Noah Zelvis – Page 5 – Management Library

October 19, 2022February 17, 2023

Embroker Review: The Business Insurance You Need?

Many businesses don’t have the means to survive a product recall, lawsuit, or natural disaster. Luckily, online business insurance companies offer fast, comprehensive coverage to protect you if and when something bad happens. This Embroker review provides all the information you need to make an educated decision about whether the business insurance company is right for you.

Embroker at a Glance

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Embroker offers a plethora of coverage options for any type of business. You can protect against theft, damage to third parties, product issues, cyber attacks, and so much more. It’s easy to mix and match policies to shelter your company from anything the world can throw at it. The business insurance company even has employee and health benefits to keep your team happy.

Applying is straightforward and simple, even if figuring out the best policies to choose can be a challenge. You won’t have an idea of costs until the end of the process, but Embroker claims its rates are the best in the game. There’s no mobile app, so creating and managing your account is best done on a computer.

Several customizable plans to choose from
Offers employee and health benefits
Fast application process

Unclear pricing information
No mobile app
Can be overwhelming to build your policy

Embroker Insurance Review

There’s a lot that goes into making Embroker a solid choice for business insurance. Let’s start to break down what makes the company shine.

Who is Embroker Business Insurance Best For?

Embroker has a lot of protections it can put in place for various business models. Policies tend to revolve around smaller businesses, but options like director and officer coverage speak to ventures with a senior management team. It has specific areas of interest that benefit the following companies the most:

Startups
Tech Companies
Law Firms
Cannabis Companies
Aviation and Aerospace
Small Businesses

That said, any organization looking to maximize coverage while keeping costs down should give Embroker a closer look.

Pricing

With so many policies to choose from, it’s impossible for Embroker to offer transparent pricing packages for business owners. The company will work with you to build coverage that fits the needs of your business, helping to ensure you don’t overlook something that will protect you down the road.

Additionally, each policy weighs in a number of factors that affect the overall cost. Your type of business, number of employees, assets, financials, legal history, and more can all play a role in what you’ll end up paying.

Above all, Embroker claims to have some of the best prices in the industry. Through its thorough process, the business insurance company states it can offer prices 20% to 50% lower than the competition.

Embroker Features

General Liability

General liability insurance protects your business from injury or property damage to a third party. This coverage helps pay claims if a non-employee gets hurt or has property damage while working with you. When court costs alone could devastate a business, this coverage can be a lifesaver. It can also offer protection against slander or libel.

Product Liability

Product liability insurance deals with issues surrounding defective products. Any item with a design defect, manufacturing issue, or unclear instructions can fall under this umbrella. Coverage can extend as far as a product recall if necessary. Businesses dealing with the sale of products should always consider this insurance.

Commercial Auto

If your business owns or rents vehicles, commercial auto insurance safeguards them in the event of an accident, theft, vandalism, or even natural disaster. This coverage can also shield yourself or your employees if you’re found to be at fault in an accident. Many states mandate the purchase of commercial auto insurance.

Commercial Property

Commercial property insurance assists with physical structures, supplies, and inventory on your property. When experiencing loss, theft, or damage from natural elements, this insurance will pay toward repairs or new items. Embroker allows you to tailor this policy to reflect your assets and acceptable loss.

Directors and Officers Coverage

While not for small startups, directors and officers (D&O) insurance supports your top management if any of them ever get sued on matters of corporate trust. In addition to protecting the personal assets of the individual, it helps pay for any legal defense and resulting damages.

Cyber Liability

Internet threats are real, and few businesses aren’t connected to the digital world in some way. Cyber liability insurance helps deal with the aftermath of a cyber attack and loss due to security breaches. If met with legal action from third parties as a result of an attack, cyber liability can help there as well.

Errors and Omissions

Also known as professional liability insurance, errors and omissions coverage helps shield you from claims against inaccurate information, mistakes, or negligent behavior. This insurance becomes important when your business offers expertise or deals in professional services. It’s wise to pick up a policy for your organization when dealing with potential malpractice or inaccurate advice.

Business Interruption

Business interruption insurance steps in when your company can’t operate due to some form of disaster. While such events are usually natural disasters, Embroker can cover shutdown time from theft or falling objects. It helps offset the loss of income from closing your doors for a set period of time until you can reopen again. This policy often comes bundled with other insurance, but it’s possible to add more comprehensive coverage to your plan.

Commercial Crime

Other forms of insurance safeguard from a criminal activity outside the workplace. Commercial crime, on the other hand, deals specifically with employee embezzlement or theft. It can help cover you from loss due to missing inventory or other supplies. Embroker even offers third-party coverage, protecting your business if another entity claims your business committed a criminal act against them. Businesses bringing in part-time help or dealing frequently with cash or inventory can benefit from such a policy.

Worker’s Compensation

In the event one of your employees sustains an injury at work, worker’s compensation insurance can save the day. Having such an event at your place of work is always a possibility, but workers comp can shield you from costs that come with injury. Covered expenses include lost wages, medical expenses, therapy, or death benefits.

Health and Employee Benefits

Alongside insurance coverage, Embroker has health and employee benefits to make your business a more desirable place to work. You can integrate Embroker’s system with your own HR software and build a suite of benefit options for your team.

You can also add educational materials and access to benefits consultants to help facilitate the process. It’s possible to set up guidelines and fee ceilings to keep business and employee costs to a minimum. After finalizing a policy, Embroker compares your benefits to comparable companies, looking for areas to improve or save money.

Alternatives to Embroker

Embroker has a long list of great features, but the business insurance provider won’t be for everyone. Below you’ll find a few alternatives to consider instead.

CoverWallet

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CoverWallet shares many policies with Embroker but groups them into plans dedicated to specific industries for easy shopping. Types of companies include retail stores, contractors, accountants, and many more.

No matter your business, you’ll find options for general liability, worker’s comp, cyber protection, commercial auto, and asset coverage. Digging a little deeper reveals medical malpractice insurance, errors, and omissions, and even liquor liability should the need arise.

When searching for the best coverage for your organization, CyberWallet keeps the process simple. You can click on your company’s industry for a basic package and add or remove features that speak most to your business model. More often than not, you’ll have to call an agent to actually receive a quote, slowing down the overall process.

Once you land on the right plan for you, it’s possible to view and modify selections from your online dashboard. This stellar feature helps avoid a sometimes slow-to-respond customer service team. As you set up your policies, keep an eye out for broker fees or other hidden costs that can add to your monthly expenses.

Quick and easy application process
Coverage packages for multiple business types
Can handle your policies through an entirely online system

In most cases, you have to call to complete the quote process
Many hidden fees
Customer service can be on the slow side

Hiscox

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Hiscox specializes in small business insurance, employing services to over 400,000 companies at present. The company has over 100 years in the field, and that kind of experience is hard to pass up.

It’s hard to tell when a small business becomes something more, but Hiscox’s policies work best in companies of ten persons or fewer. In some instances, it’s not possible to extend coverage to more individuals or protect senior management in a fiduciary issue.

You can quickly obtain quotes for your particular enterprise and receive instant coverage, but the claims process isn’t so user-friendly. Many users complain of slow notifications and drawn-out procedures that eat into both time and money. Alaskans are out of luck, Hiscox doesn’t have a presence there.

While flipping through Hiscox’s policies, the online business insurance provider has specialized coverage for more than 180 industries. You can tweak these plans as you see fit to work best with what your business offers.

Over 100 years in business
Fast quotes and instant coverage
Specialized coverage for several industries

Slow to respond to claims
Best suited for business of ten employees or less
No coverage in Alaska

The Hartford

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The Hartford first opened its doors in 1810, providing insurance policies to the small and large businesses of the time. Not much has changed over the last 200 years, as The Hartford still offers coverage to small and large organizations alike. While you can now fill out most of your coverage online, you will still need to call The Hartford to finalize your monthly rates.

In total, The Hartford serves over 1 million business customers around the country. That is, with the exception of New Jersey, Hawaii, and Alaska, where the company dares not tread.

You’ll only need a few minutes to request a quote for your specific company, and The Hartford will show you all the ways it can protect your business. It even shows average costs for various plans on its site, something most other insurance providers won’t do.

With many policy options to choose from, you can customize a plan based on the industry where your business works. The site has several pre-built packages for company types from photography to restaurant ownership. Keep an eye on costs after the first year, as some users mention prices increasing unexpectedly.

Over 1 million small business customers
Designed for small and large organizations
Covers a wide range of business sectors

Most policies require talking to an agent to finalize a rate
Some users complain of significant price increases over time
Does not offer policies in Alaska, New Jersey, or Hawaii

Frequently Asked Questions (FAQs) – Embroker Review

Still have questions about business insurance? Below are answers to some inquiries you may be curious about.

Where is Embroker Based?

Embroker has its headquarters on the west coast in San Francisco. You’ll also find offices in Boston and Chicago with customers in every state.

When Should a Startup Get D&O Insurance?

Director and officer insurance may not apply to all small businesses, but any company looking to build a senior management board should have this coverage. Those vying for higher-up positions may refuse to work in your organization if you don’t have the means to protect them.

Is Embroker an MGA?

Embroker is a managing general agent, able to offer more specialized attention and care to a business. The company can bring multiple policies together under one roof, ideally for a lower price.

Is It Worth Having Cyber Insurance?

With digital attacks on the rise, cyber insurance can offset the costs of getting your business back online. It’s still worth having security measures in place to block threats before damage occurs.

Bottom Line on Embroker Business Insurance

Business insurance can spell the difference between a company recovering and crumbling when disaster strikes. Embroker offers a laundry list of solutions to protect you and your organization from potential pitfalls along the way. Having the right policies in place can cover some of all of the costs due to damage from a number of sources, allowing you to get back to doing what you do best.

September 17, 2022November 23, 2022

The Ultimate Guide to Merchant Service Providers

A merchant standing beside her goods in a shop

Merchant service providers are the key to unlocking your company’s full payment potential. What is a merchant service provider, and how exactly does it work? This ultimate guide has answers to all your burning questions.

What is a Merchant Service Provider?

A merchant service provider (MSP) is a broad term for any type of software, hardware, or service enabling you as a business owner to process credit or debit card payments. Not only do MSPs facilitate the process, but they also help keep your company’s and customers’ finances safe.

As the internet gained popularity as a marketplace, merchant service providers rose to the challenge of offering comprehensive platforms. Today, the top MSP accounts provide point-of-sale tools and business analytics so your business has everything it needs to succeed.

The PCI Security Standards Council

The Payment Card Industry (PCI) Security Standards Council sets the bar for merchant service providers to follow. Constituted by American Express, Discover, JCB, MasterCard, and Visa, these companies help regulate the flow of money and protocols during business transactions.

Types of Merchant Service Providers

Not every merchant service provider is the same. For the most part, available services fall into one of three categories:

Merchant Account Providers

Generally speaking, merchant account providers set you up with a merchant account funds flow into after making a transaction. These providers then offer a means to process transactions from a debit or credit card and deposit it into this account.

A merchant account is not a business bank account, but rather a holding place for funds coming into your business. The merchant account provider transfers those dollars into your bank account periodically. Having a separate merchant account can be beneficial for tracking plastic transactions and controlling how funds move.

There can be fees associated with these extra accounts and the process used to process credit or debit card payments accordingly. If you’re looking into merchant service providers, be sure to check the types of cards they work with so you don’t find yourself in a sticky situation with an uncommon card.

Payment Service Providers

Payment service providers are another means of processing payments between buyers and merchants. Instead of having a merchant account, these providers lump merchants together to keep costs down. Being grouped with other businesses means you won’t have your own ID through which to channel funds.

These platforms don’t charge as much for this setup or typically require long-term contracts. On the flip side, you may not experience good customer service if things go awry. Payment service providers hold a lot of risk for letting you use their services, so it’s also more likely for them to freeze or terminate accounts with minimal warning. Even something as simple as a higher than usual payment can throw up a red flag.

Payment Gateway Providers

As the name implies, payment gateway providers create a path for online payments through a secure network. At present, these gateways are the only way business owners can collect payments through the internet.

Some providers will include a merchant account as part of the deal, while others offer a gateway only. In either case, you’ll have the interface you need for customers to shop from your site.

With cyberattacks at an all-time high, payment gateway providers add high levels of fraud prevention and security to keep you and your clients safe. Customers will want this peace of mind before purchasing your app or site.

Tracking the Transaction Process

When a customer makes a purchase, there’s more to the process than a simple swipe of a card. After the swipe, your MSP account sends a request to the customer’s credit card company regarding the purchase.

The credit card company forwards the information to the customer’s bank, where the bank checks for fraudulent activity and sufficient funds. Once the bank either accepts or rejects the transaction, it sends a message through the credit card company back to your MSP.

At this point, the transaction completes, and the customer has the product or service they desire. Depending on the speed of the credit card company, it may take minutes or a few days for the funds to appear in your merchant account.

Who Can Apply for a Merchant Service Provider?

Any business, no matter how large or small, can apply for a merchant service provider. Since MSPs assume risk by dabbling in financial matters, they can be particular about who they work with.

Your company may land in a hot spot if an MSP determines it to be high risk. Frequent returns or questionable charges can be all an MSP needs to reject an application.

What Tools Can Merchant Service Providers Provide?

A merchant service provider can toss a bunch of cool tools your way to help with payment processing. Check out some of the most common features below.

Merchant Accounts

Merchant accounts represent the bucket funds drop into whenever a customer makes a purchase in person or online using a plastic card. An MSP will then transfer the money into the bank account of your choosing.

The process may seem overcomplicated, but merchant accounts introduce a layer of protection designed to keep funds safe. Having a merchant account comes with a unique ID number to expedite transfers. Payment service providers are technically merchant accounts but don’t give a unique ID number.

Credit Card Terminals

Any physical store location needs credit card terminals to read credit and debit card information. Modern terminals connect to the internet through Ethernet or wireless connections, although those using WiFi tend to be more expensive.

It’s possible to either lease terminals or purchase them, depending on how long you envision using them down the road. Leasing these models usually isn’t a cost-effective option, so it’s almost always better to buy when you can.

It’s worth checking out terminals offering EMV compliance for chip cards and that extra layer of security. Similarly, you may wish to invest in NFC-based payment methods like Apple Pay and Google Pay, since these touch-and-go options are becoming increasingly popular.

Point of Sale Systems

Point of sale (POS) systems combine the benefits of credit card readers with a software-based solution for financial management and inventory tracking purposes. Many POS systems can run on tablets nowadays, eliminating the need for bulky computers.

You may even find point-of-sale systems with cash drawers, printers, or check scanners built right in. With the right platform, it’s possible to control all financial aspects from a single device.

Virtual Terminals

Virtual terminals turn a computer or mobile device into a credit card terminal. In most cases, businesses use these virtual interfaces to enter credit card information manually over the phone or tackle remote billing.

Some services include a card reader attachable to a USB port to handle in-person purchases quickly and easily. Where possible, it’s best to scan and keep a physical card on file to cut down on risk.

Mobile Payment Systems

Mobile payment systems enable you or your team to accept credit card payments with a smartphone or tablet. These systems come with a physical card reader that connects to your mobile device and collects card information.

As with credit card terminals, it’s best to choose a mobile payment system offering EMV compliance for extra security and NFC transactions for customers wishing to take a contactless approach. Devices with Bluetooth can introduce wireless connectivity, as headphone jacks on phones are going the way of the dinosaur.

Payment Gateways

Any business taking an online approach needs a payment gateway to receive payments in cyberspace. Gateways connect an online payment center to your merchant account or financial institution with minimal risk.

Only companies with an online presence need a payment gateway, so the service doesn’t typically come standard in merchant service provider packages. Don’t be surprised if you incur a monthly fee for using one. These services do introduce layers of security and customer management tools.

Online Shopping Carts

Online shopping carts are more than just an icon on a website. This software allows businesses to build and customize a website to highlight brands and products. Doing so creates a unique customer experience to stand out from the competition.

What Should You Look for in a Merchant Service Provider?

When picking out a merchant service provider for your business, not just any platform will do. Consider the following before making a purchase.

Features

A merchant service provider’s feature set should be a driving force in your decision-making process. If you’re doing business online, be sure to choose an MSP account with a payment gateway. Some providers add tools like inventory management or sales reporting to keep your business running smoothly.

Security

You and your customer base need to keep financial records safe and secure while performing transactions on the internet. MSPs often bulk up with fraud protection and encryption tools to block hackers from accessing your hard-earned money.

Hardware

For physical store locations, think about the type of hardware you want to use. Are mobile payment systems enough, or do you need full-blown point-of-sale systems? Picture the layout of your location and what makes the most sense before making any purchase.

Ease of Use

Hardware and software alike, it’s important to make sure your merchant service provider is quick and easy to use. If your team fumbles with credit card terminals or struggles through an app, it can reduce the likelihood of a repeat purchase. Such bumps also reduce efficiency, leading to less overall sales.

Support

A good customer service team at your back can get your system back online faster than you can say IT. On the other hand, limited access to support can leave you with hours or days of downtime before you can get up and running again.

Fees and Pricing

There can be a lot of fees associated with merchant service providers for the many services they offer. You should expect a monthly fee for using the service, but make sure the amount fits into your company’s budget.

Less obvious are fees for payment gateways or management software that can send costs through the roof. There may also be transaction fees each time you swipe a card. Should you need hardware solutions as well, weigh pricing options on larger units versus those with fewer features.

Frequently Asked Questions (FAQs) for Merchant Service Providers

Merchant service providers can take on many forms, and understanding them all can be a challenge. This FAQ answers some of the most common questions about these platforms.

Is PayPal a merchant service provider?

PayPal does serve as a merchant service provider. It functions as a merchant account in an aggregate setting, not assigning individual ID numbers to each client. In a specific sense, PayPal is a payment service provider that keeps costs relatively low for users.

How do I choose a merchant service provider?

When choosing a merchant service provider, consider the features and hardware you’ll need to run your business. Add a good customer service team at an affordable price, and you have an MSP you can work with.

What is an example of a merchant?

A merchant is simply an individual or business providing products or services for sale. Common examples include boutique shops and big-box retailers.

What’s included in merchant services?

Merchant services can include anything from credit card terminals to software for product management. Users can also access merchant accounts or tap into payment gateways for online sales.

Bottom Line on Merchant Service Providers

Merchant service providers are an integral part of any business hoping to accept credit or debit cards as a payment source. These services connect your system to the necessary entities for transactions to take place. With the uptick in online shopping, merchant service providers are more important than ever to maximize your selling potential.

July 28, 2022February 22, 2023

CyberGhost Review: Scaring Away Cyber Dangers

CyberGhost blog banner - CyberGhost review

The CyberGhost VPN service is carefully designed to keep you safe from the dangers of cyberspace. Through the best encryption money can buy, CyberGhost VPN makes your online transactions and personal information indiscernible to anyone trying to pry. Discover in this CyberGhost review how it works and what makes it one of the best VPNs available.

Our Verdict

CyberGhost VPN

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Anyone looking for extra security while on the web for personal or business purposes will find a friend in CyberGhost. The VPN protects your information through strong encryption while not keeping any logs of your time. If you’re willing to sign up for a few years of service at a time, costs can be as low as a couple of dollars per month.

Insane number of servers
No-logs policy
45-day money-back guarantee

Support limited to online chat
Weak ad-blocker
Pricey if you don’t sign up for long periods of time

CyberGhost VPN at a Glance

CyberGhost VPN reigns king with its monumental 8,100 servers scattered across 91 countries. Not only can you watch content from this long list of nations, you’ll likely have no difficulty connecting to a server with blazing fast speeds.

Pricing for CyberGhost is actually one of the cheapest if you’re willing to subscribe for a whopping 40 months at a time. Signing up for just a year comes at a middling cost, and a single month is a prohibitive $12.99. If you don’t like the service within the first 45 days, you can get your money back with CyberGhost’s guarantee.

The company doesn’t keep a log of anything you do on the internet, nor does it record your digital identity. One area CyberGhost struggles is with ads, as the pesky pop-ups tend to sneak through the filter.

Should you encounter any issues while using the virtual private network, CyberGhost does have a 24/7 support team on hand at all times. However, chat can be slow and not always efficient.

Who CyberGhost is Best For

CyberGhost VPN is great for anyone looking for extra security while on the internet. Whether at home or on the road, a VPN uses encryption to protect your data from unsavory characters lurking on the web. This holds especially true when using public Wi-Fi locations open to anyone.

Pricing

CyberGhost VPN’s pricing structure varies depending on how many months you sign up for at a time. A month-to-month membership will set you back $12.99, whereas signing up for a year lowers the cost to $4.29 per month. A two-year subscription runs $3.25 monthly, but the VPN’s best deal offers 40 months of service for $2.23 every 30 days.

Those using Chrome or Firefox browsers can download a free extension offering top-tier protection while you browse the web. CyberGhost makes these apps available whether you have an active subscription or not.

Price

$2.23 to $12.99 per month; free browser extensions

Number of Servers

Over 8,100 across 91 countries

Simultaneous Connections

7 devices

Bandwidth

Unlimited

Encryption

AES 256-bit

Platforms

Android, iOS, Windows, Mac, Linux, TV devices, game systems, browsers

Protocols

OpenVPN, L2TP/ IPSec, IKEv2/ IPSec, PPTP

Money back Guarantee

45 days

No Logs Policy

Customer Support

24/7 chat support

Automatic Kill Switch

CyberGhost VPN has but one service plan that gives full access to its list of features. Your monthly bill depends on the number of months you sign up for at a time, ranging from $12.99 for a single month to $2.23 for 40. If CyberGhost isn’t the VPN for you, you can cancel your subscription within the first 45 days of use for a complete refund.

The VPN has an extensive network of servers located in 90 countries around the world. No matter where you connect, you can use up to seven devices with a single subscription. You’re not limited to the device you use, as CyberGhost’s technology works on Windows, Mac, Linux, TVs, game systems, and all mobile devices.

Flexibility doesn’t stop there, as CyberGhost runs four different protocols you can use to maximize your online efficiency. The software doesn’t throttle back its bandwidth like some other providers, allowing you to surf and download at the same speed whether you use little or a lot of data.

When you are on the web, CyberGhost adheres to a strict no-logs policy that doesn’t track where you are or what you do. If downloading sensitive material, an automatic kill switch can suspend your internet connection if the VPN goes down for any reason.

Should issues arise while using the software, you can turn to chat help at any time. Unfortunately, CyberGhost doesn’t have phone or email support.

CyberGhost Features

This CyberGhost review wouldn’t be complete without a closer look at the VPN’s features. You’ll find industry standards, such as unlimited bandwidth and strong encryption, but CyberGhost offers some advantages over other VPN competitors.

Number of Servers

Screenshot of CyberGhost VPN server page

The more servers a VPN has, the more it can distribute users across them. With over 8,100 servers in 91 countries, CyberGhost VPN maximizes your chances of a speedy connection. Access to so many regions also allows you to view content from other parts of the world.

Simultaneous Connections

You can connect up to seven devices to a single VPN account. Whether at home or away on vacation, you can protect your phone, tablet, and PC at the same time. If you have multiple device users in your house, seven connections will keep them all safe.

Unlimited Bandwidth

CyberGhost won’t ever throttle your bandwidth back or limit traffic through your VPN. Whether you download huge files or stick to checking your email, your connection speed will remain the same. The software will also keep speeds as high as possible when you have multiple connections.

Encryption

CyberGhost uses AES 256-bit encryption to keep your information safe. Each key length is 256 bits, practically unhackable by modern standards. It is the strongest encryption method currently available.

Platforms

Whatever devices you use to connect to the internet, chances are CyberGhost has the software to support it. Obvious apps include Windows, Linux, and Mac, but CyberGhost has downloads for Android and iOS devices as well. On top of that, it’s even considered one of the best VPNs for mobile devices.

The VPN also protects smart TVs, gaming consoles, and even your home router. If that wasn’t enough, you can grab free extensions for Chrome or Firefox to surf the web without fear.

Protocols

Screenshot of CyberGhost VPN protocol page

VPNs use protocols to determine how to route data through a connection. Each type of protocol has different benefits, such as speed versus security.

Having multiple protocols enables you (or the VPN) to choose the best one for the task at hand. CyberGhost’s four options offer much more flexibility than those with fewer protocol choices.

No Logs Policy

CyberGhost follows a strict no logs policy and doesn’t keep track of your time on the internet while using its VPN. Everything from timestamps to browsing history and IP addresses stays off the books. Without records, your digital identity while using CyberGhost is as safe as can be.

Customer Support

Customer support is available 24/7 no matter where in the world you may be. The downside is that you can only connect via chat through the website. There are no phone numbers available to reach help.

Automatic Kill Switch

You can set up CyberGhost to immediately terminate your internet connection if the VPN shuts down for any reason. Doing so protects sensitive information on your device or network that you don’t want to be leaked out into the cyber world.

Alternatives to CyberGhost

Although you may have found in this CyberGhost review that it has several great features, it may not appeal to you. Here are a few other options to consider if that’s the case.

NordVPN

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NordVPN Review

NordVPN has similarly priced subscription plans, with its best offer at $3.29 per month over a two-year span. Those wanting to try out the service can do so risk-free with a 30-day money-back guarantee.

The app boasts some of the best malware and threat protection out there to keep you and your information safe. Zero connection logs ensure that no one can access your data from the source. Unfortunately, NordVPN does tend to stick you with the same static IP address, making you a bit easier to track.

Linux users may want to think twice about using NordVPN, as the interface is in need of some work. CyberGhost gives those using Linux devices a much better experience. Whatever platform you’re on, the customer support team can be difficult to wrangle with limited chat hours and delayed email responses.

Zero connection logs
Powerful malware and threat protection
30-day money-back guarantee

Linux interface could use updating
Doesn’t cycle through dynamic IPs well
Customer support can be difficult to reach

ExpressVPN

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ExpressVPN Review

ExpressVPN may have some of the fastest connection speeds among VPNs, but you’re certainly going to pay for it. At best, a 12-month membership will set you back $8.32 every 30 days. Fortunately, you can try it out and cancel within the first 30 days for a complete refund if not satisfied.

Alongside other top VPNs, ExpressVPN keeps no record of your activity or connection logs. This security is bolstered more by a network kill switch that shuts down your internet if the VPN stops working.

If you need a static IP address, you won’t find one here. ExpressVPN limits its connections to dynamic IPs, posing a problem when you need a specific digital location. You won’t be able to connect more than five devices at a time either, which may not be enough for bigger households.

No activity or connection logs
Network lock kill switch
30-day money-back guarantee

No static IPs
Limited to five devices
A bit on the pricey side

Surfshark

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Surfshark Review

Surfshark comes through with its own no-logs policy, a necessity for keeping your online transactions away from the eyes of cyberattackers. There are apps available for Windows, Max, Linux, mobile devices, and browsers as well. Better yet, you can connect an unlimited number of devices through the VPN to keep all your information safe.

At present, Surfshark offers a two-year subscription for just $2.49 per month, right in line with CyberGhost. Apple users have reason to be leery, as Surfshark struggles to work properly on those devices.

The VPN’s somewhat limited server base may account for slightly slower than average speeds while connected. If you think things are running slower than they should be, you can reach customer support through chat or email. There’s no way to contact the team by phone.

Very budget-friendly subscription options
Can connect to an unlimited number of devices
Strict no-logs policy

Doesn’t work as well on Apple devices
Not the fastest speeds
No phone support

ProtonVPN

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ProtonVPN does things a little differently, offering a completely free plan in addition to a paid tier of service. Its free VPN only allows access to 100 servers and medium surfing speeds. Two years of paid service will set you back $4.99 per month, but you’ll have the fastest speeds and 1700 servers to choose from.

The app has a no logs policy and won’t keep a record of anything you do while signed on. You can log on with up to ten unique devices and keep your information safe on each one. If you run into trouble along the way, you’ll have to wait for a response through email which can take days.

Up to ten device connections
Based in Switzerland with a no-logs policy
Has a free plan

Pricing is relatively high
Slow speeds at lower tiers
Support details limited to email

Frequently Asked Questions (FAQs) for CyberGhost

VPNs offer unprecedented protection while on the internet, but they’re not always easy to understand. This FAQ addresses some of the most common questions about CyberGhost.

Is CyberGhost Safe?

CyberGhost has the best encryption available on the market today. The company doesn’t keep logs or personal information on file and offers multiple protocols for additional security. Here’s our article on the most secure VPNs available for you.

Is CyberGhost VPN Free?

No, CyberGhost does not have a free plan for use on PC, Mac, or mobile devices. It does feature a free browser extension for Chrome and Firefox to help keep you safe while browsing. Read our guide on the best free VPNs if you’re searching for a free service.

Is CyberGhost VPN Legal?

Yes, CyberGhost is completely legal software to use. It can protect your identity and information from those wishing to do you harm.

Does CyberGhost Sell Your Data?

CyberGhost’s privacy policy specifically states that the company doesn’t sell any data to third parties. In fact, the software collects very little data and has strict no-log rules.

Bottom Line on CyberGhost Review

Anyone spending any amount of time on the internet can benefit greatly from keeping personal and business data safe. CyberGhost packs a virtual protective punch with top-of-the-line encryption and thousands of servers to keep internet speeds fast. Plus, if you’re willing to commit to a few years of service, CyberGhost’s prices rank as some of the best out there.

July 25, 2022February 15, 2023

The Ultimate Guide to DBA Checking Accounts

Business woman opening a DBA checking account online with her PC

If you decide you don’t want to form an LLC or corporation, you’ll likely want a “doing business as” registered name for your sole proprietorship or partnership. A DBA checking account can be a game-changer for a small company looking to build a brand. It can facilitate business processes, saving time and reducing headaches.

What is a DBA?

In both sole proprietorships and partnerships, the legal name of your business becomes your own name. Because of this, many small business owners wish to file a DBA to showcase themselves under a different name.

DBA stands for “doing business as.” Submitting a DBA allows you to operate your company under a different name even though its legal name does not change. Doing so helps create an image for your venture that you can build a brand around.

For instance, Sam Cutter starts up a sole proprietorship running store. Since he doesn’t want to refer to his business as “Sam Cutter,” he files a DBA for the name Sam’s Running Store. Now he has a clear brand to build his company around.

Some states may have naming restrictions you’ll need to follow. For the most part, you can name your business something serious, funny, or anything in between. In any case, DBAs help separate business and personal at least on paper. A DBA does not protect you from any legal ramifications you may face as a sole proprietor.

Filing a DBA

The DBA process is usually as simple as filling out specific paperwork and submitting it at the appropriate level. Some states require paperwork at the state level, while others only ask you to provide documents to the country. Others mandate submitting paperwork at both levels. After paying the necessary fees, your DBA is ready to go.

Creating a DBA Checking Account

Once you start operating your sole proprietorship or partnership under a DBA, you may need a DBA checking account as well. Fortunately, setting up a DBA checking account is even easier than filing for a DBA in the first place. Some banks may even let you sign up online.

Requirements for opening your DBA checking account may vary from bank to bank. However, financial institutions typically look for the following:

DBA Certificate

You’ll receive a DBA certificate from the state or county once you file your doing-business-as name. The bank will want to see this document if you want to create an account under your DBA name.

Social Security or Employer Identification Number

Sole proprietorship owners often use their social security number for business identification. Partnerships are better off using an employer identification number (EIN), as there are two owners. In either case, the bank will need to know the number you used when starting your business. Here’s how you can open a business account with EIN.

Photo Identification

Any legal photo ID works for proving you are who you say you are. Common options include a driver’s license, state identification card, or passport.

Business License

Bring along any business licenses your city, county, or state required you to obtain when you started up your business. This includes specialized licenses or permits your particular company needs to function legally. Make sure each document lists your name and your company’s name.

Who is a DBA Checking Account Best For?

It is possible for any business type to open a DBA checking account, but it isn’t always practical. LLCs and corporations can create a company name on creation and should have no need to file for a DBA.

DBA checking accounts are best for sole proprietors and partnerships. Upon formation, a sole proprietorship’s legal name becomes your personal name. Partnerships typically take on the last names of the owners. It makes sense to file for a DBA and set up a checking account reflecting this new business name.

Benefits of a DBA Checking Account

Using a DBA as a sole proprietor or partnership allows you to open a business checking account through a service like Bluevine instead of a personal one for your company. This enables your small business to reap the benefits a business checking account has to offer.

Separating Business and Personal

Opening a business bank account makes it easy to keep your personal finances apart from what you’re bringing in on the business side. Avoiding the mess of mingling funds helps with tracking income, expenses, and paying out taxes. It also helps to remove your real name from public advertisements that may compromise privacy.

Fast Transactions

As a business owner, you’re going to be buying supplies and selling products or services frequently. Personal bank accounts don’t always allow quick money transfers and may charge fees. Free business banking accounts are geared around the flow of funds, both expediting the process and making it cost-effective at the same time.

Interest Checking

The best business checking accounts tend to offer interest on funds stored within. The rate can be a significant boost to money you’re waiting to use for payments or holding for tax purposes.

Professionalism

No matter how small your company may be, having a DBA checking account adds a level of professionalism to your interactions with customers. Instead of seeing your name on transactions, your business has an appropriate name and reveals your purpose.

Future Financing

Many banks require you to have a business bank account for a certain number of years before you can request a line of credit or a small business loan. Starting a DBA checking account while you’re running a business solo helps set the stage for future growth.

Multiple DBAs Within a Single Bank Account

In most cases, it is possible to have multiple DBAs within a single bank account. Business owners may choose this route to further differentiate brands, products, or services within one business entity. It can be hard to juggle multiple DBAs unless you stay on top of your books.

If you take this approach, keep a very detailed list of funds moving into and out of your bank account, including the DBA they are moving through. Be sure payments clearly spell out where funds need to go with account numbers for tracking purposes.

Finances can get quite murky, and you don’t want to end up getting sued or audited along the way. It’s paramount to have a well-documented money trail lest you end up suffering through penalties or legal fees.

Alternatives to Using a DBA Checking Account

Using a DBA to open up a bank account isn’t for everyone. Here are a couple of other options you can consider instead.

Personal Checking Account

Sole proprietors don’t have to create a business account when forming their company. There isn’t a legal requirement to have a separate bank account for business purposes, so it’s possible to use your personal account instead. Depending on the type of business you own, it may be very challenging to distinguish funds. If you wish to create a business account, then check out the best business bank accounts for your sole proprietors.

Establish an LLC

Whether a sole proprietor or in a partnership, you can take your business to the next level by establishing an LLC. LLCs separate your personal and business funds, protecting your personal assets in the event of an audit or lawsuit. Your LLC will need a business bank account but doesn’t require a DBA to open.

Joint Bank Account

Partnerships can go the route of a joint bank account to keep business funds in a single account. Both partners receive full ownership of the account to make use of as they please. You will need information from both individuals, but you won’t need a DBA.

Frequently Asked Questions (FAQs) for DBA Checking Account

DBA checking accounts can be a confusing business. This FAQ will help alleviate your most pressing questions.

Can I use my DBA name on checks?

Yes, setting up a DBA checking account allows you to use your DBA name on checks you hand out. This gives an air of professionalism when working with new and established clients.

Does a DBA need its own bank account?

Yes, companies using a DBA need a separate bank account. This allows your business to function as a separate legal entity.

Can I transfer money from my business to my personal account?

Yes, it’s perfectly legal to transfer money between business and personal accounts, essentially paying yourself for your hard-earned money. To facilitate the process, create both accounts at the same financial institution if possible. Be sure to document everything well, as using business funds for personal reasons is illegal.

Can a bank refuse to open a business account for you?

Yes, banks are not required to provide a bank account for you. They don’t have to give a reason, but it may revolve around a lack of funds or a low credit score.

Bottom Line on DBA Checking Accounts

Filing a DBA for your sole proprietorship or partnership is a great way to help your business stand out in a sea of others. DBA checking accounts offer a sense of privacy and professionalism while making it easy to send and receive payments. In the same vein, many banks give added incentives to business owners that you won’t find in personal accounts.

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.

July 6, 2022February 15, 2023

7 Best Credit Cards for Young Adults in 2023

Having a credit card of their own can go a long way toward helping young adults begin a journey of freedom. That being said, some credit cards work better than others. This article captures the best credit cards for young adults and the benefits of each.

Best Credit Cards for Young Adults

Chase Freedom Unlimited® – Best Overall
Ink Business Cash® Credit Card – Best for Business Owners
Capital One QuicksilverOne Cash Rewards Credit Card – Best for Flat-Rate Cash Back
Petal 2 Visa® Credit Card – Best for Those With No Credit
Discover it® Secured Credit Card – Best for Low Credit
American Express® Green Card – Best for Young Professionals
Citi Premier® Card – Best for Travelers

Our Methodology

When finding the best credit cards for young adults, we considered the impact of annual fees while also taking a look at introductory bonuses and potential cash back benefits along the way. It was also important to look at regular APR and how high interest rates would get if users aren’t making monthly payments. Lastly, we looked at recommended credit scores for each card to give the best chance at approval.

Check out a more detailed explanation of our methodology here.

Chase Freedom Unlimited

None

670 – 850

15.74% – 24.49% variable

$200 bonus after spending $500 in the first 3 months; 0% APR for 15 months

5% cash back at gas stations; 3% cash back on dining and drugstore; 1.5% cash back on everything else

Ink Business Cash

None

700 – 850

13.99% – 19.99% variable

$750 bonus cash back after you spend $7,500 on purchases in the first 3 months; 0% APR for first 12 months

5% cash back on office supplies, internet, cable, phone services; 2% cash back at gas stations and restaurants; 1% cash back on all other purchases

Capital One QuicksilverOne Cash Rewards

$39

600 – 699

26.99% variable

None

Earn unlimited 1.5% cash back on every purchase

Petal 2 Visa

None

None required

13.74% – 27.74% variable

None

1 – 1.5% cash back, plus 2% – 10% bonus cash back at select merchants

Discover it® Secured

None

None required

23.74% variable

Double cash back of the cash back you’ve earned the first year

2% cash back at restaurants and gas stations; 1% cash back everywhere else

American Express® Green Card

$150

700 – 850

16.74% – 23.74% variable

45,000 points after spending $2,000 on purchases within the first six months

3x points at restaurants, on transit, and on travel; 1x points everywhere else

Citi Premier® Card

$95

700 – 850

16.74% – 24.74%

60,000 bonus points after spending $4,000 in purchases within the first three months

No foreign transaction fees; 3x points at restaurants, gas stations, supermarkets, and on air travel and hotels; 1x points for all other purchases

Chase Freedom Unlimited: Best Overall

Annual Fee: None

★★★★★

4.8

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Chase Freedom Unlimited Review

If you have the credit score, Chase Freedom Unlimited becomes the best overall credit card for young adults with zero annual fees and up to 5% cash back just for using it. Chase even throws $200 your way for spending $500 within the first three months of activation. You’ll need to be wary of foreign transaction fees and high APR numbers if your credit can’t get you a better deal.

Why we chose it: No annual fees and plenty of cash back bonuses make Chase’s Freedom Unlimited card the best overall pick for young adults.

No annual fee
Up to 5% cash back on purchases
Introductory cash bonus

Requires high credit score
3% foreign transaction fee
Potentially high APR

Annual Fee

Chase Freedom Unlimited is one of a handful of credit cards free of annual fees. If you can keep up with your payments, using this card shouldn’t cost you a thing. This is a blessing compared to American Express’s Green Card, charging $150 per year.

Credit Recommended

Chase does require a good to excellent credit score for young adults looking to use the Freedom Unlimited card. Those looking to apply should shoot for at least 670, quite high compared to Petal 2 Visa’s no credit needed. Unless you’ve built up credit through some other means, Freedom Unlimited will likely not be your first card.

Regular APR

The Freedom Unlimited card features variable APR depending on your credit score when you sign up. 15.74% on the low end isn’t terrible, but those with weaker credit may look to pay upwards of 24.49%.

Introductory Offer

It’s possible to receive a $200 bonus simply by spending $500 on regular purchases within the first three months of card activation. Delay that big purchase until your Freedom Unlimited card arrives and benefit from free money. As you get your feet wet with the card, you won’t have to worry about APR for the first 15 months. Both offers stand out when Petal 2 Visa’s card doesn’t give a thing.

Benefits

As you use your Chase Freedom Unlimited Card, you’ll earn cash back no matter where you are. Rates include 5% back at gas stations and 3% on dining and drugstore purchases. Everything else still brings in 1.5% cash back, which is the maximum you can get with the Petal 2 Visa card.

Ink Business Cash Credit Card – Best for Business Owners

Annual Fee: None

★★★★★

4.6

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Ink Business Cash Credit Card – Best for Business Owners Review

Ink Business Cash gives generous cash back on office purchases from supplies to internet and cable. You’ll need a high credit score to land the card, but there are no annual fees. If you’re spending $7,500 in the first few months to grab that $750 bonus, chances are you’ll hit the yearly rewards cap at $25,000. If your business takes you overseas, watch out for 3% foreign transaction fees.

Why we chose it: Business owners can take advantage of the Ink Business Cash’s introductory bonus and cash back offers on top of no yearly fees.

No annual fees
Incredible introductory offers
Cash back deals on office supplies

High credit score recommended
3% foreign transaction fees
Rewards cap at $25,000

Annual Fee

The Ink Business Cash card doesn’t have annual fees, just like Chase’s Freedom Unlimited or the Patel 2 Visa card. This speaks to business owners trying to keep costs to a minimum.

Credit Recommended

As a business card with high rewards, young adult company owners will have the best chance of approval with credit scores above the 700 mark. This isn’t far off from Chase’s recommended 670.

Regular APR

Even on the high end, the Ink Business Cash card’s standard APR rates are lower than most cards. A 19.99% worst case for Ink is still quite a bit better than Petal 2 Visa’s 27.74%.

Introductory Offer

Ink Business Cash has a massive $750 bonus for business owners who can spend $7,500 within the first three months of card use. This shouldn’t be too much of a challenge if setting up an office space for the first time. While accruing debt, you won’t need to worry about APR for the first 12 months.

Benefits

Cardholders receive 5% cash back on all office supplies, phone, internet, and cable services. There’s also 2% cash back for gas stations and restaurants, with 1% on everything else you buy while using the card.

Capital One QuicksilverOne Cash Rewards Credit Card – Best for Flat Rate Cash Back

Annual Fee: $39

★★★★★

4.5

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Capital One Review

There’s something magical about knowing you’re earning 1.5% cash back every time you make a purchase. Rewards have no upper limit and never expire, and you can trade them in for cash or gift cards. As you build rapport with Capital One, the company will review your credit line and increase it over time. There aren’t any introductory offers, a high APR, and an annual fee you’ll have to come to terms with.

Why we chose it: The Capital One QuicksilverOne Cash Rewards Credit Card lets you earn 1.5% cash back any time, anywhere, with no limit.

1.5% cash back on all purchases
Automatic credit line reviews
Unlimited rewards with no expiration

$39 annual fee
High regular APR
No introductory offers

Annual Fee

Capital One charges a $39 yearly fee for the use of its QuicksilverOne Cash Rewards card. While not a ton of money, it doesn’t look great next to Chase Freedom Unlimited’s lack of fees.

Credit Recommended

You’ll need to have a decent credit score to have a shot at the QuicksilverOne Cash Rewards card. Chances are you can get approved with a score of 600, a bit lower than Chase Freedom Unlimited’s 670.

Regular APR

The QuicksilverOne Cash Rewards’ regular APR rate is incredibly high and locked in initially at 26.99%. This is not a card you’ll want to miss payments on.

Introductory Offer

There’s no introductory offer for the QuicksilverOne Cash Rewards card. Not a deal-breaker, it’s still a bummer when looking at the $200 bonus Chase’s Freedom Unlimited card gives.

Benefits

This cash back card really shines here, with a 1.5% return on every single purchase you make. Best of all, there’s no limit to how much you can earn, and rewards never expire. You can exchange them for cash or gift cards any time you’d like.

Petal 2 Visa® Credit Card – Best Credit Card for Young Adults With No Credit

Annual Fee: None

★★★★★

4.4

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Petal 2 Visa® Credit Card – Best Credit Card for Young Adults With No Credit Review

The Petal 2 Visa card is a great way to grow credit score, offering cash back incentives for young adults who pay off debt on time. There are no credit requirements to sign up and zero fees to worry about down the road. You won’t have any introductory offers to look forward to, and those with questionable history may have to deal with high APR numbers.

Why we chose it: The Petal 2 Visa card screams “pick me” for any young adult without credit. Zero annual fees and cash back options sweeten the deal further.

Zero annual fees
No credit score needed to sign up
Up to 10% cash back at select merchants

Limited benefits
No introductory offers
Potentially high APR

Annual Fee

Young adults will rejoice that the Petal 2 Visa card doesn’t charge annual fees for use. Not having to deal with this charge is a breath of fresh air compared to Citi Premier’s $95.

Credit Recommended

The biggest draw of the Patel 2 Visa card is the lack of a credit score requirement. This isn’t a guarantee that you’ll be approved, but it is certainly easier for those without a credit history. Furthermore, it’s a great card to build credit and lower your APR rate.

Regular APR

The Petal 2 Visa has a significant regular APR range that varies depending on a few factors when you apply. 13.74% on the low end is solid, especially next to Capital One QuicksilverOne’s 26.99% starting rate. On the high end, the Petal 2 can be just as high at 27.74%.

Introductory Offer

There are no introductory offers for the Petal 2 Visa card. It’s uncommon to see deals on an entry-level card.

Benefits

You can snag 1% cash back on purchases right out of the gate with the Petal 2 Visa card. If you make regular payments, you can increase this amount to 1.5% over time. These numbers are comparable to everyday purchases from even Chase Freedom Unlimited. Picking the right vendors could award you up to 10% cash back.

Discover it Secured Credit Card – Best for Young Adults With Low Credit

Annual Fee: None

★★★★★

4.2

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Discover it Secured Credit Card – Best for Young Adults With Low Credit Review

Young adults with low credit need not worry about applying for the Discover It Secured card. If you’re accepted, you won’t have to worry about yearly fees and get to generate cash back every time you make a purchase. As a secured card, you will have to drum up a $200 security deposit and deal with a high regular APR. Although a great beginner card, a low maximum credit limit doesn’t bode well for big purchases.

Why we chose it: Discover It Secured has no fees and pays you in cash back bonuses as you work to build credit.

No annual fees
No credit requirement to sign up
Lucrative cash back offers

High fixed initial APR
$200 security deposit required to open an account
Low maximum credit limit

Annual Fee

Just like the Chase Freedom Unlimited card, Discover It Secured doesn’t charge any annual fees. Users can instead focus on making purchases and building credit.

Credit Recommended

Contrary to Chase Freedom Unlimited’s 670 credit score minimum, the Discover It Secured card has no such requirements. Even those with bad credit can apply, although there’s no guarantee of acceptance.

Regular APR

When signing up, you’re stuck with a rather high 23.74% APR. Its variable nature means it can shift over time, but it’s important to make every effort to pay up on time.

Introductory Offer

Just for being a customer, Discover pays out double the cash back you’ve earned during your entire first year of use. This is a one-time deal, but that extra money can go a long way.

Benefits

The It Secured card rewards you with 2% cash back at restaurants and gas stations just for making a swipe. All other charges bring in 1%, a bit lower than Chase Freedom Unlimited’s 1.5%.

American Express Green Card – Best for Young Professionals

Annual Fee: $150

★★★★★

4.1

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American Express Green Card – Best for Young Professionals Review

A 45,000 point introductory offer is an enticing welcome gift, especially when you can navigate the pitfalls of American Express’s point system and get the biggest bang for your buck. If your job has you traveling, the Green Card gives bonus points for flights and transit to and from the office. There is a steep annual fee, and you’ll want a high credit score before you apply.

Why we chose it: The American Express Green Card awards bonus points for purchases young professionals need to find success in their endeavors.

Bonus points on travel, transit, and dining
Impressive introductory offer
No foreign transaction fees

$150 annual fee
High credit score needed
Uses point system for rewards

Annual Fee

American Express charges a lofty $150 annual fee for its Green Card. This amount really stands out when next to Chase Freedom Unlimited or Petal 2 Visa and their free-to-use cards.

Credit Recommended

A card for young professionals demands a high credit score. Your best chances of success come with a score of 700 or higher, which is no different than the Ink Business Cash card.

Regular APR

APR ranges between 16.74% and 23.74%, depending on a number of factors when you sign up. These numbers are quite similar to Chase’s Freedom Unlimited card.

Introductory Offer

American Express uses a point system for rewards, where a point translates to somewhere between 0.5 and 1 cent when cashing them in. Young adults able to spend $2,000 within the first six months of opening their Green Card will receive a whopping 45,000 points toward rewards of their choice.

Benefits

You’ll typically earn one point for every dollar you spend using the American Express Green card. When it comes to restaurants, travel, and transit, American Express hands out triple the points instead.

Citi Premier Card – Best for Young Adult Travelers

Annual Fee: $95

★★★★★

4.0

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Citi Premier Card – Best for Young Adult Travelers Review

Once you’ve mastered the confusing point system, you’ll see how the 60,000 point introductory offer equates to $600 in gift cards to spend at your leisure. The Citi Premier card appeases young adult adventurers with bonus points on travel expenses and zero foreign transaction fees. You will need a high enough credit score for approval and have to pay $95 each year to continue using the card.

Why we chose it: A lack of foreign transaction fees and bonus points for travel expenses make the Citi Premier card a great travel companion.

3x points for all travel purchases, including hotels
No foreign transaction fees
$600 introductory offer

$95 annual fee
High credit score needed
Uses a point system for rewards

Annual Fee

Citi’s Premier Card has a $95 annual fee to keep your account active. While steep, it’s still cheaper than American Express’s Green Card’s $150 yearly charge.

Credit Recommended

You’ll need to be at the upper end of the credit score spectrum to maximize your chances of landing a Premier card. This is notably higher than the Petal 2 Visa or Discover It Secured card, but the benefits are also higher.

Regular APR

The Citi Premier card’s APR lands right in the same range as the Chase Freedom Unlimited card or the American Express Green card. If you can’t pay your debt off on time, expect to see interest rates between 16.74% to 24.74%.

Introductory Offer

Like American Express, Citi uses a point system for its rewards, with one point equal to a cent. Should you spend $4,000 within the first three months of signing up, Citi will reward you with 60,000 bonus points usable in the form of gift cards. Time to book that flight!

Benefits

There’s no need to worry about foreign transaction fees when you travel with the Citi Premier card. You’ll also earn 3x points on air travel, hotels, restaurants, supermarkets, and on gas. All other purchases still earn one point per dollar spent.

Methodology for the Best Best Credit Cards for Young Adults

When choosing a credit card, you want to find one that works for you. We considered the following when picking out the best credit cards for young adults.

Annual Fees: Fees can put a damper on anyone’s plans. The best credit cards for young adults either don’t have a fee or is low enough that the rewards outweigh the price.
Recommended Credit: Credit scores are a major factor when it comes to getting approved for a credit card. Certain cards are designed for those looking to establish credit, while others are for those who have already done so.
Regular APR: APR only becomes a factor if you’re not able to keep up with monthly payments. In those situations, it’s crucial to have a low enough APR that you don’t drown financially.
Introductory Offers: Introductory offers bring a nice boost to an already great credit card. Top offers include bonus cash or no APR for a fixed number of months.
Benefits: What’s better than a credit card that pays you back? The best credit cards for young adults provide cash back on all the things you already buy. Some cash back cards can reach as high as 5% for specialty purchases.

Frequently Asked Questions (FAQs) for Best Credit Cards for Young Adults

Credit cards can be a confusing topic for young adults and parents alike. This FAQ answers some of the top questions you may have.

How Many Credit Cards Should a 25 Year Old Have?

Different cards offer varying benefits and work best in specific situations. There’s no credit score punishment for having several cards as long as you’re faithful in paying them off. Having too few cards can make it difficult for a credit score calculator to get an accurate read. Somewhere between two and five cards appears to be the sweet spot.

Is It Smart to Have a Credit Card at 18?

It’s a good idea to start building credit as soon as you can. Young adults can begin applying for credit cards at 18 years of age, but it may be a challenge to get approved unless a parent co-signs.

Does Closing a Credit Card Hurt Your Credit?

Closing a credit card won’t hurt your credit score as long as you’ve paid off the balance. However, holding onto an unused card gives you another line of credit that can show up positively on a credit report.

How Many Times a Month Should I Use My Credit Card To Build Credit?

The more you use your credit card, the more you’ll build credit. Some agencies require frequent use to keep an account open. Just remember to make regular payments, so your credit doesn’t take a hit.

Bottom Line on the Best Credit Cards for Young Adults

Having a credit card can do wonders for a young adult trying to find his or her place in the world. However, individuals need to be wary of interest rates and fees that can drain the bank. The best credit cards are manageable, offering incentives while building credit at the same time.

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.

July 4, 2022February 15, 2023

Best Bank Account for Couples – Low-Fee, High APY Picks for 2023

Couples can benefit from shared funds for family expenses and planning for the future. The best bank account for couples should offer added incentives in the form of interest or minimal fees. This article looks at the choices for couples currently available.

Best Bank Account for Couples

Ally Interest Checking – Best Overall
Axos Bank Rewards Checking – Best for ATM Users
Alliant Credit Union High-Rate Checking – Best for Dividends
Chase Total Checking – Best for Accessibility
LendingClub Rewards Checking – Best for Cash Back
Discover Cashback Debit – Best for Avoiding Fees
Presidential Bank Advantage Checking – Best for High Interest

Our Methodology

When looking at the best bank account for couples, we looked at monthly fees and balance requirements for each account. We also wanted to identify checking accounts with the potential to pay out interest, or at least offer savings accounts that complement them well. Lastly, we deeded it important to transfer and withdraw funds from the most locations possible.

Check out a more detailed explanation of our methodology here.

Ally Interest Checking

No monthly fees, $20 per outgoing wire, $15 for expedited delivery

0.10% for accounts under $15,000, 0.25% otherwise

Savings, Money Market, CDs, Mortgages, Loans, Investments

43,000 no-fee ATMs

Axos Bank Rewards Checking

No monthly fees, $35 for domestic and $45 for international outgoing wires

Up to 1.25% if requirements are met

Savings, Money Market, CDs, Mortgages, Loans, Investments

Unlimited domestic ATM fee reimbursements

Alliant Credit Union High-Rate Checking

No monthly fees, $25 for domestic and $50 for international outgoing wires, $10 dormant account fee

0.25%

Savings, CDs, Mortgages, Loans, Investments

Over 80,000 fee-free ATMs

Chase Total Checking

$0 to $12 monthly service fee, $34 overdraft fee, up to $50 wire transfers

$1,500 to avoid fees

Savings, CDs, Mortgages, Loans, Investments, Home Equity

Over 16,000 fee-free ATMs

LendingClub Rewards Checking

No monthly fees, $20 per domestic wire out, $40 per international wire out

0.10% from $2,500 to $100,000, 0.15% on balances beyond that

Savings, CDs, Loans, Mortgages, Auto Refinancing

Free ATMs worldwide

Discover Cashback Debit

No monthly fees, $30 outgoing wire transfers

Savings, CDs, Money Market, Retirement

Over 60,000 fee-free ATMs

Presidential Bank Advantage Checking

$5 monthly fee if balance is below minimum, $25 overdraft fee, up to $45 for wire transfer

$500

0.10% to 2.25

Savings, CDs, Mortgages, Home Equity

Over 88,000 fee-free ATMs

Ally Interest Checking: Best Overall Bank Account for Couples

4.8

★★★★★

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Ally has minimal account fees and offers a clear list of what it does charge. Best of all, there’s no minimum balance required to start up or maintain an account. For a checking account, its interest rate stands well above the competition. You will have to hold onto your cash since Ally has no physical location nor the means to deposit it. If you’re in a hurry, some transactions may move more slowly than you’d like.

Why we chose it: Ally Interest Checking gives couples access to a nice APY while avoiding unnecessary fees.

High APY rate
No monthly fees
No minimum account balance

No physical locations
Can’t deposit cash
Online transfers can take up to three days

Fees

Ally limits its fees to outgoing domestic wires ($20) and expedited deliveries ($15), which is lower than other top banks, such as Axos and Alliant Credit Union. Nearly everything else, including overdrafts, incoming wires, and low balances doesn’t cost you a thing. The bank also doesn’t charge any monthly maintenance fees, no matter your balance.

Minimum Balance

There’s no limit on the amount of money you need to keep in your account at any given time. Whether high or low, Ally won’t ding you for your balance.

APY

Ally blows the 0.03% industry standard out of the water, offering between 0.1% and 0.25% depending on your monthly balance. Once your checking eclipses $15,000, you’ll start receiving 0.25% interest as long as you can maintain that number. Compared to Chase and Discover’s 0%, 0.25% feels like a breath of fresh air.

Other Available Accounts

In addition to interest checking, Ally has savings, money market, CDs, and investment accounts to tuck money into. The bank can also serve mortgages and loans to those in need. Here’s a list of the best mortgage lenders for you.

ATM Network

The online-only bank boasts 43,000 fee-free ATMs around the country you can use to collect funds. This is a bit on the lower side next to Presidential and Alliant’s 80,000+ machines. Unfortunately, there’s no way to use the machines to deposit money back into your account.

Axos Bank Rewards Checking: Best Bank Account for Couples That Use ATMs

4.6

★★★★★

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There are countless ATMs scattered across the United States, and Axos lets you use any one of them for free. This helps alleviate the lack of physical locations and charges for personal checks. After setting up your account, you’ll never have to worry about monthly fees or keeping a minimum balance. While the APY can reach record heights, you have to jump through some hoops to get there.

Why we chose it: The Axos Bank Rewards Checking account allows couples to draw funds from any ATM in the country without paying a penny. Members also benefit from zero monthly fees and the potential for a high-interest rate.

If you’re starting a business with your partner, Axos is also an excellent choice for a business checking account.

Unlimited free ATM use across the U.S.
No minimum balance
No monthly fees

No physical locations
Convoluted interest checking calculation
No free checks

Fees

Axos Bank avoids monthly fees on its Rewards Checking account, no matter how low your balance may go. You’ll never receive a charge for using an ATM, suffering an overdraft, or incoming wire transfers. Domestic and international outgoing wires cost $35 and $45 respectively, with a $10 fee for any returned deposits. It’s also one of the best free business bank accounts.

Minimum Balance

Like Ally’s $0 minimum balance, Axos Bank also doesn’t require a certain amount of money in your account. Unlike Ally, Axos does need a $50 initial deposit to get your account up and rolling.

APY

Members can achieve up to 1.25% APY with Rewards Checking if you meet certain conditions, blowing Ally’s 0.25% out of the water. It is possible to not earn any interest at all if you’re not careful. Here are the ways to earn some APY:

Monthly direct deposits totaling $1,500 or more: 0.40%
Minimum of 10 debit card transactions per month: 0.30%
Maintain a Managed Portfolio Account of $2,500 or more: 0.20%
Maintain an Invest Self Directed Trading Account of $2,500 or more: 0.20%
Have a loan and make the full monthly payment each month: 0.15%

With the Rewards Checking account alone, it’s possible to earn up to 0.70% APY no matter what your account balance is. Should you want to raise the interest rate more, you’ll have to check out other account options.

Other Available Accounts

Axos features interest-bearing savings, money market, CD, and investment accounts for those interested. The online bank also offers the potential for loans and mortgages.

ATM Network

Axos’ ATM network reigns king, allowing free access to any machine in the country. Even if an ATM declares a fee, Axos will reimburse you the amount without question. You’ll never have to worry about hunting for a fee-free ATM again. Chase’s 16,000 ATMs don’t hold a candle to this level of service.

Alliant Credit Union High-Rate Checking: Best Credit Union Account for Couples

4.5

★★★★★

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Alliant introduces the comforts of a credit union on top of its APY to sweeten the pot. The rate comes alongside no minimum balance requirements and zero monthly maintenance fees. This account has high outgoing wire fees, and you’re stuck waiting until the end of the month for the dividend to roll in. The credit union doesn’t have physical locations, limiting access to online only.

Why we chose it: Alliant helps keep fees down and customer service high as a non-profit credit union.

Good customer service team is always available
No monthly fees
No minimum balance requirements

High outgoing wire fees
Lower APY
Limited accessibility

Fees

You won’t worry much about fees with Alliant, as the credit union doesn’t charge a monthly rate for keeping your account. It waives overdraft fees, in-network ATM transactions, and even your first box of checks. Fees show up with outgoing domestic wires ($25) or international ones ($50) and are sprinkled throughout for things like inactivity and collections. Fees appear more frequently than with Ally and Axos’ top accounts.

Minimum Balance

Alliant users don’t have to worry about keeping a minimum balance. There’s never any fear of a monthly fee or the credit union closing your account if you don’t meet a certain threshold.

APY

Alliant’s APY is a respectable 0.25%, still nearly ten times the industry standard for checking accounts. This is a blessing when Chase’s Total Checking doesn’t offer a thing.

Other Available Accounts

Even as a credit union, Alliant offers many of the same account options as the big banks. Customers can pick up savings or investment accounts and CDs with High-rate Checking. Other options include loans and mortgages.

ATM Network

Alliant has over 80,000 ATMs in its extensive network across the country, much higher than Ally’s 46,000. Users shouldn’t have to look far to locate one that won’t charge to withdraw from.

Chase Total Checking: Most Accessible Bank Account for Couples

4.2

★★★★★

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Chase Bank is one of the most popular in the country, with over 4,700 locations and an incredible online banking center. While it has thousands of ATMs in its network, the number pales in comparison to other banks out there. The Total Checking account can charge a $12 monthly fee and doesn’t offer any interest, but does have accounts for kids as young as 6 to get them started saving right.

Why we chose it: Chase’s Total Checking account is easy to access from anywhere, with thousands of locations and a top-notch online platform.

Over 4,700 branch locations
Stellar mobile banking services
Has accounts for kids

$12 monthly fee
No APY
Fewer ATM locations

Fees

For those unprepared, Chase’s Total Checking account does have a $12 monthly fee. This is steep compared to the likes of Ally and Axos that don’t charge a thing. However, it’s not too hard to get around this fee if you meet one of the following requirements:

Monthly deposits totaling $500 or more
A balance of $1,500 or more each day of the month

Alongside the monthly fee, you’ll be charged $34 any time you overdraft your account. Wire transfers can cost up to $50 per transaction, whether incoming or outgoing.

Minimum Balance

Chase Total Checking does not require a minimum balance to keep your account open. If you want to avoid monthly fees, you’ll want to keep at least $1,500 in there at all times.

APY

Unfortunately, Chase’s Total Checking does not offer any APY for members, a sharp contract to Axos’ 1.25%. As a result, it’s best to pair the benefits of this checking account with one of Chase’s many savings options.

Other Available Accounts

Chase lives up to its reputation as a large bank with several checking, savings, and investment account options. It’s also possible to snag a CD or look into loans and home equity plans.

ATM Network

Chase keeps its ATM network close to its chest and only lets customers use Chase-branded ATMs for free. Fees at non-Chase ATMs can reach $2.50 or $5.00 per transaction. With only 16,000 machines to choose from, Chase pales in comparison to Alliant and Presidential.

LendingClub Rewards Checking: Best Bank Account for Couples Wanting Cash Back

4.1

★★★★★

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LendingClub understands there’s nothing like earning money for buying what you already need. The platform offers 1% cash back on all purchases with its debit card but does require members to meet specific requirements. Its checking account does not charge monthly fees and will reimburse you for ATM use anywhere in the world. The interest rate is a little low, and there are limited options for other accounts should you wish to diversify your money.

Why we chose it: LendingClub’s Rewards Checking gifts members with interest and cash back on purchases made with its debit card.

1% cash back on debit card purchases without limit
Worldwide ATM rebates
No monthly fees

Limited account offerings
Low interest rate
High requirements for cash back

Fees

Customers don’t have to worry about monthly fees with LendingClub, no matter what that account balance may be. As with most checking accounts, wire transfer fees can get out of hand if not careful.

Minimum Balance

Like Ally and Axos, LendingClub doesn’t require a monthly balance to maintain an account. There’s no minimum needed to avoid fees, either.

APY

LendingClub’s APY starts at 0.10% if you have at least $2,500 in your account. If you exceed $100,000, the rate jumps to 0.15%. While lower than Ally and Axos, even 0.10% is significantly higher than the industry standard.

Other Available Accounts

Unlike Ally and Axos, LendingClub doesn’t offer a wide range of bank accounts. Fortunately, members aren’t completely without options. It’s also possible to set up a personal loan or a mortgage for those big purchases.

ATM Network

Although LendingClub doesn’t have its own ATM network, it allows members to make use of ATMs around the globe for free. It will pay back any fees domestic or foreign ATMs may charge.

Discover Cashback Debit: Best Bank Account for Couples Wishing to Avoid Fees

4.0

★★★★★

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While most bank accounts limit fees, Discover’s Cashback Debit goes way beyond the norm. You won’t even receive charges for things like debit card replacement or reordering checks. Early direct deposit allows you to pocket extra income before heading out the door for a weekend getaway. While the account does offer cash back, it caps at $3,000 per month and doesn’t pay out any interest.

Why we chose it: Discover eliminates fees from all but outgoing wire transfers while offering cash back and early direct deposit.

Minimal fees
Early direct deposit
No minimum balance

Cashback caps at $3,000 per month
No APY
Online access only

Fees

Discover puts its foot down on fees, charging nothing for things like check reordering that even Ally has a price for. Other than out-of-network ATMs, the only fee you’ll see from Discover’s Cashback Debit is on outgoing wire transfers. A $30 flat rate for wires is significantly less than Chase or Alliant’s $50 international outgoing transfers.

Minimum Balance

There are no minimum balance requirements for a Discover Cashback Debit account. You won’t receive a charge even if your funds fall critically low.

APY

Unlike Ally’s 0.10% to 0.25%, Cashback Debit doesn’t have any APY. You may wish to drop extra funds in an interest-bearing savings account instead.

Other Available Accounts

Discover has a handful of savings, money market, and CD accounts that can generate interest on your hard-earned money. If you’re thinking long-term, there are also options for retirement investing available.

ATM Network

You can make use of over 60,000 ATMs around the country completely free of charge. While Discover won’t change for using them, some out-of-network ATMs may come with a fee. Here, Discover doesn’t stand too far off from Presidential’s 88,000 in-network.

Presidential Bank Advantage Checking: Best Bank Account for Couples Wanting High Interest

4.0

★★★★★

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Presidential Bank’s Advance checking can reach heights of 2.23% interest on a checking account as long as your balance remains between $500 and $25,000. Freedom from monthly fees and 88,000 ATM locations help you better control your money. You will need to keep a minimum account balance to meet interest rate requirements and avoid monthly payments. If you write paper checks, Presidential Bank will charge you for using more than three in a given month.

Why we chose it: Presidential Bank’s Advance Checking offers one of the highest interest rates out there while avoiding most banking fees.

Insanely high interest rate
Over 88,000 ATM locations
No monthly fees

Account has a minimum balance requirement
Must meet prerequisites to earn a high interest rate
Only three free paper checks per month

Fees

Fees are few and far between for the Advance Checking account as long as you’re careful. You need to maintain at least a $500 balance to avoid a $5 monthly fee, and you’ll also receive charges for overdrafts or if you send outgoing wires.

Minimum Balance

Advance Checking has a $500 initial deposit requirement, contrary to Ally not requiring a thing, and members will want to remain above that line to do away with a monthly fee. It’s worth noting that any funds exceeding $25,000 won’t earn the high interest rate.

APY

APY rates change depending on the funds in your account. Even if you can’t maintain a $500 balance, you’ll still receive 0.10% interest each month. Users between $500 and $25,000 have found the sweet spot, earning 2.23% interest on that full amount. Compare this to Axos bank, capping out at 1.25% if you’re able to meet all its requirements.

Any funds in excess of $25,000 still generate interest, but at 0.75% instead. Even this rate crushes the industry standard of 0.03%!

Other Available Accounts

Should you need to look beyond checking accounts, you won’t find a whole lot here. Presidential Bank does have savings accounts and CDs with varying interest rates among them. It’s also possible to obtain a mortgage or line of credit.

ATM Network

Presidential Bank sees over 88,000 ATMs dotted throughout the countryside. You can use any one of these ATMs completely fee-free. Other ATMs may have a surcharge for use with a Presidential Bank card. Next to Ally or Chase, Presidential takes the cake with ATM options.

Methodology for the Best Bank Account for Couples

Several factors go into making bank accounts stand out. We considered each of the following when building our list of the best bank accounts for couples.

Minimum Requirements: A good bank account for couples needs to be easy to open. The best bank accounts should not have high initial deposits or unrealistic balance requirements that make them difficult to use.
Fees: The bane of every bank account, fees seem counterintuitive when financial establishments should help funds grow. While some accounts nickel and dime you, the best ones avoid monthly fees and charges that chip away at hard-earned cash.
Interest Rate: Interest rates make banks more appealing than burying your paycheck in the backyard. Although some institutions offer high rates, it’s important to understand all the hoops you must travel through to unlock them.
Account Types: Banks and credit unions don’t stop at a solitary account, and you may not want to either. Having plenty of account options for your money allows for diversity and additional perks along the way.
ATM Network: If your money’s sitting in a bank, chances are you want to access it from time to time. ATMs provide a shortcut to pulling out much-needed cash, as long as there are enough of them. The best bank accounts for couples have tens of thousands of ATMs littered across the country, if not the world.
Accessibility: Alongside ATMs, members need regular access to account information to transfer funds and make changes. If a bank doesn’t have a lot of physical locations, it should at least have an intuitive website you can visit from anywhere.
Other Rewards: Be on the lookout for bonuses that make an account even more appealing, such as overdraft forgiveness or ATM reimbursement. Some even go so far as to offer cash back or regular dividends.

Frequently Asked Questions (FAQs) for Best Bank Account for Couples

Finding the right bank for you and your spouse can be a complicated process. The answers to these frequently asked questions should help point you in the right direction.

Can an Unmarried Couple Open a Bank Account Together?

Yes, an unmarried couple can open a bank account together. Banks may require the couple to live together for a certain amount of time before signing papers. Do consider the ramifications of opening an account if the relationship does not work out.

Does a Joint Account Affect Credit Score?

Joint account balances do not appear on a credit report and cannot directly affect your score. However, missed payments from a lack of money in a bank account can have a negative impact.

Who Inherits a Joint Bank Account?

In the event of the death of a spouse, the other member of the joint bank account immediately assumes all the funds. The account does not get frozen, and there is no delay in being able to access funds.

What Do I Need to Open a Joint Bank Account?

Opening a joint bank account is as simple as having identification and some personal information. Most banks will ask for a photo ID, current address, social security number, and date of birth. Both account owners will need to be present to set up the account.

Bottom Line on Best Bank Account for Couples

Joint bank accounts are an excellent way for spouses to share money, goals, and dreams. It allows families to keep all expenses together and keep better tabs on earnings. The best bank accounts for couples do the above with minimal fees and perks to make couples’ lives even 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.

July 4, 2022November 23, 2022

What is an NFT? The Ultimate Guide to NFTs

NFTs are taking the digital world by storm and appear to be growing in popularity with each passing day. What’s more, savvy investors are taking advantage and bringing in some serious profits. What is an NFT, and what makes them so special? This ultimate guide answers all your questions and more.

What is an NFT?

NFT stands for non-fungible token, a digital asset created by blockchain technology. Being digital, there’s no way to acquire this token in physical form. Each NFT is unique, with a specific blockchain address.

Because NFTs are non-fungible, they can’t be replaced by the same item if lost, traded, or sold. These non-interchangeable digital items are original creations, similar to an old masterpiece painted by one of the great artists of the time.

Digital tokens share the same realm as cryptocurrency, but each digital coin of the same type is no different from the next. Since NFTs are one of a kind, they introduce scarcity and offer a variety of uses.

How Did NFTs Come to Be?

An unknown person or group using the name Satoshi Nakamoto began minting cryptocurrency using blockchain back in 2008, calling the coins Bitcoin. The digital currency became open source in 2009 and increased drastically in value from there. Today, there are thousands of cryptocurrencies available for purchase.

NFTs came out of a desire for “colored coins.” These coins would be a way to mark items on the blockchain for a specific purpose, such as ownership of a real-world asset. Each coin would have to have a marker or image to make them stand out as unique.

It wasn’t until 2014 that digital artist Kevin McCoy created the first NFT, called Quantum. The token looks like an octagon that pulses through a series of colors. It sold in June 2021 for over $1.47 million.

The launch of the Ethereum blockchain in 2015 made it easier than ever before to create NFTs. New blockchains put their hats into the ring, generating NFTs of their own and adding to the popularity. With the announcement of the metaverse in 2021, many people believe NFTs will be essential for future digital ownership.

How Do NFTs Work?

In a sense, NFTs have many similarities to a physical collector’s item. Individuals can buy, sell, or trade tokens, and each one varies in value depending on its perceived worth.

Most of these tokens reside on Ethereum’s blockchain, which keeps a careful record of each transaction. As an artist creates a new NFT, it is immediately timestamped and forever recorded into the blockchain’s ledger. Anyone can look up an NFT’s authenticity at any time.

What Types of NFTs Are There?

NFTs can appear in many different forms, as the definition of these tokens is still somewhat unclear. Here are some of the most common types of NFTs currently appearing in the blockchain.

Digital Drawings

By far the most common type of NFT, digital drawings offer artists a chance to showcase and sell their designs online. The most expensive NFT sale to date was a piece of digital art called “The Merge,” selling for over $91 million. With asset tracking capability, artists can even attach ownership of real-world creations to NFTs. Thanks to this income potential, a digital drawing is currently the best NFT to buy.

Sports Collectables

Some NFT companies rally around sports figures, capturing amazing stills or incredible moments in sports history. Through NFTs, it could be possible to own an iconic grand slam or hole in one shot from 200 feet away. Organizations are even looking to treat NFTs like unique sports cards that no one else can have.

Memes/Tweets

Memes paint the social media landscape and are now making appearances in NFTs. Subjects of these images can sell them on the blockchain, and some have reached prices in excess of $500,000. Similarly, it’s possible to buy single tweets for laughs or if a particular message has special meaning.

In-Game Items

NFTs can also appear as in-game items to help players set themselves apart. Through the use of these digital tokens, players can pick up a unique outfit or character that only they will own. If a gamer grows tired of a certain item, they can sell the NFT and move on to something new.

Games like Cryptokitties revolve around NFTs. Each character in the game is exclusive and belongs solely to the player purchasing it.

Music

Music is another area rising in popularity with NFTs. Musicians can record snippets onto an NFT and sell it for a profit. This allows fans of a particular genre or artist to own a piece of the space that no one else can listen to.

Who Can Create NFTs?

Anyone with the proper tools can mint a token of their own to sell with the right NFT ideas. You’ll need a digital asset that you’ve created or have sole ownership of to do so. Anything you can’t lay claim to can land you in hot water when you go to sell. This digital asset should be something people will want to buy.

With that asset in mind, you’ll need to decide which blockchain to sell it on. Ethereum is the most popular, but other blockchains are growing in stature.

You’ll need a digital wallet to hold the cryptocurrency to fund your NFT creation. Of course, you’ll also have to buy some cryptocurrency to fill the wallet or connect it with coins you already have.

NFT Marketplaces will take your design and mint it into an actual NFT for sale. These platforms charge in cryptocurrency and vary in pricing and application. Marketplaces can specialize in types of NFTs, such as sports or digital art.

How Much Does It Cost to Mint an NFT?

Minting an NFT can cost almost nothing to upwards of $1,000 to create. There may be fees associated with owning a crypto wallet, and NFT marketplaces will likely charge for using their services. Each wallet and marketplace has different rates, and the speed you choose to have something minted has an effect on cost as well.

Going the slow route, sometimes referred to as “lazy minting,” gives a marketplace permission to create your NFT as it has time. The cost will be low, but you may wait a long time before receiving your token. On the flip side, you’ll pay a pretty crypto coin to have an NFT minted quickly.

How Can I Acquire an NFT?

Purchasing an NFT is as easy as having crypto and knowing where to look. The NFT marketplaces mentioned earlier are the most popular locations for picking up digital assets to start or add to your collection. OpenSea is currently the largest and most successful, with over 80 million tokens to choose from.

Certain websites can help you zero in on a particular type of NFT you’re in the market for. Funko extended its line of products to the NFT space, offering collectors the chance to pick up unique items instead of mass-produced copies. Since everything passes through the blockchain, you can rest assured that all transactions are legitimate and protected.

How Do You Sell or Trade NFTs?

When looking at how to flip NFTs, you need not go any further than an NFT marketplace. With several markets to choose from, it’s imperative to lock down whichever one best fits the NFT you want to sell or trade. You’ll want to spend time researching similar NFTs to determine a reasonable listing price.

Shoppers with similar interests will then come across your NFT on the marketplace and throw out a bid. Depending on your listing, you may receive a trade request for another NFT or an amount based on what the buyer thinks the NFT is worth. It’s up to you as the seller to accept, negotiate, or decline the offer.

Why Should Anyone Invest in an NFT?

Investing in NFTs can serve a few purposes. With any investment, it’s essential to do the research required to make an accurate assessment.

For Collecting

Most people have hobbies that involve collecting physical or digital objects, and NFTs are one more way to scratch that itch. Because NFTs offer a special timestamped one-of-a-kind item, they may appeal even more to collectors who want to stand out.

Making Money

Like any investment, the hope is that an asset will rise in value as time goes on. The very first NFT recently sold for over $1.47 million, and others have been purchased for way more. The right investment can reach incredible heights quickly, giving sellers access to the potential for huge gains.

Being linked to a blockchain also means there’s no risk involved when making a purchase. This isn’t some seedy black market dealing we’re talking about here. NFT transactions leave a very clear history on the blockchain they are associated with, so there’s never any guesswork about a purchase.

Market Predictions for NFTs

Sales and investments in 2021 split the NFT scene wide open, with a huge increase in the number of sales and overall players involved. As the concept becomes more mainstream, more companies recognize the benefits of owning and selling NFTs on the marketplace.

Sales are already catching up with 2021’s numbers, with 2023 looking to see double the amount of money from NFT purchases. Analysts are worried that NFT sales are slowing as 2022 moves on, leading to concerns of a plateau somewhere down the road.

Those looking to NFTs as the next big thing anticipate more new NFT companies than ever before making an appearance, and existing enterprises continuing to follow suit. As these digital tokens are not yet mainstream, only time will tell which direction they go.

Protecting Your NFTs

NFTs can be worth a lot of money, and it’s important to protect these assets. Consider the following to help ensure your investments don’t end up in the wrong hands.

Keep Your Digital Wallet Safe

Digital wallets are great places to store NFTs and cryptocurrency, but it’s unwise to leave that wallet around for anyone to find. In theory, anyone can access a wallet as long as it’s connected to the internet. The best NFT wallets have the means to keep your information safe.

A wallet should come with a seed phrase, similar to a password, that you need to access the contents within. Don’t store your seed anywhere attackers could ever access. Instead, leave it completely offline on a physical piece of paper. No one should ever ask you for this phrase, nor should you ever provide it to anyone.

If in doubt about your ability to keep an online wallet secure, consider using a hardware wallet that’s completely off the grid. Only you with this device can access your account through a sign-in process before you can buy or sell. If you lose your hardware wallet, no one will be able to access your information without your login information.

Watch out for Scammers

Scammers may attempt to create cheap knock-offs of original NFT art with minor modifications, as seen in many real-life scenarios. NFT marketplaces authenticate and verify all details of an NFT, including where they come from.

If you’re selling NFTs, be sure to check offers before agreeing to them. It’s not uncommon for individuals to lay down a bid in U.S. dollars instead of Ethereum in hopes of snagging an NFT for cheap.

Avoid Sketchy Information

If you’re around the NFT marketplace long enough, you’ll start receiving information about “secret deals” that you can’t find anywhere else. It’s best to disable private messages on Twitter or Discord to remove the temptation entirely.

Be wary about clicking on any email regarding NFTs, even if it appears to be from your NFT marketplace. Verify the sender before you open something that could send personal data straight to a hacker.

Pros and Cons of NFTs

NFTs have a lot of potential but also come with a list of concerns. Check out the pros and cons of dealing with non-fungible tokens.

Pros

Ownership: NFTs are unique and afford digital ownership to a single individual. The blockchain it’s listed on keeps careful track of each asset and ensures no one can alter or remove it.
Investment Gains: As an investment, NFTs offer the potential to generate profit through sale and trade. As each NFT is unique, there’s added scarcity and the potential for desire.
Sales Income: For those with the means to do so, NFTs can be a place for artists to maximize profits on songs or artwork. Using NFTs allows artists to remove barriers and sell content with fewer fees.

Cons

Volatility: NFTs aren’t an exact science and are subject to volatility. An NFT worth a certain amount one day can be worthless the next.
Cyberattack: Anything on the internet becomes subject to the realm of hacking. It can be challenging to protect investments from these outside threats.
Rights Access: By purchasing an NFT, you gain access to the original of that object. However, it doesn’t give you the rights to memes or pictures already floating around the web.

Frequently Asked Questions (FAQs) for What is an NFT

With NFTs being so new, there are many unknowns swirling around about them. Below you’ll find answers to some of the most commonly asked questions about these unique tokens.

How Do I Know Which NFT to Buy?

It requires careful research to find the best NFTs to collect or invest in for profit. Before making any purchase, verify the seller and identify signs showing the NFT will likely grow in price over time.

What is an Example of an NFT?

NFTs can range from digital art to in-game items. These tokens can also represent ownership of domain names or tickets to a seat at a specific event.

Is Ethereum an NFT?

No, Ethereum is a blockchain that mints NFTs for purchase and sale.

How Can I Get an NFT for Free?

Certain online games feature NFTs available for purchase within. At times, developers will introduce ways to get NFTs for free by following various steps or completing certain quests

What is an NFT? Final Thoughts

NFTs are a lucrative means of offering unique digital content to collectors and investors alike. Since no two are the same, demand can cause massive fluctuations in price for any sought-after item. Because of this one-of-a-kind design, NFTs can also be used to represent ownership of physical assets or intellectual property.

The desire for NFTs only really took off in the second half of 2021, so much is still to be seen about where these tokens go. If they follow the path of certain cryptocurrencies before them, the sky’s the limit of what NFTs are capable of.

July 1, 2022February 17, 2023

SoFi Review 2023: The Best Online Banking Solution for Small Businesses?

SoFi Review: The Best Online Banking Solution for Small Businesses?

SoFi is a financial technology company individuals and businesses alike can use to safely store and grow funds. This SoFi review spells out all the pros and cons of the service to help you decide whether or not to give it a go.

Our Verdict

SoFi

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SoFi offers a slew of products, stretching from loans to banking and insurance. Sole proprietors, partnerships, and LLCs looking to separate business and personal funds will likely find something of interest here.

Its bank account keeps fees to a minimum while providing high-interest rates and the flexibility to move money around as you see fit. When a project calls for large-scale investment, SoFi has financing options so you don’t have to miss a beat.

Up to 1.25% APY for savings and checking
No minimums or monthly fees
2-3% cash back on credit card purchases

Only one savings/checking account is available
All business loans come from a third party
Limited features for business owners

SoFi at a Glance

SoFi is a financial platform with savings, checking, and lending options for small business owners. It’s free to set up an account, and outside of loans, members never have to worry about monthly fees along the way. This lack of fees extends to cash deposits, transactions, and overdraft charges that other institutions typically charge for.

Screenshot of SoFi website home page — *Source: SoFi*

The platform’s 1.25% APY for both checking and savings is among the highest available, requiring no more than a direct deposit to lock in the rate. Sofi’s sole credit card comes with 2-3% cash back to bolster income.

Perhaps best known for its personal loans, SoFi adds business financing options through its Lantern Credit service. While SoFi does not provide these loans itself, it gives access to several top-tier options business owners can choose from.

Who SoFi is Best For

Smaller business owners will get the most out of SoFi’s services. Its banking services are geared more toward personal use, but individual business owners can get just as much use out of a bank account. It’s also possible to get up a joint account for duos sharing the business load. If you’re able to pay yourself with direct deposit, you can maximize the interest rate for checking and savings.

Pricing

SoFi stands firm on its desire to minimize fees anywhere it can. It also holds one of the highest interest rates among online and physical banks around the country.

Monthly Fee

Minimum Deposit to Open Account

Minimum Balance to Maintain Account

Overdraft Fees

Up to $50 covered

APY

0.70% or 1.25%

Transactions

Unlimited free transfers to other bank accounts or through point of sale

Cash Deposits

No fee when using 55,000 in-network ATMs to deposit cash

ATM Fees

Free from over 55,00 in-network machines

Wires

$25 to $30 for outgoing domestic transfers, $45 to $50 for outgoing international transfers

SoFi is somewhat new to the banking scene and has but one savings and checking account available. There’s no minimum deposit required to set things up. You also don’t need to worry about monthly fees or maintaining a minimum balance.

To tap into SoFi’s 1.25% APY, you simply need to link up a direct deposit to either checking or savings. If you’re unable to do so, you’ll still earn 0.70% on both accounts, a number still much higher than the industry standard.

The banking platform really has an aversion to fees, making money transfers between bank accounts free. Business owners will enjoy $0 point of sale transitions both domestically and internationally. SoFi looks the other way for up to $50 in overdraft fees as long as you’ve linked up a direct deposit.

You won’t get charged for using any of the 55,000+ ATMs in SoFi’s network. Its website makes no mention of charges for using out-of-network ATMs, but you should always expect a charge from the ATM itself.

Sofi’s wire transfer fees are standard at $25 to $30 for an outgoing domestic rate. Those looking to send funds internationally will have to pay closer to $50 per transfer.

SoFi Features

SoFi has several impressive features that make it an online bank worth pursuing. Let’s take a look at them now.

Credit Cards

SoFi offers a solitary credit card for business owners to use when making purchases. The MasterCard earns 2% cash back on purchases you can put back into your finances or save for a particular project. If you can link up a direct deposit, you’ll earn 3% cash back instead.

The card has no annual fee but can charge anywhere between 13.74% and 25.74% APR depending on your credit score. There’s no mention of being able to obtain multiple credit cards from one account to hand out to employees.

Checking and Savings

Screenshot of SoFi online banking page — *Source: SoFi*

Should you choose to bank with SoFi, you’ll open up both a checking and savings account at the same time. It’s not possible to open up one or the other. Both accounts earn the same interest rate, either 0.70% or 1.25% if you can link up a direct deposit.

Neither account has monthly account fees or minimum requirements. You can move cash fluidly between them, but you’ll want to be careful not to overdraft your checking account by more than $50 when making purchases. There is an option to create a joint business bank account if you have more than one business owner.

Insurance

Small business owners need a source of insurance, and SoFi has options available that suits for startups or any small businesses. The online back currently has plans for auto, life, renting, and homeowners. Although these types of insurance are available for the SoFi account holder, you won’t be able to offer them to your employees as well.

Student Loan Repayment

SoFi takes a unique approach to business incentives, offering business owners the means to help employees pay off student loan debt. With SoFi, you can contribute up to $5,250 tax-free each year toward your employees’ student debt. Employers can deduct this amount while offering an incentive to hire young talent from the graduate pool.

Mobile Banking

SoFi’s mobile app allows you to transfer and receive funds with nothing more than a smartphone. For anyone using SoFi’s app, transfers occur in real-time. The app also makes it easy to pay bills online or set up recurring payments to vendors or employees. You can deposit checks right from your phone by snapping a photo and listing where you want the money to go.

Minimal Fees

You won’t find many fees when you sign up for SoFi. Account setup is free, and you won’t ever see a monthly fee come across your desk. Alongside overdraft forgiveness and zero charges for transferring or depositing cash, you can use SoFi without having to spend a cent. You’ll only run into fees with outgoing wire transfers and any time you have to use an out-of-network ATM.

If you want to open a business account with minimal fee, here is a thorough Oxygen Review, Capital One Review, and Lili Review that includes information on the pros, cons, and alternatives.

Loans and Lines of Credit

SoFi’s Lantern Marketplace helps business owners view and compare the top loans currently available. SoFi does not offer these loans directly but facilitates the process of locating the loan your business needs. After supplying information about how much you need, what you’ll use the loan for, and what state you’re in, Lantern will find the best options for you.

Security

Should something happen with your credit card, you can freeze it with the push of a button on the SoFi app. SoFi watches your account for suspicious activity and will let you know the moment they sense something amiss.

The online bank further keeps your account secure through two-factor authorization, requiring a fingerprint or additional passcode to access your information. Each card chip generates a unique transaction code to identify purchases and add in extra security. All money in your SoFi account is FDIC insured for up to $250,000.

Alternatives to SoFi

SoFi gets along well with business owners but may not contain everything you’re looking for. Check out these SoFi alternatives to see if they’re more your style.

LendingClub

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LendingClub is an online banking service offering quite a bit more variety than SoFi when it comes to accounts. Business owners can choose from ten different checking and savings plans strictly for businesses. The mobile app tracks transactions in real-time and allows users to transfer funds or make check deposits.

Among those accounts, you can find 1% cash back on debit card purchases and rebates from ATMs anywhere in the world, whether they’re in-network or not. Interest rates are meager, topping off at 0.10% for accounts with $5,000 or more. If you’re unable to maintain a balance of $5,000, you’ll also incur a $10 monthly charge.

LendingClub specializes in loans for small businesses, no matter the need. Flexible loans can climb as high as $500,000, whereas loans for property and equipment can reach $10 million if needed.

1% cash back on debit card purchases without limit
Worldwide ATM rebates
Several loan packages

Monthly fee on accounts with balances under $100
Low interest rate
High requirements for cash back

BlueVine

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BlueVine Review

BlueVine provides loans and checking accounts for small businesses looking to get a leg up on the competition. There are very few fees across the board, but it is unfortunate to see charges for cash deposits.

If you can keep up with BlueVine’s requirements, it’s possible to earn 1.5% APY on your checking account. This amount eclipses SoFi’s 1.25% but is not quite as easy to attain. Similar to SoFi, BlueVine doesn’t necessitate a minimum balance or charge a monthly fee. What’s worse, any money in your account above $100,000 doesn’t receive interest, and there’s no savings plan to dump excess into.

BlueVine has lines of credit up to $250,000 and rates as low as 4.8% to pay them off. These numbers fall in line with the third-party lenders SoFi uses as part of its Lantern network. When depositing money to keep up with loan payments, keep in mind that BlueVine has monthly limits on how much you can put in your checking account.

High interest rates
Very few fees
No minimum balance or monthly fees

Monthly deposit and withdrawal limits
Does not offer a savings account
Fee for cash deposits

Kabbage

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Kabbage Review

Kabbage empowers small businesses with a monthly fee-free checking account. Although its interest rate is a little lower than SoFi, Kabbage does not have prerequisites for earning 1.10% on funds up to $100,000.

Unlike SoFi, there’s no way to create joint bank accounts with Kabbage. As a result, it’s best bank account for sole proprietorships or LLCs with a sole owner. On the plus side, Kabbage doesn’t charge ATM fees, whether in-network or not. You will get charged $4.95 every time you deposit an amount of cash into your account.

When you’re ready to take your business to the next level, Kabbage offers easily accessible lines of credit for just such a purpose. The approval process takes no more than a few minutes. Once approved, you can transfer money from the line of credit to your checking account in real-time.

No monthly fees or fees for signup, no minimum balance
High interest rate
No Kabbage fees for out-of-network ATM withdrawals

Cash deposit fees up to $4.95 per transfer
No ability to make joint accounts
Mobile deposits take several days to clear

Axos

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Axos Review

Axos has a handful of checking and savings accounts for business owners to choose from. Its Interest Checking plan grants a 1.01% APY for up to $50,000, with rates decreasing from there. You can transfer extra money into a savings account, but these accrue 0.20% interest at best.

Most of these accounts require a high initial deposit to open and a substantial balance to avoid monthly fees. This is a sharp contrast to SoFi, where no such fees exist. There aren’t many fees if you can keep up with balance requirements, and Axos will reimburse you for any ATM fees you may encounter.

The platform has both loans and lines of credit to help businesses grow. Loans and lines start at $10 million and demand at least two years in business.

High APY with an interest checking account
Unlimited domestic ATM fee reimbursements
No monthly maintenance fees or balance requirements for basic checking

Monthly fee with higher-tier accounts
Low APY on business savings accounts
Some accounts require high deposits

Frequently Asked Questions (FAQs) for SoFi

SoFi is a popular option for banking and lending. Here are some lesser-known answers to questions surrounding the service.

Is SoFi Trustworthy?

Yes, SoFi meets all the requirements to act as both a bank and a lender. Its funds are FDIC-insured, and the company received an A+ rating from the Better Business Bureau.

What Does SoFi Stand For?

SoFi stands for Social Finance, Inc., the name used by its founders back in 2011. Although the tech company goes by SoFi Technologies now, it still has a strong social side in its business dealings.

Is SoFi FDIC Insured?

Yes, once funds reach your account, they are FDIC insured through SoFi. SoFi protects funds for up to $250,000.

How Many Customers Does SoFi Have?

At the end of 2021, SoFi had roughly 3.5 million members in its system. This number is up nearly 90% from the year before.

Bottom Line on SoFi Review

SoFi is a great opening strategy for small businesses looking to build interest on available funds. The only thing required to benefit from SoFi’s highest rate is a direct deposit, so long as you can pay yourself. The financial service provider also helps you find loans from a handful of third-party companies instead of being shoehorned into one option. Minimal fees make it possible to make the most of your money without draining it in the process.

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 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 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.