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In this article:\nBest free receipt tracking apps, with features, pros, and cons\nAny business owner’s receipt pile can quickly grow out-of-hand and become overwhelming to manage. And it’s important to make sure you have a good handle on receipts for business expenses and keep them well organized to ensure a smooth tax season (whether you’re the one taking care of your own taxes or not). \nThis article will cover some fantastic free options to help you organize and keep track of your receipts along with the pros and cons of each app.\n7 best free apps to track your business receipts (review of features, pros, and cons)\nEach of the following apps are free, however, some of them have additional add-ons that you can purchase or even desktop/in-browser solutions that you can subscribe to. \nExpensify\n(Image)\n\nExpensify allows you to scan in receipts by snapping a quick photo, making it easy to keep track of personal and business expenses. Sort and categorize your receipts or even send have the app email them to the right person who handles your expenses. \nExpensify also has a card that you can sign up for that can be connected to your business bank account. Using this card will automatically place your business transactions into app for easy management. (The card is part of the Expensify subscription plan which is $4.99/month per user and does not come free with the app.)\nFeatures of the app include:\nUnlimited receipt scanning\nExpense management\nTravel booking through Concierge\nApproval workflows\nMileage tracking\nReceipt integrations (Uber, Lyft, and others)\nAccounting integrations (QuickBooks, Xero, NetSuite, and more)\nCustom reports\nPros of the Expensify app\nEasy to learn and use\nSet regular reminders\nSaves time and money\nCons of the Expensify app\nConcierge pops up to give tips now and then, this could be annoying to some users (but it could also be super helpful)\nEmails from Expensify are sometimes duplicated\nAutomated receipt processing doesn’t always work, so make sure you check the categories when uploading your receipts\nWave\n(Image)\n\nPreviously Wave had an app called Receipts by Wave, but it has been incorporated into this Wave Invoicing app that provides an all-in-one solution for your business, from sending mobile invoices to managing expenses. \nYou can easily connect your bank accounts to the app to manage your transactions, and it has a Guest Collaborator feature that allows you to share access with an accountant, staff member, or business partner. \nPlus, if you need to send customer invoices, this is a free solution that you can start with. \nOther features of Wave Invoicing include:\nUnlimited receipt scanning\nAccounting reports\nInvoice data backed up and securely stored in the cloud\nPros of Wave Invoicing app\nFree\nEasy to use and understand\nProfessional-looking invoices\nAllows creation of new categories\nCons of Wave Invoicing app\nLimited capabilities with reporting\nPredictive categorizations aren’t always right\nFreshBooks\n(Image)\n\nFull disclosure: This app is only free for the first 30 days and no credit card is required to start using it. After that time, you will need to subscribe to keep using it. But that gives you a good amount of time to decide if you like it. FreshBooks has pricing options starting at $4.50/month.\nFreshBooks is another all-in-one accounting software for small businesses. The FreshBooks app allows business owners to take their invoicing, expense tracking, and even time tracking on the go.  \nFeatures include:\nTrack expenses by taking photos of receipts\nProfessional invoices\nAccept online payments\nClient conversations \nTime tracking\nPros of FreshBooks app\nEasy to learn and use\nReliable invoicing\nGreat customer service\nCons of FreshBooks app\nFreshBooks has multiple apps out there, the classic version and this newer one, and they each have some different capabilities. This newer app doesn’t have some features of the classic app\nDivvy\n(Image)\n\nDivvy touts itself as the world’s first free, fully-automated spending and expense management software. It allows you to track business expenses with real-time budget insights to help you avoid going over budget. \nYour entire team can have access to the app to be able to make quick requests and approvals for budgets, and it allows the accounting team to see and record expenses in real-time. \nFeatures include:\nAutomatically record and submit expenses\nItemize spending data\nGlobal currency compatibility\nOnline card generator\nIntegrations with accounting software (QuickBooks, Xero, NetSuite, and more)\nPros of Divvy app\nIncorporate budgets for individuals and departments\nGreat customer support\nEasy to use and understand\nCons of Divvy app\nLimited capabilities with accounting software integrations\nShoeboxed\n(Image)\n\nIf you need something simple to just keep track of receipts and mileage, this could be just what you’re looking for. Take a picture of your receipt and let the app automatically pull all of your data like vendor, transaction amount, payment method, and date for you. \nFeatures include:\nUnlimited receipt scanning\nCategorize receipts\nCreate and send expense reports\nSoftware integrations (QuickBooks, Wave Accounting, Excel, Xero, and more)\nPros of Shoeboxed app\nEasy to use\nInvite multiple users\nSaves time and money\nCons of Shoeboxed app\nCan take a little time to load new receipts\nLimited functionality\nSmart Receipts\n(Image)\n\nSmart Receipts is another simple expense and mileage tracker. It also has fully customizable reporting capabilities so that you can easily keep track of your finances and/or send reports to accounting and business partners. \nFeatures include:\nUnlimited receipt scanning – take photos, import existing photos, import PDF receipts\nCategorize receipts – credit, edit and delete categories\nAutomatic exchange rate processing\nGenerate custom PDF, CSV, and ZIP reports\nAutomatic backups with Google Drive\nPros of Smart Receipts app\nEasy to use and understand\nSave time and money\nGreat for capturing receipts while traveling\nCons of Smart Receipts app\nLimited sorting/filtering capabilities\nAutofill data from receipts isn’t free (but this can be purchased)\nClear Scan\n(Image)\n\nThis app is for the people that still enjoy the DIY aspect of managing their receipts. It is simply a document scanning app. So you can take a photo to scan a document (or receipt) and then upload it to your file managing system–Google Drive, OneDrive, Dropbox, etc. \nIf you send everything over to an accountant, this could also be a good solution for you. Just take a photo from the app and send it over. Then you have it stored in one place, rather than having to look through the photos on your phone if you need to resend it. \nFeatures include:\nCreate folders and subfolders for categorizing\nExtracts text from images\nBackup and restore data\nConvert images to PDFs\nPros of Clear Scan app\nQuick and easy to use\nGreat scanning capabilities for a phone\nCons of Clear Scan app\nContains ads in the free version\nScans aren’t always perfectly clear\nThere you have it! Good luck, and have fun tracking your receipts.\nSources:\n
\nhttps://www.trustradius.com/products/expensify/reviews\n
\nhttps://www.trustradius.com/products/wave-accounting/reviews\n
\nhttps://www.trustradius.com/products/freshbooks/reviews\n
\nhttps://www.trustradius.com/products/divvy/reviews\n
\nhttps://reviews.financesonline.com/p/shoeboxed/\n
\nhttps://play.google.com/store/apps/details?id=wb.receipts&showAllReviews=true\n
\nhttps://play.google.com/store/apps/details?id=com.indymobileapp.document.scanner\n

7 best free receipt tracking apps (review, features, pros, and cons)

In this article:\nIs selling online right for your business?\nHow to start selling online\nUpdate your customers\nBest practices for selling online\nSetting up an online store can help maximize profits and customer reach. In this guide, we’ll walk you through some of the best e-commerce solutions for your business and what best practices you should be keeping as you get set up. \nIs selling online right for your business?\nYour business doesn’t have to be a retail store to benefit from selling online. Even service industry businesses can often reap the rewards of online sales. \nIf you don’t have physical products to sell, as a service business, you can still market and sell your services, and even schedule appointments online. \nThink about what your business can offer and sell online and consider whether the potential cashflow you’ll receive from it will outweigh the costs to get it started. \nHow to set up an e-commerce store\nSetting up an e-commerce store and selling online take a lot more than just uploading your products to a website. There are several aspects of online sales that you need to consider as you move into this sales venue. \nWhat will you be selling?\nAre you going to offer all of your products online? Or are there a specific few that are popular that you want to focus on?\nConsider what you can viably sell online and what items will bring you the most profits. It’s important to try to keep costs to a minimum so only sell items that are easy and quick to fulfill orders on or that bring in good profits. \nDropshipping or selling from your inventory\nYou’ll need to determine if you’ll keep your store stocked up (if you’re in retail) or if you’ll ship directly from your manufacturer. Some businesses may not have the option to do the latter, but it’s something to think about. \nIf you have a physical location, you may have a large enough inventory on-hand right now to start selling products that you have in-store, in which case you’ll need to determine how best to ship your products from your store (see below for more info). \nfemale business owner shipping and warehousing\n\nWith dropshipping, you can have products shipped directly from the manufacturer, so if this is an option for you, it might be a good one to take since it takes less people to fulfill the order. \nE-commerce website builders and platforms\nIf you’ve never sold online before, you’re going to need to find a platform that will allow you to do so. \nIf you have your own website that your customers regularly visit, then you might consider one of the following options which you can integrate into your current website:\nEcwid is a subscription-based ecommerce platform that can integrate seamlessly with most content management systems. You just set up your account and online store and have your web developer drop the code into your website. If you only have 10 products or less, you can use their free plan. \nShopify works similarly where you’ll need to create an account, upload your products, and then you can integrate them onto your website. Their lowest plan starts at $29/month for unlimited products. \nIf you don’t have a website or you prefer to sell through third-party platforms, you might look into Amazon or Etsy, depending on the type of items you sell. \nShipping and order fulfillment\nThe point of having an online store is to maximize profits and increase customer reach. Most of your orders will likely be shipped directly to your customer’s home or mailbox. You’ll need to determine how you will fulfill those orders. \nMany businesses offer free shipping to encourage customers to make more online purchases. If you choose this route, just make sure that you are still making a profit and that shipping costs aren’t going to pull you under. Raise the prices of your products to cover the cost of shipping if needed. \nChoose the shipping service that you will use to get your orders to your customers: USPS, FedEX, UPS. \nGo deeper: \nComplete guide to fulfilling and shipping orders for your online store\nTest your store to make sure everything works\nBefore launching your online store and advertising it, make sure everything works like it should so you aren’t missing orders.\nLearn more: \nHow to set up an eCommerce store for your small business\nInform your customers that you are selling online\nCustomer communication is critical, so make sure you inform them of any changes you make to your business—including selling online. \nCreate a bold call-to-action on the home page of your website that links to your online store or products. \nShare the news on your \nsocial media channels\n and \nonline business listings\n, and create \nonline advertising\n that targets new customers who are looking to shop online. \nBest practices for selling online\nKeep these best practices in mind as you are setting up your online store. They will help draw in more customers and convert more sales. \nOnline promotions\nCreate enticing promotions like BOGO deals and free shipping that encourage customers to spend more in one transaction. \nQuality photos\nTake appealing photos of your products. Spend a little time to make your photos look professional. Not sure you can do this on your own? There are likely plenty of local photographers looking for work right now that can help you. \nRead our helpful guides:\nDo-it-yourself photography guide for small business\nTop 3 ways to get (and use) professional quality photos for your business\nProduct names and descriptions\nCreate well-written product names and descriptions. Keep the names simple and descriptive of what the product actually is. Add any additional and essential details (color, size, weight, etc.) in the description of the product. \nAutomate as many processes as possible\nSuper-small businesses typically have limited time and resources, so it's important to find ways to be as efficient as possible. Your e-commerce platform should be able to do a lot of this for you, like automatically creating packing slips and determining sales tax. \nSet up online newsletters\nAs you are creating your e-commerce platform, add an online newsletter/email campaign to your website and social media platforms to allow customers to stay up to date on new deals and changes that your business may be facing right now. \nRead more: \nBest practices for small business email marketing\n

How to get your business started selling online

In this article:\nWhat is an alternative payment method?\nCommon types of alternative payment methods\nAdvantages to accepting APMs\nHow to get your business set up to accept alternative payments\n“Business” has at its core the process of buying and selling, or the exchange of goods and services for payment. Your small business isn’t going to be around very long if you give your products and services away for free, so you obviously need to get set up to accept payments.\nMost successful businesses (by far) are set up for \ncredit card processing\n. However, a growing number of consumers are looking for “alternative” payment methods to use, even when dealing with small, local businesses.\nLet’s look at some common alternative payment methods and why you should consider using one or more of them.\nWhat is an “alternative payment method”?\nDefinitions vary depending on context, but for our purposes here when discussing small businesses, an APM or alternative payment method is any method of transferring funds from consumer to business other than the usual payment by cash, credit/debit card, or check. \nSome popular APMs include prepaid cards, store cards, eWallets or digital wallets, mobile payments, money orders, bank transfers, and “buy now, pay later” instant financing programs. Some of the big names currently are APMs like Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Zelle, PayPal, Venmo, Square Cash, Alipay, Afterpay, and Affirm.\nPrepaid cards generally work like any other credit card, so for the business owner, you usually don’t have to get “set up” to accept this particular form of APM if you’re already able to accept credit or debit cards. \nAnd not many local businesses have the wherewithal to extend in-store lines of credit or “store cards” (anyone remember the old Sears card?). However, since many of today’s customers use mobile payment, digital wallets, or other payment services providers, you should consider discussing these types of payment with your merchant services provider or payment processor, or whoever helps you process digital payments or facilitates your POS (point of sale) hardware and software.\nAPMs came into being to reduce payment friction. Example: PayPal\nPayPal was the first widely accepted alternative payment method and gained popularity during the explosion of the Internet in the 1990s-2010s. PayPal was for a while the only practical way two non-commercial parties could pay each other online without getting a bank transfer involved, or sending a check, money order, or cash via the mail.\n(Image)\n\nPayPal got so popular on eBay (since it made the sending and receiving of funds between eBay buyer and seller so much simpler) that eBay bought PayPal for about 1.5 billion dollars in 2002, and the two companies grew together until eBay split PayPal off into a separate publicly traded company in 2015. PayPal is worth about $100 billion currently.\nPayPal payments can be sent online (via the website) or using the PayPal app, and funds can be drawn from a linked credit or debit card, or a linked bank account. PayPal has also issued its own credit card, just to confuse things further.\nVenmo (owned by PayPal) was intended to be a “social networking” app that allowed P2P (person to person) payments. They’ve (wisely) dialed back on pushing the social networking functionality over the years but Venmo has exploded in popularity because it’s very quick and easy to use, and is free for friends or acquaintances to connect their bank accounts to the Venmo app and pay each other, split a check, etc. \nHowever, there's still considerable "friction" for individuals or small businesses that want to accept payments via Venmo, since you have to have your buyers/payers sign up for accounts, download the app, and connect their bank accounts before they can make payments.\nWearables, “smart cards,” and other contactless payments\nWhile so-called “contactless” payments may certainly be considered “alternative” compared to the more traditional way of processing credit card payments, they may or may not fit into our definition of an APM, depending on how they are funded.\nContactless payments can be made via certain credit cards, debit cards, key fobs, smart cards, “wearables” (such as wristbands, watches, rings, etc.), or other devices including smartphones, that are capable of using radio-frequency identification (RFID) or near field communication (NFC). These cards and devices allow payments to be made without actually requiring any physical contact between customers or their devices/cards and your payment terminal or employee, and without forcing the customer to carry any other form of payment or ID.\ncustomer paying with a contactless payment wearable\nThis has obvious advantages in speed and convenience for both businesses and customers, and is particularly useful during a pandemic since there is no required physical contact between the device/card/wearable and the payment terminal, nor the exchange of any item between cashier and customer.\nSome well-known contactless examples include Apple Pay, Samsung Pay, Google Pay, and Fitbit Pay. Your bank’s mobile application may also support contactless payments, and you more than likely have a “smart card” in your wallet. These are simply standard credit cards with RFID chips embedded in them that allow near-field validation of your card at compatible payment terminals.\nWhy should local businesses consider accepting alternative payment methods?\nToday’s customers expect that businesses they like will move toward a more “omnichannel” business model for providing goods and services via multiple avenues, allowing for convenience and flexibility for their customers.\nThe same thing goes when it comes to payments. The more ways you have for customers to pay, the better it is for them—and thus the better it is for you.\nIf you suddenly had a lot of people coming to you wanting to pay with, say, gold bullion, you’d probably quickly learn all you could about gold bullion, determine how to accept it and value it correctly, and convert it into a form of currency you could use.\nIt’s the same thing with APMs. Cash is falling in popularity, particularly among younger consumers, who may also be skeptical of traditional credit cards (and don’t even think about asking them to pay with a check).\n\nModern customers expect multiple avenues to pay, even from small, local retailers, and some customers don’t even carry wallets, cards, or cash anymore. A smartphone or even a “wearable” can be enough for a postmodern consumer to carry out daily life and typical in-person purchases.\nWhat types of alternative payments should I consider accepting?\nFor the purposes of this article we are going to treat all “mobile payments,” app-based payments, online payments, digital wallets, and digital payments services as functionally identical. \nWhether customers’ funds are sourced from a linked bank account, a credit card, a PayPal balance, or stored digitally on the device in question is not really the main point where business owners are concerned.\nWhat you care about is how complicated is it to accept these payments, how much is the fee (if any), and how easy is it to get set up with your current POS system (if you have one). The best way to get a relevant answer to these questions is to discuss them with your specific payment processor, merchant service provider, or business advisor familiar with the payments process. Or check out \nSolo.co\n and learn why it's perfect for small businesses, solopreneurs, freelancers, contractors, gig workers, and more!\nGenerally the fee (when a fee is charged) is similar to what your processor would charge you to accept a traditional credit card payment (perhaps around 3%) but in some cases it can vary, and it may be lower, which is another reason you might consider APMs.\nZelle is free for consumers and person-to-person transfers, but your bank may charge you a fee depending on several variables. Your business account will also need to be with a bank that offers Zelle if you wish to accept that type of payment.\nKnow your customers and tailor your APMs to them\nAnother thing to consider is your customer base. In some places and for some businesses it may make sense to go through the process to accept, say, Fitbit pay, and in other places it may not, due to lack of customer adoption. Talk to your customers and fellow business owners and see what people are using and what they want to be able to use.\nAlipay is a good example as well. Alipay is an online and mobile payments system that is huge in China and growing in popularity in the US, particularly where there are large Chinese populations or in locations where Chinese tourists frequently visit. \nIf this describes your business, you may want to get set up to accept Alipay, because it can greatly reduce friction for payments where communication is a problem and cross-border payments can be complicated. If you never deal with any customers wanting or expecting to be able to pay using Alipay (or WhatsApp pay or whatever else), it may not make sense for your business.\nDepending on what kind of store you run, you might consider partnering with an instant consumer financing company like Affirm or Afterpay that allows customers to get their purchases immediately (after a short approval process) and pay over time, sometimes without any fees. \nGenerally the merchant (you) get your full amount up front (minus the financing company’s fee), and the 3rd-party financing company handles any installments, fee collection, and the repayment process from there. This type of purchase is exploding in popularity and it might make sense for you.\nHow do I get set up to accept alternative payment methods?\nChances are, you already have the capability to accept one or more APMs. Many POS systems (depending on the processor) already come with the capability to accept mobile- or app-based payments.\nYou may need to upgrade your POS hardware if you don’t have the capability to accept “contactless” payments made with RFID/NFC enabled cards, phones, and devices, but since more and more customers are moving toward this type of low-contact payment, it may be worth it to you. \nBartering, trading, discounting\nWhile not technically part of the strict definition of “Alternative Payment Methods,” bartering or trading for goods or services is pretty much the O.G. of the payments world, and in some business models this “alternative” can still make sense, depending on the attitude and willingness of the parties involved.\nA dairy farmer might trade fresh milk to a local piano teacher in exchange for weekly lessons. A baker might barter a couple of dozen hot donuts for a local printer to make up some business cards. A tax preparing firm might offer free analysis and tax return preparation to all members of a local chamber in exchange for waiving annual dues. These are just a few examples of how this might work.\nOf course, be sure to comply with all regulations related to your industry and adhere to proper tax laws.\nSolo can help you accept APMs\nSolo is the easy way for small businesses, solopreneurs, freelancers, and sole proprietors to pay and get paid. Buyers can pay you using cards or APMs like Apple Pay or Google Pay, and they don't have to sign up for an account to pay you! Check out \nSolo.co\n and learn why it might be perfect for you.

What are alternative payment methods and why should your business consider them?

In this article:\nWhat is an independent contractor agreement?\nWhat is the purpose of an independent contractor agreement?\nDo you need an independent contractor agreement, and w\nhat should be included?\nCan you negotiate the terms of an agreement?\nHow often should an independent contractor agreement be renewed?\nWhere can I find a sample independent contractor agreement?\nFree independent contractor agreement template\nBecoming an independent contractor can be a liberating thing. It allows you the chance to work for yourself, set your own schedules, and spend more time doing the kind of work that you really enjoy. As the gig economy thrives and more people try their hand at \nfreelance or independent contractor\n work, businesses across the country are hiring independent contractors to help supplement areas where they don’t have full-time employees. \nAs an independent contractor, you may be asked to sign an independent contractor agreement by a company that hires you. You may even want to request that each of your clients signs an agreement with you. Throughout this article we’ll discuss the importance of independent contractor agreements, whether or not you need one, and how to get started.  \nWhat is an independent contractor agreement?\nAn independent contractor agreement, also known as a 1099 agreement, is a written agreement between an independent contractor and a client. It generally outlines the terms of the tasks that you’ll perform, including rates, duration of time, and basically the scope of the work that you’ll be doing throughout your time working for your client.\nWhat is the purpose of an independent contractor agreement?\nThe purpose of the agreement is often to have a legal backing for any terms of work that you and your client have agreed upon. This written agreement can help clear confusion over worker classification, your payment terms, taxes, how to resolve disputes, and more. It sets the ground rules for your work with your client. \nIndependent contractor agreements are generally requested by a company that you may work for. This is often to help them cover their responsibilities for taxes and benefits, to protect their intellectual property, and to set other guidelines they feel are necessary for the security of their company. \nAs an independent contractor, you may want to have an agreement ready for your clients that don’t require one—for your own protection. Setting terms in a written agreement holds your clients accountable to those terms and gives you some legal protection if they don’t hold up their end of the deal. \nWho can use a freelancer, gig-worker or contractor agreement?\nAn independent contractor agreement can be used by any contractor, freelancer, consultant, or other type of independent contractor who wants to have a written agreement with their clients. On the other side of that, any company wishing to hire an independent contractor may outline an agreement that must be signed before starting their services. \nDo you need an independent contractor agreement?\nIt is not a legal requirement in most places for independent contractors to have an independent contractor agreement. That being said, it is smart to have some form of written proof of the terms of your work with any of your clients. \nEven if you don’t require your clients to fill out an agreement with you, you may have clients who require you to fill out an agreement to work for them. \nNot having a written agreement can open up grounds for misunderstanding (whether innocent or intentional), and it can save you a lot of time, money, and stress just to have your work outlined in an agreement from the beginning. \nWhat should be included in an independent contractor agreement?\nYour independent contractor agreement may vary from client to client (in fact it probably should if the scope of work varies between each client or project). Whether you are signing an agreement prepared by a client or creating your own agreement, these are some terms that you should include and/or be prepared to sign off on:\nA description of the independent contractor and the client, including legal names, addresses, contact information, and the relationship between the client and contractor (it’s important to state the fact that this will be independent contractor work so that your employment status is properly classified)\nA description of the work that you will be performing—this could be a list of services that you will provide\nThe terms of payment, including your rates (whether hourly, by project, or other terms that apply to your field) and when and how you will be paid\nAn explanation of who will be responsible for expenses (independent contractors generally cover their own expenses, but depending on the project, you may get resources from your client as well)\nA statement that indicates you have all necessary permits, certifications, or licenses to perform the work for which you are being hired\nA statement that you will be responsible for your own state and federal income taxes\nAcknowledgement that as an independent contractor you are not entitled to benefits that your client offers their full-time employees\nA statement that you have liability insurance (if applicable)\nA description of the duration of the agreement (if applicable)\nA description of the circumstances under which the agreement can be terminated\nAn explanation of how disputes will be resolved (mediation, etc.)\nSome agreements may be much more in-depth than this and others may be much simpler depending on the work you are doing and the client it is for. \nHow do you start or request a contractor agreement?\nWhen you are in the interviewing process, applying for a project, or about to start work for a client, you should discuss an independent contractor agreement. This is something that should be completed before you begin the job. \nIf your client hasn’t brought up any kind of agreement of your work for them, then you should ask them about it. Make sure that when you discuss the terms of your work, you get everything approved in a written format. Even having an email agreement is better than just having verbal communication, and can be helpful in the case of a misunderstanding or dispute. \nIf you have a written agreement prepared, send that over to your client to review before agreeing to begin work for them. Likewise, if they send you an agreement, review it and make sure you are comfortable with the terms before signing anything. \nCan you negotiate the terms?\nYou can absolutely negotiate your independent contractor agreement with your client. It’s important to note that some clients, especially larger companies with corporate rules, may not be willing to negotiate or change their terms, though. \nBut you are your own advocate in the job game when you start working for yourself as a contracted hire. Set the terms that you are willing to work for and negotiate your agreements until they are in a place that you are comfortable with. In some cases, it might even mean that you give up some work because you aren’t satisfied with the terms of the agreement. Just know what you are willing to work for and be ready to set those terms with your clients.  \nHow often should an agreement be renewed?\nAn independent contractor agreement can last for a long time, if the terms are set for a longer duration. But even when you are in an agreement for a longer period of time, it can be good to review and renew it periodically. Cases when you might want to renew or change the agreement include:\nWhen your or your client’s information has changed (business name or address)\nWhen you’ve made a change to the scope of work, like adding new services or deliverables that weren’t previously discussed in your agreement\nWhen your terms of payment have changed, like if you’ve updated your rates to stay competitive or changed the method of payment you are receiving\nFree independent contractor agreement template\nAre you ready to get your own independent contractor agreement in place for your next client? There are tons of free templates and sample agreements out there that you can use so you don’t have to reinvent the wheel.\nCheck out these sample independent contractor agreements from eForms:\nSimple Independent Contractor Agreement\nComprehensive Independent Contractor Agreement\n \nFor more in-depth agreement templates by state, profession, or type, visit \neforms.com\n. 

Do you need an independent contractor agreement? (includes free sample template)

For ordinary consumers, paying bills with a credit card can be a great way to rack up rewards points, build credit, and get more flexibility with payments. But can businesses get similar benefits by paying their expenses, vendors, and suppliers with a credit card?\nThe answer is yes, but with some caveats. The first is that not all vendors and suppliers (or mortgage companies, utility companies, internet providers, etc.) even \naccept\n credit cards. Roughly half of American businesses still need to pay at least 50% of their bills using paper checks. (More on this later.)\nAnother “gotcha” with using your business credit card to pay expenses and bills is that you have to be very careful to pay it off on time each month, otherwise you end up paying significantly more for your expenses, due to credit card interest charges (or heaven forbid, late payment fees).\nAlso, though using a credit card to pay business bills can help \nimprove cash flow\n, you have to resist the temptation to pay bills with a credit card if you don’t have the cash to pay the bill—or won’t have by the time the credit card statement is due. Never use a credit card to pay a bill if you don’t know how you’re going to come up with the money.\nBenefits of using a credit card to pay business expenses\nNow let’s go over some of the benefits of using a credit card to pay your business bills and expenses.\nMiles, rewards, perks, cashback, discounts\nNearly all credit cards offer special member advantages and perks, and for small business owners this can be a huge asset. \nBusiness owners who rack up lots of points or airline miles using one of these cards can pay for a significant portion or even all of their business travel expenses, get discounts for business expos, enjoy free concierge service, get free car rental insurance and discounts, and much, much more.\nSome small business owners use their cashback bonuses to buy equipment, pay for employee team-building events, or even pay utilities. The uses for rewards points/cashback bonuses are almost limitless, and the more you spend, the more rewards you earn.\n\nPaying by card saves time and can improve cash flow\nMailing a check can take quite a few days—or even weeks—process the payment. When you pay your expenses, vendors, and suppliers using a credit card, you speed up the process and free up cash for other business expenses.\nNow, please note: “free up cash” does not mean you can simply put those bills on a credit card and then forget about them. You obviously need to pay them off. \nHowever, You get a grace period, or effectively a 0% interest loan, when you use a credit card… as long as you keep paying off your balance on time every month. Since you haven’t spend that cash or sent it out as a check, you can use it to run your business or whatever else you need until your credit card statement comes due.\nRegularly using your card improves your business credit\nYour business has a credit score (from 1 to 100) just like you as a consumer do. The better your business credit is, the lower your rates for business loans, financing on essential equipment, etc.\nIf your credit card company finds you regularly pay your credit card statement on time and use much of your available credit, you can typically ask them to increase the credit limit available to your business which can further improve your business credit rating (and allow you more flexibility and more purchasing power).\nAgain, you need to make very sure you’re paying your card balance off on time to keep these benefits coming.\nPutting all your bills on one card simplifies bookkeeping \nWhen you have to keep track of expenses and bills for your business in addition to running your business, simpler is better. If you can move all of your monthly business expenses, rent, utilities, supplier payments, etc. to a single card, it’s much easier to keep track of.\nSolo makes it easy to pay and get paid\nSolo is not a bank, but is a financial super-app for small businesses, freelancers, sole proprietors, contractors, and more. Solo is the easy way to pay and get paid. Your customers don't have to sign up to pay you, and can use several payment methods, including Apple Pay, Google Pay, and cards. QR codes make it easy to get paid, and you can easily cash out your Solo account balance for free, or spend it using your Solo Cash Card anywhere Visa is accepted. Learn more at \nSolo.co\n.

Is it smart to pay business bills using a credit card?

In this article:\nThe absolute least expensive way to accept credit cards\nWays to cut down credit card processing costs\nCheapest processing options for small business\nA big reason that many small business owners don’t accept credit card payments is because of the fees that are assessed as their customers make purchases. These fees can add up fast, but not having a credit card payment option can be a huge disadvantage to any business. \nToday’s customers expect even roadside carts and truly small businesses to accept credit cards, and the fees associated with that method of payment shouldn’t be enough to keep you from getting started. \nWe’ll talk about some of the cheapest options for credit card processing so you can find a good fit for your business. \nWays to cut down costs of credit card processing \nFirst, we have a few tips to help you reduce the cost of credit card processing. \nAvoid multi-year contracts\nWhether you opt for a third-party payment processor or not, try to avoid committing to any lengthy contracts. If possible, choose an option that either doesn’t require you to sign a contract, or sign for a year at a time. You may wish to switch services down the line as your business grows, and multi-year contracts often have heavy termination fees. \nHowever, be aware that you will most likely get the lowest rates if you opt for a traditional processor who offers “interchange plus” pricing. And if you want the absolute lowest-cost processing, you will likely need to sign a contract with a traditional processor. Plus, longer contracts can often result in lower overall costs because it’s beneficial for your processor to serve your business for as long as possible.\nWatch out for added fees for services you may not need\nBeyond heavy termination fees, there may be other fees included in your monthly invoices. As you are getting quotes from various service providers, ask for samples of itemized invoices so you can see the different charges that they assess. \nSome processors include potentially helpful add-on services by default (for an additional fee), and will automatically bill you for these services unless you specifically opt out before you sign a contract.\nThese services may be very useful for your business, so make sure you understand how these value-added services can benefit your business before you ask your processor to omit the services and any associated fees.\nAsk your processor or merchant level sales agent for discounts and other price breaks\nWhen it comes to credit card transaction fees, there are two main approaches: interchange plus and flat rate. Every credit card network (VISA, Mastercard, AMEX) charges an interchange fee that your service provider pays for each transaction. Because of this, most providers have some kind of markup on that cost so they get their cut. \nTraditional processors typically use “interchange plus” pricing, charging the current interchange rate plus their markup. Interchange rates are subject to change so you might not always be paying the same fees on transactions. \nHowever, the interchange rate is usually the smallest percentage of the fees you’ll likely be paying when you accept credit cards, so your final costs will likely not vary that much, even if you go with interchange plus pricing.\nIt’s in the processor’s markup and additional fees and services where you can negotiate a little wiggle room with your processor or merchant level sales agent. They obviously need to make a profit, but they also want to keep your business, and if you develop a trusting relationship with them you can often ask for preferred rates or get add-on services at lower costs, or even get “value added” services for free.\n\nA note on third-party payments facilitators or “aggregators” \nThird-party payment facilitators (i.e., Square/Block, Stripe, etc.) are potentially very straightforward to get small businesses set up and processing. Providers like the new third-party payments facilitators that use “flat rate” pricing charge a flat rate regardless of the fluctuation of the interchange fee. This can be somewhat helpful because you always know what you will be paying and won’t have to anticipate changes in costs as the interchange rate fluctuates. \nHowever, be aware that flat rate processing is nearly always more expensive than traditional interchange plus pricing, so make sure to weigh the costs against the needs of your business. Generally, a traditional processor can save you about 20% in processing fees compared to a third-party payments provider charging you a flat rate. \nRates and fees vary though, so be sure to check out all your options.\nWhat is the absolute cheapest credit card processing option?\nAs discussed above, if you want the absolute cheapest way to accept credit cards, you’ll probably want to sign up with a reliable credit card processor and negotiate a good “interchange plus” processing fee structure rather than using one of the new “aggregators” that uses flat-rate pricing.\nThird party payments facilitators currently charge between about 2.4% on the low end (if you meet certain requirements) to about 3% or more on the high end, plus an additional .$10-$.15 fee per transaction, to process credit cards. This may not sound like a lot, but for small businesses that sell a lot of low-dollar items, or those with very small profit margins like restaurants, these flat rate fees can make it actually unprofitable to accept credit cards in some cases. The ease of entry and convenience of use may make it worth it, though.\nIt does take more time to get set up to accept payments with a traditional processor. But your processor’s local merchant level sales (MLS) agent can be a very useful business advisor, particularly about new technology and offerings in the payments world. Not many small business owners have the time to keep abreast of all the latest technology and payments innovations, and your MLS agent is very interested in keeping you as a client.\nSo, you can typically get lower rates from a traditional processor, but you'll definitely want to shop around. 

41 articles found in “Running your business”

7 best free receipt tracking apps (review, features, pros, and cons)

How to get your business started selling online

What are alternative payment methods and why should your business consider them?

Do you need an independent contractor agreement? (includes free sample template)

Is it smart to pay business bills using a credit card?

What’s the cheapest way to accept credit cards?

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