Category: Brandpoint Business & Finance

2024-09-17T11:01:00

(BPT) – Today, Michelin North America, Inc. marks its 50-year anniversary of operations in South Carolina with its Michelin Legacy event. Since opening its first facility in Anderson in 1974, Michelin has expanded its footprint exponentially to include nearly 10,000 employees across 15 facilities statewide. The company proudly reports $8.2 billion total annual economic impact in South Carolina alone and looks forward to continued investment at both the state and national levels.

2024-09-12T12:37:00

(BPT) – The vibrant culture of Thailand took center stage in New York’s Times Square this September with the Ignite Thailand Festival — a groundbreaking event that immersed New Yorkers and visitors with all the innovations coming out of Thailand, from the bright colors, flavors and lifestyle brands to fashion, music, and dance. Supported by the Department of International Trade Promotion for the Ministry of Commerce of Thailand, the festival was more than just a celebration of Thai culture; it was a way to showcase all of Thailand’s innovative products and brands.

Leading the charge was Permanent Secretary Vuttikrai Leewiraphan, who headed a delegation to New York City to participate in a series of high-profile meetings and events. His presence underscored the importance of this initiative, which seeks to boost Thailand’s footprint in the U.S. market.

“I am truly honored to have had the opportunity to be in Times Square, the epicenter of New York City, for the inaugural Ignite Thailand Festival. This event will significantly enhance trade opportunities in the U.S. market and reinforce Thailand’s image as a reliable trade partner and a leading exporter of world-class products,” said Permanent Secretary Vuttikrai Leewiraphan. “Our goal was to dazzle all attendees with the sights, sounds, tastes, and talents of all things Thailand. We wanted to show everyone our ideas and capabilities — our resources and style.”

The Ignite Thailand Festival is a strategic initiative to showcase Thailand’s high-quality products and innovative spirit. From inventive culinary delights to high-quality goods, this festival was everyone’s chance to discover why Thai products are celebrated worldwide. Alongside traditional music, theater, dance performances, and showcases from world-class Thai brands, the event underscored Thailand’s dedication to being a trusted and innovative partner in global commerce.

This aligned with the “Think Thailand, Next Level” campaign, which aimed to position Thailand as a leading source of lifestyle products, exceptional cuisine, and cutting-edge innovations. “We have had steady growth in trade between Thailand and the U.S. for decades, but now it is time to turn up the heat. It is time to ‘Trade up to Thailand.’ The Think Thailand, Next Level campaign is a mindset to surprise, overdeliver, and delight — with a smile. Thailand, we don’t just slice our fruit; we create works of art,” said Permanent Secretary Vuttikrai Leewiraphan.

The festival brought together culinary delights from celebrity chefs like Chef Arnold Myint, known for his memorable run on Top Chef; Chef Bao Bao, a recent star on Food Network’s Chopped Legends; and Chef Hong Thaimee, a celebrated Thai chef. Attendees savored dishes from nine Thai Select certified restaurants, refreshing coconut water, tasty Thai snacks, Mama noodles, and Thai energy drinks. Chef Myint added humor to his hosting while enlightening the crowd on the exceptional quality of Thai products. Moreover, some fun activities lined up to truly experience Thailand in New York, including showcased traditional Thai dance performances and a Muay Thai demonstration. This festival perfectly showcased Thailand’s culinary scene’s richness and vibrant culture.

That wasn’t all. Given New York City’s significance in fashion and lifestyle, especially during New York Fashion Week, “The Treasure” project introduced talented Thai designers to the New York market and helped them strengthen their brand in this market.

“We are committed to increasing Thailand’s presence in the U.S. market, making more Thai products available to consumers, and solidifying our reputation as a trusted trade partner. I am here, permanently, to make things easy, just what you wanted products. Thai Trade Center under the Thai Ministry of Commerce was chartered to serve you daily — as are our four centers throughout the U.S., Miami, Chicago, Los Angeles, and New York,” Mr. Leewiraphan said.

With the momentum generated in New York, the Ministry of Commerce plans to expand the “Think Thailand, Next Level” campaign to other key cities worldwide, further solidifying Thailand’s reputation as a trusted trade partner and a hub of innovation and quality.

Looking to the future, the Ministry of Commerce, Thailand, plans to build on the momentum from the Ignite Thailand Festival to expand the “Think Thailand, Next Level” campaign to other cities around the world.

For more details on the Ignite Thailand Festival and Thailand’s ongoing trade initiatives, visit ThaiTradeUSA.com.

Top photo courtesy Aen Fong

2024-09-10T16:45:00

(BPT) – Traditionally, saving up for a 20% down payment has been the largest obstacle for aspiring homeowners and this challenge is even more acute when interest rates drive monthly mortgage payments higher. Despite higher rates cooling home sales last year, hundreds of thousands of first-time homebuyers leveraged private mortgage insurance (MI) to put as little as 3% down to access homeownership.

According to a report released by U.S. Mortgage Insurers (USMI), 64% of homebuyers who used private MI last year did so to purchase their first homes and to begin building equity, a 6% increase in first-time buyers’ share of the market from 2020. Considering a 20% down payment on the national median home price of approximately $425,000 is $85,000, many aspiring homeowners without the resources to make large cash down payments understandably choose private MI. After all, putting 5% down on that same home requires saving only $21,000 in comparison. USMI reports that 35% of homebuyers using private MI in 2023 had annual incomes lower than $75,000.

“Private MI remains one of the most helpful tools available to first-time and low- to moderate-income buyers in the market. Private MI helps borrowers overcome the large down payment barrier to affordably and sustainably qualify for financing and start reaping the benefits of homeownership years earlier,” said USMI Board Chairman and Enact President and CEO Rohit Gupta.

In 2023, private MI helped 800,000 buyers purchase homes using low down payment mortgages, and 39 million homebuyers have achieved this cornerstone of the American dream with private MI since it was first introduced. If a 20% down payment were required, it would take the average homebuyer 27 years to save for the down payment and closing costs, three times longer than the time it would take to save for the 5% down payment that is often used with private MI. Fortunately, you don’t need a 20% down payment to become a homeowner.

USMI President Seth Appleton described the role that private MI plays for housing affordability and access as “opening the homebuying experience up to working families, including first-time buyers. People do not need to save for 20, 30 and even 40 years to meet the mythical — but not required — 20% down payment threshold to be able to afford their first house; instead, millions of homebuyers have achieved the American dream of homeownership and started building their wealth and equity by using private MI.”

Another advantage for homebuyers, according to USMI, is that private MI is a temporary cost; monthly borrower-paid MI can cancel after the homeowner establishes sufficient equity either through regular payments or home price appreciation. When mortgage insurance is canceled, the borrower’s monthly overall payment goes down.

There are many financing options for homebuyers to consider. Learn how you might be able to use private MI to start your homebuying process at lowdownpaymentfacts.com, a resource launched by USMI to offer homebuyers low down payment mortgage information and dispel the myth that a 20% down payment is required to become a homeowner.

2024-09-09T10:33:00

(BPT) – By Mary Hines Droesch, Head of Consumer, Small Business & Wealth Management Banking and Lending Products at Bank of America

Pack your bags and sharpen your pencils because it’s time to kick off another school year. Whether you’re heading to college with new responsibilities or figuring out what to do with the first paycheck from your full-time job, there’s no better time than the back-to-school season to prioritize financial education and refine your money management skills.

This season is all about setting the habits that will lay the foundation of your adult life, from learning to do laundry and cook on your own to managing your finances. Whether you’re just starting out or already maintain a budget, here are a few tips to help you develop smart financial habits on your path to financial independence:

1. Organize your finances with a budget

Transitioning into adulthood means managing monthly expenses and bills, possibly for the first time. That’s where budgeting comes in. According to recent research from Bank of America’s Better Money Habits financial education team, 52% of Gen Z say they both don’t make enough money to live the life they want and share that the high cost of living is one of the primary barriers to financial success. With so much unease about their financial futures, it’s important for current students and recent grads to start budgeting and saving early on.

The appropriate monthly savings amount varies by situation, but an easy strategy to get you started is the 50/30/20 method: 50% of your after-tax income should cover needs (rent, groceries, student loan payments, etc.), 30% should go to wants, and 20% should go into savings. These percentages can be adjusted as needed, but this framework can help first-time budgeters.

2. Open a savings account and add to it regularly

A dedicated savings account helps safeguard your deposits and ensures you’re intentional about saving. Unlike a checking account, which provides you with access to your money for everyday needs, savings accounts enable you to set aside money for bigger purchases or special occasions. This is crucial for growing your money and ensuring you can achieve long-term goals.

Take it a step further and make saving money a no-brainer by automating it. Consider digital solutions like the Bank of America Keep the Change^® program — it rounds up the price of every debit card purchase to the next dollar and automatically adds that to your savings account. Watching your savings grow can be motivating and will help you save up for things like new textbooks, a laptop, or even a fun spring break trip.

3. Build an emergency fund

Did you know 57% of Gen Z lack enough emergency savings to cover three months of expenses? Emergency funds are financial safety nets that are meant to be used, as the name implies, in case of an emergency — whether you need to replace your brakes, your apartment floods, you have a medical emergency, etc. Life is unpredictable and often throws us curveballs, so doing what you can to prepare, like building an emergency fund, is one way to get ahead of those surprises. Start small and build your fund over time — your future self will thank you.

4. Build strong credit and maintain a high credit score

Credit scores might be a vague concept to understand when you’re just starting out. Think of your credit score as a financial report card, similar to the ones you get at school. To build strong credit and maintain a high credit score, it’s important to pay your bills on time and in full. You can ensure that you stay on top of this by setting up reminders for upcoming expenses or using digital automatic payment tools available through your bank. Your credit score is especially important as you begin thinking about making larger purchases down the road.

5. Get a better deal for your buck with student discounts

Between textbooks, rent, groceries and having some fun, being a student requires a fairly stringent budget, but your “student” status also comes with its perks. From tech to dining out to entertainment and online streaming services, there are a plethora of deals that you can access through your student email or your school’s offerings. Take some time to scout these out and take advantage while you can.

Embracing these habits as you step into this exciting new chapter will empower you to be proactive about your finances. With time, you’ll set yourself up for a smoother, more independent financial future.

2024-09-05T08:01:00

(BPT) – Elise Awwad became president and CEO of DeVry University a year ago, bringing 20 years of experience and a belief in the power of education to transform lives. She answered questions about her first year and her vision for DeVry.

What three words best describe your first year as President and CEO?

I’ll say students, innovation and speed.

“Students” is my first word, because every decision I’ve made is with student success in mind. We have more than 30,000 currently enrolled students, all striving for better lives for themselves and their families. More than 13,000 students have graduated since I became president and CEO. They are my inspiration.

Next is “innovation,” because it’s core to how we think and operate at DeVry. We’re continuously changing our curriculum to match the steady beat of change in technology and workforce needs. We are creating new ways to break down barriers so that every student, regardless of their background, has the opportunity to succeed. We are enhancing our offerings and reimagining how we operate to ensure that we have the agility necessary to respond to the needs of students and the industries they will enter.

And I have to say “speed,” because this year flew by. It was easily the fastest year of my life!

You’ve made active listening a priority, engaging with hundreds in the DeVry community. How has that shaped your perspective?

I’ve made it a point to speak to as many professors, colleagues and students as possible during my first year, and I enjoyed every conversation. I visited classes and sat in on council meetings. Commencement weekend alone was a masterclass in understanding the needs of our stakeholders and impact of our decisions.

Authentic active listening is fundamental to a culture that embraces change and innovates quickly. We’re working to cultivate active listening across the university. When people feel truly heard and understood, they’re more invested in our shared success.

Clear and consistent communication has to be part of that culture, too. It can’t be just about broadcasting successes. We know we have to confront challenges head-on and clearly communicate steps we’re taking to address them. For us to be successful, faculty and staff must understand the vision and strategies as well as their roles in making them happen.

Can you describe your most memorable moment from the past year?

Commencement comes to mind first when I reflect on a year filled with memories. Standing on that stage as president and CEO and looking out at the Class of 2024, I felt an overwhelming sense of pride and responsibility. It wasn’t just another ceremony. This was about the privilege of joining these students and their loved ones in celebrating a monumental milestone, representing my colleagues, and showcasing the strength and potential of the DeVry community.

What accomplishments from the past year contribute to DeVry’s strength and potential?

We’ve accomplished a lot in the past year.

I’ll start with the agility of faculty and administrators, their pace of curriculum changes to meet real-time workforce needs. We launched new market-relevant AI course offerings in a matter of weeks and built a roadmap to continue innovating. Our faculty demonstrated how they can navigate the changing landscape by responding to GPT technologies’ impact on learning, leading the way with innovative strategies that embrace its use.

We maintained our commitment to affordability through our tuition freeze for the 2024-25 academic year, and expanded scholarship programs. Prioritizing return on student investment is central to every decision, from affordability to outcomes. Our robust Career Services offerings for students and graduates grew stronger. We forged strategic partnerships with organizations to advance our commitment to student success.

We advanced the use of AI technology, continuing our long-standing work to integrate AI in the classroom and beyond. We’re reimagining the relationship between people and technology to drive results.

What is the greatest challenge in higher education today?

Prioritizing access and affordability are at the top of the list. Education should be the ultimate equalizer, yet barriers continue to impede progress. It’s our duty as educators to identify the barriers and dismantle them. We must ensure that every individual — regardless of socioeconomic background, race or gender — has equitable access to the opportunities that education provides.

You are the first woman in DeVry’s 93-year history to be president and CEO. What does that mean to you?

Serving as the first woman president and CEO in DeVry’s 93-year history is both an honor and a tremendous responsibility. I hope my journey inspires others — especially women who may doubt their own potential.

I started as a student advisor at the university over 20 years ago. I’ve continually challenged myself to achieve what once seemed impossible. My experiences have shown me that with determination and the right support, even the toughest barriers can be overcome. I deeply believe in the power of perseverance, and I am committed to giving back in every way I can.

That’s why I established DeVry’s first Business Resource Group dedicated to supporting women in the workplace and the broader community. I also sponsored our Women+Tech Scholars program designed to empower women to start or advance careers in the tech industry.

My goal is to ensure that the path forward is a little clearer and a little easier for those who come after me.

What’s your vision for DeVry?

My vision is for DeVry to be a leading institution of higher education, where innovation, inclusivity and deep industry connections create meaningful opportunities for every learner. We strive to be the go-to source for 21st-century talent, equipping our graduates to excel and lead. Our goal is to prepare students not just to keep pace with the future but to shape it, fostering a culture of creativity and critical thinking. We aspire to be a place where every learner has a fair chance to achieve success.

2024-08-27T07:01:00

(BPT) – As soccer players know, you can’t win unless you have a game plan.

According to the U.S. Bureau of Economic Analysis, the personal savings rate in the U.S. hovers below 4%, while household debt and credit card delinquency rates are both rising, especially among Gen Z, as reported by the Federal Reserve Bank of New York.

In the game of life, saving should be just one part of your financial strategy but knowing the benefits of responsibly managing your credit is equally important. Whether you are gearing up to buy a home, get an education or start a business — understanding your FICO^® Score is an important first step in laying the foundation for financial literacy.

That’s why this summer, FICO, a leading software analytics company, teamed up with Chelsea Football Club and the U.S. Soccer Foundation to offer free financial education workshops for students and adults in the cities where Chelsea is playing on their summer tour.

Workshop participants were also able to attend their local match for free.

Here is a starter playbook of the 3 ways soccer and financial literacy are similar:

• Know Your FICO^® Score. A credit score is a three-digit number that helps lenders, such as a mortgage company, auto lender, or credit card issuer, quickly (based on data and without bias) determine how likely you are to repay a loan as agreed. The higher your number, the more likely it is lenders will offer you credit and better repayment terms such as interest rates.

  Many factors go into your FICO^® Score. It’s calculated based on data that is collected by the three major credit bureaus. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%). Because your credit report changes based on your financial behaviors, like whether you pay your bills on time, so does your FICO Score. That means it’s important to know how your financial choices can impact your FICO Score.

  You can check your FICO^® Score for free at https://www.myfico.com/free.

• Have a Game Plan. Championships don’t happen accidentally. They require thoughtful planning, precise execution, and the ability to make in-game adjustments as events unfold. It’s just as important to have a game plan for your household finances to help foster positive habits such as creating a monthly budget, setting a system to stay up to date on bill payments, and keeping credit card balances under control.

  FICO also offers free educational resources on myfico.com relating to budgeting — like a college budget calculator and articles about budgeting systems and budgeting for couples.

• Focus on Continuous Learning and Improvement. Athletes continuously train to stay in shape and are always looking for ways to improve their skills. You can do the same to understand more about building good financial habits. FICO has developed many free educational tools and resources to help educate people throughout their financial journeys.

To access useful educational resources — and find out how to participate in a live or virtual Score A Better Future™ workshop — visit https://www.fico.com/sabf/.

Whether your goal is purchasing a home, financing a car, or simply starting off your financial journey strong, these educational tips can help you win in the game of life.

FICO and Score A Better Future are trademarks or registered trademarks of Fair Isaac Corporation in the U.S. and other countries.

2024-08-22T13:23:00

(BPT) – As the school bells ring in a new year, Gen Z — who now make up nearly 70 million of the U.S. population — are ready to showcase their unique style. Here’s a look at what students born between 1997 and 2012 will be wearing to set the stage for a stylish school year.

Social media and influencers are revolutionizing Gen Z fashion by driving trends and shaping new styles through viral content. The revival of aesthetics like Y2K brings back nostalgic styles with a modern twist. This blend of digital influence and retro vibes creates a dynamic fashion landscape that keeps evolving with each trending moment.

Gen Z fashion is bold, comfortable and driven by a celebration of self-expression. Walmart gets it. The retail giant recently relaunched the $2 billion brand, No Boundaries, with a team of dedicated fashion designers specifically with Gen Z in mind. The collection features new styles, high-quality materials and unbelievable pricing, catering to the latest fashion trends and budget-conscious shoppers.

Walmart’s new No Boundaries line embraces new modern shapes like baggy fit jeans, drop shoulders, cropped tees and oversized sweat sets. The new line boasts high-quality fabrics that are on-trend, including seamless stretch, power mesh, lux fleece, authentic denim and even the first-ever plant-based bra pad made from over 75% sugarcane.

So, what trends are Gen Z wearing this fall? Based on a survey of Walmart customers, up to 80% of what they purchase are pieces they can mix and match to fit their personal style and aesthetic.

Going Grunge. Baby tees, tie-dyes and oversized tops give a little rebellious, super effortless 90s-inspired look.

Sporty Streetwear. Cargos, hoodies and fluid, skater styles make a bold statement.

Prep School. A modern aesthetic featuring collegiate-inspired classics like pleated skirts, polos, boucle and plaid.

Denim on Denim. Mixing and matching high-quality denim fabrics from jeans or dresses to purses or hair bows is in.

Utility Uniform. More is more — utility clothing featuring cargos, zippers and cords paired with hardy accessories like combat boots and hobo bags.

Go-to Graphics. Graphics tees offer a vibrant, personalized way to express individual identity and creativity that effortlessly complements any ’fit.

Most items in the No Boundaries line at Walmart retails at $15 or less, with many popular styles coming in at $5 — making No Boundaries one of the most fashionable ways to save money on back-to-school shopping. With options for every body, the No Boundaries line features inclusive sizing, ranging from XXS to 5X in young women’s and XS to 3X in young men’s.

Gen Z are masters at making trends their own. Find what you need to create your own unique style with No Boundaries at Walmart.

2024-08-19T07:05:00

(BPT) – Back-to-school season is upon us, and let’s face it, getting your kids geared up and equipped with the necessary tools for success can get expensive. The cost of school supplies, new clothing, and especially technology can add up fast. However, by adopting smarter shopping strategies, you can reduce these costs and help keep expenses more manageable.

Here are some tips to help slash your family’s back-to-school tech expenses without compromising on quality or functionality.

Research your state’s tax holidays

Many items are given a “tax holiday” — certain days or weeks when sales taxes aren’t charged — which can boost your savings. Tax holidays vary by state and can include a wide range of products such as school supplies, clothing and even electronics. To find out when your state offers these tax-free periods and which items are included, visit TaxAdmin.org/2024-sales-tax-holidays. Keeping these dates in mind can help save money while ensuring your kids have what they need for the school year.

Comparison shop to find the best deals

AI is a quick and efficient new way to comparison shop for your kids’ back-to-school needs, whether it’s a new phone, graphing calculator, tablet or laptop. Many AI-powered tools can automatically compare prices and models of different gadgets saving you time and money. Additionally, browser extensions can help you find and apply coupons or offer cashback for online purchases, alert you about sales and price drops and more, ensuring you get the best value for your money.

Choose a lower-cost phone service provider

Have you checked your monthly phone bill lately? This is one cost you can definitely cut down. Consider switching to a more affordable provider like Straight Talk Wireless, which is now offering their best deal all year: one line for $25 per month when you bring your own phone. This means real unlimited data, talk and text for only $25/month for one line running on Verizon’s award-winning 5G network.

Straight Talk Family Plans can save you even more money, because the more lines you add, the more you save, making it a great option for the whole family. Straight Talk Wireless is available exclusively at Walmart, Walmart.com and Straighttalk.com. Visit StraightTalk.com/straightsavings to learn more.

Consider refurbished, secondhand and trade-ins

Opting for refurbished or secondhand electronic devices is another savvy way to cut tech expenses. Major retailers often accept your old gadgets as trade-ins, offering you store credit or discounts on new purchases. Straight Talk Wireless, for example, provides a $200 phone credit toward a new device after just 12 months of service as part of their StraightSAVINGS! deal.

It’s also a good idea to ask friends and family members if they have tech items they can pass down when they’re ready to upgrade before you spend a ton on new items.

Look into student discounts

Take advantage of student discounts offered by many major retailers to significantly cut down on your tech expenses. It’s worth exploring their websites and memberships or asking in-store about these discounts, as they can lead to substantial savings, especially on big-ticket items. Don’t forget to verify your student status with a valid .edu email or proof of enrollment through services like SheerID or UNiDAYS to unlock these offers.

Making sure your children have all the tech items they need doesn’t have to break your household budget. Using at least a few of these tips, you should be able to help cut down your family’s technology costs this year.

2024-08-05T14:01:00

(BPT) – By Irana Wasti, Chief Product Officer at BILL

Businesses, big and small, all need to manage cash flow to survive. Cash is key whether you cover day-to-day costs, pay yourself and your team, send or receive payments, or save for scaling up. So, how do you effectively manage and optimize your cash flow? Exploring different bill payment options could be a winning strategy for your business. But with so many choices out there, it can be hard to know which is the right one for your business.

Here are some tips for how to make the right decision for your business.

Different payment choices for different needs

There are six standard bill payment options: paper checks, credit cards, ACH, wire transfers, virtual cards and real-time payments. Each of these payments has its pros and cons. Ideally, you want to choose multiple business-to-business (B2B) payment options to offer vendors. You also want a flexible payment platform to balance the cost, options and speed of payments. But before we can dive into that, let’s explore the standard payment methods so you can choose which works best for your business.

1. Paper checks

Paper checks are the most traditional and familiar form of payment. Some vendors prefer them because they don’t require the recipient to share banking information. However, paying by check is slow, time-consuming, while also presents a security risk and brings negative impact on the environment. With little to no tracking information and delivery information, your check could be lost in the mail, exposing the sender’s banking information.

While you may not want to rely on paper checks as your main form of payment, you should offer it as an option to clients who are only comfortable paying with checks or for vendors who don’t accept digital payments.

2. Credit card

Want to optimize your cash flow? You can do so by paying with credit cards so you can defer payments to your next credit cycle. Credit cards are also fast, with funds typically settled in one business day. You can also collect points, miles and cash rebates while paying your vendors.

Paying with credit cards does have its drawbacks. Transaction fees can rack up quickly and be charged to your business or the vendor. Also, some vendors don’t accept credit cards as a valid form of payment.

3. ACH

The Automated Clearing House (ACH) network is a secure system for bank-to-bank transfers of digital payments. ACH is faster, involves less manual labor than paper checks and has lower processing fees than credit card payments.

Keep in mind that not all vendors accept ACH, and few banks support international ACH. Also, you’ll need to be mindful of cutoff times for same- and next-day payments, which vary by provider, and same-day transfer limits.

4. International wire transfer

An international wire transfer allows a payer to send electronic payments to a payee in a different country. While wire transfers take 1-5 business days to process, it’s a secure and easy way to pay international vendors. Another advantage of this payment method is that you can let your vendor choose which currency they want to be paid in (either in their local currency or in U.S. dollars (USD)).

The main downside to international wire is the cost, which may add up to $60 per transaction if using a bank wire (intermediary banks often add lifting fees), and it also requires the recipient to provide banking account information to the payer.

5. Virtual card

Never heard of a virtual card? It’s pretty simple. Your vendors will receive a 16-digit, one-time-use credit card token as a proxy for a physical credit card with a persistent number. Virtual cards are typically distributed to the vendor through email with invoice information.

Because a virtual card can only be used once and specifies the payment amount and expiration date, it can reduce the risk of fraud or unauthorized transactions. It’s also easy to track. It’s important to note that not all vendors accept virtual card payments, and their payment processors may apply processing fees.

6. Real-time payments

As your business scales, your company will need to make fast or instantaneous payments. Real-time payments (RTP) let you transfer real-time credit between financial institutions within seconds, 24/7, 365, with typically low fees.

Find a tech partner that gives you choice

As your business scales, having multiple payment choices is crucial. To do so, you’ll need a tech partner that provides an integrated payments platform that provides end-to-end transparency, visibility and the flexibility to give you different payment choices.

As a category leader, BILL, a leading financial operations platform for small and midsize businesses (SMBs), understands the importance of giving businesses choice when it comes to payments. When looking for a payment partner, here are some of the most important tools and capabilities you’ll need:

• A single, integrated platform that allows you to quickly track the status of domestic and international payments
• Different choices like same-day and next-day payments. You can also defer payments using credit cards.
• Low- or no-cost options.
• Seamless syncing with your accounting software, reducing manual data entry, eliminating human error and increasing company productivity.
• The ability to make secure digital payments, lowering the risks of check fraud and paper check theft.

Choosing BILL as its financial tech partner has positively impacted Marine Layer, a retail clothing chain. Kelly Ransom, Financial Accountant at Marine Layer, credits BILL with helping them manage their cash flow and making the finance accounting team more efficient. Ransom says BILL’s homepage shows all the bills scheduled for the next seven days and 30 days. “That really helps the accounting team plan ahead.”

Taking advantage of BILL’s various payment options also saves time and reduces the risk of human error. “If I had to process invoices manually, just trying to cut checks or send out wires every day would probably take up my entire day. BILL really cuts down on any sort of manual errors that might happen if we had to cut checks or do wires every day,” Ransom explains.

BILL offers all of this and more to SMBs. Not only can you use BILL’s eight different payment modalities, but you can also benefit from BILL’s payment innovations and offerings, such as:

• Paper checks: BILL paper checks are great for vendors that don’t accept digital payments. They help reduce risk of fraud as users’ bank information is not exposed.
• ACH payments: ACH via BILL is more secure than paying via a bank’s ACH.
• International wire transfers: BILL international payments can be sent from the U.S. to 137 countries and 106 currencies. BILL offers a $0 wire transfer fee and competitive exchange rates when paying in local currency. Plus, you avoid lifting fees from intermediary banks.
• Credit cards: BILL credit card payments are quick, allowing you to optimize your cash flow through deferred payments, earn rewards and more.
• Virtual cards: BILL’s one-time-use credit card tokens are perfect for businesses that want a fast, secure, cost-effective payment solution.
• Real-time payments: RTP is best for businesses that need to make urgent/time-sensitive payments or have receivers who need early access to funds. BILL RTPs can be processed 24/7, 365 days a year, including holidays and weekends.

“As a small business owner, BILL has helped me scale tremendously,” said Sade Jennings, Owner and Operator of MFABI, a U.S. company that provides logistics and fulfillment consulting. “Before BILL, I used to spend three to four hours at the bank just to send deposits to my vendors overseas. Since using BILL, I can cut down that time and seamlessly pay my vendors, who are mostly based in China, India, and South America. This has truly changed our business, improved the speed of our payment processes and allowed me to manage our cash flow efficiently. I don’t know where my business would have been without BILL.”

Are you ready to take your business to the next level? At BILL, we’re dedicated to helping businesses get more control, visibility and efficiency in their financial operations. Automating financial operations can be a game-changer for your business, saving valuable team time on inefficient manual processes and enabling you to focus on high-value strategic business needs instead. To find out more, visit Bill.com/Signup to start your risk-free trial.

2024-07-31T08:01:00

(BPT) – Planning a getaway? It’s a great time to relax, unwind and enjoy! But, you may be wondering whether to wear your jewelry, like your engagement ring or other valuable pieces, or leave them behind at home.

For an active, sporty vacation, like hiking in the Rockies, you may prefer to leave your precious jewelry safe and sound at home. But, if you’re attending a destination wedding or jetting off to New York, you’ll want to wear the jewelry you love, right? The question then becomes, how do you travel safely with it? Whether you’re wearing your jewelry or buying it while you’re there, your pieces need to be protected.

Insurance is a big part of the answer. A recent study by Jewelers Mutual found that only 40% of travelers insure their jewelry, and almost half of those rely on their homeowners’ policies to get the job done. Does your homeowner policy cover your jewelry when you’re on vacation? Some don’t. Make sure to find out if yours does, before you go. The last thing you want, after losing your engagement ring on the beach in Cozumel, is to find that loss is not covered.

“Your jewelry is more than metal and stone. It’s your story,” said Howard Stone, Vice President of Global Risk Services and Analytics at Jewelers Mutual. “It’s part of you. Wear and enjoy your treasured pieces while you’re on vacation. But doing it safely is the key.”

Here are five tips for traveling safely with your jewelry.

Get jewelry insurance. This needs to be your first step. Jewelers Mutual, the only insurer with more than a century of expertise dedicated to protecting jewelry, gives you confidence that, if your jewelry is lost, stolen or damaged, they’ll work with your jeweler of choice to get it repaired or replaced. It’s your peace of mind when wearing the beautiful pieces you love.

Document your jewelry before you go. Make a visual and written inventory of all the jewelry you’re taking with you. If it is lost or stolen, this kind of proof of ownership is key. (You should do this anyway, even if you’re not traveling.)

Don’t wear it on the beach or in the pool. Any water activities with your engagement ring or other precious jewelry should be avoided. Water, and even applying suntan lotion, can make it easier for your ring to slip off. It can also loosen prongs or clasps, which can cause your stones or pieces to fall off.

Keep your jewelry safe in your hotel room. Storing your valuables in the hotel safe is a much better choice than leaving them on the bedside table. Other choices include locking jewelry in your luggage or asking the hotel if they have a safe behind the desk for patrons to use. Whatever you do, document it all with photos on your smartphone.

Conceal, don’t reveal. If you’re walking through an area of town you’re not familiar with or could be dangerous, don’t flash your ring or otherwise advertise it. It’s also important to minimize advertising the presence of expensive jewelry on your vacation by limiting what you post on social media.

By following these simple tips, you can travel in confidence with the pieces that mean the most to you.