Tag Archives: accounts
How To Add An Additional Card Holder
If you have someone special in your life, then it might be time to add an additional cardholder to your account. Whether this is a wife or husband, or even a child, adding an additional cardholder can be advantageous for a number of reasons. If you are unsure about how to add an additional cardholder to your credit card account, then here are some tips to get you started.
How to add an additional cardholder
Adding an additional cardholder is generally very easy to do, and usually involves calling up your card issuer to arrange it. All you have to do is give the details of the person that you would like to add to the account and then this will be arranged for you.
Who can I add?
In theory you can add anyone you want as an additional cardholder to your account. However, the most common people to add to your account are partners, spouses or children. You might want to add a partner or spouse if you are beginning to share your accounts with each other and pool your assets. Also, you might want to add a child to your account so that you can keep track of their spending whilst giving them some financial freedom.
Advantages of adding cardholders
The advantages of adding a cardholder are that you can reduce the number of accounts that you and the additional cardholder have, making payments easier. Also, it can help you to budget more effectively as a household if you all use the same accounts. Also, you can use the same pool of money but have separate cards, giving you the freedom to spend on your own whilst someone else does the same. It also allows you to keep track of both your spending and the spending of others, meaning you can make savings more effectively.
Disadvantages
Although there are some advantages, there can also be problems. If you add someone as an additional cardholder, then you are responsible for the balance that they accrue each month. The balance is part of your statement, so you are the one who will be liable. This might lead to problems if your child spends irresponsibly or if you are having relationship problems.
Cancelling an additional cardholder
If you have become separated or divorced from your partner or your children have moved away, then it is important to cancel any additional cards to stop them being used. To many people get landed with large bills after divorce because they forgot to cancel the extra card and their partner charged everything to their account. As long as you keep track of additional cards and cancel them when necessary, then you can reduce the amount of cards that you are your partner require whilst still having the freedom to spend.
Invoice Factoring Can Save Your Business
Invoice factoring is the basic practice of selling invoices to financial factoring companies for the purpose of receiving money right away. Smaller companies often fall into the financial trap of not having available resources and therefore sell their invoices to financial agencies in order to gain working capital. This practice does not require the business to swallow more debt and in fact operates in an opposite manner. Small businesses that don’t utilize the financial tool of accounts receivable factoring acquire more debt by waiting for the accounts receivables to be paid.
Invoice factoring is typically used as a measure to avoid falling further into debt. Without this effective financial management tool many businesses have to adopt more loans or alternatively, put up more collateral for existing loans. Invoice factoring is available at a minimal fee, which makes it an attractive substitute to assuming more debt. In fact, accounts receivable factoring fees are usually set up by way of discount and these rates differ from individual company to company. The great advantage to this type of liquidation is that there are no interest fees to pay and the result is most often better profit margins.
There are many financial companies that offer invoice factoring services. The individual agencies will set up a company with the right set of accounts receivable factoring parameters. After the professionals from the invoice factoring agency assess the individual situation, they will set up the receivables to be factored and proceed accordingly.
Financial agencies that offer accounts receivable factoring are located worldwide and support every industry under the sun. Even truck drivers can sell their invoices to an invoice factoring financial service to free up capital fast. One of the most attractive aspects to an accounts receivable factoring agency is that they customize the service to each business’s individual requirements.
There are as many different types of invoice factoring agencies, as they are rates for factoring invoices. Some purchase the invoices no matter what the receivable total is and some accounts receivable factoring agencies will only liquidate invoices that accumulate more than $100, 000. Generally the higher the invoice factoring total is, the lower the rates will be to take advantage of this financial escape. In cases where the total is in excess of a hundred thousand, a solid accounts receivable factoring agency will offer rates that can be as low as two per cent!
There are many different types of invoice factoring agencies. For example, some agencies will only serve those businesses in the medical profession while others only serve purchase order factoring. There are some accounts receivable factoring agencies that are specifically designed to cater to small business and offer many great advantages that a larger agency wouldn’t necessarily offer. Despite the type of invoice factoring agency that is required for every individual business need, accounts receivable factoring typically happens within a 24 hour time period.