temporarily list a credit partner with 85–95% ownership on your LLC to qualify, then adjust ownership later.

🔥 PNC Bank Alert: Offering 0% APR for 13 months on purchases and balance transfers—great opportunity from a backyard (portfolio) lender.

📍 Avoid Virtual Address Denials:
Lenders are denying apps using virtual addresses. Instead, use:

  • Your home address with a suite number (e.g., Suite A)
  • A shared office from a realtor, lawyer, etc.

📘 Bonus: Want the full list of the top 446 banks offering business credit? Grab the $7 database + free training (Click Here).


Grab My Top 446 Lending Banks

Ethical Bribe – Survey For Training?

January 29, 2025 By Joe Lawrence

See The Special Offer Below!

Click Here To Take The Survey

Survey – Thank You

January 29, 2025 By Joe Lawrence

Thank you for filling out our survey! I read each one and am always looking to improve your experience and help you hit your goals.

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Below is the link to watch the training as promised:

https://vimeo.com/user75331892/review/1051303557/823f05e631

Here is a summary of the training you’re getting:

Ask Joe Call

Key Topics Covered:

  1. Elan Financial Business Credit Cards:
    • Elan Financial underwrites business credit cards for many banks, which means multiple cards from Elan have stricter limits compared to banks that underwrite their own cards.
    • Pros of PNC’s Business Credit Card:
      • 0% APR for the first 13 billing cycles on both purchases and balance transfers (rare feature).
    • Recommendation: Open a business checking account with the bank first for better approval chances.
  2. Portfolio Banks vs. Elan Banks:
    • Portfolio Banks / “Backyard Banks” (e.g., PNC, Key Bank, Valley National Bank, M&T Bank):
      • Underwrite their own credit cards.
      • Allow applicants to secure multiple cards without the restrictions of Elan.
      • Ideal for building a business credit portfolio.
    • Elan Banks:
      • While useful, these cards have limits on how many can be secured in a short timeframe.
      • Be mindful of “underwriter overwhelm” if applying for multiple cards through the same underwriter in a short time.
  3. Exploring Local and Backyard Banks:
    • State-specific banking resources, such as the Department of Banking websites, provide lists of local banks, many of which are not included in SBA lender lists.
    • These smaller, lesser-known banks often offer personalized lending options and business credit products.
    • Users can leverage tools like AI to identify state-specific banking resources.
  4. The Importance of Good Debt:
    • Business credit should be used for good debt, such as investments in advertising, real estate, or other income-generating assets.
    • Properly leveraging credit can help scale businesses without giving up equity.
    • A clear distinction was made between “good debt” (e.g., investments generating cash flow) and “bad debt” (e.g., consumer spending).
  5. Questions and Updates:
    • Addressed concerns about email deliverability for call reminders. Users were encouraged to check their spam or promotions folders and mark the emails as important.
    • Reminders:
      • Access previous calls and resources by logging into the BCW blog and navigating to the “Ask Joe” area.
      • Submit questions for future calls in advance via the same portal.

Key Takeaways:

  • Focus on Backyard Banks to maximize your ability to secure multiple business credit cards.
  • Explore local and backyard banks for hidden funding opportunities beyond mainstream options.
  • Use business credit responsibly to grow your business with assets that generate income.
  • Stay engaged with the BCW program for updates, resources, and ongoing education.

Resources Mentioned:

  • BCW Blog: BusinessCreditWorkshop.me
  • State Department of Banking databases for local bank exploration.

Next Steps: Submit questions for the next call via the BCW portal and explore the provided resources to identify more funding opportunities tailored to your state and business needs.

(Click Here to Watch the Video)

Join BCW Online and Attend “Ask Joe” Calls each month!

How to get approved for the Amex Business Gold Card (Easy)

December 28, 2024 By Joe Lawrence

Learn More About Amex Gold

Read my blog post on the Amex Gold Card

How to use NAV Prime to Build Business Credit (Fast)

December 27, 2024 By Joe Lawrence

Get NAV Prime

Get Business Credit (Fast and Easy)

HD Supply Review: A Closer Look at This Vendor’s Net 30 Program

April 11, 2024 By Joe Lawrence

hd supply review and net 30 overview

One of the easiest ways to build business credit is by acquiring a Net 30 account. With such an account, you can establish your credit profile in 30 days. Since it typically involves tier-1 vendor tradelines, often dealing with large corporations or companies with a strong market presence, you can gain access to an account even with little credit history for your business.

This is where HD Supply comes in. HD Supply is a leading provider of maintenance, repair, and operations (MRO) products and services. With over 40 years of experience, the company has a good reputation for reliability, innovation, and quality, which is why it has become one of the trusted partners of businesses from many industries. There are also 40+ distribution centers in 25 states, making delivering quality, branded, and proprietary products right to your office or business address easy and quick.

You can choose from a diverse range of products at HD Supply, from HVAC to plumbing to janitorial supplies. The online platform is also where you can purchase building materials and tools for your next project. HD Supply caters to the needs of industry professionals, including contractors and facilities managers, providing necessities for the maintenance and upkeep of buildings, infrastructure, and commercial properties, among others.

HD Supply is also a top choice for many small business owners and startups because it offers flexible payment terms through the Net 30 vendor program. With this program, you can access a wide range of essential materials and supplies while deferring payment for up to 30 days. The company is known for giving customers valuable flexibility and cash flow management.

Let’s look at how HD Supply’s Net 30 vendor program works, its benefits, and how it can benefit your business’s procurement processes.

Contents

  • An Overview of HD Supply’s Net 30 Vendor Program
  • Product Range and Quality
  • Pricing, Payment Terms, and Conditions to Be Aware Of
  • FAQs

An Overview of HD Supply’s Net 30 Vendor Program

HD Supply’s Net 30 program is designed for businesses to benefit from the flexibility and convenience of purchasing essential supplies and tools while delaying payment. This gives them the ability to manage their cash flow efficiently.

hd supply net 30 account

The program comes with the following key features:

  • Flexible Payment Terms: You can pay purchases within 30 days of invoicing, letting you access products without providing immediate payment.
  • Extensive Product Range: There is a comprehensive variety of products in numerous categories, including appliances, cabinets and countertops, linens, HVAC, and plumbing. You can also purchase electronics, furniture and décor, and gas products from the online shop.
  • Broad Range of Services: HD Supply also provides custom products, from bi-fold doors to bypass doors, as well as rekeying services, bathroom vanities, window screens, and custom paint. Other services include renovations, financing, online solutions like e-procurement, online payment services, and many more.
  • Simplified Procurement Process: The Net 30 vendor program from HD Supply helps streamline buying and obtaining needed materials for your business. You can then place orders conveniently and receive your invoice, which you can pay within the 30-day timeframe.
  • Trusted Supplier: HD Supply is well-known for being a reliable supplier of quality MRO (maintenance, repair and operations) products and services that can support your operational requirements.
  • Convenient and Efficient: The online platform makes it easy to place your order, track shipments, and manage any invoices you may have. You get to save time and effort in keeping up-to-date with your orders, allowing you to focus on more important business activities.
  • Consolidated Purchasing: When you buy from HD Supply, you source a wide variety of products from a single supplier instead of purchasing from numerous other vendors. This approach simplifies the process, potentially reducing administrative costs for managing multiple vendors.
  • Credit Building: Net 30 programs like the one from HD Supply encourage you to pay your invoices on time consistently. Doing so can help you build a positive credit history, which can potentially lead to increased credit limits and more financing options for your business in the future.

Having tradelines with a tier-1 vendor like HD Supply is advantageous to your business’s credit profile. That’s because it demonstrates a strong and reliable payment history with this reputable supplier. Many lenders and credit agencies consider these tradelines with tier-1 vendors, such as HD Supply, as favorable, particularly when assessing your business’s creditworthiness. It indicates that you have the ability to manage financial obligations responsibly.

This Net 30 vendor program can contribute positively to your credit profile and get the chance to increase your access to financing and favorable terms in the future. Head here to apply for an account.

hd supply net 30 application

The application form is quite comprehensive compared to starter vendors, (such as companies that are listed in this article).

You will need to provide the following information:

  • Your business name
  • Business physical and email addresses
  • Contact numbers, including fax and phone
  • Your requested credit limit or equivalent to your anticipated monthly spend
  • Owner and management details
  • Your name, job title, and other information
  • Your bank account name, type, and number
  • Specific purchasing instructions

You also have to upload documents, including tax exemption and credit sheet.

upload items to get hd supply net 30 account

You must specify where to send invoices, whether via fax, email, or another option. Once completed, you can submit your application and wait for the response.

Product Range and Quality

HD Supply offers diverse products tailored to meet your needs, regardless of your business type and industry. There is a comprehensive selection of maintenance, repair, and operations (MRO) products, supplies, and materials, including:

  • Appliances such as dishwashers, microwaves, trash compactors, and ovens
  • Cabinets and countertops
  • Cleaning and janitorial items, including trash cans and bags, dispensers, and floor equipment
  • Doors and molding
  • Electrical equipment, tools, and accessories, as well as conduit, raceway, and fittings
  • Electronics like speakers, two-way radios, and TVs
  • Food service supplies like cookware, dinnerware, and kitchen kits

More products are available, along with services, such as the following:

  • Custom products like order forms, custom paint, signs, and custom-cut acrylic
  • RenovationsPlus for renovation and building consultation services with dedicated expert and project manager
  • Business services, including bin labels, customized reports, and strategic account management
  • Order services to make tracking more straightforward, including package tracking, special orders, and appliance delivery
  • Small business solutions, such as delivering nationwide the next day for free and flexible financing
  • Professional training, including live classes and certifications
  • Online solutions like electronic invoicing and online payment services

With all these offers, it is easy to see why HD Supply is often viewed as a one-stop shop for many businesses needing various supplies and equipment.

When it comes to quality, trusted companies like HD Supply always prioritize product quality to ensure their customers are happy. The company sources its items from reputable suppliers and manufacturers known for their durability and craftsmanship. Plus, HD Supply implements quality control measures on most of its products to assess and maintain product quality throughout the supply chain – that is, from procurement to delivery.

Pricing, Payment Terms, and Conditions to Be Aware Of

HD Supply provides competitive pricing on its products and services. The structure varies based on various factors, such as the type of product, quantity ordered, and other agreements. Be on the lookout for ongoing promotions and discounts to save more when buying supplies from HD Supply.

When it comes to building business credit, it can be an expensive strategy to use vendor tradelines. Some companies will ask for an application fee upon signing up for an account. Others will charge you a recurring membership fee so that you can continue to get access. But HD Supply is different. It is one of the few vendors that does not require any membership or application fees. All it needs is for you to pay the cost of the goods you buy, meaning there are no costs associated with this tradeline. Another great feature is that there is no minimum order requirement.

Now, on to the cautionary points:

  • While there is no minimum order, this benefit only applies to your very first order.
  • You will incur late fees if you do not pay off your balance on time.
  • A minimum of $2 or 1.5% (equivalent to 18% per year) will be charged for all your past-due invoices.
  • Not only will paying late cost you money, but it will also hurt your credit.
  • You need good credit standing for your business; otherwise, your application will get rejected, particularly if you do not have existing credit.
  • You can only pay toward your Net 30 account through a limited number of options: check, money order, ACH, and cash. This means you cannot use your credit card or any other payment method, which will incur a fee.

We hope you’ll consider our review about HD Supply’s Net 30 vendor program before you sign up. Having a Net 30 account with this company is an excellent choice, especially if you are a startup with a positive credit history or an established business. As it reports to Dun & Bradstreet, HD Supply is a great way to build your credit with this famous business credit bureau.

FAQs

What is HD Supply?

HD Supply is a leading maintenance, repair, and operations product distributor. You can also purchase construction supplies for use in a wide range of industries, such as hospitality, healthcare, government, and facilities maintenance.

How much does a Net 30 account from HD Supply cost?

Your HD Supply Net 30 account is absolutely free. However, you must be careful about the payment schedule to avoid late fees.

What are the benefits of applying for an HD Supply Net 30 account?

HD Supply reports to Dun & Bradstreet. You can also create an account even if you are a new business with no membership and application fees.

What can I buy from HD Supply?

HD Supply is where you can purchase industrial tools, equipment, supplies, and services to benefit your business.

What Does HD Supply Stand For?

It does not stand for anything specific as the company has been bought and sold and re-bought by Home Depot. But the company started in 1974 with the name of Maintenance Warehouse. In 2004, the name was changed to HD Supply.

Using NET 30 Vendors to Boost Your Business Credit

You may be looking to not only build a long term relationship with a vendor like HD supply but also enjoy the benefit of boosting your business credit score as well. We have a free report that can show you how to quickly build up your business credit score in just 30 days, click here to grab your copy.

Plastiq Review: Can Plastiq Really Simplify Your Finances?

April 3, 2024 By Joe Lawrence

plastiq review

As you juggle numerous responsibilities, managing finances and making payments can often feel like a tightrope walk. This is where Plastiq comes into the picture. Plastiq is a platform offering financial services that promises to simplify bill payments and streamline financial transactions for both individuals and businesses.

In this Plastiq review, we will delve into the platform’s benefits, features, and more to help you decide whether it is worth considering or if you should explore other options. Let’s begin!

Contents

  • What is Plastiq?
  • Who Can Use Plastiq?
  • Features and Benefits of Using Plastiq
  • How Much Does Plastiq Cost?
  • Privacy and Security Concerns
  • Some Limitations and Other Considerations to Be Aware Of
  • Verdict

What is Plastiq?

Plastiq aims to streamline cash flow management for businesses (and individuals) by providing instant access to working capital. Utilizing the platform enables you to make payments with credit cards, even if the merchant or supplier doesn’t accept cards. This flexibility allows you to cover a variety of expenses, from rent to taxes, as well as supplier payments, while leveraging existing credit card rewards and favorable payment terms.

To use Plastiq, you’ll need to first sign up and verify your account. Additionally, you’ll need to add a payment method, such as a credit card, bank account, or debit card. Here’s a step-by-step guide to making a payment:

Input the payment details, including the recipient’s information and the amount.

Choose the recipient, who can range from contractors and government agencies to suppliers and landlords. Plastiq accommodates various payment types, including bills, invoices, and other obligations.

Select the payment method, typically a credit card such as Visa, Mastercard, Discover, or American Express—all of which Plastiq accepts. Alternatively, you can use debit cards, checks, or bank transfers.

After choosing the payment method, schedule the payment or set up recurring payments for your bills.

Once confirmed and scheduled, Plastiq will process the payment on your behalf, charging the amount to your credit card and any applicable fees. The payment is then automatically sent to the recipient via their preferred method, such as a physical check, wire transfer, or ACH transfer.

Track your payment status on the platform and access your payment history to maintain organized records of your financial transactions involving Plastiq.

Unlocking working capital while automating your payables operation can help you maintain a healthy cash flow. This saves you valuable time that would otherwise be spent manually entering bills and making individual payments. With Plastiq, you can pay your suppliers promptly using their preferred payment methods while choosing the one that best suits your needs.

Who Can Use Plastiq?

Plastiq can be utilized by a wide range of individuals and businesses, but it is particularly well-suited for the following:

Business Owners: If you operate a business and wish to leverage credit card rewards and benefits for your expenses, Plastiq is an excellent option. You can use it to pay for expenses traditionally not accepted via credit cards, such as utility bills, taxes, and rent.

Real Estate Investors: You can use a business credit card as a down payment to buy real estate by sending the money from your credit card to the title company for the closing. Many readers ask how to pull cash off credit cards and this is one option to do it.

You might also like: The BRRRR Method: A Real Estate Portfolio-Building Blueprint

Individuals: Plastiq is beneficial for individuals managing significant expenses. For example, real estate investors who need to make real estate-related payments can streamline their transactions with Plastiq while earning credit card points.

Small Business Owners and Freelancers: Whether you’re a freelancer or run a small business, maximizing cash flow is essential. Plastiq allows you to extend payment terms using a credit card, freeing up cash for other business needs while covering expenses on credit.

Individuals or Entrepreneurs Seeking to Streamline Payables: Simplifying payable processes is crucial in today’s fast-paced world. Plastiq’s integration with Automatic Data Processing (ADP), a leading provider of payroll and human resource management solutions, enables you to fund your business’s payroll with a credit card. The funds are then automatically processed through ADP’s payroll system, facilitating employee payments.

Merchants and Service Providers: Plastiq Accept, discussed below, allows users to receive credit card payments from customers. This service enhances transaction convenience for buyers and customers who prefer credit card payments.

Plastiq is an excellent option for individuals and businesses seeking to leverage their credit card’s credit line for various types of payments. It facilitates transactions where credit cards are generally not accepted.

Features and Benefits of Using Plastiq

Plastiq has a set of features for facilitating payments and managing cash flow, which include:

Plastiq Pay: Businesses and individuals can use Plastiq Pay to pay via credit cards. You can pay by card, such as your credit card, allowing you to fund payments automatically. These payments can be anything from vendor payments to payroll. This feature is particularly useful if you run a business and are looking to leverage credit card rewards. You can also use Plastiq Pay to extend your payment terms without needing the recipient to accept credit card payments directly.

plastiq-accept

Plastiq Accept: If you need to accept payments, Plastiq also has this feature for receiving payments from customers wanting to pay by credit card. Use Plastiq Accept so you can streamline the receivables process of your business. Accept is great for landlords, contractors, and other merchants or small businesses that do not usually take credit cards as a payment method.

If you wish to use both Pay and Accept, you can get more with Plastiq Connect, which is more comprehensive than the two products mentioned. There are also Pro and Enterprise plans, which you may be interested in, as they can benefit your business transactions. For a monthly fee, you can sync up your accounting software and make payments even more straightforward with scheduled bulk payments.

Plastiq offers plenty of benefits to its users, including payment flexibility. Users can pay bills and expenses with credit cards, manage their cash flow, and even leverage credit card perks, benefits, and rewards.

Plastiq also gives you more payment options in transactions where you typically cannot pay with a credit card. You can use Plastiq to pay for the following expenses:

  • Bills and utilities, such as gas, water, electricity, Internet, and phone
  • Rent
  • Mortgage
  • Tuition
  • Taxes, such as income taxes and property taxes
  • Government fees
  • Suppliers, vendors, contractors, and service providers
  • Subscription services, including subscriptions to streaming platforms, software, and gym membership
  • Business expenses, such as office supply and equipment purchases, as well as advertising and travel costs

Plastiq is not only for businesses but also for personal expenses. You can use it to pay for groceries, entertainment, charitable donations, and shopping.

paying vendors and credit cards with plastiq

Here is another reason why you will like Plastiq. Plastiq’s platform is easy to use and understand, even if you are a new user. The interface is uncomplicated, so you can complete the payment process in just a few minutes by providing the payment details and the merchant’s choice method.

One more benefit is that Plastiq prioritizes the security of the users. The platform has robust encryption and other security measures. That is to ensure your personal and financial data stays protected in every transaction. We talk more about this subject later in the article.

If you have a small business, you will surely benefit from Plastiq’s short-term financing offers, which typically come with extended payment terms. You can immediately get funding for lines up to $100,000, which you can pay for up to 90 days. If you are qualified and accept the additional review Plastiq requires for loans, you may be able to borrow more, even up to $750,000.

How Much Does Plastiq Cost?

Unfortunately, Plastiq is not free, but there is a free trial for the first 60 days when you sign up for either Pay or Accept. But free does not mean completely free because charges apply for all transactions done via Plastiq. You will have to pay a convenience fee, which depends on various factors, including the payment amount, recipient, and method. Don’t worry; you will know how much the fees will be before you complete a payment transaction. That way, you can cancel the payment if you are unhappy with the additional charge.

plastiq pricing

Plastiq’s pricing model, as mentioned, is based on a per-transaction fee. Let us break it down:

Plastiq Pay: Unlike some competitors, this service starts at a $0 one-time purchase, meaning you do not have to pay to subscribe. However, you will incur transaction fees every time you use your credit card to pay an expense or bill.

Plastiq Accept: There is also no subscription cost for the Accept service, but transaction fees apply whenever you use Plastiq to accept payments.

The transaction fee is typically a percentage of the total payment amount, although it can vary based on the payment method and recipient. You can expect to pay anywhere from 1.5% to 2.85% of the amount you paid the merchant.

Other fees you should know about include:

Credit Card Processing Fee: You have other payment options with Plastiq aside from credit cards. However, if you choose credit, the platform may charge an additional processing fee, which your credit card network or processor charges you. Note that this is separate from the transaction fee imposed by Plastiq. The processing fee depends on your credit card and may range from two to three percent of the payment amount, but typically around 2.90%

Domestic Wire Transfers: Sending money to anywhere in the US costs $5 to $8.99.

Currency Conversion Fee: If you plan to pay in another currency, you must be aware that you could be charged a conversion fee. Once again, this fee is based on the percentage of the amount of payment you need to make, covering the cost of converting your transaction into another currency. Expect to be charged anywhere from one to three percent of the payment amount for this fee, or $39, whichever is higher.

Late Payment Fee: Plastiq may charge you a late payment fee, which is generally assessed if the payment is not processed on time or if you fail to pay by the scheduled payment date. Not only that, you also ding your credit score. The good news is that Plastiq offers earning Fee-Free Dollars (FFDs), which are usable for making payments without extra fees. FFDs can be earned through referrals or promotions. However, you must use them right away as they expire after 90 days. You can prevent the expiration by simply earning more, so be sure to keep an eye on the expiration date.

Refund Fee: If you request a refund, you may be charged a refund fee. This fee may be deducted directly from the refunded amount, covering the cost of the transaction automatically.

Short-Term Financing: If you borrow quick funds from Plastiq, you will need to pay 2.75% up to 10.65% on top of the amount you borrowed. The great thing about this offer is that you can choose terms from 30, 60, to 90 days.

Be on the lookout for discounts and promotions, which may appear from time to time. These offers, which are advertised on Plastiq’s website or through promotional emails, can reduce or even waive transaction fees for specific payment types. Make sure to read the terms and conditions before participating.

ACH bank transfers, electronic funds transfers, and BillPay are provided for just 99 cents. Mailed checks cost about $1.49.

Privacy and Security Concerns

As a user relying on Plastiq to make or accept payments, you want to ensure the platform is secure. The good news is that Plastiq utilizes advanced encryption technologies to keep financial and personal user information safe during transactions. All transmitted data is encrypted to certify protection against unauthorized access and other potential security threats.

is plastiq secure

You will also not have any issues with regulatory compliance, as Plastiq meets industry standards and regulatory requirements for data privacy and security, such as the Payment Card Industry Data Security Standard (PCI DSS). The platform undergoes security checks and audits regularly to continue complying with those standards, ensuring the highest level of data protection for users.

Another way that Plastiq addresses common security concerns is that it only partners with trusted payment processors and financial organizations. All payments made through the platform are processed on safe and reliable channels to significantly reduce the risk of fraud. Plastiq also uses robust security measures, which help detect and prevent unauthorized and fraudulent activities.

Additionally, Plastiq has a transparent privacy policy outlining the methods of collecting, using, and storing users’ personal and financial information. This privacy policy provides all details, including data processing, as well as your rights and options.

Finally, the platform employs multi-factor authentication among its many other security measures to verify user identities. You may need to provide additional verification steps, including one-time passcodes sent to your mobile device or email address.

If you have other issues or require assistance, Plastiq offers dedicated customer support for all concerns, including security-related inquiries.

Some Limitations and Other Considerations to Be Aware Of

While you can get rewards when you use your credit card via the Plastiq platform, there are cases where the payment fee, which can be around 2.9%, is higher than any rewards you get.

Sure, you can use Plastiq for various transactions, including those where credit cards are not typically allowed. However, there are also numerous other products that you cannot use the platform for, such as investments and paying for credit card debts. Also, you can only make mortgage payments using a Diners Club Card, Discover, or Mastercard. As of February 2023, you can no longer pay with American Express.

It should also be noted that Plastiq filed for bankruptcy in Delaware in May 2023. The company is still operating normally but is restructuring.

Frequently Asked Questions

What is Plastiq?

Plastiq is an online platform that allows you to pay bills with a credit card.

How does Plastiq work?

Plastiq works by you entering information of legitimate businesses to receive payments from you. Plastiq will then charge your credit card (personal or business) and send a check or ACH directly to the business of your choosing.

How much does Plastiq Charge?

Plastiq charges a fee of 2.9% plus a small delivery fee. They have monthly plans ranging from free to $119/mo.

What is Plastiq used for?

You can use plastiq to pay bills (using your credit card) from vendors that do not normally accept credit cards.

Verdict

Plastiq may be the right option for you. If one or more of the following speak for you, it may be a platform to consider:

  • You need more time to gather cash but have credit available
  • You run a small business and are planning to pay vendors with a credit card
  • You want to accept credit cards for payment

Plastiq may not be worth considering for individuals, especially with the 2.9% credit card payment fee. This is especially true because credit card rewards are lower than the mentioned rate. Therefore, you lose money.

However, if you are a business (or even an individual) who requires assistance in financing a purchase or bill payment, Plastiq can benefit you. Don’t worry about not having immediate cash on hand, as you can get a few weeks to pay off your credit card balance and pay for your purchase with Plastiq.

As a small business owner, you also get several services that you may find interesting and worth exploring. For example, Plastiq Accept and Pay are services where you can accept payments and make payments, respectively. With Accept, customers can pay via credit card without worrying about merchant fees. You can also apply for short-term financing.

All in all, Plastiq is an excellent option for small and medium-sized businesses, thanks to its business-friendly features and services. It does help simplify your finances, from managing to making timely payments you can schedule. However, if you plan to use it as an individual wanting to take advantage of credit card rewards, you may want to look elsewhere.

Did You Know?

There is a little-known-way to get up to $100,000 in business credit cards without showing any financials…You can use this money to pay off debt, do more deals, grow your business or even run ads. Click Here to Download the Free Report and Discover How It’s Done!

Melio Payments Review: Can It Make Business Payments and Getting Paid Easier?

March 29, 2024 By Joe Lawrence

Melio Payments Review

Any business requires managing finances, but it can be challenging. With the complexities involving accounts payable and receivable, keeping up with the payments is often difficult. Thankfully, there are solutions that you can try to streamline your finances and take control of your cash flow. Consider looking into Melio Payments, a platform that offers a comprehensive range of features, from making bill payments to invoicing and payment processing.

In this review, we will explore the platform’s features, benefits, and workings. Read on to determine whether it is what you need to optimize your business’s financial operations.

Contents

  • What is Melio Payments?
  • Melio Payments Key Features and Functionalities
  • The Benefits of Using Melio Payments for Your Business
  • How Melio Payments Works
  • Accounting Software Integration
  • How Much Does Melio Cost?
  • User Experience and Reviews
  • Conclusion

What is Melio Payments?

Melio Payments is a platform created by a financial technology company with the same name. This platform is designed for businesses to manage their accounts payable and receivable processes. If you utilize the platform, you can take advantage of various features to help you manage your finances more efficiently.

Melio Payments Key Features and Functionalities

When you sign up for Melio Payments, you can get a suite of financial tools and services that make your accounts payable and receivable processes much more straightforward.

melio chose when and how to pay vendors

For example, Melio allows you to pay your bills electronically. You can accomplish this task using bank transfers or debit cards. The best part about this feature is that it does not require the merchant or vendor to accept electronic payments. You can pay through the payment method you choose without actually using it. This means you do not have to write and mail physical checks, which can save a lot of time and even decrease administrative overhead.

Here are other key features that you can get out of Melio Payments:

Invoicing: You can use Melio to create and send professional invoices directly to your customers using the platform itself. To do this, log in to your Melio account and go to the Invoices tab in the dashboard. From there, you can access the existing invoicing features, which include creating a new invoice. You can then fill in the invoice details, including the recipient’s contact information, date, and number. You can also add line items in the dashboard with their own costs and quantities. You can then set the payment terms for the invoice, including the payment method and due date. Before sending, make sure to review and confirm.

better cash flow

Scheduling of Payments Including Recurring Payments: Melio allows you to set up recurring and one-time payment schedules in advance conveniently. That way, you can ensure all your bills are paid on time. This feature also helps manage cash flow, as you can plan and be sure that the funds will be readily available when the due date comes. You can set up recurring payments, such as rent and utilities, on the platform. They will automatically be paid on a weekly or monthly basis.

Accounting Software Integration: You can use Melio together with your favorite accounting software platform. It is popular with Xero and QuickBooks, two of today’s most used accounting solutions. Melio allows you to sync your financial data between the accounting software platform and the payment platform. That way, these platforms can automatically update the payment information and invoices. This saves you time as you no longer have to enter financial data manually. The integration with Xero or QuickBooks and other accounting software will be further explained later in this blog.

Management of Your Vendor Transactions: Melio has tools that allow you to manage vendor transactions easily. These tools are designed to help you gain better control and visibility of your accounts payable. For example, you can use Melio to centralize vendor information on the platform. This means you can manage and track transactions when dealing with different vendors, as you can quickly add new vendors and update vendor details, among many other features.

Payment Tracking: A crucial feature that you can find on the Melio platform is payment tracking, which gives you a real-time glimpse of the status of the payments you have made. You can also look at your payment history in the dashboard, which has detailed records of your past payments, including payment dates, recipients, and amounts. Tracking of payment involves not just the past but also the future. You can have Melio give you payment reminders to stay on top of your payment obligations, helping you avoid penalties and late fees.

Melio is excellent for businesses with more than one department or user who may oversee the payment processes. The platform has customizable approval workflows where you can create custom approval chains that outline the approval sequence for your payments. It makes it easier for your departments or users to determine who should approve payments in the correct order to complete the process.

The Benefits of Using Melio Payments for Your Business

The primary purpose of Melio is to simplify accounts payable processes. It provides robust tools enabling users like you to create invoices, schedule payments, and manage vendors in just one simple and easy-to-use platform.

Here are the other advantages of using Melio for your business:

The ability to set up payment schedules helps improve your business’s cash flow management. By maintaining control over the timing of your payments, you can be sure that your bills are paid on time.

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The same feature as above also helps extend payment terms with contractors, vendors, or suppliers. That’s why payment scheduling is beneficial for your business: You can have more time to pay your bills while preserving working capital.

control payments

Unlike other platforms or methods of payment, you do not have to worry about paying your dues early. Early payment discounts from vendors may be available, and you can take advantage of them. These discounts can save money on your expenses, which is useful for improving cash flow.

Repetitive tasks are time-consuming. Eliminating them and relying on Melio for invoice creation and payment reminders can free up your employees’ time to focus on other strategic activities that can help drive business growth.

Melio makes invoice management easy. The platform allows you to create and customize invoice templates and include line items. You can also use Melio to specify payment terms, which makes it an excellent solution for your business and customers.

Apart from the benefits mentioned above, Melio Payments can lead to significant cost-saving benefits and improvements in efficiency for your business. For instance, you can save on administrative overhead by automating repetitive tasks.

Processes that may use paper can also be eliminated since Melio promotes the digitization of your accounts payable and receivable procedures. That means you no longer have to deal with paper-based checks, receipts, and invoices, should you choose to do so.

Late payments are a no-no for businesses, especially those wanting to save money. You can preserve your working funds by avoiding late fees and penalties due to missed or delayed payments.

Every business needs good relationships with vendors and customers to thrive. When you have streamlined accounts payable and receivable processes, you can forge stronger working relationships. That’s mainly due to your professionalism, which involves prompt payments and efficient invoicing. These can help improve communication and trust with other parties. It is one of the keys to building long-term partnerships.

Finally, the updated platform allows users to pay using bill-by-ACH bank transfer or card. Vendors are also no longer required to sign up, meaning you can pay them however they want with Melio.

How Melio Payments Works

Just like with any other payment platform, you must first sign up for an account here: https://app.meliopayments.com/register. Signing up is easy and takes only a few minutes. It only asks for your email address and password. You can also use your Google or Intuit account (for QuickBooks users).

sign up for melio payments

After verifying your email address and logging in to your account, the platform will ask you to provide your business information, including whether you are a small business that wants to use the platform to pay vendor invoices or an accounting firm.

tell us who you are

Aside from your email address, Melio also requires a phone number for verification and business information like business name, address, and industry. You can schedule a payment once you’re all set.

melio get setup

Before you can begin paying, you will be greeted with an empty dashboard.

melio pay vendors

One of the first things you must do is go to Settings and then the Payments and Billings section.

payments and billing - melio

Click Payment Methods, where you can manage all your linked accounts and add a new payment method. You can then customize your payment preferences and select your preferred payment method. Your dashboard is also where you can add vendors and customers, create invoices, and schedule and track payments.

Melio supports different payment options, accommodating almost every business need and preference. You can use it to pay merchants or get paid via:

  • Bank transfer (ACH
  • Debit card
  • Credit card
  • Check
  • Wire transfer

Accounting Software Integration

In the platform settings, you may want to link your accounting software to Melio.

link accounting software and sync and import

Doing so allows automatic financial data syncing between Melio and the accounting software, QuickBooks, Xero, or others. When you create invoices, they are recorded in the accounting software so you have updated and consistent financial records. The same applies to payments made through Melio, simplifying the process and guaranteeing all payments are documented automatically.

How Much Does Melio Cost?

Melio is free with no subscription cost. Here is an overview of the fees and prices you must be aware of:

  • Free standard payments via ACH bank transfer
  • $1.50 per check for a paper check
  • 1.5% (maximum of $50) for each instant payment made
  • $20 per transaction for international payments in US dollars
  • 2.9% processing fee for credit and debit card payments
  • International payments using Mastercard credit cards will carry a 2.9% fee on top of the $20 fixed fee.

User Experience and Reviews

Melio has a fairly good amount of satisfied and positive testimonials on many review sites:

GetApp: 4.2/5

get-app-reviews-of-melio-payments

TrustRadius: 3.9/5

melio review stars rating

Capterra: 4.2/5

reviews of melio from capterra

Trustpilot: 4.3/5

trust pilot reviews of melio

All in all, Melio has great reviews, mostly commending its customer service, bill pay with QuickBooks and convenience. The platform is easy to use and understand. Plus, you can talk to Melio’s support team via email, phone, or live chat. You can also speak to a dedicated account manager or read more about Melio through FAQs and the Knowledge Base.

Conclusion

Melio Payments is a comprehensive financial management platform for optimizing and simplifying tasks in managing and processing invoices and payments. It is a secure, user-friendly business solution with an intuitive interface and several useful features. With responsive customer support, multiple payment support, and integration with accounting software, Melio is certainly one of the top platforms for making financial management tasks easier.

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