Quick - who is the largest lender to businesses in the country? If your answer is: Bank of America, CitiBank, JP Morgan, Wells Fargo, or one of the other multi-national banks, you would be wrong . What about Hedge Funds? SBA? Goldman Sacks? Nope! Actually, the largest lenders to businesses are the companies themselves that extend credit payment terms to their customers by way of vendor financing. Also, the amount that is being loaned is increasing, not decreasing.
Nobody likes a thief. Unfortunately, as the economy gets stronger, and people get wealthier, there is no shortage of people who are looking to separate you from your money. You need to be the one to protect yourself from being one of thousands of victims of fraud each year. Listen to the old adage, “If it’s too good to be true, it usually is!” We are not talking about that random robbery, burglary, or car theft. We are referring to investment fraud. That is a white collar crime.
You might think running your company on a cash basis is a smart and savvy way to do business. You might be surprised to learn that there are many businesses that still sell goods COD. Specific industries especially sell their product COD requiring cash or wire transfer when they sell their goods. It’s a term of sale that has been around since the first camel hit the silk road.
Fair Isaac, the company that created the FICO score, was founded by William Fair and Earl Isaac in 1956 at the Stanford Research Institute in Menlo Park. Little did anyone know that one day your FICO score would determine what you buy, where you live, what you drive and possibly what job you have. It wasn’t until 1989 that a general purpose FICO score was introduced to a skeptical public and ever since, we either curse it for holding us back, or we boast about our scores as a measure of our success.
What exactly is Artificial Intelligence (A.I.) and how will it affect us?
“May you live in interesting times,” is an old Chinese proverb. At first blush, you might think this a blessing, while in actuality it may be anything but. Uninteresting times means few changes. So, it is with that, I say, “We live in interesting times.”
AeroPay Express is a network made up of financial institutions who offer AeroPay Express Virtual credit cards. Like the early credit card days, where multiple networks could confuse the market and eventually be rejected by buyers and sellers. AeroPay Express is positioning to be the recognized brand for Early Paying Vendors. Without a strong unitednetwork, if a buyer does decide to settle on an early pay system, he/she will most likely choose the one with the largest network and best name recognition. At the end of the day only a handful of companies will survive major disruption in the marketplace.
When Goliath enters a market, there is sure to be major disruption. That’s exactly what happened in 1958 when the Bank of America, one of the nation's largest banks launched the BankAmericard. The introduction of the BankAmericard essentially shut other California banks out of a new lucrative market for credit cards. Within a year, BofA had issued over 2 million cards and signed up 22,000 merchants, making them a giant in a new industry.