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What should I know about a business line of credit before taking one out?
Wiki User
∙ 14y ago
Business lines of credit typically require a personal credit check for the primary owners. If the business is not new (has its own sales and profits already) you will be able to borrow more money than you would as an individual. However, business loans typically have a higher interest rate unless backed by the SBA.
Wiki User
∙ 14y ago
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In order to accept credit card payments from your business, you would need to open a merchant account with a credit card acceptance company. The merchant account will provide you with a solution for taking credit card payments as well as settling those transactions so that the money that you are owed can be taken from the customer and deposited into your business account. For more information on taking cards as a form of payment see these resources:
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