June 2022 – Management Library

June 30, 2022March 21, 2023

Freshdesk Contact Center Review: VoIP Software for Small Businesses

Freshdesk Contact Center (formerly Freshcaller) offers a new channel for telephonic communication called VoIP (Voice Over Internet Protocol). You’ll see in this Freshcaller review that it’s a helpful tool for businesses looking to scale and establish a local presence. It also allows you to manage all calls from anywhere with a mobile device or computer.

Screenshot of freshdesk contact center website page — *Source: Freshworks.com*

Our Verdict

Freshdesk Contact Center

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For business owners who want to set up a call center but find it an overwhelming process, they might want to consider the Freshdesk Call Center. This VoIP solution is tailored to streamline the whole process.

Freshdesk offers many features that make managing a remote and large team of agents easy. First of all, the system is user-friendly and intuitive, so both you, your managers, and your agents won’t get caught up in configuration or learning how the system works–it requires no zero phone hardware, coding, downloads, or costs, and you’ll find that this VoIP service is much more intuitive than competing VoIP platforms.

The platform also provides built-in reports that convert phone metrics and team performance into data sets that can be used for your analysis. According to our research, the Freshdesk Call Center VoIP solution offers the best balance between affordability and available features.

Free plan available
Customizable and in-depth reports
Easy to set up and run
Wide set of features

Focused on call center operations
Expensive per-minute calls
Not recommended for organizations dealing with highly sensitive data

Freshdesk Contact Center at a Glance

When your business hours starts to grow, you might realize that you’ll need customer support. But the good news is that voice-over-internet-protocol (VoIP) services such as Freshdesk Contact Center give you the option to set up an easy and scalable customer support operation with multiple agencies represented by one single number.

Freshdesk Contact Center is a VoIP phone number provider that offers local, international, toll-free, and vanity phone numbers across 90+ countries.

The agents can make and receive calls through both mobile and computer devices, and traditional online telephone support system features such as caller ID, call forwarding, and conference calls. But Freshdesk features make VoIP the ideal solution for modern enterprises wanting to leverage their call center software system like automatic call routing, voicemail, call recording, CRM, helpdesk, or other third-party integrations. It also allows the managers to monitor their team performance through customized reports with information like metrics and activity.

An illustration of a man using Freshdesk contact center on his mobile phone — *Source: Freshworks*

Freshdesk Contact Center’s live dashboard allows you to monitor all call your agents are doing and you can even engage and join a specific call. Also, the AI bot streamlines your team’s work by offering features like round-the-clock automatic response to callers, queued call-backs, and holiday settings.

In case you already have a business phone number provided by an external carrier but you want to upgrade your call center capabilities, you don’t need to switch your current number. Freshcaller offers the BYOC (Bring Your Own Carrier) option which you can port your existing phone number to VoIP, so you can continue using the same phone number while availing the benefits of VoIP.

Who Freshdesk Contact Center VoIP Solution is Best For

Freshdesk Contact Center VoIP tool is an excellent solution for businesses that are scaling but are on a tight budget. The company offers a free plan and a 21-day free trial. If after the trial you want to continue, plan tiers are very affordable.

Pricing

The free plan best suits small teams with low call volume and basic call management needs. As the business needs go up, so does the pricing. See the pricing chart below.

Price

Free

Starts at $18 per agent per month

Starts at $47 per agent per month

Starts at $83 per agent per month

Buy Local Numbers

Buy Toll-free Numbers

Call Metrics & Notes

Basic Call Queues

Inbound Caller ID

Wait Queues

Call Recording

Call Monitoring

Holiday Routing

IVR (Phone Trees)

Smart Escalation

Omnichannel Routing

Freshdesk Contact Center VoIP Features

Freshdesk Contact Center offers a variety of features that works well for any size and type of business. We’ve listed the main ones in this Freshcaller Review.

Smart Escalation

Screenshot of Freshdesk contact center wait queue settings page — *Source: Freshworks.com*

Available only at Pro and Enterprise plans, the Smart Escalation feature proactively plans to handle all your customer service team allowing calls with fallback rules. This functionality aims to reduce the operational burden from the calls that your technical support team can’t attend to immediately, so it will automatically direct these calls to voicemails, wait queues, nested call queues, and callbacks wherever suitable.

Call Metrics

You can view your team’s call metrics by storing call logs, checking and analyzing call lifetime metrics, and keeping a tab of all billing-related information for every call made or taken. Functionality is available in all plans, including the free package.

Reports

Screenshot of Freshcaller call analytics page — *Source: Freshworks.com*

You can collect and use all the data available in your favor with the reporting analytics tool. From call trends, volume trends, and the number of call transfers, hold time, and average talk–you can use any of these reports to evaluate your team’s performance and spot trends in calls either hourly, daily, weekly, and monthly basis.

After Call Work

Screenshot of Freshcaller call metrics and call details page — *Source: Freshworks.com*

After Call Work is defined as the process of wrapping up the current call before being available for the next call. It can include logging notes about the call, emailing prospects on critical points discussed, and updating comments on the CRM. You can increase your team’s productivity, understand each agent’s time spent on ACW, and gain insights into the average ACW time through the comprehensive call summary report.

Alternatives to Freshdesk Contact Center VoIP

Choosing the right VoIP platform for your business doesn’t have to be complicated. If you wish to know what else is out there besides what you’ve learned about in this Freshcaller review, we’ve listed the best VoIP providers for businesses.

RingCentral

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RingCentral offers very similar services and sets of features, such as voicemail, toll-free numbers with minutes, and call recording. The solution also allows users to structure automated prompts for callers, and make use of several collaborative tools to boot.

Pricing tiers start at $19.99 per month and it’s a great option for international companies as it provides international phone numbers to over 100+ countries, while Freshdesk Contact Center supports over 90.

International presence in more than 100 countries
Toll-free numbers available
Collaborative tools to bots

No free trial
No free plan
Not as user-friendly as Freshdesk Contact Center

8×8

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8×8 Review

8×8 brings together voice, video, and messaging to call center. Get multiple call flows depending on the origin of the call, and set up HD video conferencing for up to 100 guests (and expand to 500 participants at higher-level plans). The software also offers to record and transcribing capabilities for future reference. 8×8 is the best choice for companies looking for the best video conferencing solution – which might not be the case for most small enterprises.

However, the downside of 8×8 is that it’s not as easy to identify and block spam calls as the other best VoIP providers for businesses can. Also, for companies looking to expand internationally, you might choose other options such as Freshdesk or RingCentral – 8×8 makes international phone calls available for 48 countries.

Pricing ranges from $15 to $133.

HD video conferences
Video call record and transcribe

Voice calling for up to 48 countries
Limited protection from spam calls

Dialpad

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Dialpad’s most significant feature is its work with AI. With a business and sales approach, business owners may use the Dialpad solution to run their call center and scale sales and revenue by using virtual assistants–which can transcribe voicemail and video calls to text and let you know the tone of the message. Freshworks also offers call recording but only on paid plans. Pricing starts at $15 per month.

The solution offers unlimited calls, SMS, and group messaging for all plans and a 14-day free trial. The downside of Dialpad is that it charges a $15 add-on fee for video conferencing for more than 10 meeting participants

Free 14-day trial
Call recording and voicemail transcription available at all plans
Unlimited calls, SMS, and group messaging

The Standard plan limits your service to one physical location
$15 extra for video conference with 10+ participants

Frequently Asked Questions (FAQs) for Freshcaller Review

In this section, we’ve listed the most frequently asked questions about Freshdesk Contact Center VoIP.

What is Freshdesk Contact Center (Formerly Freshcaller)’s best feature?

Freshdesk Contact Center offers a comprehensive set of features, but we’ve considered the Smart Contact Center Reporting the most functional and essential feature, as it lets you have a complete view of performance – from the agents to call volume and outcomes.

Is Freshdesk really free?

Freshdesk offers a forever-free plan recommended to small teams with low call volume and basic call customer management system needs.

What are the benefits of using Freshdesk Contact Center?

Freshdesk Contact Center offers many benefits to its users, such as a 21-day free trial, a free plan, an easy and user-friendly platform, customizable and detailed reports, a feature-rich customer service platform, and mobile apps for iOS and Android devices.

Bottom Line on Freshcaller Review

Setting up a call center doesn’t have to be daunting. Many customers highly appreciate high-quality and efficient customer support phone number, and at times, it can be a decision-making factor when choosing between two products or services in an effortless and affordable manner. In other words, if your company doesn’t offer an appropriate center solution, they might look for your competitors.

June 29, 2022November 23, 2022

What Are Inflationary & Deflationary Cryptocurrencies?

Graphical representation of inflationary and deflationary cryptocurrency

Inflationary and deflationary cryptocurrencies are opposite sides of the same coin. The first one consists of increasing cryptocurrencies in circulation, while deflationary cryptocurrencies have a limited amount circulating (this amount usually remains the same, it doesn’t increase). Or, if they eventually do, it rises at a slower pace.

What is a Deflationary Cryptocurrency?

A deflationary cryptocurrency is a cryptocurrency that reduces supply over time, resulting in a limited amount of the currency in circulation and ultimately increasing its value. This reduction of supply happens in two ways. One is through buyback-and-burn, in which developers repurchase a large number of cryptocurrencies and send them to a dead wallet (or in crypto slang, “burns” them) so that it’s no longer in circulation.

The second way is through transaction fees–also called burn-on transactions. The coin’s contract states that the tax applied to all on-chain transactions that involve that coin will be burned and removed from circulation.

However, to better understand deflationary cryptocurrencies, you should first understand more about the concept of inflation and deflation.

Inflation vs Deflation: What Are the Differences?

Piles of coins rising in quantity with a crypto-themed background — **Source:** Freepik

If you Google “inflation and deflation,” you will find that inflation increases the price of goods and services and that deflation is the opposite phenomenon, where prices for goods and services go down.

But why do these phenomena occur? After all, prices can go up or down for various reasons, being the laws of supply and demand one of them.

Well, when there is an increasing amount of money in circulation, the value of this currency drops. As part of the logic of the market economy, everything abundant and easier to access tends to devalue over time. As a result, consumers will need more units of the same currency to trade for a specific good or service. This phenomenon is called inflation.

When the supply of money and credit drops, the price of goods and services declines, and the amount of money in circulation remains the same, it is called deflation.

With global inflation on the rise–mostly associated with the Covid-19 pandemic–deflationary cryptocurrencies are now in the spotlight as a way to dodge inflation.

What is an Inflationary Cryptocurrency?

In an inflationary system, the total amount of money circulating in the economy increases continuously. Thus, the value reflected in currency declines, and capital loses value. In crypto, the same phenomenon occurs–as cryptos are simply a digital currency. An inflationary cryptocurrency is when the number of tokens in circulation rises.

One example of an inflationary cryptocurrency is Dogecoin. In 2014, one of its creators abolished a hard cap of 100 billion to ensure the cryptocurrency had an unlimited supply. Over time, its value has gone through severe fluctuations. If you go back to May 7, 2021, you might recall that the altcoin with the iconic Shiba Inu dog logo spiked, reaching its all-time high of $0.64. A few days later, the token was worth $0.30. Today, the current price is near $0.10.

Moving away from the meme altcoin, here is another–quite surprising–example of a token that was once purely an inflationary cryptocurrency: Ether, from the Ethereum network. However, as of August 2021, an update mandated to burn some ethers whenever the network activity rises to make the cryptocurrency deflationary.

Most Popular Deflationary & Fastest Growing Cryptocurrencies in 2023

Before we talk about the most popular deflationary cryptocurrencies, let’s explain the system around the leading crypto of all: Bitcoin.

If you are a crypto enthusiast, you already know that Bitcoin–the pioneer of all cryptocurrencies–has a hard cap of 21 million units. This number is forecast to be reached sometime in 2140.

Until then, Bitcoin uses a process called “halving,” where it cuts the number of Bitcoins that can be mined and put into circulation every four years. In 2016, the mining reward was 12.50 bitcoins. It dropped to 6.25 in 2020 and will drop to 3.125 by 2024. After 64 halvings, all 21 million Bitcoin will be in circulation. This will make Bitcoin a scarce asset, and if demand continues to rise, its value will likely spike.

So, is Bitcoin inflationary or deflationary?

Bitcoin on a bluish background — **Source:** Freepik

Bitcoin is technically inflationary because its supply increases over time. However, the halving process automatically reduces the supply of Bitcoins by 50% every four years, which makes Bitcoin resistant to inflation – a regular process for deflationary cryptocurrencies. It means that Bitcoin, one of the fastest growing cryptocurrencies, is both inflationary and deflationary.

Besides Bitcoin, here are a few examples of the most popular deflationary cryptocurrencies in 2023.

Binance Coin (BNB)

In the beginning of the article we mentioned that some deflationary cryptocurrencies use the Buyback-and-Burn approach to reduce supply.

One of the world’s leading crypto exchanges, Binance, uses this procedure to reduce the amount of Binance Coins (BNB). Binance repurchases BNBs from investors who profited more than 20% in the previous quarter and sends them to a dead address, out of circulation. As of January 2022, the total supply of Binance Coins is a bit over 166 million.

Cronos (CRO)

Cronos (CRO) is the native token on another leading cryptocurrency platform, Crypto.com. This non-minable cryptocurrency has a limited supply of 30 billion tokens in circulation.

PancakeSwap (CAKE)

The native token of the PancakeSwap platform, CAKE, has no maximum supply – which would make it an inflationary token. However, CAKE uses a coin burn mechanism, making it deflationary.

Litecoin (LTC)

Like Bitcoin, Litecoin (LTC) also goes through a halving process every four years. However, Litecoin supply has a hard cap of 84 million units.

Solana (SOL)

Like CAKE, Solana (SOL) is both inflationary and deflationary. Having no cap on supply and distribution makes Solana an inflationary token. Also, Solana’s miners burn transaction fees, making it deflationary.

Ripple (XRP)

Ripple (XRP) is the default currency of the RippleNet platform that charges transaction fees to reduce supply. These fees don’t return to the central authority nor are used to reward validators, but are burned – thus making XRP a deflationary cryptocurrency.

Polygon (MATIC)

MATIC is a native token to the Polygon blockchain technology. Its two purposes are to pay translation fees and participate in the Proof-of-Stake (PoS) consensus program. A percentage of each block’s transaction fees is burned to provide support for the MATIC crypto’s value.

Bitcoin Cash (BCH)

Like Bitcoin, Bitcoin Cash (BCH) has a capped supply of 21 million units. And, like BTC, it also uses a halving process that reduces the mining rate by 50% every four years. In addition, Bitcoin Cash also burns coins: Antpool, a crypto mining pool that validates 10% of BHC transactions, burned 12% of the block reward received in 2018. As a result, the price went up.

How to Trade Crypto

You can make a crypto trade by exchanging one crypto for another (such as Bitcoin to Ethereum) or buying or selling crypto using fiat currency (like US dollar to Bitcoin). The process, however, isn’t difficult, as it just involves a few steps until you can buy or sell the cryptocurrency of your choice.

Similar to stocks and other financial markets, trading cryptocurrency can be daunting and complex, so before starting off, you should understand how blockchain technology and the market involved in trading crypto works. If you’re ready to venture into crypto trading, there are six steps to follow and we’ve detailed them in this complete guide on how to trade crypto..

Pros & Cons of Cryptocurrency

Cryptocurrencies are highly volatile, so it’s very common to see Bitcoin prices fluctuate over 10% in a single day. This is a great opportunity for high-risk profiles to make a profit quicker with crypto trading.

But is crypto worth investing? Or is it something for you? If you can handle volatility and are okay with the risk of loss (in case you can’t access your crypto wallet or private key) and security, cryptocurrencies have high return potential (oftentimes higher than the stock market), it gives users anonymity, and it’s very accessible and versatile–it only takes a few minutes to trade and transfer Bitcoin or any other crypto.

Frequently Asked Questions (FAQs) for Deflationary Cryptocurrencies

We’ve wrapped up some of the most frequently asked questions about inflationary and deflationary cryptocurrencies.

Which cryptocurrencies are deflationary?

Deflationary cryptocurrencies are those in which the supply deflates over time. It means that its value increases, so long as the demand remains consistent. Binance Coin (BNB), Cronos (CRO), and Ripple (XRP) are a few examples of deflationary cryptocurrencies.

Is deflationary good for crypto?

Deflationary cryptocurrencies are more likely to increase value over time, as their limited and decreasing supply reduces the digital assets’ circulation and makes them scarce. It is important to note, however, that a deflationary protocol isn’t the sole aspect that can raise a cryptocurrency’s value. Demand is also an important element in this equation: if there is no demand, then the value decreases.

Can crypto cause deflation?

Cryptocurrencies can cause deflation, reducing their supply over time, as their demand remains consistent. As the number of tokens in circulation is lower, it becomes less available, raising their value. However, this phenomenon can only occur if there is a high demand – in other words, if people are actually buying the currency in question.

What does deflationary mean in crypto?

A deflationary cryptocurrency reduces its supply over time. This element implies that users will carry out actions to reduce the currency’s supply on the blockchain. A common way to achieve this end is burning tokens.

Is Bitcoin an inflationary or deflationary currency?

Bitcoin is both an inflationary and deflationary currency. The number of tokens increases over time; Bitcoin is technically inflationary. However, BTC has a cap of 21 million units and uses the halving process, which means the number of mined Bitcoins is cut in half every four years to curb its demand. By 2140, all Bitcoins will have been mined, and therefore, there won’t be any more new tokens in circulation–this will turn BTC into a deflationary cryptocurrency.

Why invest in deflationary cryptocurrencies?

The main reason to invest in a deflationary cryptocurrency is to protect your money from inflation. Because deflationary cryptocurrencies are designed to hold value over time, due to their limited or decreasing supply, their value will likely rise and demand will remain consistent.

Bottom Line on Deflationary Cryptocurrencies

In short, deflationary cryptocurrencies are digital assets with limited or decreasing supply over time. In other words, the number of units – or tokens – doesn’t increase at all, or if it does, increases very slowly. As a result, the value of each coin rises as long as the demand remains consistent.

Deflationary cryptocurrencies are often classified as assets that protect money from inflation. With a limited supply and high demand, its tokens increase value–as opposed to inflationary currencies, in which its increasing supply lowers purchase power.

June 29, 2022March 4, 2023

Merchant Cash Advance: How It Works, How to Get One + Pros & Cons

Businessman receiving a merchant cash advance concept

Small businesses that receive payments via card terminals like credit and debit cards can opt for a merchant cash advance (MCA) instead of traditional bank loans. An MCA is an advance on credit card receipts where small business owners receive an upfront lump sum.

What Is a Merchant Cash Advance?

A merchant cash advance is an alternative to traditional bank loans, only available to businesses that take credit card payments. It can benefit small businesses that mainly receive payment via credit card sales and do not qualify for traditional loans or require a quick cash advance to manage their cash flow.

The hallmark perk of an MCA is that the lender provides an upfront lump sum amount processed in one to three days. You don’t need to have collateral or excellent business credit, and there are no stipulations as to how you should use the advance. As long as you make credit card sales, you need to commit to repaying the advance plus the service fee with a predetermined percentage of your daily turnover.

Applying for an MCA is convenient, especially for businesses requiring a quick cash flow boost to streamline their operations. The catch is that the advance attracts a higher interest rate than traditional bank loans.

Fast funding typically approved in 24 to 72 hours
Easy to qualify (good credit or collateral are not a requirement)
Flexible repayment terms based on your sales
Freedom to use the advance as you deem fit

Expensive (APR could be triple digits)
Only businesses that accept credit cards qualify for MCAs
You must make daily payments which can affect your cash flow
MCAs are not subject to federal regulations (it’s easy to fall victim to predatory loans)

Who Is a Merchant Cash Advance Best For?

Merchant cash advances are ideal for small businesses that receive high volumes of credit card payments. Because of the extreme flexibility in the repayment plan and how you can use the money, an MCA can offer reliable short-term financing solutions if you need:

Quick working capital to boost a short-term cash flow crisis
Money for unexpected business expenses (like fixing broken equipment)
Money to fund a short-term opportunity and generate a higher ROI (like taking advantage of an inventory sale deal at discounted rates)
Settling pressing business debts where nonpayment attracts higher interests rates

Who Should Not Consider Taking a Merchant Cash Advance?

Generally, an MCA is not ideal for reviving the operations of a struggling business. Remember that you must make daily payments from your credit card sales, meaning the advance could throw you deeper into debt. If you are not borrowing to boost an ROI-generating project, an MCA can quickly become a toxic loan.

How Does a Merchant Cash Advance Work?

MCAs lack a stringent approval process. It’s easy to qualify for an advance even if you lack a business line of credit or valuable assets that attract deals from traditional lenders. The fast cash advance can allow you to manage any limitations in your cash flow and streamline your operations.

The MCA lender will provide an upfront sum of money for a percentage of your business’s credit card revenue. It is crucial to understand the three main components of a merchant cash advance for you to acquaint yourself with the strings attached to a deal. These include the following.

Cash Advance

The cash advance is the primary subject of interest that links small business owners and MCA lenders. The lender needs transparency into a business’s average monthly turnover before agreeing to the advance amount and the repayment plan. Also, the business owner must stipulate the required amount.

The lender can offer the requested amount or reduce it depending on the risks presented. Generally, MCAs are short-term loans, although the lender has the discretion of offering money that is less than, equivalent to, or greater than your monthly credit card turnover.

Repayment Amount

The MCA lender will need to recover the upfront advance and a profit typically known as a “factor.” Most lenders set the factor rate at 1.1 to 1.5. To figure out the estimated repayment amount, multiply it with the advanced money. Also, you should note that the transaction can attract a variety of fees that can further inflate the total repayment amount.

Because merchant cash advances are not typical loans, they have higher interest rates and lack a true APR (annual percentage rate). Depending on the advance given and the length of the repayment plan, the “APR” can fall anywhere between 80% and 200%. Often, the repayment period ranges between three and 18 months and depends on the amount of money you generate from sales.

Example of an MCA Repayment

If you apply for a $50,000 merchant cash advance, and the lender sets the factor rate at 1.4, the loan will attract a $20,000 fee. The total repayment amount will be $70,000. If the contract stipulates that the lender will deduct 10% from your credit card sales each month and your business generates $100,000 monthly, $10,000 will be deducted monthly or $333 daily.

In the above example, the APR is at 125%. However, it will reduce to 87.3% if your monthly turnover drops to $70,000, and you will start making payments of $233 daily. The majority of MCAs attract triple-digit APRs.

What Affects an MCA Factor Rate?

Lenders set their factor rates depending on a borrower’s industry, business financial stability, credit card sales history, and years of operation. The repayment fees can be higher depending on the level of risk posed and how quickly you are willing to repay the MCA.

For instance, if you apply for a merchant cash advance of $20,000, and the lender sets the factor rate at 1.5, you are obligated to repay $30,000. The lender will earn a profit of $10,000, meaning the MCA has a 50% fee.

$20,000

1.5

$30,000

$10,000 (50%)

Note that the total repayment amount can be higher after including administrative and underwriting fees.

Holdback Rate

There are two main ways of repaying an MCA. They include:

Credit card sales percentage: This involves automatic deductions of a predetermined percentage of your daily debit and credit card sales
Fixed bank withdrawals: This option involves the lender withdrawing a fixed amount daily or weekly from your business bank account. Click here to learn how to open a bank account with EIN only.

The agreed-upon percentage that a lender will deduct from your daily or weekly debit and credit card sales is known as the holdback rate. It could range between 5% and 20% depending on the MCA repayment period you choose.

The holdback rate is responsible for MCAs lacking a true annual percentage rate. Lenders deduct varying amounts daily or weekly, depending on your sales volume. If your revenue increases, your effective APR increases. Fortunately, even if your lender deducts a higher amount of money during your heydays, the total repayment amount remains constant.

Steps for Applying for a Merchant Cash Advance

Most businesses are eligible for MCAs as long as they accept credit and debit card payments. A lack of good credit, years of operation, or high-value assets will often not exclude you from qualifying. It only takes a few minutes to apply for this alternative financing solution, and most providers offer relatively quick turnaround times. Here are five steps to applying for a merchant cash advance.

Step 1: Do Your Research

It is crucial to compare the fees and factor rates of different merchant cash advance providers. Some popular options include Lendio, Rapid Finance, CAN Capital, and Square Capital. Make sure you go through their eligibility requirements and ensure there is a reasonable likelihood of your application being approved.

Step 2: Set Up Credit Card Processing

Having your credit card processing approved is crucial to enhance your chances of receiving a merchant cash advance. Your lender will automatically deduct payments through your credit card processor.

If you are already working with a specific company, find out whether it has a working relationship with merchant cash advance lenders who interest you. It is also perfectly okay to jump straight to the next step and switch to a credit card processor accepted by your lender once your advance is approved.

Step 3: Apply for the Advance

MCA lenders typically operate online, and you can quickly obtain their application forms. You will be required to fill in basic information such as your Social Security Number, EIN (employer identification number), and type of business.

Step 4: Submit the Required Paperwork

The next step is to submit paperwork that supports your request for a cash advance. Apart from documents showing your business structure, you will also need to provide credit card processing statements and your bank account statements.

It’s relatively easy to obtain your financial statements if you have an online business checking account. Depending on the lender you choose, you also need documents that project your annual business income and the estimated income growth in the next 12 months. The idea is to be transparent about your sales and cash flow This allows a lender to evaluate the risk of lending to you.

Step 4: Get Your MCA Approved

MCA lenders differ in their style of operation. While some can have your advance approved in a few hours, others can take between 24 and 72 hours to deposit the money into your account. Often, businesses with online accounts can access their money faster. Click here to learn how to open a fee-free business banking account.

Step 5: Review the MCA Contract

Once a lender approves your merchant cash advance, you will receive a finalized financing contract. You must review all the details, including the penalties that apply if you default. Do not hesitate to ask questions if you find the contract confusing or need clarity on any information.

If everything checks out, it’s time to sign on the dotted line and receive an upfront lump sum. Your lender will deposit the advance into your small business bank account, where the agreed daily deductions will take place automatically.

What if You Want to Get Out of the MCA?

It is vital to make a calculated decision before applying for an MCA. In case you find yourself struggling to repay the debt, here are a few things you could do.

Consider credit unions for business banking accounts. Apply for a loan with more favorable repayment terms and pay off the merchant cash advance
If you don’t qualify for bad credit business loans from other lenders, negotiate with your MCA lender to settle the debt. Note: It may be imperative to work with a skilled attorney
As a last resort, you can file for bankruptcy. An MCA is an unsecured loan that could be erased through bankruptcy (consult with an attorney before attempting this approach)

Frequently Asked Questions (FAQs) for Merchant cash Advance

It is imperative to be an informed consumer before applying for a merchant cash advance. Here are answers to some frequently asked questions.

Do I qualify for a merchant cash advance if I have bad credit?

Merchant cash advances qualify as bad credit business loans because you don’t need an excellent credit profile to benefit from the financing option. What matters is the number of credit card transactions you make each day. You can qualify for an advance in 24 to 72 hours if your business makes solid sales numbers through credit or debit cards.

What happens if I cannot repay my merchant cash advance?

An MCA works best for businesses that can hold their end of the bargain without fail. Defaulting payments will likely result in your lender pursuing your guarantor, business, and personal assets to recover the cash advance. MCA lenders will also report your defaulted payments to Business Credit Bureaus, affecting your credit score and making it harder to qualify for future financing.

Are there any viable alternatives to MCAs?

If you don’t qualify for traditional loans and your business is either ineligible for an MCA or finds the option too risky, all is not lost. Other options to consider include business cash advance, online small business loans, invoice factoring, crowdfunding, SBA loans, credit unions for business banking accounts, and accounts receivable (AR) financing.

Final Thoughts on Merchant Cash Advance

A merchant cash advance offers an excellent short-term financing alternative ideal for small business owners. The lender provides a cash advance and sets repayment terms based on how much your business makes on average each day. The arrangement generally involves buying your future sales at discounted rates. If an MCA is your best bet, beware of the recurring fees to ensure you don’t fall into a devastating cycle of debts.

June 29, 2022February 13, 2023

What Is the Purpose of Operations in a Business?

Business operations is an elusive but necessary part of any organization looking to maximize productivity and profit potential. Companies that struggle to understand operational demands often miss key opportunities to succeed. This article explains how operations applies to businesses and tips for improving efficiency across the board.

What Are Operations in a Business?

An operations department exists to manage and facilitate the internal components of a business. The individual or team responsible for operations helps ensure a company has everything it needs to run smoothly from within. These requirements can vary drastically from one business to the next, but always tend to contain four things.

The Right People

Making sure your team fills their roles well is imperative for an efficient business operation. The right people will get tasks done faster and be more productive along the way.

An Efficient Process

Building processes goes a long way toward having an efficient business model. These methods give employees a roadmap to follow when performing tasks in the workplace. Having a uniform system keeps everyone on the same page and allows teams to complete challenges with little help from management.

The Ideal Location

Having the right location is vital for accomplishing the goal of your business. Whether you’re making items or rendering a service, your team works best in an environment suited to the task at hand.

Keeping Up With Equipment

Be it computer systems or manufacturing tools, your company works best with the right equipment. These crucial elements can have a substantial impact on how your business runs.

Which Types of Companies Need Operations?

Many types of companies can benefit from operations. Here are some of the most common ones.

Retail

Retail business operations revolve around product availability and managing inventory. An efficient retail business knows the items it has on shelves and in storage at any given time. This allows teams to place products in strategic locations around the store (or website/online store) to make sought-after items easily accessible.

Having a pulse on inventory also reveals products that aren’t selling and what a retail store may want to buy less often in the future. It also helps keep fast-moving products in front of customers that generate the most revenue.

In a similar vein, having operations in retail helps track price points and how much you can charge for particular items. Prices set too high won’t sell, but anything priced too low is a loss of profit potential.

Retail businesses are just as popular online as brick-and-mortar locations, and selling in the right place makes a huge difference as well. A storefront in a busy shopping area with ample room for stock will likely have more success than a remote location off the beaten path. Selling products online also needs the proper outlet, whether an individual site or an online marketplace.

Service

Services businesses depend primarily on customer interaction. Operations teams must consider all the client touchpoints, such as in-person or via an email campaign. Effective companies find ways to make these connections as seamless as possible, involving efficient processes to communicate promotions, expedite interactions, and generate ongoing sales.

In addition, service teams rely on equipment that makes the experience better for both consumers and the organization. Having individuals that know how to use project management tools go a long way while creating an atmosphere the client feels favorable about.

As in retail establishments, operations teams work to find the best location for providing these services. While some services can be rendered online, others require a physical location that draws customers in.

Restaurant

The restaurant industry combines the best (and worst) of both service and retail. Where a clothing store can leave unwanted clothing on a back shelf for an indefinite period of time, food doesn’t last forever.

Operations must have a solid grip on foodstuffs that sell well and those that need to come off the menu. Food prices fluctuate, and operations must keep tabs on the latest costs and what to sell dishes for. It’s also beneficial to implement processes for food storage and preparation so items don’t go to waste.

On the service side, hiring the right people to fill various positions plays a major role in customer satisfaction. Not everyone can cook a filet mignon perfectly medium-well, and approachable wait staff have a better chance of leaving diners with full stomachs and happy hearts.

A restaurant’s location is paramount to success. Heavily trafficked zones bring in more patrons, and ample space means more seating and shorter wait times.

Manufacturing

The concept of operations began out of a desire for more efficient manufacturing processes. Businesses needing parts to assemble finished goods needed stable processes and organized purchasing systems.

In many cases, several parts come together in one location with the goal of building a quality finished product to sell to consumers. Teams need to carefully track each of these components to ensure nothing is missing and costs aren’t out of hand.

A well-established process for assembly spells more output per day and high profits down the road. An inefficient operation leads to mistakes and slower turnaround times. In most cases, manufacturing occurs in large facilities that must be accessible to receiving lanes to prevent part delays.

Small businesses can also fall under this umbrella if they put together a product to sell. The same guidelines help an in-home business succeed, albeit on a smaller scale.

Technology

Technology is a very skill-specific category where hiring the right people can make all the difference. Operations teams must have a deep understanding of job requirements to bring in staff to handle the scope of projects. Having a training process in place helps new employees get started on the right foot while maximizing chances for success.

Using common hardware and software across teams makes collaborative efforts that much easier across the board. For clients, seeing the same faces and results each time only adds to overall satisfaction.

The Role of Business Operations

Business operations is rarely a solitary position, except in the smallest of companies. Consider whether your organization could benefit from plugging people into any of the following roles:

Forecasting

A forecasting team looks forever to the future, predicting pitfalls that may cause the organization to stumble. Hindsight may be 20/20, but catching issues before they happen keeps a business running like a well-oiled machine.

Knowledge of past events and shortcomings with careful documentation can prevent repeat mistakes the next time around. It similarly helps with creating timelines and budget plans while anticipating expenses, profit, and loss.

Finance

A financial operations manager (or team) oversees the flow of money through an organization. This individual ensures spending doesn’t get out of hand while keeping the company supplied with necessary resources.

This role also plays a part in finding ways to generate new funds as needed for a business to grow. It can also limit employee spending and allocate funds to the right buckets.

Product Design

Product designers use their skills to discover customer needs in a specific market. This group then sets out to create goods to meet that need at a price consumers are willing to pay. Even if a product is not new, product designers can innovate existing items to pinpoint what a customer is looking for.

Quality Control

Quality control teams set guidelines in place to catch potential issues during design and manufacturing processes. Products going out the door with defects reflect poorly on a company and can lead to loss of customers and revenue.

Error-checking begins during the design process and sees a project through to completion. Along the way, quality teams periodically check for flaws and misassembled goods. Consistency also builds toward smoother flow and more finished items heading to stores.

Strategy

Operations strategy involves creating and executing plans that help companies grow. Since businesses don’t have an unlimited source of funds, strategy teams work to determine where resources should go to maximize their chances of success. Strategies may also look to improve product costs or find ways to eliminate budget constraints.

Supply Chain Management

Supplies often constitute the lifeblood of a retail or manufacturing company. Without inventory or components, it’s not possible to generate income or sustain a business model.

Those working in supply chain operations keep products flowing into (and out of) a business. They anticipate and work around shortages while predicting how supply and demand will affect costs and availability in the coming months. The group should also be the first to identify items that aren’t profitable and how to move away from them altogether.

Human Resources

Human resources teams are responsible for putting people in the right positions throughout a company. Doing so keeps people happy and productive while adding to the efficiency of the business as a whole. Interested in hiring the right people for the right positions, then check out our 8-step guide on how to interview someone.

What Does a Director of Operations or Chief Operating Officer (COO) Do?

These two roles are usually synonymous and represent an individual in an executive position. The position comes with the responsibility of overseeing daily operations with a wide lens, ensuring all departments work together as efficiently as possible. Typically, operations analysts from these different groups report directly to the COO.

COOs are often the second-highest rank in any organization, just under the CEO. They handle the internal affairs that keep a company running, executing plans and strategies to accomplish this goal. With such a critical role, a director of operations salary ranges around the $180,000 mark.

Ways to Improve Operations in Your Business

Business operations are fluid in nature, as customer demands change over time. Below are a few methods for improving operations, no matter what size your organization may be.

Measure Performance

To understand how to grow as a company, you must first learn where you stand. Measuring performance requires taking careful stock of budgets, plans, timelines, and processes that make your business work. From there, it’s a matter of uncovering what’s not efficient and improving upon it.

Streamline Processes

Without a good operations strategy in place, processes can be clunky and inefficient. With performance metrics in place, you can zero in on areas of improvement and streamline them. Following this information over time reveals what makes systems work well.

Follow the Latest Trends

An operations analyst should stay on the pulse of the market, making note of ways to improve overall efficiency. Trends could come in the form of new laws or an innovation taking the sector by storm.

Customers change their minds often, so staying apprised of social media chatter or new interests can help your business catch a client’s eye. Don’t be afraid to peek at what the competition is doing well that you can glean from.

Invest in Your People

No matter how many employees you have, investing in your people helps build morale and create a more efficient work environment. Team building events allow individuals and cross-platform teams to work together and accomplish common goals, which they can take back to the task at hand. Check-ins with employees and rewards for jobs well-done speak to the operation of the business as a whole.

Try New Software

Adding new management software or changing up existing programs can provide new insights or the means to streamline processes you couldn’t before. With these services, you can have on-hand sales data, project tracking, inventory management, and more. Best of all, you can store all this information in a single online location.

Frequently Asked Questions (FAQs) for Operations in Business

Operations in business is a bit of a gray area that looks different from company to company. These questions address some of the biggest questions surrounding the concept.

What are business operations examples?

Business operation jobs could be someone in human resources or a quality control expert on an assembly line. In smaller organizations, the entire operations process may fall on one person’s shoulders.

Why are operations important to a business?

Operations help with the overall management of goods, services, and people. Keeping things efficient cuts down on costs and helps identify weak areas in business processes.

What is the meaning of business operations?

Business operations encompass everything happening within a company to keep things running smoothly. By facilitating these processes, organizations can perform at maximum profit potential.

Bottom Line on Operations in Business

Operations are crucial for any business looking to thrive in an ever-evolving marketplace. Developing streamlined processes and hiring the right people can catapult your company ahead of the competition. No matter your size, having operations in place can spell the difference between success and failure.

June 28, 2022November 23, 2022

Pros & Cons of Cryptocurrency: Should Small Businesses Invest?

With more than one-third of U.S. small businesses accepting virtual payments, cryptocurrency is gradually making its way to the mainstream. But when we evaluate the pros and cons of cryptocurrency, we realize that the crypto market isn’t as stable as traditional financial markets.

The 2022 crypto crash is the most recent example of how unpredictable the virtual currency market is. However, despite the volatility, crypto is still a highly attractive investment avenue for small businesses. Even public companies including Tesla and MicroStrategy, both Fortune 500 companies, have invested billions in Bitcoin and other fast-growing cryptocurrencies.

So while cryptocurrency is all the hype nowadays, should you dip your toes in the water too?

What are the Pros & Cons of Cryptocurrency?

Is cryptocurrency a good investment for your small business? Should you start accepting virtual payments? These questions can only be answered when you weigh the pros and cons of crypto against each other and analyze their implications on your unique SMB. The table below gives an overview. Continue reading for an in-depth analysis of crypto investments.

Inherently secure technology
Decentralized
Can be traded 24/7
Works globally
Offers high accessibility and liquidity
Highly transparent
High return potential
Inflation-resistant asset
Helps diversify portfolio

Highly volatile market
Unregulated
Transactions are irreversible
Not widely accepted
Commonly used for criminal purposes
Complex to understand
Vulnerable to cyberattacks

Pros of Investing in Cryptocurrency

Investing in crypto brings a host of advantages. These include everything from highly secure transactions to trading markets that operate round the clock. Let’s take a look at each of these pros and discover them in detail.

Inherently Secure Technology

Cryptocurrency is an application of blockchain technology, which is based on the principles of security and transparency. A blockchain is a decentralized record of transactions that shares each transaction with every computer present on its network. Every piece of information or transaction is shared across the blockchain, making it a highly secure and reliable store of data.

You can only make a transaction on the blockchain with your unique private encryption key. Once you make a transaction, it can never be erased from the blockchain. Unlike fiat money, you can’t create a counterfeit cryptocurrency. This decentralized security mechanism makes crypto a good store of value.

Decentralized

The traditional financial system, including stocks, bonds, and currency markets, involves each transaction going through a central regulatory body. This means you have to trust a bank or financial institution when carrying out every transaction. This also means you don’t have full control over your assets.

The crypto market is decentralized in nature. There are no third parties or intermediaries involved and you are free to carry out transactions peer-to-peer. As a result, you have greater control over your assets and don’t have to pay payment processing fees.

Can be Traded 24/7

Cryptocurrency is not bound by the limits of time and space. Apart from being accepted internationally, and maybe even on different planets, cryptocurrency can be traded 24/7. While conventional financial markets follow conventional working hours, crypto markets operate at all times. So if you want to trade capital assets after office, trade crypto.

Works Globally

As mentioned in the section above, crypto isn’t bound by the limits of space. In other words, it works across borders and is a great solution for multinational businesses. Using virtual currency, you can transfer handsome amounts of crypto to another corner of the globe without having to worry about heavy international transaction fees and exchange rates.

Bitcoin or any other cryptocurrency does not belong to a single country or government. Nor are crypto transactions overseen by any country’s central bank. This makes it a much better international payment method.

Offers High Accessibility and Liquidity

Anyone can enter the crypto market with any amount of money. As far as accessibility goes, you can invest in cryptocurrency anywhere as long as you have an internet connection. There are plenty of crypto exchanges out there for you to use.

When it comes to liquidity, the crypto market does offer a fair amount of freedom, especially because they’re tradable 24/7. However, it depends on the token you chose to trade. For instance, Bitcoin and Ethereum are two of the most liquid digital assets out there. Smaller cryptocurrencies can be less liquid.

Highly Transparent

The increasing distrust in banks and other financial institutions is one of the reasons why more investors are turning towards the digital currency market. Crypto offers more transparency, as well as user anonymity than any other investment.

Crypto investors can be identified with public keys. Every user has a unique public key one can be use to identify every transaction on the blockchain. This means although their real names aren’t shared, transactions can still be tracked for transparency.

All the transactions are permanently viewable on the blockchain. This not only gives you greater transparency but all data is also safe from breaches and fraud due to secure blockchain technology.

High Return Potential

Crypto can turn people into overnight millionaires. There’s no doubt about that. But there’s also a high risk associated with it.

The market is very volatile and can make huge upward movements in very short periods of time. For example, Bitcoin was priced at a mere $975 in March 2017. It only took a few months for it to increase to $20,089 in December of the same year. And from 2018, it rose to an all-time high price of $67,500 per Bitcoin in August 2021.

Don’t forget that the same digital currency crashed down to $30,000 in May 2022. So while there is potential for high returns, there’s potential for big losses too. But smart investing and technical analysis of each digital asset allows you to capitalize on the high returns while staying safe from losses.

Inflation-Resistant Asset

Cryptocurrencies do not belong to a single country’s economy or currency. Instead, they are a global store of value that helps investors deal with national inflation. Plus, national inflation is fuelled when central banks decide to print more currency. This is not a problem with virtual currencies because they have caps on the total supply of each currency. In fact, most cryptocurrencies are deflationary, which means they either reduce or limit their supply over time.

Some cryptos have absolute caps and some have yearly caps on how many units of a virtual currency can be coined. This helps make crypto a great inflationary hedge that small and large investors alike can invest in.

Helps Diversify Portfolio

If you already have invested in conventional capital assets like stocks, bonds, and fiat money, investing in crypto can be good for portfolio diversification. The market is rapidly growing and a lot of quality assets are emerging with unique use cases. Small businesses should invest not only because of diversification but to attract new customers who prefer virtual payment systems.

Cons of Investing in Cryptocurrency

We’ve seen plenty of overnight billionaire cases in the crypto world. But what we don’t realize is that more than half of cryptocurrency investors end up making a loss. This suggests that there are definitely more cons to investing in cryptocurrency than there are pros.

But that’s not the most accurate conclusion. In reality, most crypto investors end up underwater because they invest following a hype without technical analysis. Let’s look at the cons of investing in crypto to get a clearer picture.

Highly Volatile Market

The volatility increases the potential to make huge profits but can also lead to huge losses overnight. Most virtual currencies including BTC have a cap on the maximum number of units that can exist ever. For Bitcoin, that limit is 21 million BTC. This gives it the attribute of absolute scarcity, which also means the only force driving BTC’s value is its demand.

With no supply force to balance out the changes in demand, most cryptocurrencies are extremely volatile. Plus, rumors and economic and geopolitical events have a profound effect on crypto markets. It’s only advisable to invest if you have a sharp eye out for global economic events and can act quickly to mitigate potential losses.

Unregulated

Decentralization has its pros and cons. When it comes to the cons, the fact that cryptocurrency is not regulated by any government means investors are not protected by the law in case they fall victim to fraud.

Moreover, several countries including Qatar, China, Russia, and Bangladesh have placed bans on crypto. You can lose access to your investments if your country decides to ban crypto too.

Transactions are Irreversible

Crypto transactions are irreversible and final. This means if you send funds to the wrong crypto wallet, there’s no way to recover them unless the receiver agrees to send them back.

You can also permanently lose access to your cryptocurrency if you lose your private access key. There’s a very low chance to recover your crypto assets if you lose them by error, or if someone steals them.

Not Widely Accepted

Bitcoin, the world’s first cryptocurrency, was introduced in 2009 but it’s still a relatively new form of payment. It’s no wonder that it isn’t accepted as widely as cash or debit cards.

Cities like Miami, Florida, and Amsterdam in the Netherlands have a considerable number of BTC ATMs and vendors that accept crypto payments. But the overall transition toward a virtual payment system is moving sluggishly. Ultimately, you will have to convert your crypto back to fiat money to make most purchases whether you’re buying for yourself or your business.

Commonly Used for Criminal Purposes

The anonymous nature of crypto transactions makes it virtually impossible to trace them back to a real person. This is why black-hat hackers, scammers, and other criminals use crypto to receive ransom payments.

Scams are also rife in the crypto world with dozens of phony projects offering huge returns for making a small investment. You should to move with extreme caution and always double-check online reviews before making an investment decision.

Complex to Understand

It makes financial sense to understand a capital asset and how it works before you invest in it. Not to say that fiat money and stocks are easy concepts to get your head around, but cryptocurrency has a touch of technological complexity that makes it hard to understand. This is especially true for many conventional investors.

Vulnerable to Cyberattacks

Blockchain technology is secure, but not entirely. You still need to take adequate measures to keep your digital assets safe including keeping your private key safe and storing your assets in a crypto wallet.

Your virtual currency holdings are vulnerable if you leave them on a crypto exchange or if you lose your private key. Cybercriminals can also target you with phishing or malware attacks in the absence of adequate cybersecurity.

Should Small Businesses Invest in Cryptocurrency?

Good financial health helps businesses survive tough times. You should always consider whether you have the financial freedom to invest in an asset before you commit funds to it.

Cryptocurrency is no doubt a good investment avenue, but only after you’ve analyzed the market and your business’s position. Whether it’s a good decision to invest in cryptocurrency depends on several factors including your financial situation, the type of industry you’re in, your location, and your target market.

Consider Your Financial Health

When done after a thorough technical and risk management analysis, your investment in Bitcoin or any other digital currency is likely to be profitable. But like any other asset, there is always a chance to go underwater. Follow the golden investment rule to only invest the money you can afford to lose. If you feel your business won’t be able to survive if you lose a particular amount of money, it’s better to not invest.

Consider Your Industry

It makes sense to see if your business can benefit from a crypto investment according to the industry you’re in. For example, it makes more sense for an ecommerce company to invest in crypto than it does for a barbershop. Evaluating the benefits of crypto industry-wise will facilitate your decision.

Location

We can say that crypto is global and decentralized, but that is just theoretical. When it comes to the ground reality, it’s evident that some countries and cities are far ahead in adopting virtual currencies. For instance, a business in San Francisco or Miami would benefit more from adopting crypto because the cities are two of the most popular crypto hubs.

Target Market

Small businesses that want to target the younger or more tech-savvy customer demographic can attract new customers by investing in crypto.

Benefits of Accepting Payments in Crypto

If your small business invests in cryptocurrency, you should also consider accepting payments in it. There are quite a few benefits that can help your business grow if you start accepting virtual payments for your goods or services.

Fast transactions: Quicker transactions lead to a better customer experience. This can especially help if you have to deal with international bank transfers. With cryptocurrency payments you can complete cross-border transactions in minutes instead of days.
Lower transaction fees: Since there are no intermediaries involved, crypto transaction fees are much lower than other forms of payment. If you accept credit card payments, you incur fees of almost 25 cents with each swipe plus a 2-4% charge on the total amount. Accepting virtual currency can take this down to less than 1% per transaction.
Merchant protection: All transactions are irreversible and this is advantageous from a business standpoint. The decentralized nature of crypto protects businesses from fraudulent chargebacks.

Increased sales: Accepting crypto helps SMBs to expand their reach to a much bigger customer demographic. A business can target international customers who couldn’t purchase their offerings previously due to international payment constraints. This will also attract younger, more tech-savvy customers to your business.
Convenience for customers: You can offer your customers additional payment methods by accepting cryptocurrency. This not only provides an extra layer of security but also adds to your overall customer lifetime value.

Frequently Asked Questions (FAQs) for Pros & Cons of Cryptocurrency

If you’re going to invest, you likely have a lot of questions in your mind. Here are some of the most common questions people ask when it comes to the pros and cons of investing in cryptocurrency.

Which cryptocurrency is best for small businesses to invest in?

Fast-growing cryptocurrencies including Bitcoin, Ethereum, and Solana are a good option if you want to invest in the long term. But you can also consider stable coins like Tether for a more reliable form of payment. We always recommend you make your decision after thorough research of the digital asset.

Do you have to pay taxes on crypto?

Yes, cryptocurrency holding is taxed just like any other capital asset. Plus, if you receive income in crypto, it’s taxed like your regular income. You can easily calculate your crypto tax rate using the IRS capital gains tax rate and your regular income tax rate. Here’s a list on the best crypto tax software to keep you on top of your tax calculations.

Will crypto be the future?

Crypto definitely has a bright future. Yes, the market is volatile and has seen a lot of capital flight lately, but so does any other financial market. Experts suggest that the global crypto market will expand by more than 300% by 2030, closing a total value of $5 billion.

Bottom Line on Pros & Cons of Cryptocurrency

Generally, there’s a lot that cryptocurrency can help small businesses with. This includes improving customer experience, increasing sales, and expanding your reach. But it also has plenty of drawbacks, the most glaring of which are market volatility and lack of regulation. Ultimately, the better decision for your business depends on how crypto can help your business grow and whether you will be able to deal with the associated challenges.

Disclaimer: The content of this post is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for educational purposes only and does not take into account your individual needs, investment objectives, and specific financial circumstances.

June 27, 2022February 15, 2023

Bank of America Review 2023: Best Traditional Checking Account?

Your business bank account acts as a home base for your business’s financial database. Bank of America offers two types of business checking accounts for small to large business owners. In this Bank of America review, you’ll see why using the second-largest US bank (by assets) may be the best choice for you.

Screenshot of Bank of America website homepage — **Source**: Bank of America

Our Verdict

Bank of America

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Bank of America provides two appealing business checking accounts that offer the important banking features you would expect from a major banking institution. Whether you’re part of a small business or large enterprise, you can utilize Bank of America’s high cash deposit limits and Business Advantage 360 online banking platform.

The online banking platform offers bill pay, mobile check deposits, an excellent mobile app, and an integrated cash-flow monitoring tool. Bank of America’s business accounts also offer unlimited fee-free electronic transactions. These include ACH transactions, debit card transactions, remote deposits online, and electronic debits.

Screenshot of Bank of America mobile app dashboard — **Source:** Bank of America

All-in-one business banking services with a low monthly fee
Easily waivable monthly fee
Over 17,000 ATMs and 4,300 branches

Lacks 24/7 customer service
QuickBooks integration only featured on higher-tier plan
Transaction fees when using non-Bank of America ATMs

Bank of America at a Glance

Bank of America offers business bank accounts that allow you to pay invoices, receive payments from clients, deposit cash and checks, and manage your business transactions. As one of the best small business bank accounts, a Bank of America business account is ideal for cash-heavy businesses.

With the Fundamentals business account, you can deposit up to $7,500 in cash per statement cycle for free. Then, it costs $0.30 per $100. You’re also limited to 200 check deposits or other deposits per cycle. Afterward, it costs $0.45 per item.

With the Relationship business account, you can deposit up to $20,000 per statement cycle for free. You also receive a maximum of 500 check deposits or other debits per statement cycle. Nonetheless, both plans offer unlimited free ACH, debit card, check deposits, and electronic debits through Remote Deposit Online.

Bank of America sets itself apart from other banks because of the great user experience in its online website and mobile app. It’s also easy for business account holders to waive fees, add additional accounts, and receive perks from the Business Advanced Relationship Rewards Program.

Who Bank of America is Best For

Bank of America offers the best bank accounts for entrepreneurs and for businesses looking for a traditional banker with outstanding mobile app capabilities. This is also the best business bank for those who prefer going to brick-and-mortar locations to conduct their banking. Bank of America also has a significant global presence, adding value for small businesses that do business internationally.

Pricing

Bank of America offers two different business bank accounts called Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. Each of these checking accounts comes with efficiency tools like Cash Flow Monitor, and Mobile Check Deposit. However, the Business Advantage Relationship Banking account includes additional features.

Monthly Fee

$16 to $0/month (see ways to waive fee below)

$29.95 to $0/month (see ways to waive fee below)

Minimum combined average monthly balance to waive monthly fee

$5,000

$15,000

Spend $250 in new net qualified purchases to waive monthly fee

Yes

Become a member of Preferred Rewards for Business to waive monthly fee

Yes

Minimum opening deposit

$100

Good for

Small to medium-sized businesses

Medium to large-size businesses

Account management services

Not included

Included

Additional perks

None

Free stop payments and wire transfers

Zelle for your business

Yes

Easy QuickBooks integration

Yes

As you can see, Bank of America offers several ways to waive your monthly fee. In addition to fee waiving, both plans offer access to Zelle. Bank of America offers two different checking accounts. Fundamentals is better suited for small businesses, while Relationship is better for large businesses that need integration tools and account management capabilities.

Bank of America Features

Here’s a closer look at all the key features in our Bank of America business account review. These features are what distinguish Bank of America from other financial institutions.

Business Advantage Fundamentals Banking Account

Business Advantage Fundamentals Banking is Bank of America’s basic business bank account. This plan has a monthly fee of $16. However, you can waive the monthly fee by keeping a minimum combined average balance of $5,000 or spending $250 in new net qualified purchases each statement cycle. You can also waive the fee as a member of the rewards program.

Furthermore, it costs an additional $16 per month to open a second Business Advantage Banking account and $10 a month to open a Business Advantage Savings account. These are both free on the Business Advantage Relationship Banking account. The Fundamentals plan offers $200 teller transactions and checks per month for free.

If you are interested in opening a fee-free business account, here is a detailed Chase Bank Review, NBKC Bank Account Review, and US Bank Review packed with information about the pros, cons, and alternatives to both fintech companies.

Bank of America charges fees for incoming wire transactions. It costs $15 for each domestic transfer and $16 for each international transfer.

Business Advantage Relationship Banking Account

If your business is more developed, you should choose the Business Advantage Relationship Banking account. This plan costs $29.50 per month but can be waived if you maintain a minimum combined average balance of $15,000 or more. The fee is also waived if you join the rewards program or become a Preferred Rewards for Business member.

The Relationship plan doesn’t have fees on incoming wires and stop payments. Furthermore, you get access to account management capabilities that would cost $15 per month on the Fundamentals plan. Account management services include managing access for multiple users and integration with QuickBooks.

With the Relationship plan, you get access to a Business Advantage Savings account for free. The Relationship plan also offers access to Cash Flow Monitor to easily track your business’s financial performance.

Electronic Transactions

Both Bank of America business accounts offer unlimited fee-free electronic transactions. This feature allows Bank of America to stand out among its competitors in the brick-and-mortar space. This is because most traditional banks have a set monthly limit that comprises both non-electronic and electronic transactions.

Bank of America Mobile App

Bank of America has one of the highest mobile app ratings with 4.8 stars out of 5 and over 3 million total reviews on the Apple App Store. This is because the app offers an extensive range of tools to manage your business checking account.

App store preview of Bank of America mobile banking app — **Source:** Bank of America

Inside the app, you can pay bills, manage your account, view balances, and make transactions. You can also use mobile check deposit or send and receive payments with Zelle. The app also features state-of-the-art security protocols with biometric access through Face ID and Touch ID.

Digital Tools

Bank of America business bank accounts offer several digital tools to make your life easier. These include Zelle, Cash Flow Monitor, Erica, profile linking, digital debit cards, and account management tools.

Zelle is a secure tool that you can use to receive payments from customers or send payments to vendors with no fees. You can use Zelle right from the Bank of America mobile app. Cash Flow Monitor helps you analyze your business financial data and identify key insights on your business’s performance. This way, you can find ways to improve efficiency and profitability.

Erica is Bank of America’s virtual financial assistant. This tool can help you search transactions, transfer or send money, and receive bill reminders. Bank of America’s profile linking tools help you view and manage personal and business accounts with a single login.

Preferred Rewards for Business Program

Bank of America offers a rewards program, Preferred Rewards for Business, that you can join for free. There are three levels to the program: Gold, Platinum, and Platinum Honors. Each level offers various incentives, including discounted interest rates on loans, refunds on payroll services, and increased interest on your savings account.

For example, the Gold plan offers a financing interest rate discount of 0.25%, and savings account interest boost of 5%. It also offers credit card bonus rewards of 25% and merchant services rewards of 0.05%

To join the program, you need to have a balance of $20,000, $50,000, or $100,000 in your Bank of America business checking account.

Alternatives to Bank of America

Selecting the right business bank account can significantly impact how you manage your business finances in the future. Here are a few key alternatives to consider.

Bluevine

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Bluevine Review

BlueVine is an excellent banking solution for small business owners looking to keep business and personal funds apart. With a BlueVine checking account, you can earn 1.5% interest on your balance up to $100,000. To earn the 1.5% interest, you’ll need to spend at least $500 per month with your BlueVine Business Debit Mastercard.

If you are a small business owner you can check out these other review and might be a great help for you to choose the right banking account; Axos Review, Lili Review, and Capital One Review.

However, you can also earn the 1.5% interest if you receive at least $2,500 per month in customer payments into your bank account via ACH, wire transfer, mobile check deposit, or directly from your merchant payment processing provider. However, this excludes cash deposits.

BlueVine offers unlimited fee-free transactions, no ACH transfer fees, and no incoming wire fees. You also receive refunds on your withdrawals to over 38,000 ATMs nationwide. It’s quick and easy to create your BlueVine business checking account. Anyone from sole proprietorships to corporations can have their bank account up and running in less than an hour. Interested in opening a sole proprietorship account? Then check out the best business bank accounts for sole proprietors.

Pricing:

It’s free to sign up for a business checking account with BlueVine. Furthermore, there are no monthly fees or minimum balance requirements to keep your account open. The only fees with BlueVine are for cash deposits, outgoing wire transfers, and withdrawing cash from out-of-network ATMs.

Competitive interest rates
No monthly fees or minimum balance requirements
Unlimited transactions

Only allow cash deposits through Green Dot Services
No savings account
No physical branches

Novo

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Novo Review

Novo is a digital banking solution that offers no monthly fees and no minimum balance requirement. It’s easy to make an account on Novo, and it typically takes 10 minutes for your account to be approved. Once your account is approved, you need to make your initial deposit of at least $50. Then, you can begin using your business checking account.

Novo is the best business bank account for small-business owners who are on the go. This banking provider offers unlimited refunds for ATM charges, a built-in invoicing tool, and direct integration with top business tools.

Since Novo focuses on its digital presence, it cannot accommodate cash deposits. Therefore, Novo is not the best solution for cash-heavy businesses. Bank of America is a better option for businesses that need to deposit cash.

Pricing

Novo doesn’t have any monthly fees or minimum balance requirements. It’s completely free to open a business checking account with Novo.

Zero monthly fees
No minimum balance required
Refunds on all ATM Fees

No savings accounts
Fees on overdrawn accounts
Cannot deposit cash

Kabbage

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Kabbage Review

Kabbage is a small-business lender who expanded its product suite in 2020 to offer business checking accounts. Kabbage Checking is an online-based free business checking account that includes a simple application process and limited fees.

A Kabbage business bank account is best for those looking for a free business checking account with no monthly fees or balance requirements. Furthermore, this is an excellent platform for businesses that manage most of their finances online

Kabbage offers 1.10% APY on balances up to $100,000. Therefore, Kabbage is a great option for businesses interested in earning interest on their checking account funds.

Pricing

There are no monthly fees or minimum opening deposit requirement to begin using your Kabbage business checking account.

No minimum balance requirements
Easy application process
Easy line of credit without prepayment charges

Digital bank only
Fees up to $4.95 per cash deposit
No integration with other tools

Frequently Asked Questions (FAQs) for Bank of America Review

Below are a few questions that you have thought of during our review of Bank of America. Continue reading to find answers to the most common ones.

Does Bank of America Offer Small Business Loans?

Yes, Bank of America provides a wide range of small business financing options. These include SBA loans, secured loans, equipment loans, business term loans, and unsecured business lines of credit.

Is Bank of America FDIC Insured?

Yes, Bank of America is FDIC insured. When you deposit money into your FDIC-insured Bank of America business checking account, your money is protected in the amount of up to $250,000 per depositor for each account ownership category.

Is Bank of America better than Chase for business?

Bank of America offers better banking options for businesses when compared to chase. Chase only offers 100 free monthly transactions on its base plan, while Bank of America offers 200. Furthermore, with Bank of America, you can deposit more cash each month without any additional charges.

Bottom Line on Bank of America Review

If you want to learn how to open a business bank account with Bank of America, there are three options. You can apply online, call Bank of America, or visit a Bank of America branch.

Bank of America’s checking accounts are excellent choices for businesses that are able to maintain the minimum balances to waive the monthly fee. With a Bank of America checking account, you can access a comprehensive set of banking tools, making your life that much easier.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

June 27, 2022March 21, 2023

RingCentral Review: The Best VoIP Communications Service Available?

RingCentral is a voice-over-internet protocol (VoIP) communications service, providing streamlined calling to anywhere in the United States and Canada. The software helps businesses efficiently connect with consumers to improve sales and customer retention. Read on to see how RingCentral provides the tools you need to succeed.

Our Verdict

RingCentral

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RingCentral is an excellent upgrade to any cloud phone system. Not only will it allow for faster and clearer calls, but the software also incorporates several additional features like video conferencing and collaborative tools to streamline business communications.

With several tiers of service, RingCentral is a solid option for any size venture. Price points and feature sets scale with your organization as it grows, making RingCentral viable for many years to come.

Unlimited calls within the U.S. and Canada
Several integration options
Built-in team messaging and document sharing

Can be overcomplicated for first-time users
Limited mobile features
Lacks some collaboration tools

RingCentral at a Glance

RingCentral’s VoIP communications platform allows businesses to reach out over the internet instead of relying on traditional landlines. VoIP comes with several benefits, including better connectivity, lower costs, and clearer voice quality. Plus, more than 60% of businesses have already made the switch to VoIP, according to a Blueface research report.

The software doesn’t stop there, adding several other features to an already impressive cell phone platform. With RingCentral, businesses can take advantage of tools like call recording, auto attendants, and integrations with other popular business apps. If that wasn’t enough, RingCentral also includes audio and video conferencing for internal or external use.

You’d be right to think that all these features don’t come cheap, but RingCentral is one of the more affordable options out there. It offers four different tiers that grow in features as the price goes up. This allows businesses to start at a level they can afford and scale accordingly.

Who RingCentral is Best For

RingCentral expertly scales alongside different business models, allowing companies of any size to make use of its many features. Small ventures in need of a VoIP phone system can use RingCentral to establish a business phone number and communication tools, while enterprises requiring video conferencing can find what they need as well. Even large businesses with call centers can build an infrastructure with RingCentral, taking advantage of the auto-attendant, analytics, and storage.

Pricing

RingCentral has four pricing plans that increase in price with additional feature sets. The prices listed below are annual rates, where you can save upwards of 33% of what you would normally pay monthly. You can tap into additional savings per user if your team reaches 100 people or beyond.

Price

$19.99/user/month

$27.99/user/month

$34.99/user/month

$49.99/user/month

Business Phone and Toll-free Numbers

Unlimited Calls Within US and Canada

Voicemail to Text and Email

Team Messaging and Document Sharing

Video Meetings and Participants

Up to 100 people

Up to 200 people

24/7 Support

Multi-level Auto Attendant

Call Recording

On Demand

Automatic

Basic Integrations

Real-Time Analytics

Unlimited Storage

RingCentral doesn’t skimp on the features it includes with each tier of service. With four plans to pick from, chances are you’ll find one that suits your needs.

At the low end, the Essentials tier kicks off at $19.99 per user each month with several VoIP-based phone tools to build your communications network. RingCentral gives each user a unique phone number that can call anywhere in the United States or Canada. If you miss calls, it’s possible to receive voicemails to email or text, so they don’t get lost in the shuffle.

The Essentials tier also has internal tools your team can take advantage of. Users can communicate through messages within RingCentral’s dashboard and also share documents for easy viewing and modification.

If you can afford a little more, the Standard plan runs $27.99 per user and unlocks the ability to have audio and video conferences with your team or external clients. At this tier, you’ll also gain access to 24/7 customer support via phone or online chat.

RingCentral message, phone, and video capabilities being demonstrated in a Q3 Launch Team meeting — *Source: RingCentral*

With Standard, you can also set up the multi-level auto attendant to field calls and distribute them right where they need to go. This feature saves your team from handling initial inquiries from customers, allowing them to stay in the area they excel. On-demand call recording allows you to save conversations for training purposes or improvement opportunities. Finally, you can link up RingCentral office with other popular apps such as Office 365, Google Suite, and Slack.

For $34.99 per user monthly, you can add real-time analytics to your repertoire of tools. These analytics report essential business data to help you identify areas of success and improvement. This Premium tier adds in several more integration options, such as Salesforce and Canvas that weren’t available before.

Lastly, big businesses can make use of the Ultimate plan’s unlimited storage to keep all the organization’s files in one place. Be prepared to pay $49.99 per user to use such a feature.

RingCentral Features

RingCentral has a long list of features across its four tiers of service. Below are some of the standouts that really make the software shine.

VoIP Calling

RingCentral VoIP Caller — *Source: RingCentral*

All incoming and outgoing calls run through the broadband internet you already use, helping to keep costs down and connectivity high. You can place an unlimited number of calls to anywhere in the U.S. or Canada for no additional charge. RingCentral gives a dedicated phone number to each user on your plan for efficient call routing, and the software is set up for SMS messages as well.

Call Recording

Most plans offer some form of call recording. On-demand recording allows you to manually capture conversations for training or improvement. RingCentral’s higher tiers incorporate automatic call recording, where you can collect calls from individual users or departments as a whole.

Voicemail

At times, team members aren’t available to answer incoming calls. RingCentral saves these messages to play back later. The software can automatically convert voicemail messages into texts you can read directly from your mobile devices. It’s also possible to have voicemails sent to an email address or view them straight from the dashboard.

Team Collaboration

In addition to being a system for VoIP calling, RingCentral has RingCentral video offers several features teams can use to collaborate. Users can chat with colleagues, share calendars, see assigned tasks, and more within its dashboard. The software also allows team members to share and access files to keep communication in one place.

Conferencing

While other VoIP phone providers stop at calling, RingCentral goes above and beyond with conferencing tools. You can have audio conferences of up to 1,000 individuals, with each user having a unique login and access code. Video conferencing is also available for 100 or 200 participants depending on the level of service that you’re using. These video meetings have built-in screen sharing and chat capabilities.

Auto Attendant

Auto attendants may very well be your hardest worker. These virtual receptionists answer every incoming call so no customer falls through the cracks. The assistant can share important information with anyone calling your main number and route clients to the correct department through button presses or voice commands. It’s possible to record a unique message using a voice of your choice or build customized options for sending callers precisely where they want to go.

Using an auto attendant frees up an employee from having to answer incoming phone calls, allowing them to tackle more important tasks. Best of all, this feature is included with nearly all RingCentral plans.

Integrations

RingCentral gets along well with a host of other apps designed to make project management, communication, and marketing a breeze. Having software to communicate well saves time with data entry and converting information from one place to another. Lower tiers only allow integrations with popular apps like Office 365 and Google Suite. You can link up RingCentral with tools like Salesforce and Canvas at higher price points.

Alternatives to RingCentral

RingCentral has a lot of great features, but it isn’t for everyone. Check out how some of the most popular alternatives compare to what RingCentral has to offer.

Nextiva

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Nextiva is a VoIP calling platform designed to help businesses connect with clients and potential customers. As you move up the price ladder, Nextiva adds features that extend well beyond what a typical communications platform can do. Its mobile apps don’t carry the same praise, often lacking features that appear on the P.C.

The service offers three tiers of service that somewhat mirror RingCentral. Starting at $23.95 per user, the Essential plan contains unlimited calling to the U.S. and Canada alongside a free local and toll-free number. It stands apart from the competition with an auto attendant and 24/7 customer support across all price points.

The Professional plan for $27.95 per user each month adds in video conferencing of up to 250 users, integrates with several other business apps, and showcases a multi-level virtual assistant. The Enterprise plan allows unlimited video conference participants and finally introduces call recording into the mix for $37.95.

This range of price points makes it possible for businesses to use Nextiva’s tools for communication and collaboration at any stage of the game. Costs aren’t too far off from RingCentral, but features are different. To learn more about Nextiva’s features, read our complete Nextiva review.

Unlimited calling within U.S. and Canada
Free local and toll-free number
Customizable auto attendant

Call recording is only available in higher-tier plans
The Essential plan has no conference calling
Mobile apps lack features

Vonage

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Vonage is well-known for its phone service and has a three-tiered VoIP package for businesses. The platform stands out for its customization, offering API tools for voice, video, and more. The downside is that these coding options come with an additional cost.

There’s no clear list of what goes into each of Vonage’s price points, but costs per user decrease as you hire more individuals to your staff. If you’re a business with over 100 employees, you’ll need to call Vonage for a quote.

The Mobile tier is pretty basic, allowing for unlimited calls to the United States and Canada. Your team can access the messaging center through either desktop or mobile app, and its app center can integrate with over 20 third-party apps. Gaining access to these features will set you back at most $19.99 per user.

Sitting at $29.99 per team member, the Premium plan adds in unlimited video meetings for up to 100 attendees. Here, you can integrate with big names like Google and Microsoft, and Premium also contains a multi-level auto attendant. If you’re looking for more, the Advanced plan at $39.99 per user monthly brings in call recording and visual voicemail features that RingCentral adds in at its lowest tier.

Several routing options to never miss a call
Apps for mobile and desktop
Very customizable with communications APIs

Limited customer support
Hard to understand which plans offer which features
API tools come with additional cost

8×8

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Whether you’re just starting out or have been in business for years, 8×8 has something for everyone with its six calling plans. High-end service tiers revolve around contact centers for high call volumes and large staff. The large feature set is beneficial but can muddy the dashboard when trying to locate the tools you need. Sadly, you won’t have access to customer service with some of the lower-priced plans.

New ventures can pick up 8×8’s Express plan for $15 per user each month, including voice, video, and messaging. Your team can call anywhere in the U.S. or Canada, and an auto attendant with intelligent call routing will get incoming calls where they need to go.

Moving to the X2 plan enables calling to 14 different countries, increased video conferencing size with high definition, and integrations for $24. The price jumps to $44 per user for the X4 plan, but you’ll gain access to tons of analytic data and calling to 48 countries.

Tier X6 adds in basic contact center features, call recording, and intelligent voice response for $85 per team member. X7 adds social media and chat connections for $110, whereas X8 introduces speech analytics and multi-screen monitoring for a whopping $140.

Read our in-depth review on 8×8 to learn more about its features and pricing.

Voice calling for up to 48 countries
High definition video conferencing
Mobile and desktop apps

Limited protection from spam calls
Customer support isn’t available on low-end plans
Complex dashboard

Grasshopper

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Grasshopper has a unique business model that targets smaller companies through flat rates for service. It’s also quite easy to get set up and start running. However, any enterprise with over five or ten users will struggle to find use for this VoIP provider due to a minimal feature set.

All Grasshopper plans include a free business phone number, texting capability, and voicemail for storing missed messages. You’ll also have access to basic reporting tools and the ability to transfer calls to another sales team member. There’s no video conferencing, call recording, or auto-attendant to field calls for you.

For a flat $26 per month, you’ll receive a single phone number and three extensions to transfer calls to. $44 nets you 3 unique numbers and 6 different extensions, while paying $80 per month allows for 5 numbers and an unlimited number of extensions and unlimited internet fax. It’s worth noting that adding an additional line will set you back $10 per month. Read our Grasshopper review to learn more about its service.

Flat rate per month
Fast to set up and start using
Free vanity phone numbers

Lacks conferencing and call recording
Limited tools for larger businesses
Costly to add additional phone numbers

Frequently Asked Questions (FAQs) for RingCentral Review

RingCentral can become confusing with the many features it offers. This FAQ should answer some of the most popular questions about RingCentral and what it does.

Is RingCentral Owned by Zoom?

No, Video conferencing software manufacturer Zoom does not own RingCentral. The two companies were in a partnership for several years but now appear to be going their separate ways.

What is RingCentral Used For?

RingCentral is a VoIP communications provider designed to help businesses converse with clients, customers, and internally. Its features extend to video conferencing, web meetings, and reporting tools.

Can I Use My Own Number With RingCentral?

Yes, it is possible to transfer a toll-free or local number to RingCentral.

Is RingCentral Secure?

Yes, RingCentral encrypts incoming and outgoing calls to ensure information from both parties is secure. The platform is ISO/IEC 27001 certified, a well-known international standard.

Bottom Line on RingCentral Review

RingCentral is a powerful unified communications solution communications platform with an abundance of features businesses can use to reach that next level. Whether you’re working to retain clients, collaborate better, or offer video training sessions, this phone app has what you need. With varying tiers of service, small enterprises to large corporations should have no trouble finding a price point that works for them.

June 24, 2022March 15, 2023

The Best VoIP Apps Available in 2023

Yellow landline phone on a red background

Routing voice calls over the internet is becoming more economical and can provide a whole range of other benefits. Finding the best VoIP app is a tall order, as there are a tremendous number of options to choose from. Check out our list of the best choices to see what’s available.

Looking for a premium service? check out Vonage!

The Best VoIP Apps

8×8 – Best Overall
Nextiva – Best Customer Service
RingCentral – Best for Offices
Dialpad – Best for Business Services
Grasshopper – Best Flat Rate VoIP Provider
Google Voice – Best for Google Users
TextNow – Best Free VoIP App
Viber – Best for International Calling
Zoiper – Best Softphone App

Our Methodology

As we took a look at VoIP app options, we had to consider the financial impact of each service on your business. Beyond that, we took a look at call handling features and the platforms each app is compatible with. Our research also checked on app security, integrations, reliability, and its support structure.

Check out a more detailed explanation of our methodology here.

8×8

$15 to $140/user per month

Caller ID, call forwarding, voicemail transcription

Windows, Mac, iOS, Android

Medium-sized library of popular apps including Salesforce and Google Workspace

Support docs, phone and chat support

Nextiva

$18.95 to $32.95/user per month

Voicemail transcription, auto attendant, call recording

Windows, Mac, iOS, Android

List of available apps including Google Contacts, MS Dynamics, and Salesforce

24/7 email, phone, and chat support

RingCentral

$19.99 to $49.99/user per month

Call recording, conferencing, AI virtual assistant, voicemail

Windows, Mac, iOS, Android

Google Suite, MS Office, Salesforce, Slack, and more

Help docs, phone and chat support

Dialpad

$15 to $25/user per month

AI-powered call, voicemail transcriptions

Windows, Mac, iOS, Android, Chrome extension

Google Suite, MS Office, Slack, Salesforce, and more

24/7 phone support w/some plans, help docs, chat support

Grasshopper

$26 to $80 per month

Call forwarding, voicemail, custom greetings, live assistant

Windows, iOS, Android

None

Help articles and videos, limited phone support

Google Voice

$10 to $30/user per month

Voicemail transcription, call forwarding, multi-level auto attendant

Windows, iOS, Android

Google Workspace

24/7 support, desk phone support at higher tiers

TextNow

Free

Voicemail

Windows, Mac, iOS, Android

None

Video tutorials, help articles

Viber

Free domestic web calls, $5.99 per month for unlimited international calling to 60 countries

Transfer calls between devices

Windows, Mac, iOS, Android

None

Support docs and help request form

Zoiper

One-time cost of $49.95 per license

Call forwarding, auto transfer, call recordings, voicemail

Windows, Mac, Linux, iOS, Android

Outlook, Freshdesk, Salesforce, and everywhere else you store contacts

Help docs, phone and email support

8×8: Best Overall VoIP App

$15 to $140/user per month

★★★★★

4.8

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8×8 Review

With the aim of providing unified communications across an organization, 8×8 offers a full-service VoIP option that can handle conference calls of up to 500 and also group chats. It also includes SMS support for business messages, call handling, and a virtual receptionist. You can bring over your old phone number, but the service offers limited protection from spam calls. Some features have an additional out of pocket cost, and customer service isn’t always available should you need help.

Why we chose it: 8×8’s well-rounded VoIP system can accommodate any size business with its ever-expanding services, voice tools, and call handling options.

Self-service number porting
HD video conferencing for up to 500 participants
SMS support for messages

Some features cost extra
Limited protection from spam calls
Customer service not available 24/7

Price

On the low end, 8×8 has reasonable introductory packages most businesses can afford. As you stack on the features, pricing increases drastically before topping out at $140 per user. This ceiling is a hike compared to RingCentral, capped at $49.

Call Handling

8×8 has a long list of ways to handle calls. On the front end, you can screen incoming calls and forward them to the right people. Both voice and video come through in HD, leaving Nextiva’s low-definition videos in the dust.

Platforms

There aren’t any surprises when it comes to 8×8’s platform accessibility. You can access the service through Windows, Mac, iOS, or Android.

Integrations

8×8 has a middling list of integrations it can connect with. Notable software programs include Salesforce and Google Workspace. This is a huge blessing when compared to TextNow or Viber that lack such capability.

Support

You can access 8×8’s support team through several channels, including phone, chat, and an online form. Each group has limited working hours, so you may find yourself stuck with an issue until the next business day.

Nextiva: Best VoIP App for Customer Service

$18.95 to $32.95/user per month

★★★★★

4.7

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Nextiva Review

Nextiva’s customer support far outshines the competition, offering 24/7 customer service through phone, chat, or email. Easy access to support means faster problem-solving and less downtime. You’ll also have unlimited calling and a customizable attendant to help feed calls to the correct location. Nextiva does hide some of its best features behind higher tiers of service and has no HD video capability.

Why we chose it: Nextiva makes it easy to keep all its features and systems up and running with 24/7 customer service.

24/7 phone, chat, and email customer support
Unlimited calling within the US and Canada
Customizable auto-attendant

Call recording is limited to higher-tier plans
No HD video
No SMS with the lowest tier

Price

Nextiva’s plans start at $18.95 and increase to $32.95 as features improve. This pricing is lower than similar services like RingCentral. Here’s a list of the best cheapest VoIP services out there.

Call Handling

With Nextiva, there’s more than one way to handle a call. An auto attendant can screen calls and forward them to the correct team member. Any missed calls go to voicemail, and you can have those passed on to voicemail or SMS. Some tiers offer call recording, something even 8×8 doesn’t offer.

Platforms

You can access Nextiva from an iPhone, Android, PC, or Mac. Whether in the office or on the road, all of Nextiva’s features are right at your fingertips.

Integrations

Nextiva pairs well with many other business tools, such as Salesforce, Microsoft Dynamics, and your Google Contact list. This lines up well with 8×8’s list of integrations.

Support

The VoIP service’s award-winning customer service looks bright next to 8×8 and Viber’s limited offerings. You can reach someone at Nextiva 24/7 via email, chat, or phone.

RingCentral: Best VoIP App for Offices

$19.99 to $49.99/user per month

★★★★★

4.7

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RingCentral Review

With unlimited calls through the States and Canada, RingCentral makes for the perfect office phone system. Built-in collaboration tools allow teams to work together on projects without ever missing a beat. Communications sound better than ever with HD audio and video. The complex system can be a bit intimidating for new users, and you’re going to uncover limitations if you stick to the lowest-level plan.

Why we chose it: RingCentral’s comprehensive feature set perfectly complements an office setting for calls and collaboration.

Unlimited calls within the U.S. and Canada
Built-in team messaging and document sharing
HD voice and video

Can be over complicated for first time users
Base plan lacks support
Integrations unavailable at lower tiers

Price

RingCentral has four tiers of service, starting at $14.99/user per month and climbing to $44.99/user on the high end. These price points fit well with the likes of 8×8 and Nextiva, while offering a similar feature set.

Call Handling

You’ll find the usual AI assistant, voicemail, and call recording options with RingCentral, but the software also includes conferencing services at higher tiers for internal staff and clients. 8×8 still one-ups RingCentral, offering video chat at even its lowest tier of service.

Platforms

You won’t find anything special in RingCentral’s platform list. You can download the app for Windows, Mac, iOS, and Android devices.

Integrations

RingCentral does integrations well, but only at higher tiers of service. It reaches further than 8×8 though, including industry-specific tools such as Smarsh and Canvas.

Support

Unfortunately, RingCentral fails to offer support for its entry-level tier. You’ll find 24/7 chat and phone support at any price point beyond that, but those unable to afford more features will miss out. This is a huge loss compared to Nextiva, whose award-winning service is available to all who sign up.

Dialpad: Best VoIP App for Business Services

$15 to $25/user per month

★★★★★

4.5

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Dialpad Review

Dialpad lets you replace your existing landline network with crisp, fast VoIP calling. You can even bring your local number with you instead of using a VoIP number, but doing so costs extra. There’s no limit to the number of calls or videos you make, and it’s possible to create ring groups for team dynamics. The service only works in the U.S. or Canada, and its lower-tier lacks phone support and some integrations.

Why we chose it: Dialpad replaces outdated business services and fills in the gaps created by systems you don’t have.

Local number support
Unlimited calls and video
Create ‘ring groups’ for teams

Toll-free and local numbers cost extra
Lower tier has only web and chat support
Service limited to the U.S. or Canada

Price

Dialpad’s $15 tier serves as an okay entry point but misses some helpful integrations and workflow tools. When placed side by side with Nextiva, the latter clearly has more features at a similar cost. The $25 tier adds a lot more to the mix and is where Dialpad really shines.

Call Handling

AI-powered call support is a huge help for reducing call bottlenecks and letting staff focus on more important matters. Any calls slipping through the cracks travel to voicemail, and you can send transcriptions to email or SMS to save time.

Platforms

Dialpad is available on the most popular platforms, including Windows, Mac, Android, and iOS. Unlike 8×8 or Nextiva, Dialpad also has a Chrome extension usable on any system.

Integrations

There’s a long list of software Dialpad integrates with to get the most out of your network of apps. Apps sharing information saves time and reduces errors when transferring information around. These integrations are a huge bonus, especially compared to TextNow and Viber, which have none.

Support

You’ll need to purchase the premium tier of service to receive live agent support. Dialpad’s entry-level tier only offers chat or web assistance. This can leave a sour taste in someone’s mouth, as Nextiva has phone support even at the ground level.

Grasshopper: Best Flat Rate VoIP App

$26 to $80 per month

★★★★★

4.4

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Grasshopper Review

Whether you have one user or 100, Grasshopper has a monthly flat-rate plan for you. The system even lets you bring in your old numbers and offers a free 7-day trial to hash things out. Features aren’t as broad as other platforms, and international calling will set you back even more money each month. You’ll want to double-check each plan before purchasing, as some limit the number of users you can include.

Why we chose it: Grasshopper is a solid option for anyone looking to pay a flat rate each month for VoIP service.

Flat rate per month
Free 7-day trial
Number porting

Lacks conferencing and call recording

International calling comes at extra cost
Limited number of users on some subscriptions

Price

Grasshopper introduces a flat-rate payment system regardless of the number of users you have. Plans have user ceilings to contend with, especially when paying $26 per month. If your team is large, $80 per month unlocks an unlimited number of phone extensions to pass around. There’s potential to save money here when Nextiva and 8×8 charge per user.

Call Handling

For a more basic VoIP app, Grasshopper still features call forwarding and voicemail capability. You can upgrade to custom greetings for callers or even hire a live assistant to screen calls for an additional cost.

Platforms

You’ll find apps for Grasshopper on Android, iOS, and Windows machines. Mac users should look to platforms like RingCentral or Nextiva that have software for Apple computers.

Integrations

There aren’t any integration options for Grasshopper, which is quite unfortunate considering everything else it has going for it. Both 8×8 and Nextiva have a long list of integration options.

Support

Grasshopper encourages users to browse help articles and videos for answers before jumping on the phone. However, the service does come with 24/7 phone support should you need it.

Google Voice: Best VoIP App for Google Users

$10 to $30/user per month

★★★★★

4.3

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Google Voice Review

Google Voice gets along well with Google’s other tools, so you can quickly pass information between them. You’ll have unlimited calling and texting in the U.S., but there are limitations on the other countries you can reach. The app doesn’t offer special phone numbers and requires you to stay active to keep it. There should be few spam calls to deal with, as Google’s system weeds those out well.

Why we chose it: Google Voice integrates seamlessly with other Google apps, allowing users to maximize efficiency

Integrates with Google Suite of tools
Unlimited calling and texting in the U.S. and Canada
Good at blocking spam calls

Must stay active to keep phone number
No toll-free or vanity numbers
Limited to only a few countries

Price

Google’s low-end pricing starts at $10 and grows to $30 for its complete feature set. $30 seems a bit high for what Google Voice offers, while Nextiva’s $32.95 gives a lot more.

Call Handling

As with other top VoIP apps, Google Voice can forward calls and transcribe any that reach voicemail. At higher tiers, an auto-attendant gives clients a voice to listen to.

Platforms

Unlike 8×8 and Nextiva, Google Voice doesn’t offer an app for Mac users. It does however feature software for iOS and Android.

Integrations

Google Voice lends itself well to other Google programs you use, such as Meet, Contacts, or Calendar. It doesn’t connect with anything else though, where Nextiva and RingCentral integrate with Salesforce, Microsoft, and more.

Support

Buying into the Standard tier at $20/user enables phone support should you have an issue. Otherwise, you’re limited to slower email support.

TextNow – Best Free VoIP App

Free

★★★★★

4.1

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TextNow is one of the few apps that provides a completely free VoIP phone service mixed with a healthy dose of network coverage. You can call or text through WiFi right out of the gate or pick up a SIM card in TextNow’s $0.99 activation kit. A free service means ads, and TextNow relies on a slower version of T-Mobile’s network. You can tap into additional features like data or voicemail, but expect to pay extra.

Why we chose it: TextNow offers free phone coverage over WiFi or wireless network no matter where you live in the United States.

Can use current phone number or obtain a new one
Unlimited calls and texts
Usable through WiFi or cellular service

Littered with ads
Additional charges for some features
Call quality isn’t the best

Price

It’s hard to beat free, and TextNow certainly delivers. There are fees for using data, but its wireless network and WiFi VoIP calling won’t cost a thing. When companies like 8×8 can reach $140 per user monthly, free feels like a breath of fresh air.

Call Handling

TextNow does have voicemail but little else when handling your calls. You’ll want to look into another service like Nextiva if you want the benefits of an auto-attendant or call forwarding.

Platforms

You’ll have the standard range of platforms to choose from when using TextNow. While built with smartphones in mind, the software also has apps for Windows and Mac.

Integrations

You won’t have any luck trying to integrate TextNow with any of your other business tools. The app stands alone without a way to import contacts or export messages. This comes as a bummer when 8×8 works so smoothly with numerous programs.

Support

TextNow has little in the way of support. As a free service, you’ll have to comb through help articles or watch tutorials to uncover a solution to your problem. This is hard to swallow when Nextiva has award-winning customer service.

Viber: Best VoIP App for International Calling

Price: Free domestic web calls, $5.99 per month for unlimited international calling to 60 countries

4.0

★★★★★

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Business owners making frequent calls overseas will have a field day with Viber. You can move your calls to any device with Viber installed and connect social media accounts to stay in touch with contacts there. The app lacks features like voicemail and call forwarding and has no integrations with other software. If you run into issues, there’s not much in the way of support to help out.

Why we chose it: Viber offers a budget-friendly flat rate for calling to 60 countries around the world.

Unlimited worldwide calls
Connect social media accounts
Move calls to any device w/Viber installed

Missing some features like voicemail and call forwarding
No integrations with other apps
Limited support system

Price

Domestic calls with Viber are totally free through VoIP. Adding Viber Out to your plan for $5.99 per month enables you to make unlimited calls to 60 different countries. Services like 8×8 don’t have the capability to reach this many locations.

Call Handling

All you’re able to do with Viber is transfer calls between devices within your network. You won’t find call forwarding, voicemail, or the auto attendant RingCentral and Nextiva provide.

Platforms

Viber covers the most prominent platforms with apps for Windows, Mac, iOS, and Android. You can transfer calls to any of these devices as long as you’ve installed Viber on them.

Integrations

You won’t find any integrations for the Viber app. Compared to 8×8 and Nextiva, which have several, Viber doesn’t run as efficiently in this regard.

Support

Hopefully you won’t run into issues while using Viber, as its support structure is quite limited. You won’t find a way to contact anyone and have to rely on support docs or a cumbersome help request form.

Zoiper: Best Softphone VoIP App

Price: One-time cost of $49.95 per license

3.8

★★★★★

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Zoiper’s softphone technology enables VoIP calling from any Mac or Windows computer, including those running Linux.

Why we chose it: Zoiper links with your favorite VoIP provider to bring all your contacts together in one easy-to-use location. It only takes one payment to unlock a license forever for business use, as the free version is quite limited. The UI is a bit on the outdated side, but the app includes an SDK kit for customization purposes.

Works across all computer devices
One-time payment to unlock the service
SDK kit for customization

Outdated user interface
Limited free version
Requires a separate VoIP service

Price

A one-time fee of $49.95 unlocks one of Zoiper’s business licenses, and you can use the service forever beyond that. Unlike 8×8 or Nextiva, you’ll have to interface Zoiper with your favorite VoIP provider.

Call Handling

Zoiper can forward or auto-transfer calls to the right team member when a client dials in. A voicemail system catches missed calls, and you can record discussions for training or compliance purposes.

Platforms

Zoiper adds Linux to its list of supported platforms, including Windows, Mac, and mobile devices. Apps like Nextiva and RingCentral overlook Linux for more popular options.

Integrations

The VoIP app actively seeks out your contact lists among your software, looking for information it can import into its database. Zoiper’s emphasis is on ease of use, and this definitely shows through here.

Support

There is an option to phone or email a customer support team for help, but hours are somewhat limited to daytime during the week. If you’re savvy enough, you can flip through help docs and solve issues on your own.

Choosing the Best VoIP App

The best VoIP apps can provide an economical way to get state-of-the-art phone services. However, using a VoIP can be a labor-intensive way to save money. There is a long list of potential options and, even setting aside technical concerns, there are a range of different features to choose from.

Whether you’re interested in business or personal use, calling from a desktop or your mobile device, there is an option to match. There are some factors you may want to keep in mind regardless, however.

Reliability

Most VoIP apps include features to keep video and voice calls connected and smooth, even when internet connection speeds drop. To some extent, there’s also a limit to what even the best voice apps can do. However, if you’re relying on your business’s phone system to support a POS system or call center, every little bit may help.

Call Handling

There are a number of features people have come to expect from their phone services. Most voice apps can handle voicemail, call waiting, caller ID, and other standard features. However, if you’re interested in a VoIP app, there are probably additional features that you’re looking for. Common options include:

Making and receiving landline calls
Making and receiving unlimited calls
Call recording
Conference calls and group chat
Business SMS messages
Screen sharing on video calls

It’s also usually possible to make phone calls directly from your desktop or use your VoIP app as an alternative to making calls on your mobile device. Some apps let you switch between a standard and VoIP caller on Android devices and iOS devices. You can even make VoIP calls over a mobile network, without WiFi, though beware of running up hefty data charges.

Security

Security can be a priority, particularly when using VoIP apps to provide a phone system for your business. Most VoIP apps include hefty security as a fundamental part of their internet protocol, over and above what you’d get with a standard phone.

VoIP calling may be a desirable option if security is a concern or you want to keep business communication private. You may want to avoid a softphone app, however, as full-service options may provide more security.

Support

Tracking down bugs can be an important aspect of using new technology like VoIP apps. However, you probably don’t want to spend time tracking down problems just to make voice calls. Support can be vital.

Cross-platform support can be necessary for a business since employees probably use a mix of iOS and Android devices. Video calling support may be more important if you’re trying to stay in touch with distant relatives. Some options may offer more help in certain areas.

Frequently Asked Questions (FAQs) for Best VoIP Apps

Still not sure which VoIP app is right for you? Maybe we can help.

Which VoIP App Is the Best?

We found that the best VoIP app is 8×8, though that product is focused on providing business services. If you’re interested in voice apps for personal use, Google Voice may be an option depending on your location. From our list of the best VoIP apps, Viber was best for personal phone services.

Which App Is Best for Internet Calling?

The best VoIP app will depend on what you’re looking for in voice apps. Some apps for Android and iOS devices provide extra security features, for example. Other apps will allow you to make a local call from your desktop or forward a call from a person’s actual phone number to their desktop.

What Is the Most Common VoIP Application?

The most common VoIP app may actually be Facebook Messenger since they added voice calls a few years ago. The most popular VoIP apps probably also vary depending on the industry or use.

Can I Use My Mobile Phone as a VoIP Phone?

Many VoIP apps will work with your mobile phone. Some will route calls from your phone number to your VoIP app. If you’re on WiFi, Facebook Messenger can also be used for voice calls to other Messenger users.

What Is the Difference Between a Softphone and VoIP Provider?

A softphone app is sort of like the software version of a telephone. It provides a range of features, but it has to connect to a network to make calls. A VoIP provider is the equivalent of your cellphone network, connecting two callers. Some services provide both the interface and the connection.

Final Thoughts on the Best VoIP Apps

The number of businesses and private individuals moving to VoIP apps for phone calls is only growing. The advantages to be gained, from saving money to fancy features, are undeniable. However, getting phone service isn’t as simple as buying a phone and hooking it up anymore. It’s important to know what you’re getting, whether it’s for your business, your mobile phone, or your home.

June 24, 2022February 15, 2023

The Ultimate Guide to VPNs: What Does a VPN Protect You From?

According to recent reports, 43% of all data breaches target small businesses. Roughly 61% of all small to medium-sized businesses have been affected by at least one cyber-attack in one year. These stats help you understand how vulnerable small businesses are to cybersecurity threats. But what can you do to make sure your business stays safe from these threats?

Using a VPN is one of the most effective ways to protect your business against cyber-attacks and data breaches. A VPN (Virtual Private Network) is a handy piece of software that allows you to protect your data and surf the internet safely. Continue reading this in-depth guide to understand what is a VPN, how it works, and what it protects you from.

What is a VPN?

When it comes to internet security, VPNs have become an essential tool today. But what is a VPN? As the name suggests, a VPN or Virtual Private Network is a network of servers located at different locations. A contemporary VPN service consists of a server network and a VPN client, the software that enables you to connect to one of these private servers.

Virtual Private Network technology creates an encrypted tunnel between you and the internet. It hides your online activity and digital identity to help you stay safe on the internet. When you connect to a VPN, it reroutes the traffic flowing to and from your device via this encrypted tunnel. This way, no outsider can track your identity, location, or online activity.

Logos of ExpressVPN, CyberGhost VPN, NordVPN, and Surfshark - Ultimate Guide to VPNs

There are dozens, if not hundreds, of VPN services on the market today. ExpressVPN, CyberGhost VPN, NordVPN, and Surfshark are some of the most secure VPNs available. Before we get to why and how to use a VPN and how to choose one for your business, you must first understand how this technology works.

How Does a VPN Work?

As mentioned above, a VPN helps you hide your online activity and surf the internet anonymously. It does this in two primary ways: by masking your IP address and encrypting your internet traffic.

Let’s see what happens when you activate a VPN connection on your mobile device or computer. As soon as you’re connected, the VPN client sets up an encrypted tunnel between your device and the VPN server. As shown in the graphic below, your internet traffic is encrypted as soon as it leaves your device and stays that way until it reaches the server.

How a VPN works - Visual representation of how a VPN hides your traffic

When you’re connected to the internet without VPN protection, your ISP (internet service provider), government, cybercriminals, or any other outsider can intercept your traffic. They can see what you’re doing on the internet at all times since your traffic is not encrypted and can be easily traced back to you.

But when you’re using a VPN, no one can intercept your traffic as it’s secured with a strong encryption key. Even though the encrypted data tunnel flows through your ISP, it can’t see what you’re doing online.

Your traffic is only decrypted once it reaches the VPN server, and proceeds to the website you want to visit. This means even the website you’re visiting can’t tell who you are or where you’re located. All it knows is that the traffic is originating from the VPN server and there’s no way to trace it back to you.

How Does a VPN Hide Your Location & Digital Identity?

Your IP, or Internet Protocol, address is a unique string of numbers assigned to your device. This number allows websites, government agencies, your ISP (internet service provider), and any other outsider to identify you and find out your exact location.

When you connect to a VPN, it masks your real IP address with its server’s IP, making you appear as if you’re using the internet from the server’s location. Not only does this help you hide your location, but it also hides your identity from spying eyes.

How Does a VPN Hide Your Online Activity?

A Virtual Private Network service secures your online traffic with end-to-end encryption. It encodes the data with the help of an encryption key before it can travel over the internet. Some of the best VPNs on the market use AES 256-bit and XChaCha20, two of the strongest encryption algorithms in the world.

These encryption algorithms make it virtually impossible for an outsider to see what you’re doing on the internet. Whether it be your ISP, government agencies, or a cybercriminal, no one can bypass the encryption and intercept your traffic.

Your data can only be decrypted by you and the VPN server. This is because only you have access to your unique encryption key every time you activate the VPN connection.

Why Do Small Businesses Need a VPN?

Why does your business need a VPN? Once you’ve understood what a VPN is and how it works, knowing why you need to use one is the next most important thing.

As mentioned at the beginning of this VPN guide, a significant chunk of cyber-attacks targets small businesses. This means it’s not just financial institutions and top tech companies that cybercriminals have their eyes on. It’s SMBs too, and the impact of cybercrime on small businesses is much more pronounced than most people think.

As a matter of fact, small businesses are a much easier target as they often don’t take ample security measures. Using a VPN helps protect businesses from online threats, especially those with a hybrid work or remote work setup. Here’s a list of reasons why small businesses need a VPN:

Safe remote access: Employees working remotely need a VPN to access office networks and company resources without compromising their security. If you access your company’s internal network without a VPN, any outsider can easily access the network and steal sensitive information.

Easy access to geo-restricted content: Professionals often need to access websites and resources that are not always available in their region. A VPN allows you to change your IP address to the location where the content is available so you can access it with ease.

Protect employees’ privacy: ISPs, government agencies, and marketing companies are always tracking users’ online activity. This is a serious breach of privacy. Using a VPN lets you protect your privacy as no outsider can track your traffic when it’s encrypted.

Use open networks safely: If you run a restaurant or any business that provides customers with free WiFi, you need to take precautionary measures to protect your own devices. Open WiFi networks are dangerous because anyone can enter the network, bypass its security and gain access to other devices on the network. A VPN ensures your device stays safe even if you’re using a public network.

What Does a VPN Protect You From?

You now have a clear overview of why small businesses must use VPNs. But what exactly are the cybersecurity threats that a VPN protects you from?

A VPN protects you from anything that involves using your data without your consent. This includes company and personal data breaches, identity theft, and malware attacks.

Data breaches: A data breach occurs when an unauthorized individual gains access to sensitive data that either belongs to a business or an individual. This information can either be stolen or used to sabotage your business’ image in many ways. A VPN helps prevent data breaches as it hides your employees’ internet activity. This means no one can intercept your company’s data whether employees are working on-site or from home.

Identity theft: A VPN helps protect your data. Cybercriminals cannot intercept your traffic and gain access to your personal information when you have VPN protection. This reduces the risk of you and your employees falling victim to identity theft.

Malware attacks: If your business uses an open Wi-Fi network, a cybercriminal can easily install malware on your network. This malicious software can breach your privacy, and inflict damage to your business in many different ways. Using a VPN you can rest assured that no one can bypass your internet security even if you’re on an open network.

How to Choose the Right VPN?

Using a VPN is indeed a must in today’s business environment. But with dozens of VPN service providers on the market, how do you choose the right one for your business? This section will specifically talk about the factors you should consider when selecting a VPN service provider. We will also briefly mention some of the best VPNs for PC and mobile to narrow down your search.

A VPN impacts almost all aspects of your online experience so there are quite a few things that you need to consider. Here are the most important.

Pricing

While there are 100% free VPNs out there, there’s no such thing as a free lunch. With a free VPN, you won’t get the same quality of service as a paid one. That said, there’s still variation in the prices when it comes to paid Virtual Private Network service providers. As a business owner, you always want the most cost-effective solution so pricing plays an important role.

Bandwidth Caps

A lot of VPNs place bandwidth caps on their plans. This means you can only use a limited amount of data while connected to the VPN. This can be a huge problem, especially when your work involves downloading heavy files.

Also, running out of bandwidth is the last thing you want when you’re nearing a deadline. We recommend VPNs that offer unlimited bandwidth so you don’t have to keep an eye on internet usage.

Internet Speed

Using a VPN does slow down your internet connection, and it’s not a myth. But to what extent? If you go for a high-quality service provider, you won’t notice a drop in speeds. But your connection can significantly slow down if you go for a low-quality VPN. In some cases, a VPN can help speed up your connection by bypassing ISP throttling.

Data Security

Data security refers to the strength of encryption a VPN uses to protect your data. We recommend you use a VPN with AES 256-bit encryption to ensure the highest level of data security possible.

Server Network

How many servers does a VPN have and in how many countries? The server network matters a lot as it directly impacts the availability of IP addresses from different countries. Moreover, VPNs with limited server networks are not a good choice because their servers are often overcrowded resulting in low connection speeds. The leading service provider, CyberGhost VPN has almost 8000 servers across 91 countries. These figures beat most other service providers when it comes to the server network.

Number of Users/Devices

How many devices or users are allowed to use the VPN server per subscription? Some VPNs only allow one device or user at a time. However, there also are services that let you connect up to seven or 10 devices simultaneously. We recommend VPNs that let you connect more devices per subscription as they are a better choice for teams with more than a few people.

VPN Features to Look for

The section above talks about the basic factors that need to be taken into account when picking a service provider. However, that is not all. You also need to keep an eye out for additional privacy, security, and performance features that can considerably impact users’ online experience.

No Logs Policy

A No Logs policy dictates that a VPN does not track any data on you whatsoever. This means that no matter what you do online, no one can see your activity, not even the VPN itself. Some of the top VPNs including NordVPN, CyberGhost VPN, and Surfshark follow a strict No Logs policy.

We recommend you use a VPN that has a no logs or zero logs policy to make sure your data is private. If a VPN keeps logs on you, more often than not they do it to sell your data to third parties.

Headquarter Location

The country a VPN provider is based in matters a lot to your privacy. Some countries mandate that VPNs must store users’ data and share it when requested by government agencies. On the other hand, some countries have good privacy laws that allow VPNs to protect your privacy and follow No Logs policies.

Countries including Switzerland, Iceland, Sweden, Romania, Panama, and Malaysia have supportive privacy laws. We recommend that you use a VPN headquartered in one of these countries.

Dedicated IP Addresses

When you use a VPN, you are assigned the IP address of the server you connect to. This is a shared IP address that all users on the server are using. Shared IPs can sometimes have a bad neighbor effect which means another user on the same server misusing the IP address can have a negative impact on your internet experience.

You can solve this problem by using a dedicated IP service. This is a unique IP address supplied by the VPN service that only you can use.

Kill Switch

The Kill Switch is an important precautionary feature that instantly cuts off your internet connection if the VPN protection drops for some reason. This way, it prevents data leakages and your data from falling into the wrong hands. All quality VPNs have a Kill Switch feature.

What are VPN Protocols?

If you want to understand Virtual Private Networks, then understanding the protocols they use is of key importance. A VPN protocol is a combination of encryption and transmission protocols. In other words, it’s a set of rules that dictate how your data is encrypted and travels over the internet. Four of the most popular VPN protocols are OpenVPN, WireGuard®, IKEv2, and L2TP.

OpenVPN is the most popular VPN protocol for its strong security and versatility. It’s an open-source technology which means it’s being constantly upgraded to face new cybersecurity challenges. WireGuard® and IKEv2 are best if you need a VPN for mobile. These are light and fast VPN protocols that offer strong security without overloading your device.

Pros and Cons of Using a VPN

Yes, using a VPN keeps your data safe. But it has its drawbacks too. Take a look at the table below to get an overview of the pros and cons of using a VPN.

Allows you to surf the internet anonymously
Hides your internet activity from outsiders
Keeps you safe from cybercriminals
Allows you to access geo-restricted content
Allows you to bypass ISP throttling

Slows down your internet connection
Low-quality VPNs may sell your data
Bad neighbor effect with shared IP addresses
Quality VPNs charge money

Frequently Asked Questions (FAQs) for What Is a VPN

Here are some of the most frequently asked questions about VPNs and how they work. Skim through this section to find answers to any questions you still have.

What should I know before using a VPN?

Firstly, make sure the VPN use follows a no logs or zero logs policy. Know that a VPN can protect your data from spying eyes but it can’t protect you if you share your sensitive data yourself. You need to follow good cyber hygiene and beware of phishing scams to stay on the safe side.

Are VPNs legal?

Yes, using VPNs is perfectly legal in most countries. In fact, most cybersecurity experts recommend you use one at all times to protect your online experience. VPNs are illegal in some countries including China, Iraq, Belarus, North Korea, Oman, the UAE, and Russia.

Should I get a VPN for personal use?

Yes, personal-use VPNs are as useful as business VPNs. You can not only protect your privacy but also access geo-restricted entertainment content and bypass ISP throttling with the help of a VPN.

So What Does a VPN Protect You From?

Virtual Private Networks, or VPNs, are a useful technology that allows you and your employees to protect their internet traffic and digital identity. This means your personal and business data stays hidden from spying eyes. We recommend using a quality VPN service that offers advanced privacy and performance features including a no logs policy, a vast server network, and fast VPN protocols.

June 24, 2022February 15, 2023

Oxygen Review 2023: Cost-Effective Champion of Business Bank Accounts

Oxygen’s business bank account motivates you to grow your financial assets as a small business owner or freelancer. This Oxygen review reveals why it’s a cost-effective banking option, thanks to the free tier, cashback incentives, and savings interest. We’ll also go over Oxygen pricing, features, pros, cons, and alternatives.

Our Verdict

Oxygen

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Oxygen is one of the best business bank accounts for startup entrepreneurs and independent contractors who wish to earn more money. You may not expect it from the fun, flashy design of the website, but it’s actually serious about equipping you to generate extra income through banking.

The most important advantage is that it offers a basic tier without annual fees or minimum deposits. Plus, you can get cashback rewards on purchases from approved merchants. Also, you have a chance to gain interest every year, no matter which tier you select.

However, Oxygen has its disadvantages too. For instance, the initial deposit and spending requirements for paid tiers can be intimidating if you’re on a tight budget. There’s also a cap to the amount of in-app ACH transfers you can pull from external accounts. Lastly, you must pay a costly transfer fee whenever you deposit cash to your Oxygen account via Green Dot.

Here’s a summary of the strengths and weaknesses which we’ll discuss in this Oxygen business account review:

Free business account available
Generous cashback rewards
APY for all tiers

High spending requirements for paid tiers
ACH limit for all account types
Expensive external cash deposit fees

Oxygen at a Glance

Oxygen is a financial technology company which provides banking services through Bancorp Bank. It offers business and personal accounts to keep your professional and individual assets distinct from each other. This innovative financial platform was founded by Hussein Ahmed in 2017. At present, the company is based in San Francisco, California.

Oxygen is a cut above the competition because it opens the door to multiple earning opportunities. We’ll delve into various features in this Oxygen review, including APY, cashback, ATM services, physical debit card, virtual debit card, deposit options, ACH transfers, savings goals, mobile banking, extra services, security certification, and customer support.

Pricing: Starts at $0 annual fee

Who Oxygen Is Best For

Oxygen works for freelancers and small business owners who want to boost their professional funds simply by performing banking transactions. After all, you will receive cashback if you buy items from certain sellers using your debit card. Plus, you can look forward to annual interest, whether you sign up for the free tier or the paid ones. You should consider Oxygen if you plan to open a business bank account that encourages you to earn profits in different ways.

Pricing

Oxygen offers four tiers of business bank accounts which you can choose from. This pricing chart gives you an overview of the differences between the tiers:

Annual Fee Price

$19.99

$49.99

$199.99

Initial Deposit

$1,500/month

$3,000/month

$6,000/month

Initial Spending

$500/month

$1,000/month

$2,000/month

Annual Deposit & Spending

12x cumulative/year

Savings APY

0.5%

Cashback

ATM Services

Free

Physical Debit Card

PVC foiled card

Embedded metal card

All-metal card

Mechanically engraved all-metal card

Virtual Debit Card

Unlimited

Deposit Options

Direct deposit + Green Dot cash deposit

ACH Transactions

Limit of $1,000/day + $10,000/month

Limit of $1,500/day + $15,000/month

Limit of $3,000/day + $30,000/month

Limit of $6,000/day + $60,000/month

Savings Goals

Unlimited

Mobile Banking

Android + iOS

Additional Services

Yes

Security

PCI DSS + 2FA

Customer Support

10 a.m. – 6 p.m. EST daily

To sum things up, there are four tiers of the Oxygen business bank account:

Oxygen Earth, Water, Air & Fire tier logos

Earth ($0): It’s absolutely free because you don’t need to pay any annual fees. Plus, there’s no minimum initial deposit, initial spending, or annual deposit and spending requirements.
Water ($19.99): It only comes with a small annual fee. Nevertheless, you must deposit a minimum of $1,500 and spend $500 during the first month after you open an account.
Air ($49.99): The annual fee is a little larger for this higher tier. Also, you should deposit at least $3,000 and spend $1,000 on your first month as a depositor.
Fire ($199.99): The highest tier requires you to pay a hefty sum for the annual fee. In addition to this, you need to deposit a minimum of $6,000 and spend $2,000 during the first month that you start an account with Oxygen.

Take note that there’s a 12x cumulative qualifying deposit and spending requirement per year for the three paid tiers, namely Water, Air, and Fire. However, Earth account users are exempt from this obligation.

Oxygen Features

Let’s explore the major features of the business account in this Oxygen review. We’ll evaluate the APY, cashback, ATM services, physical debit card, virtual debit card, deposit options, ACH transfers, savings goals, mobile banking, extra services, security certification, and customer support.

Savings APY

What’s remarkable about Oxygen is that it gives you the chance to earn interest regardless of the business account type you pick. All tiers provide an annual percentage yield (APY) on your savings, although the interest rate grows as the level goes higher.

The free Earth tier starts at 0.5% APY, while the yield of the paid Water, Air, and Fire tiers progressively increases from 1%, 2%, and 3% respectively. Just be aware that these amounts only apply to balances of $20,000 or less. While you can still gain interest for funds beyond $20,000, the percentage is lower for the excess amounts.

Cashback

Oxygen motivates you to spend money by promising attractive cashback rewards. If you buy products and services from approved merchants, you can claim up to 2%, 4%, 5%, or 6% cashback if you have an Earth, Water, Air, or Fire business account. Plus, you can get $1 worth of cashback whenever you order food or coffee from selected sellers.

On one hand, cashback is better than points since you can quickly benefit from the money that’s returned to your account. After all, there’s no need for you to collect points which you need to convert first before you can use them.

Smartphone with installed Oxygen mobile app displaying Cashback menu icon and other menu options

On the other hand, cashback privileges aren’t automatic. Instead, you must perform some manual steps first before you can start earning cashback. Make sure to click on the offer in the cashback menu of your Oxygen mobile app so you can load the terms to your card. Afterwards, you can monitor the value of your rewards in the same menu.

ATM Services

Oxygen formed a partnership with Allpoint Network so you can conveniently withdraw your money from nearby ATMs. You don’t have to worry about ATM fees since you can freely use any of the Allpoint ATMs within the U.S.

At present, there are more than 40,000 ATM machines which are commonly located in popular retail stores like Target, Walgreens, and Safeway. You can locate ATMs in your area by tapping on the ATM menu of the mobile app.

Just keep in mind that you need to shell out for international, out-of-network, or third-party fees whenever you conduct special transactions. Also, you can only withdraw a maximum of $500 per day and up to three times daily.

If you are interested in opening a business account with minimal ATM services, here is a detailed Axos Review, Lili Review and Novo Review packed with information about the pros, cons, and alternatives.

Physical Debit Card

You will get an Oxygen Visa Debit Card no matter which business account you pick. However, the material which the physical debit card is made of depends on your tier. On one hand, you will receive a basic but serviceable PVC foiled card if you open a free Earth account.

On the other hand, you can expect premium card materials to match the paid tiers. For example, the Water account comes with an embedded metal card, while the Air tier includes an all-metal card. Still, the Fire account trumps them all by showcasing an engraved all-metal card.

To be realistic, the material of your physical debit card won’t significantly affect its practical functions, except for marginal sturdiness. Nevertheless, it’s an aesthetic bonus that can add a touch of class to your professional image.

Virtual Debit Card

You may be wondering why you need virtual debit cards if you already have a physical one. The answer is: extra security. Oxygen lets you create single-use cards which allows you to make online purchases without needing to provide your physical debit card details. Plus, you can set a maximum spending cap per merchant so you can control your spending.

All tiers come with virtual debit cards, although the level will determine how many or how few cards you can generate. You’re restricted to three cards by the Earth account, while you’re capped at 15 cards by the Water tier. However, the sky’s the limit with the Air and Fire tiers since you can create an unlimited number of virtual debit cards.

Deposit Options

Early direct deposit is one of the benefits of Oxygen. The company typically posts direct deposits on the very day the transaction is performed. As a result, you can potentially receive your funds up to two days earlier than the scheduled payment date.

In contrast, making cash deposits via Oxygen isn’t as simple compared to old-fashioned depositing via traditional banks. Since it’s a financial technology company instead of a bank, there aren’t any physical branches you can visit to deposit your paper bills.

Thankfully, it offers a workaround solution to this dilemma. While you can’t make deposits via Allpoint ATMs, you can deposit cash via Green Dot, the third-party payment platform Oxygen has teamed up with. In this aspect, Oxygen one-ups other financial companies because some don’t have any cash deposit options at all.

ACH Transactions

Oxygen enables you to transfer funds via the Automated Clearing House (ACH) system. To top things off, it won’t even charge you any ACH fees. Just be aware that there’s a limit to the amount you can pull from external accounts via ACH.

To begin with, the Earth tier restricts you to $1,000 per day and $10,000 per month. Next, the Water account limits you to $1,500 each day and $15,000 every month. Also, the Air tier permits you up to $3,000 per day and $30,000 per month. Finally, the Fire account allows you ACH transactions up to $6,000 every day and $60,000 each month.

Savings Goals

Oxygen is like your banking cheerleader that encourages you to save money for the sake of your business growth. The free Earth account permits you to set three savings goals, while the Water tier lets you aim for 10 goals. Both the Air and Fire accounts grant you freedom to pursue unlimited savings goals.

These savings goals involve interesting challenges you can participate in. For example, “Round Up Spare Change” automatically deposits small amounts to your savings account whenever you make eligible purchases using your debit card. In addition to this, “Save When You Get Money” enables you to save a set percentage or amount of your deposits that are worth $50 or more.

Mobile Banking

You can experience the perks of online banking while on the go via the Oxygen mobile app. Just download and install the free Oxygen app in your Android or iOS smartphone. In terms of first impressions, the user interface (UI) has a sleek, modern design that’s pleasing to the eye.

Oxygen mobile app download icons for Apple App Store & Google Play Store

Even more importantly, the mobile banking app equips you to perform banking transactions anytime, anywhere. Plus, it helps you keep track of your balance and earnings. Lastly, the large block-style icons make it easy for you to find the menus you wish to access.

Additional Services

Aside from its main features, Oxygen also provides other useful banking services. For instance, it simplifies the online payment process through Bill Pay. It allows you to send money to your friends as well.

To top things off, it’s got you covered when it comes to different types of insurance. It offers coverage for mobile phones and lost or delayed luggage. Also, it guarantees protection against auto rental collision and hotel theft.

Security

Security is integral to financial services because the safety of your business funds is at stake. The good news is that Oxygen safeguards the privacy of your business account by achieving Payment Card Industry Data Security Standard (PCI DSS) certification.

Plus, you can add an extra layer of defense against hackers by setting up two-factor authentication (2FA). It shields your account by requiring you to verify your credentials both by password and by phone.

Last but not least, Oxygen’s partner Bancorp Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which protects your assets from potential losses.

Customer Support

Oxygen provides daily phone and email support to all business account users. This handy access to live agents is valuable because it’s easier to ask questions and request for technical assistance directly than via self-research help centers. Thankfully, you can call or message the customer support team every day of the week, except holidays. Take note that these service options are only available from 10 a.m. to 6 p.m. EST.

Alternatives to Oxygen

Oxygen is the clear winner when it comes to cashback potential, as you can see from this Oxygen review. Still, you can check out alternatives that excel in other areas of business banking that may be more important to you before you open a business bank account.

Bluevine

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Bluevine Review

Bluevine is one of the best free business banking accounts that streamlines the way you make check payments. It doesn’t charge you monthly or overdraft fees, although it does ask for Bill Pay fees for credit card transactions. Also, it allows you to perform an unlimited number of banking transactions, but there are caps to the monthly deposit and withdrawal amounts.

Our Bluevine review explains that it’s ideal for owners of small businesses who need a free checking account to manage business funds. It specializes in economical checking solutions, compared to Oxygen which doesn’t provide checking services. Nevertheless, Oxygen offers more interesting ways to gain banking profits than Bluevine.

Pricing: Starts at $0 monthly fee

Free basic checking account
No overdraft or monthly charges
Unlimited transactions

Bill Pay fees
Deposit & withdrawal amount limits
Less creative income-generating solutions than Oxygen

Kabbage

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Kabbage Review

Kabbage is a business checking account that presents flexible funding options. It can provide you with a line of credit ranging from $2,000 to $250,000, as long as your application is approved through the quick process. Just be ready to generate a personal guarantee for each loan you take. While there’s no monthly maintenance charges, you must pay funding fees if you have an outstanding loan balance.

Kabbage is a useful bank for startup entrepreneurs or independent contractors who need credit services to expand their business. After all, it concentrates on credit services, in contrast to Oxygen which only offers debit card services. However, Oxygen has better customer support than Kabbage because it offers daily assistance, unlike the weekday-only customer service of Kabbage.

Pricing: Starts at $0 monthly fee

Credit line options
Fast approval process
Zero monthly maintenance fees

Funding loan fees
Personal guarantee requirements for loans
Limited weekday support

Chase for Business

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Chase for Business Review

Chase for Business is a business checking account that enables you to supervise your cashflow and payroll. It makes it simple for you to make deposits and receive incoming wires. You can make unlimited Chase ATM and debit card transactions, while you’re allotted a maximum of 20 teller and paper transactions. There’s a mobile app too, although it only works with selected devices.

Chase for Business is handy for small business owners or freelancers who prefer traditional banking services. That’s because it’s a conventional bank with physical branches, unlike Oxygen that’s a financial technology company. Still, Oxygen is more budget-friendly than Chase because the free tier has no monthly fees or minimum deposit amount.

Pricing: Starts at $15 monthly fee or $2,000 minimum daily balance

Basic checking solutions
Paper money transactions
Physical bank branches

Mobile app not universal
No free plan
High daily balance required to waive monthly fee

Frequently Asked Questions (FAQs) for Oxygen Review

Oxygen levels up the way you generate income through business banking. Before we wrap up our Oxygen business account review, let’s tackle common questions on Oxygen and learn the right answers.

What Is Oxygen?

Oxygen is a provider of business banking accounts for entrepreneurs and professionals. The four tiers of the business savings account are Earth, Water, Air, and Fire. The basic Earth account is free because it doesn’t require you to pay annual fees and deposit or maintain a minimum balance.

Is Oxygen a Bank?

No, Oxygen isn’t a traditional bank. Instead, it’s a financial technology company. Nevertheless, it does offer banking services through its partner Bancorp Bank. Although it doesn’t have any physical locations, it allows you to complete bank transactions through the mobile app and third-party affiliates like Allpoint Network and Green Dot. Plus, its banking services are more affordable than similar solutions provided by some conventional banks.

What Is a Business Bank Account?

A business account is a bank account that’s designed to store your professional assets. It’s a financial platform that you can use to conduct business transactions, such as sending payments to suppliers and receiving payments from customers. Plus, it enables you to increase your business funds over time through monetary and non-monetary incentives.

Do I Need to Open a Business Bank Account?

Yes. You must open a business bank account if you plan to start a small business. After all, it’s one of your essential responsibilities as an entrepreneur, along with other state and federal business registration requirements. Also, you need to separate your business assets from your personal savings so you can manage your finances properly.

Bottom Line on Oxygen Review

Oxygen empowers you to earn income by maximizing the potential of your business savings, as we learned in this Oxygen review. That’s why we dubbed it the cost-effective champion of business bank accounts.

To sum things up, Oxygen is a financially rewarding option for small business owners and freelancers because of the free account, APY, and cashback offers. We hope this Oxygen business account review helped you figure out if it’s the best match for you.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

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