Category: Brandpoint Business & Finance

2019-05-26T08:01:00

(BPT) – Growing a business requires strategy, persistence and money. Even the most successful business owners occasionally need extra cash to expand their operations. However, getting this funding through a bank can be an uphill battle.

That was the case for Kate Lester, owner of Kate Lester Interiors, a luxury design firm based in Southern California. After Lester’s business took off, she set her sights on opening a retail space to attract even more clients.

“When the perfect space became available on the Pacific Coast Highway,” she said, “we didn’t have all that capital in the bank.” After reviewing her finances, she decided to apply for a bank loan. Despite being a longtime customer, and having excellent credit and zero debt, she was denied.

Unfortunately, this is a common occurrence for small-business owners across the country. According to a 2018 Fed Small Business Survey, nearly one in two small-business owners struggle to get the financing they need to expand and pursue new opportunities.

That’s largely because banks are still ignoring small businesses, despite their contribution to the economy.

A new report from Oxford Economics shows that:

• Small businesses are responsible for 60% of all jobs in industrialized countries
• And yet, in the United States, loans to small businesses make up only 0.7% of banks’ balance sheets
• Only 13% of business owners who applied for a commercial loan of $25,000 to $100,000 from a bank received at least half the money they asked for

Continued neglect from big banks is leading small-business owners to seek alternatives. After being rejected by her bank, Lester called Funding Circle, an online small-business loans platform that connects business owners who need capital with investors willing to provide it.

“We thought it would be a longer process because of what happened when we went to our bank,” she said. “I spent eight hours on the phone with my bank just trying to get someone to talk to me.”

Banks are notorious for having tedious loan application processes and lengthy turnaround times. Compiling paperwork for an application can take multiple days, and business owners often have to wait another several weeks or months just to receive a response.

Online credit providers, on the other hand, pride themselves on offering faster, simpler financing to small businesses without sacrificing on affordability. For business owners like Lester, maximizing time and resources is crucial.

“Time is something that’s super valuable to me,” she said. “For me to go to a bank, and maybe get one or two points difference in the interest rate, wasn’t worth all the back and forth it would have required.”

Today, Lester’s sales are up 150% after receiving a loan from Funding Circle in 2017. Her story, while remarkable, isn’t exceptional.

Online providers are driving growth and profits for millions of small businesses in the U.S., in turn creating more jobs and boosting the economy. In 2018, businesses borrowing from Funding Circle supported 38,000 jobs and contributed $2.8 billion to the American economy (measured in gross value added).

2019-05-20T12:01:01

(BPT) – As cybercrime continues to skyrocket and every day brings news of yet another data breach, many people worry that fraudsters will hack into their bank or credit card accounts and drain their funds or go on a shopping spree. While criminals do directly attack online accounts, the greater risk actually comes from a less obvious source: the telephone.

While banks and other financial firms have made significant investments in cybersecurity measures to protect their computer systems and online platforms, one critical area they often overlook is their call centers. The problem stems from vulnerable caller authentication procedures — the processes your bank uses to confirm that you are who you say you are when you call.

Unfortunately, many financial services companies rely on asking personal questions (“What’s your mother’s maiden name?” “What are the last four digits of your Social Security number?”) to determine whether people calling in are really the customers they’re claiming to be. This approach is called knowledge-based authentication — and it’s a fraudster’s paradise. They can easily beat it because so much private information is now public. Personal information stolen in data breaches is commonly available for sale on the dark web, and social media accounts offer a treasure trove of useful details as well.

This makes it too easy for a criminal who calls a bank posing as a customer to correctly answer the call center agent’s security questions. Before you know it, the password for the targeted account has been reset or the mailing address changed and — boom! — the imposter has cashed out the account without the real customer realizing anything has happened. This method of attack, called an account takeover, is used thousands of times a day as criminals convince call center agents that they are actual customers who need help accessing their accounts online. Banks are increasingly privy to this problem, but your bank might not be moving fast enough to protect your financial well-being.

The U.S. government and industry experts have recommended for years that financial institutions replace simple knowledge-based authentication with multifactor authentication — combining knowledge (something the person knows: a PIN, a birth date) with inherence (something the person is: a voice print, a retina scan) or ownership (something the person has: a trusted phone, a credit card) — and companies are starting to shift to stronger methods of caller authentication to keep their customers’ accounts safe. As an alternative to identity interrogation and part of a multifactor authentication solution, TRUSTID, a Neustar company, offers pre-answer caller authentication — identifying callers automatically, instantly and invisibly before their calls are answered. Many companies combine these technologies to create multifactor authentication systems that strongly protect customer accounts.

You don’t need to just sit around and wait for your bank to make the change. Here are three things you can do now to make sure your funds and information are being protected.

1. See what process your bank uses to identify you when you call. When you phone the bank for help with your account, does the customer service agent first ask you several questions to determine who you are? If so, that’s a warning sign the bank is still just using knowledge-based authentication and may not be doing all it can to safeguard your account. Newer authentication technologies can confirm your identity by analyzing your phone or by listening to your voice and many of these approaches work in the background or before your call is even answered.
2. Ask questions. Do a bit of research to find out what’s going on behind the scenes. Ask the agent how the bank authenticates callers. Does the call center use voice analytics to make sure callers’ voices match the customers’ recorded voice prints, or use telephone network forensics to confirm that customers’ calls are legitimate calls coming from their actual phones? If the answer is no, your bank may not be using the most sophisticated anti-fraud technologies available today.
3. Move your business. If you don’t get the answers you’re looking for, it may be time to take your money elsewhere. Banks, credit unions, credit card companies, brokers and other financial services companies that make security a top priority are constantly evaluating and investing in technology upgrades to protect their customers’ accounts. Organizations that really want to earn your trust will do everything they can to demonstrate that they value account security.

Sometimes, the right place to park your money is not always the bank with the best interest rates or the most enticing credit card deals. You also need the peace of mind that comes with knowing your financial institution is fully committed to protecting your account. This means protecting your account against hackers, of course, but it also means making sure that criminals who get your personal information from somewhere else can’t use that information to trick call center agents into turning over the keys to your life.

2019-05-20T08:01:01

(BPT) – These days, everyone’s looking for bargains and ways to save while shopping online from the comfort of their own homes. With low prices, a wide selection and fast shipping for customers, Amazon has a lot to offer to save you both time and money. Below are seven easy ways to save when shopping on Amazon:

1. Discounted offers: Customers receiving government assistance through EBT or Medicaid can enjoy the benefits of an Amazon Prime membership for a discounted monthly price of $5.99, with the ability to cancel anytime. With Prime, members can enjoy fast, free shipping, exclusive savings, and easy access to entertainment with Prime Video, Prime Music, Prime Reading and more. Learn more and sign up for a free 30-day trial at http://amazon.com/qualify.

2. Stick to your budget. Making purchases with cash is a savvy way to stick to your budget, as it makes you more conscious of what you’re spending. When you’re shopping online, you can use Amazon Cash instead of your debit or credit card. It’s a simpler way to shop and will help you manage your spending. You can visit more than 45,000 participating stores — including pharmacies like CVS and convenience stores like 7-Eleven — to add cash to your Amazon Balance. This method is quick, easy and Amazon doesn’t charge any fees.

3. Take advantage of subscriptions. Families can maximize their savings by enrolling in convenient programs such as Subscribe & Save, which allow you to subscribe to a wide selection of items you buy frequently (such as diapers, baby food and household products), and have them shipped to you for free on a regular basis. You’ll not only save up to 15% on the purchases, but you’ll also save the time and energy normally spent on trips to the store.

4. Scout out deals as they pop up. You can track the best deals on Amazon with Lightning Deals, which offer new deals daily to help you save money. It allows you to find the best prices on items you need, want and love. You can also sign up for “watch a deal” alerts so you’ll never miss out on a discount!

6. Earn rewards by waiting. Not in a hurry to get your package? Here’s a little-known Prime perk for those who don’t need their order right away — selecting the “No-Rush” shipping option at checkout earns you rewards and discounts on future purchases. Rewards are automatically added to your Amazon balance, so you can start saving right away. Keep an eye out for this option next time!

7. Discover Bargain Finds. Check out Amazon’s Bargain Finds for a wide selection of seasonally relevant products that are priced even lower — items can vary from clothing and jewelry to gifts and home decor.

Shopping online does not have to break the bank, and you don’t have to spend all your time surfing and comparing prices. Thanks to Amazon, you can enjoy some of the best options available for shopping all in one place, and do it within your budget.

2019-05-09T08:01:00

(BPT) – Follow these four simple steps to successful financial management.

2019-05-07T15:41:00

(BPT) – FedEx Office, a world-class provider of convenient, state-of-the-art printing, packing and shipping services, released today the results in its latest print survey showing 82 percent of small business owners and 61 percent of consumers choose to have items professionally printed at the same or a higher rate than they did in the year before. Professionally printed materials remain highly valued, with nearly half of audiences citing that convenience offered through digital and mobile access is a very important factor in the process.

2019-05-03T07:31:01

(BPT) – Need a new car, but not sure whether to buy or lease? You’re not alone. It can be a confusing decision, and there’s a lot to think about before you decide what’s right for you and your situation.

Here are a few questions you should ask yourself to help in making that decision.

Do you like having a newer car?

If you like being able to drive a newer car, but don’t have the financial resources to buy a new car with the frequency you replace your phone, leasing may be a good choice for you. Lease terms can usually run from two to four years, after which time you return the vehicle. You can then lease another vehicle for a new term.

How many miles do you drive?

If you drive more than 10-15,000 miles per year, you’d be better off purchasing your next car. Most lease terms run from two to four years and require mileage limits. If you exceed the limit, fees are applied. So be sure you know how many miles you’re likely to put on your vehicle before locking in to a lease. In addition, most lease agreements include provisions that you may be liable for any damage to the car beyond normal wear and tear.

Is your credit good?

No matter whether you buy or lease a vehicle, the lender or lessee will be evaluating your credit profile. That means looking at information such as your credit score in combination with factors like the amount of down payment you have and/or your income. Whether you plan to buy or lease, you should check your credit score first. You’ll want to avoid any unpleasant surprises when you apply for a car loan or lease by making sure that everything is accurate, and doing what you can to improve your credit score.

VantageScore credit scores are used by most consumers and thousands of lenders. VantageScore is a highly accurate, predictive and consistent measure of borrower credit risk, using the same information trusted by dealers. VantageScore scores approximately 40 million more consumers than other conventional models. Find sites offering free VantageScore credit scores at VantageScore.com/free. Like many models, 300 is the lowest and 850 is the highest score. Check here for tips from VantageScore on how to improve your credit score, like making timely payments, reducing your overall credit card debt and not cancelling older or little-used cards.

Does leasing (versus buying) help or hurt your credit?

Leasing a car, similar to financing, means adding a liability to your overall financial picture, and just as with an auto loan, missing a payment can hurt your credit score. However, one advantage is that leasing usually means a lower monthly payment, as you are not actually purchasing the vehicle. If a lower payment each month is better for your overall finances and helps you stay on top of the lease — and other — payments, this might be a good option. However, remember that at the end of the lease term, you’re giving back the car, not keeping it to use or sell.

When making your final decision whether to purchase or lease a vehicle, remember also that the length of time needed for repaying a car loan may be much longer than a two- to four-year lease term. Car loan repayment periods can vary anywhere from two to seven years. Either way, if you can put down a sizable down payment first, your loan or lease payments will be lower per month. See these tips from VantageScore for helpful information about applying for a car loan.

2019-05-01T08:01:00

(BPT) – Think about it: The food you purchased at the grocery store and cook for dinner tonight might have come from other locations around the world. Your clothes bought online might come from a manufacturing plant across the country. That package sitting outside in your entryway when you get home from work could have traveled coast-to-coast before arriving at your door.

Thanks to the trucking industry, you are able to purchase and use the things you want and need. In fact, the trucking industry is the lifeblood of the U.S. economy, with about 71 percent of all the freight tonnage moved in the U.S. being done so on trucks, according to the American Trucking Associations. As the industry saying goes: If you bought it — a truck probably brought it.

To move 10.5 billion tons of freight annually requires over 3.6 million heavy-duty Class 8 trucks and over 3.5 million truck drivers. It also takes almost 39 billion gallons of diesel fuel to move all of that freight, according to the association.

However, the trucking industry is changing with the times. With a forward-thinking mindset, transportation leaders and proactive companies are embracing the trend of using alternative-fuel vehicles such as electric vehicles in commercial transportation.

You probably have heard of electric cars for personal use, and maybe you even own one yourself. These types of vehicles are designed to use a battery instead of traditional fuels, which helps eliminate tailpipe emissions.

Larger commercial vehicles like trucks and buses may also benefit from this electric technology. The switch to electricity is slowly changing commercial transportation. In the future, you might receive your food, goods and packages — either directly or indirectly — by a commercial electric truck or van rather than diesel-powered or gasoline-fueled vehicles. While currently in limited availability, electric trucks are starting to take root in some of the larger trucking fleets.

Consider Penske Truck Leasing for example, which operates and maintains a truck fleet of more than 311,000 vehicles in North America. The company recently announced it was adding small, medium and large electric trucks to its overall fleet mix. And, it is also building out commercial electric vehicle charging stations at select California locations as a start.

Penske is an industry leader in transportation and in the areas of operating and maintaining fleets of traditionally fueled vehicles as well as alternative-fueled vehicles, which includes natural gas, propane, electric and diesel-electric hybrids.

Early introductions from truck manufacturers and large fleets like Penske are helping to re-shape the future of mobility in commercial transportation. The goods you use today that are shipped via traditional diesel trucks may one day be shipped using alternative fuels such as electricity.

2019-04-30T08:01:00

(BPT) – If you had to grade your financial literacy, what would it be? Are you an A+ saver, investor and planner, or do you think you could do better? If you grade yourself average at best, you’re not alone.

When asked to grade their own financial literacy, more than half of Americans say they’d earn a “C” or lower, according to new data from Prudential Financial. This isn’t surprising, considering data from Prudential’s Financial Wellness Census shows less than half of Americans are on track to meet their financial goals, including planning for retirement.

“Regardless of where you are on your family’s financial wellness journey, the best way forward is through financial literacy,” says Prudential Advisors President Brad Hearn. “Researching, educating yourself and getting advice from a financial professional can help you make the best decisions based on your life stage, risk tolerance and goals.”

Hearn says each family’s situation and goals are unique, and things like life stage and personal preference will impact how they choose to prepare for their financial future. To get started, here are five financial wellness basics every family should master:

Set up an emergency fund

Life is a series of experiences, and sometimes the unexpected can hit your finances hard. Whether it’s a car breaking down, your AC unit on the fritz or even losing a job, it’s important to be prepared for emergencies. If you don’t already have an emergency fund, start saving a little each month until you reach your goal. A good rule of thumb is to have three months’ worth of expenses saved in an emergency fund. So, if your monthly expenses are $2,500, you should have $7,500 saved.

Create a budget

Saving for college? A new car? How about starting that emergency fund? Whatever your family’s financial goals are, it’s important to have a plan in place that helps you achieve those goals. Budget to manage day-to-day expenses, and include in that budget a commitment to save for bigger milestones. For tips on getting started, do some research. There’s no shortage of advice, whether you decide to go it alone or consider using the help of a professional financial advisor.

Plan for the unimaginable

If you have people who count on you for financial support or caregiving, you should have life insurance. A life insurance policy can help give your family financial peace of mind should the worst happen. There is no rule as to how much life insurance you need, but important things to consider are your annual income, mortgage debt, potential college costs for kids and other future financial obligations.

Save for retirement

According to Prudential data, of Americans who have retirement savings and debt, nearly one-quarter have more in total debt than in retirement savings (23%), while 15% of Americans say that they have no debt, but also have nothing saved for retirement. Planning for retirement is something that should start as soon as possible. If your work offers any type of matching program, make sure to take advantage. If you don’t, you’re essentially leaving free money on the table.

Seek professional advice

Retirement, life insurance and savings can be confusing. Information overload is partly to blame. According to Prudential data, two-thirds of Americans agree that the list of things they need to learn to successfully manage their finances keeps growing, not shrinking. That’s where financial literacy programs and professional financial advice can play a key role. Nearly two-thirds of Americans don’t have a financial advisor. They say they cannot afford one (42%) or don’t believe their financial situation warrants needing an advisor’s help (26%). The reality is that advice is more within reach than ever before — and it’s not just for the wealthy. A financial professional can help at various stages in life and work with you to create a strategy based on your timeline, risk tolerance and goals.

“Financial wellness isn’t always a matter of having more money,” says Hearn. “Instead, it’s a journey that takes a combination of proactive effort, dedication and professional guidance.”

Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries. Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ and its affiliates.

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2019-04-24T07:01:00

(BPT) – Environmental pressures like drought confront growers across the globe, and they can exacerbate the many other demands growers face. The challenges are intertwined, coming from every direction, including profitability requirements, food-supply-chain demands and nutrient shortages.

“Across the industry, growers will have adapt to deal with those growing pressures,” says Colin Steen, who heads up operations for Syngenta Ventures, one of the world’s first venture capital groups dedicated to agriculture.

Members of the research and development group at the organization identified Sound Agriculture as a promising new startup based out of the San Francisco Bay Area. Their mission: to create a suite of products that mitigate drought stress, decrease fertilizer needs and increase crop yields.

“Sound Agriculture was looking at a common problem from a new angle,” Steen says. “They were discovering new products that could be tools for enhancing yield and resilience. We invested in them last year and have been very pleased with their progress.”

Investing for long-term results

Today, Sound Agriculture is one of more than 15 companies in Syngenta Ventures’ portfolio. There’s no one-size-fits-all formula for the ideal investment. It’s more about casting a broad net and finding companies that share the vision for making growers’ farms more sustainable and more profitable, which is viewed as a long-term partnership.

AgriMetis — a Syngenta Ventures’ portfolio company in Maryland — which develops natural products to protect crops from weeds, diseases and insects, is another example. “AgriMetis needed a little help developing its testing capabilities and our R&D group stepped in,” Steen says.

He collaborates with a team of seven professionals in the U.S. and Europe. Their talents, he says, reflect three pillars of a successful venture ag-focused group. First, the group must understand what’s happening on the farm. “That’s the key. We have to understand the stresses growers face so we can look ahead for solutions,” he says.

Second, technical expertise is essential. “The driving force for many companies we evaluate is novel technology,” Steen says. “The best way to build relationships is to speak the same language.”

Finally, Steen says that a good venture capital team must be savvy enough to make commitments and decisions that play over a long time period, often more than 5 years. Making good decisions today requires understanding future challenges.

The future of ag technology

“The ag-technology sector has completely changed and thrived in just the past 10 years,” Steen says.

Satellite imagery and drones, for example, felt like the stuff of sci-fi novels just a decade ago, but now they’re common sights in ag offices and fields across the world. One portfolio company, Phytech, draws on spatial imaging, hyperlocal climate information and agronomic modeling to help farmers improve their profitability.

“Helping to develop successful companies directly impacts the agriculture industry,” Steen says. “Our core mission is to help create new tools to make growers more profitable. For us, it’s all about the collaboration to maximize that success.”

For more information, visit www.syngentaventures.com.

2019-04-23T09:01:00

(BPT) – Whether you rent or own, a happy home means finding distinctive ways to continuously improve your space. A full renovation or re-design can be pricey, but making your home feel fresh and current doesn’t have to be. We’ve thought through cost-effective solutions to make your home a place you love.

1) Measure your moolah: Understanding the budget is a crucial first step to any home project and money can be a sensitive subject. To conquer the awkwardness, download a finance app to get a sense of your spending habits. This will give you an accurate measure of how much moolah you have to spend on your home, and could help you save a buck or two on overall spending as well.

2) Score some smart solutions: Once you understand the budget, invest in smart solutions to have the place feeling fresh and updated in no time. If you’re interested in smart temperature control, check with your local energy provider to see if they offer incentive programming or kickbacks for making the switch! Easy changes like Bluetooth-connected plugs, meat thermometers and smart lightbulbs will use less energy and make you more connected to your home.

3) Swap that showerhead: If you’re looking for more of a visual change, swap out a faucet or showerhead — an easy but impactful update regardless of rent/own status. Brands like Peerless Faucet make products specifically designed to be on trend, but easy to manage. As long as you select a faucet that matches the current setup of your countertop (e.g., single handle or double handle, with or without soap dispenser), you can swap out any standard faucet for one that matches your vibe. From the kitchen to the bathroom, investing in a few key pieces for your home will last you a lifetime, especially if you pick multi-functional pieces like the SideKick Shower System.

4) Try subscription solutions: An easy way to spruce up your tables, walls and cabinets is by signing up for subscription services that take the thinking out of upkeep. There are a number of practical subscriptions you can opt in to, like FilterEasy, a service that sends you filters for your HVAC exactly when you need them. Or, if cleaning supplies are something you continuously forget to buy, subscription services take the thought out of having home supplies at the ready, under your sink, whenever you need them. If you’re looking for a simple upgrade, you can receive art that matches your style or fresh flowers. There is a subscription for almost everything and, when used strategically, they are a great way to manage your spending while investing in your space.

5) Spark joy with spring cleaning: Speaking of cleaning, when you make the switch to your summer wardrobe and your annual spring clean, take the time to assess what, as Marie Kondo would say, sparks joy versus what has seen better days. By taking ownership of what must stay, and saying thank you and goodbye to things that are ready to go, your belongings won’t feel like a burden, because everything will have a purpose. When you begin to spring clean, think through new methods of determining what should stay and what should go.

Once you’ve done these things, if you are looking for more, below are some quick fixes:

• Add new fabrics (e.g., cushions, curtains, throw blankets) in the living area and bedroom.
• Create an accent wall with adhesive wallpaper.
• Hang mirrors to create an illusion of a larger space and spread light throughout the space.
• Go green, add plants.
• Swap out the knobs on your kitchen/bathroom cabinets.
• Change the light fixtures.

Try these simple tips to spruce up any room in no time.