Nocomo: Blog Nocomo: Blog https://www.nocomo.org/blog/ Copyright by Nocomo en Nocomo Sat, 23 Jan 2021 02:54:14 -0500 The Power of Invoice Factoring To Help Your Company Grow Constant cash flow is very important in ensuring a company’s capacity to pay for running costs and ultimately, business growth. Sometimes it can be difficult to maintain cash flow or find money to finance your business’s expansion especially if you have pending invoices that your clients have not yet fulfilled.

If you have floundering funds for your business, you can always use your own money as the business owner to fund your operations, but this isn’t always a sustainable approach. This means you might have to look elsewhere for capital and selling customer invoices is a good way of obtaining cash advances for your business.

Here are some of the benefits of invoice factoring for your business.

Instant Cash Flow

Invoice factoring provides you with a quick means of sourcing cash for your business. Sometimes you might need cash to pay your workers or retain a client with a big order, but your company does not have sufficient money in its accounts.

There are other forms of sourcing funds such as taking a business loan. Unfortunately, between filing for a loan and the bank’s approval, this process usually takes a long time; time that you may not have on your side.  

Invoice factoring involves you selling your pending invoices to a factoring company. One significant benefit to this approach is how quick the process is. You can receive the money from the factoring company on the same day or within the next 24 hours. You do not have to wait for long to receive the cash.

Invoice factoring will help you get the cash flow you need in almost no time so that you can pay for your operational costs immediately or fund big client orders.

Provide Financing Without Incurring Debt

The money you get from invoice factoring is not a loan; it is your money. The only difference is that you have traded the invoice for a cash advance. The money you receive from the factoring company does not add to liabilities in your balance sheet and your company will retain strong financial books.

There’s also the fact that you do not have to pay any interest, unlike a business loan. The only cost you incur when selling your invoices is the factoring fee which is usually about a small percentage of the sum detailed in the invoice. 

Funding Your Company’s Growth

It is the dream of every business owner to grow their company. No one wants to be in the same spot ten years after starting their company.

To grow your company so you can take more client orders, you’re going to require some capital. For example, if you have a transportation business with ten trucks, you can use invoice factoring to service your trucks or even buy more trucks for your company.

Invoice Factoring Is Affordable

While there are several options for financing your business, invoice factoring might be the most affordable option for you. When you sell your invoices to a factoring company, the only payment you make is the negotiated factoring fee. The factoring company usually deducts the factoring fee from the advance rate, usually between 0.5% to 5%.

Once you receive the money from the factoring fee, you won’t pay any more in factoring fees. The factoring fees are also negotiable and you can ask the company to deduct the fees you can afford to pay. There are a lot of factoring companies in the market today so you should do thorough research on factoring companies and compare their advance rates and factoring fees.

You should also exercise caution while reading the factoring contract to note any potential hidden costs.

It is Easy Getting a Factor

Selling client invoices to a factoring company is a straightforward and easy process. Factoring companies do not have complex requirements for you to fulfill before they can buy your invoices. All you need to sell your invoices are valid customer invoices but the factoring company can add other requirements depending on the invoice you’re trying to sell.

Your credit score and that of your company will not matter much. If you have bad credit or no credit at all, this will not influence the factor’s decision when buying your invoices.

Factoring companies will only check the credit score of your customers and share the information with you which is another advantage. Apart from paying you, factoring companies also save you from spending time and money researching your clients’ credit scores.

Spend the Money as You Please

One problem with financing your business with loans is the restrictions on how you spend the money. For example, if you took a loan to buy five trucks for your transportation business, that money should only be used for that purpose. You will incur penalties and fines if you use funds from the loan in expenses not specified in your loan application.

The cash advance you receive from the factoring company is yours to use in a way you deem fit. If you want to rent space for your office, pay your workers, buy more equipment, you are free to do so. The factoring company will not ask you how you are spending your money.

However, invoice factoring requires financial discipline; use the money on expenses that will only grow your business.

Pounce on Opportunities

You have to take all the opportunities you get to ensure your business grows. Invoice factoring is not only for covering small short-term expenses. It can help you finance big business opportunities that will increase the value of your company.

Invoice factoring is the best financing option for those last-minute expenses that might be huge for the company. For example, imagine a scenario where you land a potential client with an order worth six months of your income.

The client might not have time to wait for you to restructure your finances. You will have to come up with the money within a very short time. Invoice factoring will allow you to take up such an order and still maintain cash flow in the business for other expenses.

Reduce Risk of Bad Debts and Late Payments

In business, it is common to have customers that pay late or decline to pay. These late payments and bad debts if not handled properly, might lead to a slow-down or permanent closure of the business. There is the option of following up your money through legal action, but that will increase costs through lawyer fees and could take even longer to get your money.

Invoice factoring can be a method of reducing bad debts and late payments. A factoring company will check your customers’ credit and often take insurance to mitigate the loss of non-payment. They also know how to deal with non-paying customers, reducing the costs you would have incurred to recover your money. Invoice factoring allows you to get paid early and lets you focus on other customers.

No Collateral Required

When you apply for a business loan, the bank usually asks you to put up property as security. The bank will request you give them documents proving ownership of equipment, land, building, or something tangible with a value that the company owns. If you do not have any property to put up as security, the bank might decline to give you a loan.

Invoice factoring does not require collateral. All you have to present to the factoring company is valid customer invoices. Once the factoring company approves the invoices, they will send you the advance rate without requiring any form of security; something that you’d have to present to a bank if you were applying for a loan.

There Is No Limit

Invoice factoring does not have any limit on the amount of money you can obtain from the factor. The limit of the cash you shall receive is determined by the amount in the invoices you want to sell. The bigger the amount on your invoices, the bigger the advance rate you receive from the factor.

There Are Two Approaches to Factoring

There are two different types of factoring, recourse and non-recourse factoring. Recourse factoring dictates that you shall pay the factoring company if your customer fails to pay them.

In non-recourse factoring, you do not have to pay the factoring company if your customer fails to pay them. Having these options available will help you choose the one you think will benefit your company and help it prosper.

Invoice Factoring for Business Growth

Invoice factoring is essential to businesses that require a constant cash flow. Invoice factoring will help you grow your business by providing the much-needed capital.

If you decide to choose invoice factoring as a means of financing your business, do some proper research on factoring companies. Not all factoring companies will offer you all these benefits; compare their offers, terms, and conditions and search for reviews from companies that have done business with them. 

Collecting payments can be challenging; if you have someone else collecting the payments, you can focus on refining your product or service so you can take your company to new heights.

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Uncategorized https://www.nocomo.org/blog/the-power-of-invoice-factoring-to-help-your-company-grow/ https://www.nocomo.org/blog/the-power-of-invoice-factoring-to-help-your-company-grow/ Editor Mon, 18 Jan 2021 07:58:31 -0500
Tipping Goes Virtual as COVID19 Impacts US Restaurants Digital transactions and credit card payments have been around for quite some time now. From ordering our favorite dishes to tipping, everything has become online. However, the trend gained momentum during the current COVID-19 crisis when contactless payment and minimizing cash transitions have become crucial for preventing virus transmission.

The year 2020 has seen a rise in the number of online orders and payments as customers are unable to step out of their homes for fear of contracting the virus. Moreover, many restaurants have also restricted their services to home deliveries and takeaways only, making more people order food online.

The issue that arose due to this new normal is the cash-based tipping system. Due to online delivery procedures, many eateries suffer from very little to no tipping, which hampered their cash flows. The pandemic has forced food outlets to switch to the digital medium of tipping, which is beneficial for customers as well.

Many restaurants have already adopted digital tipping procedures before the outbreak of coronavirus. However, if you still haven’t, it’s time to stabilize your cash flow through a digital tipping solution, about which we will guide you through in this article.

How Does a Digital Tipping Solution Work?

As the name suggests, in a digital tipping solution, customers pay their servers, bartenders, and other floor staff through electronic payment modes. Currently, there are two primary methods of tip payouts, including -

  • Instant Tip Payment Platform: This platform allows restaurant owners or managers to send tips to the bank accounts of their employees in real-time. Since no third-party is involved and the funds are transferred directly to the receiver’s bank account, it is faster than any e-Wallet payments like PayPal or Venmo, thus reducing waiting time.
  • Pay Cards: Pay cards are very similar to debit cards, through which the managers load the tips digitally onto the cards of the employees at the end of their shift. Pay cards, however, are not accepted by all ATMs or vendors and usually come with fees.

Also, it can take up to a few days for the funds to get transferred to the receiver’s bank account. This is why the Instant tip payment platform mentioned above is more preferable at many eateries.

Benefits of Making Digital Tip Payouts

Sending tip payouts is beneficial for all the parties involved - be it your business, your customers, your employees, or your managers. The major benefits of digital tip payments are -

●     Solve Negative Cash Flow Issues

Negative cash flow is a situation in which a business ends up spending more money than it has earned in a particular period. It is when a business is left with no cash after expenses. In 2020, this has become a rising issue for most companies, especially eateries. With digital tip payouts, all your worries about having enough cash at hand are taken care of, that too, at the end of each shift.

●     Keep Ahead of the Competition

Workers in the hospitality field often faced a highly competitive labor market, which made businesses even harder to retain talented employees. And new companies coming to the forefront with their advanced and more digitized technologies gave a harder challenge for them.

This is why having a digital tipping solution could be a great selling point for your business. Workers can rely on their employers now more than ever, and you can even use this as a tool for hiring new employees.

●     Avoid Payroll Tips

Some food outlets have decided to switch from cash tips to payroll tips for having a low-cash environment. However, this is not very advantageous for the employees, as they can’t wait for weeks to receive their earnings, especially those whose total shift hours have been reduced.

The new digital tipping solutions can even handle this efficiently since all the employees receive the same level of accuracy and transparency. All your employees will have real-time access to the tips they deserve before walking out the door, thus building trust and positivity.

●     Save Time and Money

You can save your valuable time and money by opting for a digital tipping platform as it gets the calculating and distributing tasks easier for you. Managers can save up to a few hours spent in counting, recounting, and distributing every week, and the admin is left with very little manual work. It not only streamlines your tasks but also reduces labor costs.

Further, cash tips often come with hidden costs, such as rounding off the amount to the nearest figure when the managers don’t have the exact change. If this happens every day or at the end of every shift, the extra amount starts adding up, which results in a loss of cash in the long run. With digital tipping, this issue is solved as the employees receive the exact amount they owe.

●     Focus on the Safety of Your Employees

During this pandemic situation, your employees’ safety and health should be your utmost concern. Reduce the chances of cash transactions as far as possible by incorporating a digital tipping solution into your workflows. This will minimize any possibility of viral transmission.

Moreover, it will also enhance the financial security of your employees, as they can receive tips in real-time and won’t have to wait for days. It will help them meet all their immediate day-to-day essentials without having to compromise. This system of instant payouts is a significant factor your employees are relying on you.

Additionally, an instant tip payment solution reduces the cases of theft, since your employees will no longer need to travel home with pockets full of cash, especially those who work till late nights. With the digital tip payout platform, your employees’ money will be safe in their bank accounts.

●     Reduce Human Errors

While distributing cash tips, there are high chances of miscalculations while counting and recounting. Besides, cases like skimming or theft before distribution are also common in cash payouts, leading to tip disputes. With the digital tipping systems, this issue is solved since the calculations and even sometimes, the distributions are automated.

Conclusion

In a nutshell, while making the switch to the right restaurant merchant services provider, ensure to check all the terms and conditions with your digital tipping service provider. Before investing in any, you can also request a customized demo for your chosen platform to understand how the system works. An efficient digital tipping solution will have huge benefits for your business, your employees, and your customers in the long run.

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Uncategorized https://www.nocomo.org/blog/tipping-goes-virtual-as-covid19-impacts-us-restaurants/ https://www.nocomo.org/blog/tipping-goes-virtual-as-covid19-impacts-us-restaurants/ Editor Thu, 19 Nov 2020 08:07:17 -0500
For Traders, Learning Comes First As any experienced trader knows, preparation is the key to success. For newcomers to the world of securities trading, that means getting enough preparatory education so you can start off right. Taking the time to read, do research, study the mechanics of the ordering system, and acquire other core skills will serve you well for years to come. Of course, the educational process never really ends because as the economy changes and markets go through their life cycles, you'll have to stay on top of new developments. So, what are the main advantages of doing this self-education before diving in and putting your hard-earned cash on the line? Here's a summary of the most valuable benefits that will come your way if you put in the time and effort to learn the business of trading.

You're Not Gambling

If you want to gamble, go to Las Vegas, or to your local casino or lottery ticket seller. Investing and trading is not gambling. You'll read this in any authoritative resource or, better yet, learn it from a mentor. Gambling is guessing. Yes, sometimes it's fun and you can have winning streaks by picking the right teams, numbers, or other outcomes. But when you buy and sell stocks, bonds, foreign currency, precious metals, or other investment-grade assets, you go into the transaction armed with analysis and a store of knowledge. Fortunately, the markets lend themselves to analysis. Not only can you study the fundamentals of a company, you can delve into the intricate history of its share price. Whether you end up becoming a technical or fundamental enthusiast, the setup to every quality trade consists of analysis.

It's Not a Get Rich Quick Scheme

Even if you simply scan a few elementary stock market texts, you'll see one lesson that is mentioned time and again: buying and selling stocks and other securities is not the fast road to wealth. It's a slow, challenging road that has pitfalls and blind turns just like any other way of making a living. In fact, the majority of people who trade, does so strictly on a part-time basis for a few years while holding down a regular job.

It's essential to set realistic goals about profits. For instance, look at earning a modest, single-digit profit from your investing activity, but only after you've spent at least six months getting accustomed to the environment. It takes a while to develop forex trading strategies, stock picking techniques, and other key skills. The good news is that you don't have to hold a PhD or be a genius to become a profitable investor. The sooner you realize that you're involved in a skill-based way to earn realistic profits, the better off you'll be.

Emotion is Not Your Friend

In everyday life, emotion is a good thing. It helps us connect with others, understand how people feel, and see the big picture in relationships. But your self-education will make one thing very clear in that emotion has no place in the world of investing. Placing your money on the line is an act of calculated risk, but risk informed by research and analysis.

If you let your emotions guide your investing decisions, you'll be on the fast road to financial loss. The most effective way to avoid this very common pitfall is to use a rules-based system for choosing securities and for deciding how large of an order to place. Rules help keep our emotions in check. You might love XYZ Corp. because you use their products or once worked there. But if you choose to include their stock in your portfolio, be sure to run it through the same criteria that you use for other candidates. Likewise, don't let strong negative feelings deter you from taking advantage of a potential price rise of a certain stock, currency, metal, or other asset.

Practice is a Good Thing

If you wanted to earn a belt in Judo, you'd hire a teacher or attend a class for several years. No one in their right mind expects to sign up for a martial arts class and be an expert on day one. The same is true for placing orders through an online broker. You'll quickly see that spending time on the simulator is a great way to learn. With paper trading you're using worthless paper rather than real money, is an excellent way to get the hang of order placement, money management, record keeping, and other vital skills. Some newcomers don't put one dollar of their own cash on the table until they're used the simulator for a full month.

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Uncategorized https://www.nocomo.org/blog/for-traders-learning-comes-first/ https://www.nocomo.org/blog/for-traders-learning-comes-first/ Editor Sun, 15 Nov 2020 22:12:01 -0500
Department of Labor and Employment: 13th month pay in 2020 According to the Asian Development Bank (ADB), the Philippines ' economy could lose about $669 million and $1.94 billion. This translates to 87,000 to 252,000 jobs lost across the five sectors. Within this figure, there are businesses that have closed their doors and even failed to pay their employees' salaries. 

Most employees were sent home with any wages to sustain them during the pandemic. This has rendered the families poor and even unable to cater to their basic needs. Even though the government approved the tranche program in which each family was to receive funds, it was not enough.

 This is why the government issued instructions for businesses to pay their employees' outstanding salaries. Through the Department Of Labor and Employment (DOLE), the authorities stated there would be no deferment exemption postponement of 13th-month pay. 

Below, we will break down the statement issued by the department to understand it better. Plus, we'll also see how the agency plans to enforce the new rule.

13th Month Pay will be paid on time

On Thursday, October 15th, the Department of Labor and Employment stated that all employers must pay their employees their 13th-month pay. This should be done not later than 

December 24th, 2020. The labor Secretary Silvestre Bello III further said during a briefing that they wouldn't postpone, defer, or even give an exemption to the pay payment.  

He continued to say the law stipulates that the workers are to be paid their 13th-month wages before December 24th. He even stated that this is what the Department of Labor will enforce. Moreover, according to the Presidential Decree (PD) 851, the pay is not supposed to be deferred based on their interpretation. Hence, no exemption would be done to employers. However, Bello's statements faced a lot of criticism from the labor and other groups. He said the department would survey to see which firms shall be exempted from giving the 13th-month pay. He was talking from both sides of the mouth, which caused a problem with the labor groups.

Nonetheless, he came out to clear the air and state implementing rules and regulations of Presidential Decree (PD) 851 involved the exemption of distressed firms. He further said his department would put a request to Finance Secretary Carlos Dominguez III to help the employers in distress. He said, "We requested Secretary Dominguez if they could give a subsidy to employers that are categorized as micro and small business enterprises. If they could be given a subsidy or opportunity to make loans with our entire bank." 

According to Bello, despite the request made, no firm has approached the department and said they wouldn't be able to pay their employees. However, the Employers' Confederation of the Philippines came forth during a meeting with the employees. Workers stated some micros; small and medium enterprises wouldn't make the 13th month pay.

For this reason, the Department of Labor and Employment (DOLE) stated that they would release a complete department order on the issue on Friday, October 16th, 2020.

On the other hand, Senator Franklin Drilon stated he was going to consider the statements made by the DOLE, though when it comes to the Presidential Decree PD 851, there won't be an exemption granted on the annual 13th-month pay. He even quoted the "Memorandum Order No.28," which President Corazon Aquino issued in 1986. The memorandum states that no distressed employer shall be exempted from making the 13th pay to its employees.

Senator Franklin continued to say such an exemption was found in the implementation of rules issued in 1975. He further stated no clause in the law provides for exemption, and President Cory's issuance superseded it. Senator Franklin even stated he was the Labor Secretary then who was in charge of crafting the revised rules and regulations on the 13th-month pay grant. For this reason, he made sure all the rank and files employees would receive an annual month pay.   

Defend Jobs Philippines, an association of labor unions and urban poor groups, welcomed DOLE's move. They even added that the government should allocate funds for MSMEs. This, in turn, enables them to give their workers the 13th-month pay on time. They even stated the Department Order that will be released on October 16th must oblige all employers and not exempt anyone.

 Business Group Employers confederation of the Philippines also echoed the same sentiments. ECOP President Sergio Ortiz-Luis even told CNN the Philippines stated that half of the MSMEs had been forced to close due to the pandemic. 

 Some firms are still struggling with paying their salaries to employees and rentals. Others have been forced to close down because of financial struggles. He continued to say, "We never asked for exemption or deferment. We're just concerned about the small industries because the worst scenario is they'll just close down and declare bankruptcy." 

DOLE move to enforce 13th-month pay law

On Thursday, the labor groups marked a victorious win for workers. This is because the labor department decided to implement the 13th-month pay.

 Elmer Labog, the chairperson of the Kilusang Mayo Uno (KMU), in a press release, said, "This is our triumph for being one in letting our voices be heard. Despite the attempt to ignore our rights, we fought for our 13th month pay. Long live the workers."

He even applauded the move by the DOLE to give subsidies to MSMEs. This helps to cushion them during the pandemic. He further stated the government must assist distressed firms. 

Moreover, Labog also urged Congress to pass a pro-people budget. The budget is supposed to assure workers of economic rights and steady income. Simultaneously, the Associated Labor Unions (ALU) joined the chairperson in applauding the DOLE move. 

Gerard Seno, the executive vice-president of ALU, said the workers are happy and thankful for Bello, who broke the 13th-month pay deadlock that was seen. The union welcomes the decision made to disallow the deferment of payment and exempt employees' pay this year. This decision would boost employees' morale in the private sectors as well, who are having a hard time amid the pandemic. 

Raymond Mendoza, the President of Trade Union Congress of the Philippines (TUCP), also applauded Roman Lopeza, the trade secret. For supporting the decision made by the DOLE. Moreover, their move to help troubled businesses pay the mandatory benefits was a plus since the loan facilities were accessible.

Additionally, the presidential decree 851 states that employers have to pay their employees the mandatory benefits. And this should be done or before December 24th this year. DOLE even stated it would release an advisory on the 13th-month pay granting on Friday the 16th.

RoboCash will help if there is no 13th-month payment

We understand the 13th-month pay might take a while to be enacted while others might be left out. For this reason, if you do not fall under the government and you need money urgently for emergency expenses, you can borrow from Robocash.ph

The platform offers fast online loan ph that attract an interest rate at 11.9% depending on the loan requested. The loan tenure is flexible enough and starts from 7 to 30  days. 

However, when requesting a loan from Robocash, ensure you repay it on time. Hence, only request for a loan if it's an emergency. 

Conclusion 

Through the Department of Labor and Employment, the Philippine government has made a bold move to ensure employees are paid. The 13th-month pay will ensure those laid off during the start or amid the pandemic have gotten their salaries. The employers are expected to make the payments before December 24th. 

However, some employees might miss out on the program because their firms have been shut down for good. Some are even struggling to pay rents to leave alone the employees. This is why you need RoboCash by your side. The firm offers you personal loans that have a low-interest rate. However, borrow what you can repay.  

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Uncategorized https://www.nocomo.org/blog/department-of-labor-and-employment-13th-month-pay-in-2020/ https://www.nocomo.org/blog/department-of-labor-and-employment-13th-month-pay-in-2020/ Editor Thu, 12 Nov 2020 07:43:07 -0500
5 Reasons Why You Should Invest In Bitcoin Digital currencies have recently taken the world by a huge storm. It is a sudden change that is only focusing on the advantages of decentralization. Once you have understood how the technology behind the digital currency is working, you can then invest and lead people in believing that the future in finance is in bitcoins.

Bitcoin is rated as an asset that leaves no one indifferent. This means that any person has an opinion on bitcoin be it a politician or the public. The politicians view bitcoin as a danger since it challenges the system that gives people the power to create money at full capacity. However, make sure you consider these things before investing in bitcoin.

1. You can use it to buy goods and services.

Recently, the bitcoin’s price has risen from less than $ 2000 from the past six months to $ 16,000 today. However, a lot of people have made more than a billion from their involvement in bitcoins. Their success story comprises people who have invested money from four-figure to five-figure sums.

These people are using such opportunities to venture into other businesses and get themselves a side hustle that will set them for life.

2. Avoid missing the next big thing.

As at december last year, bitcoin is around $7,500. At the beginning of the year 2019, it had started at $3,200 after a long bear cycle. During 2017, this is when it was at its peak when its price was at $20,000. The current bitcoin’s price remains attractive whereas the next halving was done in may 2020.

Halving simply is decreasing the reward that is given to the minors of bitcoin. Since the halving occured in may 2020, the price of bitcoin was reduced by half from 12.5 to 6.25 BTC. The miners' costs were doubled whereas the creation of new bitcoins reduced. In contrast, the price of bitcoin will increase by the end of year 2020.

3. Take advantage of the high volatility of the bitcoin market.

The idea of investing in bitcoin might not be much to you. However, being at the heart of the next major thing which is likely to give an option to the current monetary system will definitely tempt you to be involved. Such a case will get you interested since it can bring you a profit opportunity that can change your life.

In 2019, bitcoin was the highest performing asset. This is likely to continue in 2020 since the market is a little bit young and very volatile. An opportunity to make a lot of profit from it is present provided you employ a strategy that a lot of HOLDERS do.

4. Diversify your investments

Since the market is young and very volatile, investing in it will only help you benefit from it. Such volatility will increase your profit opportunities. Once you have already invested in life insurance, startups or even rental properties, it is essential for you to start investing in bitcoins. Cryptocurrency industry could have a bright future and that is why you need to give it a chance and invest in it.

Diversifying your investments with bitcoins is a less risky investment that any investor will want to have a look at.

5. Free yourself from the power of the countries.

Countries and their bankers have the privilege of creating monetary policies. Following the previous financial and economic crisis, it is evident that a lot of countries are still using the privilege. As a result, the world is about to face an economic crisis in 2020. This will lead to countries lacking a monetary tool at their disposal.

Such crises have made a lot of people lose their trust in the current monetary system which have also led to people not trusting bitcoins investments. However, bitcoins provide a new monetary system that will give back power to its people and hence bring back full confidence in a better system.

Conclusion.

No one really knows what the future in bitcoins really holds. However, if a single individual assures you otherwise, then they are lying to you. On the other hand, you can be certain of some things such as missing the bitcoin revolution is similar to missing the facebook and google revolution. Secondly,  if bitcoin reaches its full potential and becomes a potential alternative  people who invested in it will see their standard of living increase.

Lastly, make sure you buy bitcoins with an amount of money that you are willing to lose.

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Uncategorized https://www.nocomo.org/blog/5-reasons-why-you-should-invest-in-bitcoin/ https://www.nocomo.org/blog/5-reasons-why-you-should-invest-in-bitcoin/ Editor Thu, 22 Oct 2020 04:30:17 -0400
How Are Hard Money Loans Different From Traditional Loans? Traditional loans don't always meet the needs of either the lender or the borrower, and this is where hard money loans come handy. Also known as private money loans, hard money loans get estimated by the collateral of the estate in question. With these loans, the credit profile of the borrower is not a deciding factor which can be very helpful for people with bad credit who require a loan. 

On the other hand, hard money loans come with conveniences for lenders and investors, too. They are issued by an investor whose loans are secured by real estate. Even though the rates of hard money loans are usually higher than those of traditional loans, the advantages are still numerous. 

Hard Money Loans Vs Traditional Loans 

Even developers and investors with full access to bank credit often favor hard money loans for many reasons, so let's quickly compare the two types of loans to see their pros and cons. 

Hard Money Loans 

Also known as a private loan or an asset-based loan, a hard money loan is based on the value of the real estate in question. The HARD in hard money loans comes from the hard asset it relies on for approval. 

The decision to either give a loan or not is entirely made based on the equity of the property. In a majority of cases, hard money loans come from private investors. They are mostly for business purposes, meaning the lender makes the loan on an investment property such as commercial buildings or houses and apartments that are up for rent. 

Hard money loans are specifically designed for investors who purchase distressed real estate at a significant discount. The main goal of these loans is to enable an investor to acquire a piece of real estate or any hard property. If the investor wants to hold the property, they can get a refinance from the bank at significantly lower interest rates after the borrower completes the rehab.  If the investor wants to keep the property, the main goal is to buy it at a discount, upgrade it and finish necessary fixtures, then sell it quickly. 

Hard money loans require less documentation, and it takes little time to close them – about a week. Fewer regulations for getting the loan allow borrowers with bad credit score to get the funds they need. 

Traditional Loans 

Often called Conventional or Conforming loans, traditional loans conform to guidelines by Fannie Mae and Freddie Mac. Freddie and Fannie will go on and buy real estate notes from a lender, and the lender then has to adhere to their guidelines if they want to sell the note to them. Banks have adopted the same standard, even in cases where they don't want or need to sell the note. Because of the guideline conformation, the procedure also protects all institutions who may buy the note along the way. This principle allows the institutions to sell and transfer mortgages and trade mortgage notes with investment houses or other banks. Although traditional loans are the lowest cost option for borrowers, the regulations require a lot of documentation, a perfect credit score, and around two months to get approved.  

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Uncategorized https://www.nocomo.org/blog/how-are-hard-money-loans-different-from-traditional-loans/ https://www.nocomo.org/blog/how-are-hard-money-loans-different-from-traditional-loans/ Editor Thu, 22 Oct 2020 00:06:42 -0400
Motor Trade Insurance 101: What It Is For and Who Can Avail It Do you know if you need motor trade insurance? Do you even know what a motor trade insurance is?

Responsible drivers and vehicle owners should be aware of different insurance packages available for them. To clarify everything that there is to know about motor trade insurance, we’ve prepared this pocket comprehensive guide to help readers understand what it is, its purpose, and its importance. Upon reading, you will become a more aware and responsible driver and citizen. You will also be easily able to answer if a person needs a motor trade insurance or not.

What is a Motor Trade Insurance Policy?

Motor trade insurance is different from private car insurance. It is a special kind of insurance that is dedicated and meticulously prepared for individuals who work in the car industry. People like mechanics, traders, car jockeys, valeters, and vehicle recovery agents should be covered by one as they work in the car industry.

Do You Need One?

If you are solely a private driver who uses a car for private or business use, you don’t need motor trade insurance. A regular car insurance policy will be sufficient for you.

But, if you sell cars or are in the car trade industry or you work with cars of customers in your place of work or business, then you definitely need motor trade insurance.

What is the purpose of a Motor Trade Insurance? Why will you need it?

Motor trade insurance is needed to protect individuals in the motor trade industry. Individuals that buy, sell, clean, or handle cars owned by customers need protection for themselves and for their customers in case unwanted issues take place.

Any individual can be covered by motor trade insurance as long as such person is working with vehicles in any way, form, or capacity. Car jockeys, mechanics, valeters, vehicle recovery agents, employees at body shops, mechanics, sellers, and even tyre fitters can and should be duly covered and protected by a motor trade insurance policy.

Available Levels of Cover

There are two levels of cover in motor trade insurance policies, road risk only, and combined cover.

Road Risk Only

Road Risk Only policies are for people with a home-based business or a small business. Individuals that fix cars or sell cars like mechanics or car sales agents with mobile shops or ones that operate on their own drive are also duly covered.

Combined Cover

A combined cover policy involves the protection of equipment, tools, machineries, money, buildings, and shop contents.

Additional Cover

With a motor trade insurance, individuals can also be protected from liability by opting for additional covers like Employer’s Liability, Public Liability, and Product Liability.

Kinds of Cover

Similar to standard car insurance policies, motor trade insurance offers different levels of protection to different parties.

Third-Party Only (TPO)

This is basic coverage that is similar to ones offered to private car owners. This covers third-party individuals should a motor trader be at fault in case of accidents. A Road Risk Third Party Only Policy is the minimum policy that motor traders are required to obtain by law.

Third-Party, Fire, and Theft (TPFT)

In this kind of policy, protection is offered should a vehicle be stolen or fire damage is incurred as a result of an accident. This policy becomes invalid if the policy owner is at fault for the theft.

Comprehensive

This policy covers motor traders whether they are at fault or not. This policy covers fire damage, theft, and accidents.

Factors to Consider When Availing a Cover

When opting for motor trade insurance, please consider the following tips:

1. Research the law.

Know the minimum required insurance policies required by law for your kind of business. Take note that the more cover you opt for, the more fees and premiums you will incur.

2. Honesty is the best policy.

Be extra careful when providing information to your insurance provider. You are required to be fully transparent and 100% honest at all times. Any act of deception, hiding, or falsification of any data or information will result in the invalidation of your policy. What is the point of opting to be covered and protected from unwanted accidents and circumstances when your policy can be easily canceled anyway? Avoid any slight chance for your insurance policy to be canceled or rendered invalid. It is very simple because you just have to be honest at all times.

3. Additional Products

Don’t be quick in rejecting additional covers. Always take your time to study offered additional policies as good ones can truly save you and keep your business afloat in case unforeseen events, accidents, and circumstances take place.

4. Know the required liability insurance by law.

Be clear with what kind of liability you want to be protected from. There are three kinds: Employers’ Liability, Product Liability, and Public Liability. If you have enough financial means, it is better to opt for all of the above as it will offer protection across all endpoints.

5. Study different policies.

Before opting for a policy, it will be best if you’d first fully know the nature, extent, and special needs of your business. Never be tricked by agents that offer affordable policies. They may end up damaging you in the end as they may not sufficiently cover the needs of your business. Study your business and look for a policy that will provide you and your employee the most protection.

6. Ask experts.

It’s always best to ask experts when looking for the best motor trade policy. Feel free to consult specialists that can dedicate their full time, effort, and expertise in looking for the best motor trade insurance policies for your business.

7. Update your database record.

Motor traders need to be extra meticulous and careful in updating the Motor Insurance Database (MID). Take note of the 14-day rule: if a customer’s car will be in your possession for more than 14 days, or you temporarily keep courtesy vehicle or cars, the MID must be duly updated.

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A quick guide to knowing about business Loan Some businesses need no or fewer business loan from the start. But in contrast, these exist some other which will be requiring huge capital. The revenue for both of the cases might vary and the increased rate will from the taxes. There are business factors whose growth depends on the type of lenders and the owners will be searching the online resources if the physical one is not allowed. There are hundreds of capital serving companies. The first step is to ask for the first term conditions. There are business loans which play the biggest role. The best may not run for the companies and there are low networks that provide the scrutiny. Many loans cover the basics of law taxation.  This article guides you about what can happen when you embark on a journey of getting business loans.

Understanding how commercial banks work

The reason why the business players don’t understand the working of the solution was on the loan markets. The passing of scrutiny remarks will be beneficial for the accessibility players. The role of the scrutiny would make less impact on your decision if the reasons don’t have the rejection letter in control. If the business is small, then getting lenders to pass the bills is not justified in any case. The biggest roles will call for the personalized possession of assets and this may vary from service to service. There are little chances for the loans and hence the financing sector will have time that given enough flexibility.

Getting it for small businesses

There are thousands of economies that comes under the world of small business. The increased rate will have the shortcoming of the business. The techy related economies know no bound to have their business settled in any way.

Loans on company size

The creation of jobs needs the categorical signature and that will need the job creation facility to continue. The current size of the employment will reflect how much is the loan liable.

The creation of jobs and revenues is prone to business categories and there will be little or no compensation for the same purpose.

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Focusing on equipment financing

There should be little or no deals that lead to the covering of powerful servers. Usually, there is no payment offers on the basis of your own pocket. There are also offices which make the payments easier hence they have less life of the equipment. There will be little or less to cover on this issue. There are many bad finance companies that can pose a threat to the business image of your brand.

Researching your market will help

This rule applies and goes around for approximately many years to come. The market trend will never be misleading in any way and the cash flow will not be limited to the finances. The successful companies will be taking precautionary measures. The customers spending the market will be in need of the insurance and market fluctuation will be employed free.

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Uncategorized https://www.nocomo.org/blog/a-quick-guide-to-knowing-about-business-loan/ https://www.nocomo.org/blog/a-quick-guide-to-knowing-about-business-loan/ Editor Wed, 09 Sep 2020 11:05:03 -0400
How Long Do Late Payments Stay on Your Credit Report Many people often ignore paying their bills on time, especially when the amount due does not seem like a big deal. But unknown to them, that behavior can cause an impact on your creditworthiness as a whole.

What is Considered a Late Payment?

A late payment is a payment on your credit bill that is paid on the day after it was due. Some lenders allow a grace period, typically 15 to 30 days, where you can make up for payments without charging you late fees. When your bills remain unpaid, the lender starts to report this information to the credit bureaus. In most cases, even if you have made payments within the grace period, but with an amount below your outstanding bill, it would also be considered a late payment.

How Long Do Late Payments Stay on a Credit Report?

When you make up paying your credit balances within the grace period, your lender will not report that late payment to the credit bureaus. However, once the late payment has been reported, that information stays on your credit report for seven years, and later falls off automatically.

Late payments are likewise categorized on your credit report by the number of days late – 30 days, 60 days, 90 days, 120 days, and 150 days. Charged offs also fall within this category. A charge off is when your creditor has finally considered your account as a loss or bad debt, and have written it off in their receivables. In this case, your account will be closed, although you still owe the debt.

How Do Late Payments Affect Your Credit?

Your credit account will remain active as you make up for your late payments and even when your late payments have already been reported to the credit bureau. But other negative consequences will start to affect your credit account as a result of that mishap.

Late Fees

Late fees are added to your account. For a credit card account, those fees could be within the range of $25 to $39.

Score Drop

Payment history is the top-most factor involved in the calculation of your credit score. With that said, late payments can cause your score to drop by 90 to 110 points. Typically, those with credit scores within the high range experience a higher score drop than those within the lower range.

High-Interest Rate

When you are delinquent in your account for more than 60 days, your lender may apply the penalty interest rate. This is considered to be the highest interest rate, going as high as 29.99%. Likewise, your lender will not revert to your regular interest rate until you have made on-time payments for at least 6 to 12 months.

Termination of Account

The added fees and higher interest rates will eventually make repayment of your account a struggle. When that happens, you are more likely to default on your account, causing that account to get charged-off or terminated.

How Can You Remove Late Payments on a Credit Report?

You cannot remove an accurately-reported late payment of an account by your lenders. That information will remain on your credit report as part of your credit history, even if you make up for your late payments, and the account remains active.

You can, however, dispute with the credit bureau a reported late payment when you have actually paid on time. According to Important Credit News, you are entitled to request your credit report from the credit bureaus for free every twelve months. You can make your request by phone, mail, or online. You may also file your dispute using the same methods. Provide all the necessary supporting documents that show when you have paid your lender.

Disputes take at least 10 to 14 business days upon receipt of your letter, depending on the nature of the dispute.

How Can You Avoid Late Payments?

Paying your credit accounts on time must always be your top priority. Here are some tips on how you can avoid late payments:

  • Stick to a Spending Budget. Don’t make unnecessary purchases beyond your budget that would tap into your repayment funds.
  • Sign-Up For Reminders and Alerts from Creditors. Your reminder for upcoming due dates may be in the form of emails, texts, or app notifications.
  • Sign-up for Automatic Payments. You may authorize your creditor to pull payments from your bank accounts when they come due.

Be informed to know about the grace period on your account as they vary from lender to lender. Take proactive steps and write to your lender if the chances of being late on your payments are high. They may be able to give you an additional grace period to make up for payments, especially if the situation happened only once.

You should avoid making late payments on any of your credit accounts at all costs. If you do, it will create a domino effect, making it harder to keep up with your payments as well as recover from the damage it will have on your credit.

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Uncategorized https://www.nocomo.org/blog/how-long-do-late-payments-stay-on-your-credit-report/ https://www.nocomo.org/blog/how-long-do-late-payments-stay-on-your-credit-report/ Editor Wed, 19 Aug 2020 11:03:41 -0400
No-Nonsense Advice About Debt First Time Borrowers Need To Know

Borrowing money is a safety net for anyone who experiences financial shortfall. It can become an instant resolution to unforeseen events and emergencies. However, there are still some borrowers who forget that every time they take out a loan, it requires them to be responsible when repaying it.

To break that cycle and practice, we have laid out the best advice every first-time borrower should know to protect them from being caught in a debt cycle and most importantly, damaging their credibility as borrowers.

All Types of Loan Are Available But...

All types of loan are available, but there's a catch. One of the most important things a first-time borrower should hear is that not everyone is eligible to be granted with a loan. This is where the credit score plays its role. If you haven't established a credit score yet, you should probably start now.

The problem with not having a credit score is that the credit bureaus don't have any reference to check to see if you are capable of paying out your loans. No credit is better than having bad credit, though, as rebuilding credit score is more complicated than starting one.

For all first-time borrowers, it is crucial to make sure you meet your repayment schedules to avoid having bad credit. Sometimes, mishaps are inevitable, making you miss a scheduled payment. To rebuild your credit score, the next time you file for a loan, make sure to ask your lender to get your credit report if you have bad credit.

The Difference Between Good Debt VS Bad Debt

This is also a prevalent mistake that every first-time borrower makes: differentiating between a good and bad debt. Borrowing money is for everyone as long as you can repay it. But sometimes, it is worth considering what your reason for borrowing is.

The best advice is to learn to define what, where, and why you need to take out a loan. By answering these questions, you can weigh your decision about whether or not borrowing money will be beneficial for you.

To help you with that endeavor, we classified both good and bad debt below.

Good Debt

Good debt is where you spend your money that will ultimately generate income or help you with your daily life. This includes business expansions, a house loan, or a student loan. All of these are considered good debts.

Student Loans

Student loans helped many aspiring students to finish their studies, even though perceived to be expensive.

In England alone, undergraduate studies for the academic year of 2020-2021 has an annual cost of £9,250. There is an increase of £11,100 in tuition fees for accelerated degree courses. For an individual from an average family, taking up a student loan can significantly aid them in getting through the burden of paying for their education.

Mortgage

A mortgage loan is the top-most good debt. Even though houses are considered property with depreciating value, having a roof above your head is more important and valuable. Getting a mortgage loan, as long as you are capable of repaying it in due time, is a good investment.

However, if you are residing in England and considering applying for a mortgage loan now amidst the ongoing pandemic, you might take time to reconsider that idea. Even though the housing market in England had reopened, buyers struggled to secure a mortgage loan even with a 10% deposit.

Business Expansion

Another good reason to use your borrowed money is to expand your business. It will help you generate more income, which you can use for the repayments. Especially now, if you are building a business in England, it is the best time to borrow money since the Bank of England is slashing its interest rate due to the economic shock brought by the coronavirus.

Bad Debt

Unnecessary expenses such as clothing and gadgets are considered as bad debt. Any purchase from a credit card that you can live without, already have but want an extra, or something you don't necessarily need is considered a bad debt. Hence, you must know what you want and what you need the most.

Debt Consolidation Is Possible

One last thing a first-time borrower should know is that when everything seems to be falling apart, and you are struggling to pay all your debt, debt consolidation is possible. This is the best alternative for you not to be caught in a debt cycle while still maintaining a good credit score. However, the best thing you can do is to catch up with all your payment schedule and make sure to clean up your new loan for it not to stack up once again.

Takeaway

Borrowing money nowadays is a bit easier for everyone who needs it. It is why many first-time borrowers indulge in taking out a loan even for unnecessary purchases and forgetting that they have the responsibility to repay it.  Anyone planning to take out a loan should seek financial advice from experts before making their decision. This will help stop getting into a debt cycle and getting caught in a difficult situation which can be avoided in the first place.

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Is Debt Settlement the One for You? There are various reasons why people have debts, especially this time of the pandemic, wherein the unemployment rate is growing. However, there are times when the idea for accumulated debts is just terrible spending habits. If your income cannot keep up with your spending, then it becomes a problem.

One of the solutions to this kind of problem is debt settlement. In this setup, the creditor will allow you to pay less than the full amount you owe. It may seem like it’s the best deal, but there will always be a catch. Read on to know how debt settlement can help you resolve your loan problems.

What is Debt Settlement?

If you have many delayed payments, debt settlement can come into play. If you can pay in full, creditors will not allow you to pay less than you owe them. There are debt settlement companies that can help you make negotiations with creditors to lessen your obligation. However, debt settlement cannot be used for some types of debt. It includes car loans, wherein the vehicle can be reclaimed by a bank or a house that can be foreclosed.

Always remember that a settlement can only be reached if you cannot pay that you had to stop remitting payments at all. The settlement company will negotiate with the creditor on your behalf for a lower amount knowing that you have just enough to pay for a lump-sum.

All You Need to Know About Debt Settlement

Some companies claim that they can reduce a particular debt by 50%, although the procedure is not a walk in the park. Hence, it is wise that debt settlement should always be your last resort. Below are some of the risks that come along with the debt payment agreement.

  • It can destroy your credit.
  • It takes a long time to settle, typically years.
  • There’s no guarantee of success unless you have the best debt solutions Melbourne company to back you up.
  • It can also be costly. It includes settlement fees and possible taxes on forgiven debts.

Even the government cautions the public about settlements explaining that there are risks you have to face. There are hundreds of complaints against companies on the matter. Therefore, it will be wise to explore other options first. You don’t want to end up filing claims for fraud and excessive fees against a particular settlement company.

Do You Have a Choice?

You will always have a choice. There are options available you can choose before going into debt settlement, as follows:

  • If you can, file for bankruptcy and start all over again. If you have unsecured credit card debts, filing for bankruptcy can inevitably tarnish your credit history for a long time. However, in this situation, you will be able to rebuild your financial situation immediately. Further, bankruptcy consultations with an attorney are usually free, although there are legal and filing fees you need to pay.
  • If bankruptcy is not in your choices, then you can opt for a debt management plan through nonprofit credit counsellors. Although this process does not reduce the total amount you have to settle, it can significantly lessen the monthly instalments you have to pay. It is done by extending the period of repayment or lowering the interest rate of your obligation. Nevertheless, this method has less impact on a person’s credit than if you file for bankruptcy or opt for debt settlement.

Helpful Tips in Debt Settlement

If in the end, you have no other option but to undergo debt settlement, then go for it instead of letting your debts accumulate interests making the situation worse. As your best choice, you might want to take note of the following tips when you pursue a debt settlement to solve your financial burden.

  • Do a background check about the settlement organization before making a deal with them. Ensure that it has no history of complaints or unsettled negotiations and claims. You can check with your local bureau for the history of the various companies in your area.
  • If a company asks for money as advance payment, stay away from it. They should understand that you are already in a financial crisis; hence advance payments may not be feasible at the moment.
  • If a company promises that your debt will be settled, then it is a cause for alarm. Debt settlement is not always 100% successful.
  • Go for companies that offer structured fees that follow the percentage of the debt eliminated instead of basing it on the obligation balance. This way, you can ensure that the company will get incentives if they can lower your debt more.
  • Do not deal with a company that promises to help you challenge debts and have them declared “invalid.” This strategy may backfire to you and may result in worse problems in the future.

You might decide not to get a debt settlement company in the end. If this is the case, you can consider getting the services of a lawyer. Lawyers may bill you by the hour or have a flat fee per creditor. Some lawyers may also charge a percentage of debt or debt eliminated. So you better be aware of these things before settling for an attorney.

You also have the option of reaching out to your creditors and do the settlement yourself. However, it would be best if you educated yourself about settlement negotiations. Knowing that is likely to happen and be ready with a lump-sum amount you can offer. It is more likely that creditors will take the lump-sum money that gives them immediate cash rather than risking their company on instalment payments that they cannot guarantee will come their way.

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How Hard Inquiries Affect Credit Score A hard inquiry is a check on your credit when you apply for some form of credit. They remain on your credit report for about two years. Despite the length of time the inquiry stays on your report, it negatively affects your credit score for about a year.

Stated by a Chicago credit repair expert, In some instances, the hard inquiry will not affect your credit score at all. The trouble arises when you apply for a lot of credit in a short amount of time. For example, if you are applying for a mortgage, your credit score might be affected if you have several banks and lenders looking at your credit. Applying for student loans or auto loans at several organizations could negatively affect your credit score, too.

How Much Does the Inquiry Affect Your FICO Score?

The answer to the question is based on your credit score before the hard inquiries begin. For example, if you have good credit and you are applying for a new car loan, it is unlikely that the inquiry will even knock a point or two off of your score. However, if your credit score is already low, hard inquiries might hurt.

People who are building their credit need to be aware of the number of hard inquiries they make. When credit scores are figured, new credit inquiries only account for 10% of FICO scores. So, if you have minimal credit, your score could be changed more significantly than those who have well-established credit.

A good way to keep your credit good is to wait at least three months between the inquiries. Because every point matters, you should pay attention to the number of hard inquiries you have. Your credit report can affect the interest rate you receive from your lender. Therefore, when you are applying for big-ticket items like a home or a new car, be sure that you haven’t applied for credit in the last three months to a year.

Avoid Multiple Hard Inquiries

A credit check might happen at unexpected times. While you have to give approval before someone checks your credit, it is checked in time when you aren’t getting a credit card or a new car. For example, when you rent an apartment, the leasing agency will look into your credit. If you open a bank account, the bank might check your credit. These types of credit checks can add up quickly.

Lenders are reluctant to lend to people with too many credit inquiries. The statistics show that people with numerous inquiries in a short amount of time are more likely to file for bankruptcy than those who don’t.

Stay Aware Of Your Credit Score and History

Fortunately, you can check your credit report at any time and dispute inquiries that appear to be done in error. It isn’t easy to fix credit, but it is possible over time. While you follow your credit score and history to watch for unexpected hard inquiries, you should also take care to pay attention to the other factors that go into your credit report. So make your payments on time, and keep your credit card balances below 30% of your total credit limit.

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How Much to Spend on Diamond Engagement Rings? When you are planning to take your love to the next level, you will always want to make sure everything is perfect. However what makes the occasion special is the ring and a heartfelt proposal. After all this one occasion would be cherished by you and your better half as one of the best moments in your life

Points to Ponder

Buying this piece of jewelry does not seem difficult but when you visit the store and start staring at the rows of rings which are available in different shapes, sizes and prices you would find it very confusing and would not be able to make the correct decision. Hence doing some research before buying the engagement ring will help you choosing and deciding on how much you should be spending for an engagement ring.

You can also find more info at antonjewellery.com/collections/engagement-rings-melbourne/.

  • Cost of Wedding Bands: The wedding rings are the most important and the most expensive jewelry so we should surely put a budget on it. The average female band cost is around $1,100 while band for men costs around $510. The wedding bands are generally made of white gold which is a popular choice for most women while tungsten is favored by men.
  • Checking where people buy wedding rings: Most people buy most of the necessities online. However when it comes to buying the wedding bands couples prefer gong to jewelry shops. Some of them opt for local retailer while others go to national/regional jewelry chain.
  • Spending on an engagement ring: A person who is thinking of buying an engagement ring should first think of the budget. This would make all the decision going forward easier. You can then think if you are looking for a better quality of a diamond or would you like to sacrifice on the quality and get a bigger diamond. Some couple even goes for simple bands with a smaller diamond to minimize the expenses. Not everyone can save three months of their salary to buy a huge diamond of good quality to impress their better half. You should always make sure that you would be comfortable with paying off for the ring and it may not be a burden to you after your marriage.  Make sure you calculate your current income and bills and determine if the purchase of an expensive ring affect your peaceful married life.
  • Partners Expectation: Discuss with your partner on what type of engagement ring do they want or dream about. Your main motive should be a ring which your partner will love regardless of the price. You can look around different jewelry shops before deciding on purchasing the wedding bands. Involve your partner’s friend who can help you in finding the right ring.
  • Buying jewelry online: Best way to save money on an engagement ring is to buy it online. You can select a reputed online retailer and select the rings from the wide range they offer you in your budget. You also get the option to customize the ring according to your needs.
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Uncategorized https://www.nocomo.org/blog/how-much-to-spend-on-diamond-engagement-rings/ https://www.nocomo.org/blog/how-much-to-spend-on-diamond-engagement-rings/ Editor Wed, 03 Jun 2020 23:14:14 -0400
The Five Most Important Digital Marketing Skills for 2020

Digital marketing in Singapore continues changing rapidly, and as a marketer, you have to keep up with the pace. With so many innovations emerging every day, it is imperative to acquire new skills to remain relevant in the industry. From artificial intelligence (AI), programmatic advertising, chatbots, personalization, video marketing, influencer marketing to visual search, there’s always a trend emerging in digital marketing.

In this fast-paced world, your skills can easily become obsolete. More software, such as financial software, office software, or even VPN tools are created every day. For this reason, you shouldn’t let the speed of the industry outpace your skills or ability to adapt. If you are a digital marketing agency, you should also learn the skills to start recruiting to boost your services.

Singapore boasts one of the highest internet penetration rates in the world at 85%. It has spawned a digital-driven business landscape. Most people also shop online, which has inspired new digital technologies to offer better customer experiences.  As 2019 comes to a close, you have to stay on the lookout for important digital marketing skills for 2020.

This guide explores a few of these critical skills to prepare you for digital marketing in 2020.

1. Conversion Optimization Skills

Many businesses invest heavily in diverse marketing techniques with an eye on boosting conversion. However, these efforts don’t always pay and this frustrates marketers.  It is not enough to employ techniques such as content marketing, link building, and social media marketing without optimizing the same for conversion.

Conversion optimization skills enable the marketer to achieve the desired results in their marketing campaigns. As businesses seek to boost their marketing, content optimization skills will be in high demand.

2.   Social Media Marketing Skills

Social media is integral in any successful marketing campaign. In Singapore, you have over 79% of the population on social media, which makes this a crucial marketing platform. Social media marketing is more than posting stuff on social media. Brands now hire social media managers to run their campaigns.

There’s a lot of analytics, use of artificial intelligence (AI) and machine learning, and other cutting-edge technologies that demand new skills. A good digital agency will have these skills in its ranks for the best service delivery. As competition for social media users goes into high gear, marketers need to refine their social media skills in preparation for 2020.

3.    Data Analysis

Big data is no longer a buzzword but a reality.  Businesses today generate large volumes of data from a large number of contact points. As a marketer, you have to adopt the role of a data scientist in the analysis of marketing campaigns. Different metrics can boost your marketing campaign hence the need for intense knowledge of data. 

Data analysis is now an integral part of the marketers’ job. Digital marketers wear different hats in their roles, and one of these is telling data stories. Their role also includes measuring, managing, analyzing data emerging from marketing campaigns. The idea is to boost the success of these campaigns and optimize return on investment (ROI). These skills are necessary for digital marketing in 2002.

4. Video Marketing

Video content is the king of marketing today and this is a trend that is set to continue. If you are a marketer or business owner in Singapore, you should start investing in video production and marketing. According to recent reports, 53% of internet users engage with a brand after watching its video content.

If you want to boost your marketing campaigns, you have to incorporate visual content. A video on a landing page can boost conversion by 82%. This is only possible if you understand the

basics of video production and new technologies to support this technique. You should also learn new video marketing trends, including personalized videos, long-form videos, video in social media, interactive video, virtual reality (VR), and augmented reality (AR) among others. By learning these video trends, you will prepare for the digital marketing landscape.

5.  Content Marketing Skills

Content is at the core of any marketing campaign, and it has been around for some time. However, content marketing has changed tremendously over the years.  As a marketer, you

have to embrace new ideas, including result-oriented content, video, user-generated content, snippets, voice-centered content, data-driven content, personalized content and much more.

The face of content marketing will keep changing and as a marketer, you have to update your skillset to remain relevant. It is no longer viable to produce content with the sole intent of promoting your brand. Search engine algorithms now require more subtle marketing, with the focus being the user experience.

Wrapping Up

Keeping up with the changes in the digital marketing landscape is crucial for every marketer. It is the only way to survive the cutthroat competition from global brands eyeing the local market. By acquiring new skills needed in the future, marketers will offer relevant services in line with emerging digital marketing innovations. If you are a marketer, these are only a few of the skills you need to prepare for 2020.  They will equip you to serve in a rapidly changing business landscape.

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Uncategorized https://www.nocomo.org/blog/the-five-most-important-digital-marketing-skills-for-2020/ https://www.nocomo.org/blog/the-five-most-important-digital-marketing-skills-for-2020/ Editor Wed, 06 May 2020 08:52:00 -0400
Five Tips for Negotiating for Better Car Title Loan Deals Negotiation doesn’t come easy for many people. Even if it could be the key to better deals on loans and products, the fear within can be quite overwhelming. When you think of the sky-high interest loans on car title loans, it makes sense to look for the best deals in the market.

The good news is that you can get yourself good deals that will not throw your financial life upside down. The trick is finding these deals. We have outlined five negotiation tactics that can inspire your lender to come down for you. If you are looking to get a car title loan, these tips will help you a great deal.

1. Do your homework

To know the rate you are willing to settle for, do your homework prior to meeting your preferred lender. Look up different companies and compare their interest rates. This will give you an overview of the market rates and what a discount looks like. While you are at it, you may want to research the most competitive rates available in the market currently. This will serve as a bargaining chip during the negotiation talks. If the lender still insists on giving you high-interest rates, simply show them an unbeatable offer by one of their customers. You stand a better chance if you have a good understanding of the competitor’s offering.

2. Educate yourself

Negotiation is a game of confidence and power. One way to feel confident is to be knowledgeable about what you are negotiating about. You need to speak the same language as the lender. Let them know that you are familiar with the loan acquisition process and your responsibilities. Apart from helping you negotiate better, this tip will help you sniff out red flags on the lender’s part and save yourself from looming trouble. Familiarize yourself with terms such as default, vehicle insurance, pay stubs, car resale value, single-payment, lump sum, etc. It will prove quite difficult to haggle if you don’t understand these things.

3. Don’t be afraid to walk away

Walking away is a huge part of the negotiation process. If your lender doesn’t seem to buckle and give you a better deal, take a walk. Remember timing is everything here. If you walk away too soon, you risk burning a bridge that you might need later. Not all lenders you walk away from will run after you. Approach this decision with calmness and tranquility. Slap them with a “great win-win” agreement. If they are till unreasonable and don’t want a win-win situation, it might be time to leave.

4. Loyalty is a powerful weapon

If you’ve worked with the lender a few times in the past, this might be a good time to remind them of this fact. Obviously, you must have a good track record with them before unleashing this card. If you are famous for being late on your payments, defaulting, and refusing to cooperate, you will not get too far with this tip. Arm yourself with all the proof of loyalty and don’t be afraid to show the lender every last one of them.

5. Set yourself as the ideal borrower

Are you the kind of borrower lenders love to do business with? If yes, this could be the key to nabbing low rates during a car title loan. Lenders love borrowers with steady sources of income, zero defaults, and no missed payments. A good credit score may help you through the door as well. If your car was manufactured after 2000, use that to get good rates. Some lenders don’t accept cars that were manufactured before 2000. In addition, mileage restrictions can play a huge part in the selection process. If your vehicle is within the limit, it makes you a good customer to work with. Mention this as well during the negotiation phase.

Emergencies are inevitable. When they strike, we have to get access to cash in a short period of time. Car title loans were designed for this very reason. Although they bear high-interest rates, you can haggle your way to better deals. Even if you weren’t born with the rare talent for negotiating, you can put the above tips into practice. The next time you apply for a car title loan, don’t be in a hurry to sign the paper yet. Take some time to talk to your ender and find out if they can get a favorable deal for you.

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Uncategorized https://www.nocomo.org/blog/five-tips-for-negotiating-for-better-car-title-loan-deals/ https://www.nocomo.org/blog/five-tips-for-negotiating-for-better-car-title-loan-deals/ Editor Wed, 15 Apr 2020 23:02:33 -0400
How to Formulate an Investment Strategy As an avid investor, the first step to staying on top of your financial goals is to create a quantifiable, realistic and actionable investment strategy.  If done right, this strategy will help inform your investment decisions and encourage consistent performance.

Here are 5 tried-and-true tips that will help you formulate a killer investment strategy.

  1. Set clear, well-defined and realistic goals

You must be able to pin-point what your financial goals are. Before you go down this route, you must understand where you are heading to. As such, you need to define and document both your long-term and short-term goals, a step that will help you figure out your investment personality, you can read more about it at Savings Report.

For instance, do you intend to invest in purely real estate or are you a hybrid investor who gets his feet wet in multiple investment vehicles? Your goals should be crystal-clear and achievable. Don’t say you want to make money in flipping fixer-uppers, instead, state that you want to make at least $100,000 in a year.

  1. Set your investment timeframe

In addition to setting investment goals, you also need to think about the timeframe you need to achieve those objectives. For example, you have a 10-year or 20-year investment timeframe; you have more time to withstand market upsets, and so would be able to consider investment options with more risk but better returns in the long haul. On the other hand, if your investment timeframe is 1 or 2 years, you might want to be too careful with your options.

  1. Calculate your monthly savings

Talking of savings, you should determine how much you need to save every month. If you want to save $1million by the time you’re 60, how much do you want to at the end of each month? Be realistic with this amount so you don’t affect your overall quality of life.

  1. Consider long-term investments

Rather than wait until the end of the year and check how much is there to save, put your long-term savings and investments top of mind. That means that you should set aside some money in your savings account to start investing in your retirement fund, 401(k) or any other worthy investment vehicles.

  1. Put a risk management plan in place

Perhaps the most important thing to do is create a risk management strategy. First of all, you need to figure out what your risks are, and devise ways to mitigating those risks.

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Uncategorized https://www.nocomo.org/blog/how-to-formulate-an-investment-strategy/ https://www.nocomo.org/blog/how-to-formulate-an-investment-strategy/ Editor Mon, 16 Dec 2019 04:49:30 -0500
How Invoice Factoring Can Help Your Business Invoice Factoring is perhaps the most popular form of business financing. Companies in Australia use factoring to eliminate the need for traditional loans and increase efficiency. Many industries rely heavily on factoring, and, as has been proven many times, it should be. Any industry, from medical to transportation, can benefit from billing. If you are not sure, read below and find out the main reasons for receiving billing services.

No new debt, no loans

When you receive Invoice Factoring, you are not creating new debt, but selling it for cash. Do not apply for a loan, so getting factoring is much easier than any traditional bank loan. No other form of business financing allows you to easily and quickly finance without creating the additional debt or taking a business loan. With this financing tool, interest is not payable or the principal monthly amount payable. Factoring is not a commitment to your balance sheet; it helps solve cash flow problems without excessive debt. Remember that factoring companies do not borrow money that they buy bills.

Get paid within 24 hours

Average bill financing is usually approved within 24 hours. It depends on the company, but no matter when it is approved, factoring offers to finance much faster than any other form of business financing. Many companies offer a 24-hour return after approval. Unlike bank credit lines, factoring finance does not limit the limit of capital that can be obtained and used. The great thing about this form of financing is that with an increase in sales and subsequent growth, the number of accounts that can be included is increasing. You can sell as many accounts as you want. Business owners often spend more than half their time on unproductive tasks, such as collecting, managing, accounting, releasing lenders and finding additional capital. Factoring helps eliminate this wasted time.

Eliminate collections

Factors manage collections professionally. Factors are not debt collection agencies. you should understand the importance of business relationships and treat every debtor as my best customer. FAST billing companies collect bills and reduce the cost of receiving them. You can eliminate the overhead associated with the person involved in the internal collection. When you sell claims to another company, you also eliminate the need to collect these claims. Then the responsibility of the financial company lies in collecting these debts. If you have a close relationship with your debtors, make sure you trust your financial company to handle them properly, or you won’t receive an invoice. In rare cases when your finances are not able to raise, they usually send them back to the debt collection agency.

No contracts

Unlike a bank loan, you do not need to set up your home or physical assets to access capital. The accounts themselves provide security. Since factoring differs from traditional forms of business financing, fewer obligations are attached. Contracts are never included when they are usually simple, with a few warnings. Many companies do not offer contract factoring, which can be very useful in some situations.

Cash flow and credit improvement

Having received this type of financing, you will receive a lot of money all of a sudden. This additional cash flow is the main reason why companies are interested in factoring. Additional cash flow allows you to track various options, from accounts to salaries. It will also help you evaluate the creditworthiness of your company, eliminating the creation of additional debt.

Invoice Factoring billing has so many advantages and benefits that every company that uses accounts in their companies should use this alternative form of business financing. This is a fantastic and cost-effective tool that you can use at any time to increase the cash flow and working capital necessary for doing business. Before concluding an agreement with a factoring company, several types of risks must be taken into account. Keep in mind that factoring financing should be a short-term solution. For larger Cash Flow Finance Australia needs that require long periods of payment, check out other options. You also need to know if your contract includes factoring with or without recourse. In the case of factoring, the business owner is responsible if the client has not paid the bill. One-time factoring means that the factoring company has a risk of default.

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Uncategorized https://www.nocomo.org/blog/how-invoice-factoring-can-help-your-business/ https://www.nocomo.org/blog/how-invoice-factoring-can-help-your-business/ Editor Wed, 27 Nov 2019 01:06:46 -0500
Getting Approved for a Car Lease with Bad Credit

If you have a bad credit rating, the chances of you getting approved for a loan to buy yourself your very own car are slim. So, if you have a bad credit rating, unless you really save up for it in cash, it seems like a buying a car of your own would be a questionable option. But what if you really need a car that you could use on your daily commute to work and to run your children to school with? The answer is car leasing. With Wheels4Sure, you have the option for bad credit car leasing with an easy application and approval process, so you do not have to miss out on the opportunity of having the convenience of driving around town even with your bad credit rating.

Reliable Car Provider

Wheels4Sure would be able to help you with your car leasing needs even with your bad credit circumstances. Even if you have an extremely low credit score or if you have been refused credit before, you would be able to apply easily. The same goes from people who are self-employed and have trouble maintaining a good credit rating because their income does not come in fixed amounts each month. With their 95% approval rate for lease applications, they even say yes to those people who have a Country Court Judgment (CCJ) or even those who have been previously declared as bankrupt. However, it would already be beyond their car leasing providing services for people who are currently in IVA’s (Individual Voluntary Arrangement) or Debt Management Plans and those who are currently declared as bankrupt.

Wide Selection of Cars

Just because you have a bad credit rating does not mean that you have to buy the cheapest car around. In fact, at Wheels4Sure, you have a wide variety of car manufacturers and models which you could choose from, depending on your budget and preferences. You have manufacturers ranging from Fiat, Hyundai, Mazda, Mini, Peugeot, Renault, and Vauxhall. You can choose car models depending on your needs, such as if you only need a car for city driving, or if you need a larger one such as an SUV or a family car. You could even choose to drive an automatic. You have a lot of options from a small Fiat 500, a Hyundai i20 sedan that comes in manual or automatic transmission, a sleek Mazda 2 SE-L automatic, a classic Mini Cooper, a Vauxhall Corsa, or larger models like a Renault Captur Iconic or Peugeot 2008 – the option is in your hands. The best part about leasing with Wheels4Sure is that you will always get a brand new car at the start of the lease. 

Flexible Affordability

You could choose a car entirely up to the budget that you could afford each month. You could get a convenient Fiat 500 at only £199 per month for a three-year lease period with an annual mileage of 8,000. Initially, in the first month, you would have to pay more at £299, but for the next 35 months, it would only have to be £199. For a larger annual mileage of 12,000 or 16,000, you would only have to pay a bit more with an initial payment of £399 and monthly payments of £219 or £239 for the higher mileage. If you want a car that is more on the higher end of the spectrum, their most expensive offer is the Peugeot 308 Active on a manual transmission, which you could get for only £399 monthly payments and an initial payment of £899 for the first month, this payment scheme would get you a three-year lease period with an 8,000 annual mileage. If you need higher mileage, you can choose the 12,000 or 16,000 annual mileage option, but you would have to pay for £459 or £499 in the next months. Wheels4Sure also have special pricing offers on certain car makes and models, so be sure to look out for them

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Uncategorized https://www.nocomo.org/blog/getting-approved-for-a-car-lease-with-bad-credit/ https://www.nocomo.org/blog/getting-approved-for-a-car-lease-with-bad-credit/ Editor Tue, 26 Nov 2019 22:22:59 -0500
3 Simple, Secret Ways to Live Well on Little Money Does it seem that costs are increasing and wages are remaining stagnant each year? You’re not alone if you feel this way, as wages have been stagnant for over 20 years. This means that while the actual wage numbers have increased; the purchasing power has decreased. For example, the minimum wage in 1968 was $1.60, which would be worth $12 in 2019 dollars. This figure is much greater than the current federal minimum wage of $7.25.

Luckily, there are some ways to live well on little money like developing a location independent source of income, living in a country with a lower cost of living like Thailand, and being aware of fundamental US expat tax laws.

1. Develop your source of income

Due to the internet, more workers are choosing to work remotely. This means that they will be able to work from anywhere like the beaches of Bali, to a cafe in Colombia and everything in between. There are many online job opportunities, but the best ones revolve around specific skills sets like writing, graphic design, web development, web design, business development and teaching english. Some of these jobs can be done on a full time basis, while most are considered contract or freelance opportunities.

You could use the following resources to find remote work

  1. Problogger (mainly for freelance writers)
  2. We Work Remotely (various job types)
  3. FlexJobs (various job types)

Besides working a full time remote or freelance job, many people have pensions and/or Social Security, which gives them a fixed, dependable  monthly income. This is more common among retirees and some countries cater to expats with pensions. For example, Panama has a Pensionado Visa which grants retirees permanent residency if they have a guaranteed stream of income of a least $1,000 USD per month. Thailand offers similar benefits, but applicants must have a monthly income of at least 65,000 baht or approximately $2,000 USD. 

2. Choose the right country

Many first world countries like the USA, Canada and Europe have high housing, food and transportation costs. Therefore, it makes sense to find a country that is safe, has a good visa policy and a low cost of living. It’s interesting to see how far your income can stretch in a developing country. For example, you can rent a furnished one bedroom apartment in Medellin, Colombia for $300/mo. or even a have a filling local meal for just $2 in many Southeast Asian countries. 

These lower costs will allow you to live a good life on just $1,000-2,000 per month, which would only cover rent in major cities like Los Angeles. While costs are important, you should look into visa requirements and safety issues. For instance, some countries like Mexico allow tourists to stay in the country up to 6 months with just a tourist visa. Others like Thailand are much stricter and only give tourists a 30 day period to stay in the country. Many expats based in Southeast Asia have to do “visa runs”, meaning that they go to neighboring countries briefly to avoid being fined for overstaying their tourist visas.

Safety is another large concern and you can use sites like the US State Department’s Travel Website to see if your destination is safe. Be sure to take these reviews with a grain of salt as the danger levels of some places like many Mexican cities, are over exaggerated. Practicing common sense safety tactics like not dressing fancy in public, avoiding dark alleys at night, staying in tourist areas, and not flashing high ticket items like phones will keep you out of trouble.

Don’t travel to a country with a level 4 travel advisory, and some of these countries include Venezuela, North Korea and Syria. Lastly, you can use Nomadlist to learn about the cost of living, safety and other vital information about most worldwide cities.

3. Be aware of basic expat tax laws

Taxes can become very complex if you’re from the USA and decide to become an expat. For example, the USA is one of the few countries that taxes its citizens on income that is earned outside of the country. It also has very strict requirements like having expats report foreign assets or bank accounts on form 8938 and the FBAR. If you have foreign bank accounts that are worth at least $10,000, you must report these on the FBAR annually to avoid steep penalties. US expats that have foreign assets like real estate must report values, gains and losses every year on form 8938.

Luckily, the US government does offer expat taxpayers relief through the Foreign Earned Income Exclusion Act (FEIE). The FEIE allows expats to not pay federal or state taxes on up to $105,500 for 2019. This amount is indexed for inflation, but expats must always pay Social Security and Medicare Taxes regardless of their income.

Your personal situation can vary, but it’s still prudent to know the fundamentals of US expat tax law. If you have more complex situations like a foreign spouse and/or substantial foreign assets, consult a tax adviser who specializes in these issues.

Bottom Line

It might seem tough to live well on little money. Most workers haven’t seen their salaries keep up with inflation, which has led to higher debt and lower quality of life. However, geo arbitrage or earning a strong currency like US dollars and spending in a weaker currency like Colombian Pesos or Thai Baht could be a great way to live on less. 

Before making this lifestyle choice, be sure to develop a mobile source of income, choose the right country based on cost, safety, visa situations along with other factors, and know basic US expat tax rules.

Have you ever considered geo arbitrage or made the leap? Please tell us below!

About the Author

Dalton is the lead financial copywriter of Sensible Financial Marketing. He enjoys breaking down complex financial concepts, so anyone can understand them. He also helps businesses gain more leads and increase revenue via converting sales copy, blog posts, white papers, email funnels and more!

When he's not writing about finance, you can find him surfing, playing pool or traveling the world!

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Uncategorized https://www.nocomo.org/blog/3-simple-secret-ways-to-live-well-on-little-money/ https://www.nocomo.org/blog/3-simple-secret-ways-to-live-well-on-little-money/ Editor Sun, 24 Nov 2019 23:17:09 -0500
Steps To Take When Getting a Business Loan From a Bank Traditionally, banks are associated with catering to larger and established business ventures.

However, banks are gradually warming up to the SMEs and now offering them funding options.

Nonetheless, getting a bank to approve your business loan requires preparation as well as research.

 And in this article, we shall show you the steps you need to take to get your business loan approved by the bank.

Calculate How Much Big of a Loan You Need

The first step of getting a business loan from the bank is calculating how much you need.

Perform a thorough research of the loan amount that you need using a loan calculator, to avoid under-quoting or over-estimating.

While at it, you would also want to state how you want to spend your finances. Often, banks want to assess how the funds will be spent.

If you're looking to purchase and equipment, for instance, it would be suitable if you applied for an equipment loan. And if you are looking to pay debtors, a short term loan would be ideal.

Choose Items for Collateral

Most of the banks usually require borrowers to put up collateral.

Therefore, you need to identify something that will guarantee your loan.

The larger the loan, the more collateral is needed.

Putting up personal assets, or investment further goes to show how committed a business owner is at borrowing the loan.

Write a Business Plan

To increase the chances of securing a loan from the bank, you need to have a solid business plan.

A business plan brings out what your business entails; shows who you are, what your business is all about, and the future plans of your business.

Ideally, a business plan should state the business’s goals, mission, and how it will run to achieve the mentioned objectives.

Clean your Credit Score

All financial institutions, whether banks or online lenders, verify whether you’re eligible their loans and whether you can repay in full and on time.

 One way to do that is through examining your credit scores.

Therefore, when applying for a business loan, ensure that you check on your credit scores and reports.

Ideally, a credit score of 700 and above should improve your chances of securing a loan.

If your score is lower than 600, the odds might be against you, but might as well consider alternative revenue-based loans.

While at it, check for the errors that might appear on your credit report.

Assessing your Lending Options

After verifying your credit report, you now need to research on the available lending options.

If you don’t know how to choose your small business loan company we recommend that you start by asking other business owners within your industry where they attained financing.

In most cases, you’ll realize that banks that have a history of funding businesses comparable to that of yours are the best ones to approach for funding.

Additional, if you get many referrals to a particular lender, it shows they are reliable and might offer you a loan.

However, whatever options you choose to go with, ensure they meet the demands of your business.

Keep the Financial Records in Order

Before approaching the chosen bank, ensure that you've all the proper financial statements.

Having proper financial records in place will make it easier to sail through the screening process. This is because many banks will always want to check on your financial records such as balance sheets, and income statement to determine whether you're capable of repaying the loan.

Therefore, before approaching your bank, ensure that you’re keen on keeping and compiling the financial records in order.

Tips

  • Your quoted amount should be justified by your business plan’ financial statements
  • Contact a professional when working on your business plan
  • Be patient. Banks are slow at processing loans, especially the long-term business loans
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Uncategorized https://www.nocomo.org/blog/steps-to-take-when-getting-a-business-loan-from-a-bank/ https://www.nocomo.org/blog/steps-to-take-when-getting-a-business-loan-from-a-bank/ Editor Wed, 16 Oct 2019 22:54:06 -0400