Accepting checks can be a tremendous hassle compared to most other payment options. One of the largest downsides of accepting paper checks is all of the waiting involved. Wait for your client to receive their invoice in the mail, wait for them to write you the check, wait for them to mail it, wait for the check to come in the mail, etc. Once you receive the check, it still needs to be taken to the bank for deposit, which also occupies time. In addition to being tremendously time consuming, accepting paper checks is by far one of the least green payment methods. You usually have to mail a paper invoice, which not only consists of the invoice itself, but the envelope it’s contained in and sometimes even a remittance envelope. Then your client needs to send a check, meaning another envelope is being used in the process. This also involves two stamps, and the price of a stamp is only increasing.

One of the easiest payment methods to accept from your clients is PayPal. It’s 100% free to sign up, bears no monthly fee and no processing minimum. PayPal allows your clients to pay you from their PayPal balance, credit or debit card, and even their bank account. If you have clients who don’t have PayPal accounts, and don’t want one, they can still pay you with their credit or debit card without even signing up for an account. PayPal charges a $.30 fee per transaction they process, and a variable percentage rate based on your volume. This fee ranges between 1.9% and 2.9% of each transaction. Once the money is in your PayPal account, you can withdraw it using the PayPal debit card, spend it online at any merchant that accepts PayPal, or transfer it to your bank account. You’re given instant access to the cash once your client has completed the payment.

Another way to accept instant payments is with a bank merchant account. This allows you to accept credit cards directly from your client without PayPal. This has some huge advantages over accepting cards through PayPal. First, the transaction rates will be significantly lower. Second, you will have a lot more control over when you charge your clients. With PayPal, you have to wait for your client to put their card information in and approve the transaction. With your own merchant account, you can retain your clients credit card information and charge them on terms that you and your client agreed upon. The guarantee of getting paid on time, every time can often do wonders for small business cash flow. Merchant accounts will sometimes include monthly charges and even processing minimums. While the easiest way to obtain merchant processing is from your bank, you can shop around online for lower rates and more flexible terms. Note, due to the large amount of power involved with being able to charge clients cards at any time, there application process will include a check of your business credit. It can really help your odds if you know you are applying for the account when you have already established good credit for your business. For tips on how to build up credit for your small business, read our post about establishing small business credit.

One of the most flexible, yet least noted payment method is remote bank capture. This allows you to withdraw the amount due from your client’s bank. Much like a merchant account, this gives you the flexibility to get paid on your terms since you are in control of when you make the withdrawal. Accepting this payment method will normally include a small per transaction charge, usually around $.30. This gives you the flexibility for maximum cash flow, without all of the processing fees and hassle of credit card processing. Talk to your bank about if they can arrange for you to have the option to accept these types of payments.

PayPal, a merchant account and remote deposit capture will add flexibility to your business, give your clients more options, save you time and even save paper. While paper checks may still be the norm, diversifying your accepted payment methods can tremendously benefit your business and may even result in happier clients since they no longer have to worry about mailing you a paper payment. Considering all of these benefits, how can you possibly go wrong accepting more payment types?

#3: Sunshine Suites: We said “renting resources” and this is the best office rental space in town. They have fabulous locations all over the city fully equipped with internet, fax, printing, trendy jazz music, trendy bathrooms, fish pond in the foyer and pricing that can fit every entrepreneur, writer, actor, real estate broker, any other gig that requires an affordable office space on a month-to-month lease.  That was a mouthful. I have worked here off and on for three years. God bless Sunshine Suites.

The mention’s incredibly appreciated, and just serves to illustrate one more reason why we do what we do here at Sunshine. Be sure to read the rest of the article for other great rental resource tips!

Shatterbox was kind enough to share a few photos from the evening.

The Shatterbox blog is also a spectacular resource for the young and up-and-coming business professional. Right now, they’re collecting the most challenging, tough interview questions and the answers to them.

Establishing credit for your business is essential because it is what will be used as a determining factor of trust when you need terms, or even merchant processing. If you are looking to accept credit card payments for your business, your company credit will come under scrutiny. Not having credit established can be a determining factor that prevents you from gaining this privilege.

So how do you start building credit as a startup? The best place to start is by leveraging your existing connections. A key example of this is your personal bank. If you have a relationship with the bank that you do your personal finances with, you can approach them to discuss opening a business account and a business credit card. Note well, that you will need to differentiate your business credit cards from your personal ones by applying with your Employer ID Number (or EIN.) If you do not have an EIN already, you can quickly obtain one from the IRS by visiting: http://IRS.gov and searching for “ein.” it’s a very simple application process and your number will be issued instantly.

Another fantastic starting point for business credit cards is store credit cards. Stores like Staples offer business credit cards with low limits that are often easy to obtain. It is essential that, as with all credit cards, you pay your balances off on time. This is especially true for your initial cards where your credit can highly be impacted by small things like this. Between demonstrating a solid on-time payment history with these cards, and obtaining a card from your bank, you are well on your way to building your business credit.

The goal of building business credit is to do so without having to offer a personal guarantee and bring your own personal credit score into the equation. Ideally, you don’t want there to be a negative lashback to your personal score if something goes wrong with your business. While this should be avoided as much as possible, it is slowly getting harder and harder to acquire initial business credit. If all else fails, lock down a small line of credit with a personal guarantee and only use it for the purpose of building credit. Make small purchases on it that you know you will be able to pay off promptly. A few months down the line, attempt to get another card without the PG. If you are approved, stop using, but do not close, the card that you have the guarantee on. Just like with personal cards, it is very important to keep your oldest card open and maintain as much unused credit as possible.

Most of the rules of personal credit, apply for business credit as well. Two of the most common being not to apply for numerous cards within a short period of time, and avoid being declined for a card, as these will negatively affect your score. Scatter the time between applying for cards, and inquire as to the minimum requirements as much as possible before you apply to a card. If you realize you don’t qualify, you can prevent having the decline appear on your credit score by waiting until you are more qualified to apply.

A USP is what sets your company apart from your competition. It is the driving reason why people should buy from you, regardless of if your price is higher. It should provide a very clear benefit to the consumers that no other competing company is able (or willing) to offer. Always make sure that your USP is simple for the consumer to understand why they should be buying from you. When you do this, you are attempting to negate the consumers belief that they should be purchasing from your competition because they are cheaper.

Competing in your market on the basis of price to consumer isn’t the only way to get their attention to your brand. Just because you are offering a comparable product or service for a lower price, doesn’t necessarily mean you will win their business. Offering things like personalized service, additional value adds etc, can help you win clients over who would be willing to spend a little more to enjoy that level of service.

An excellent example of a company that sells on the basis of price is Walmart. They have the capability to offer the products that they stock cheaper than any other retailer. Other retailers often get frustrated that they can’t compete with Walmart’s prices and try to lower their own prices to draw some attention. Of course, this is a failing strategy. What these retailers could do instead, is develop a USP that demonstrates additional value to the consumer. In this case, where their prices may not be as low, they are making up for it by over delivering services to the consumer. For example, while the pharmacy at Walmart may have the lowest prices on pharmaceuticals, your local mom and pop pharmacy can offer to pick up your prescriptions, drop off your filled order, and give you a much more personalized experience overall that Walmart could ever offer. There is certainly an audience in the market that would be very interested in paying a higher price for more dedicated and personalized service.

There will always be a part of markets that will want to only purchase on the basis of price. The sooner you realize that this is not the entire market, the sooner you can start developing a USP and demonstrating to consumers how you are offering added value that no large competitor would ever be able to offer. Once you have your USP established and in place, it’s time to tell the masses! Do whatever it takes to tell your current and potential clients that you are doing something completely different from everyone else!

Across almost all industrialized countries, unemployment rates are highest among people just out of college. In the U.S., 17.2 percent of 20- to 24-year-olds are out of work. Clearly we need to do something to remedy this problem now and prevent it in the future

The BusinessWeek article highlights several things that can be done, immediately, to continue to attract young people to starting their own businesses. In the words of BusinessWeeks:

Developing policy to increase rates of entrepreneurship among young people requires an understanding of why young people tend not to start their own businesses. So why aren’t more young people entrepreneurs?

Who are your favorite young entrepreneurs? Tell us in the comments!

We are a video-based social community for students and young professionals to find inspiration and share ideas about innovative careers. Our films are 100% original, HD-quality, and free of charge to individuals all over the world who are hungry to make their mark.

We’ve found the most passionate, cutting edge young trailblazers we can get our camera on and asked them, simply, to share their stories. Our archive of fascinating shatterbox stories will grow as we seek new characters to feature across limitless industries. And we want you to join the conversation. Leave your comments, share your ideas and your stories, connect with other users, and find yourself a little closer to making your mark.

To bring Shatterbox’s mission of empowerment to the world, they’ll be hosting the first Shatterbox Salon, this Monday, July 19, at The Tank artspace in Manhattan. It’s a must-attend event for those looking for a little direction or a lot of inspiration in their careers.

For instance, when you picture yourself running your own small business I’m sure you see yourself with ample numbers of customers just waiting to purchase your services. Unfortunately, it is extremely rare that this would ever occur in the beginning of a small business venture. In fact, you have a better chance at success if you start small and incrementally work your way up in terms of size. This allows you to take less risk and prevents you from ever biting off more than you can chew. One example of this would be renting office space. Sure it sounds nice to say you operate out of a 2,000 sq. ft. suite but if you are only utilizing one fourth of that size currently, all you are doing is throwing money down the drain. Start small and build your office space up congruently with the amount of business you are seeing. As your business grows, so can your location. Using shared office communities can be a great starting point.

Whenever you start a small business, one of the first and most vital steps to take is self protection in the form of incorporation. Form an LLC or something along those lines so that just in case your business doesn’t pan out, you won’t be stuck holding the bill while your personal assets are at stake. Visit a local bank or go online and find an incorporation agent who for a relatively small fee can set up everything for you so that you are protected against all odds.

Make sure you have a realistic business plan that you intend to follow. The worst thing you can do is go into a business venture blindly without a set of outlines to guide you. A business plan allows you to chart your success and growth effectively as well as plot goals for the future. It will help you figure out how much it will take for you to turn a profit as well as allow you to create a break even cost analysis.

One last tip that is rarely put into consideration yet could easily lead to the failure of your small business is trade secrets. As much as you would like to tell every family member, neighbor, friend, or passerby about what your business’s processes are-don’t. If you tell the wrong person about the revolutionary idea you have…you run the risk of having them steal your idea and market it before you.

If you follow these tips, you will have a better success rate than most of your fellow small business owners, so now it’s up to you to utilize them for a great future for not only yourself but your business as well.