You need to set up a corporate structure, hire a book keeper, separate the business money from your personal expenses (corporate bank account, business credit card etc.) You should be on top of the financials from day one.
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The biggest doubt is over Bank One's credit-card operation, a business in which it and Citibank are the market leaders.
The truth is that the bank's bosses worry that the untried debit card might cannibalise some of its highly profitable credit-card business.
It pursued the credit card business in a way that no other bank was doing at the time.
The bank is exploring a sell-off of its branches and credit-card business in America, to refocus on corporate banking there.
The total service fees that Bank of America earns from its debit and credit card business was relatively stable prior to 2009 aided by high interchange fees and card fees in the US relative to the rest of the world, which helped generate strong revenues for the card industry.
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Small businesses that do tend to carry balances may want to consider using cards from Bank of America, the only major credit card company that has voluntarily implemented small-business-friendly protections.
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Tired of earning profits through conservative business loans, the bank branches out with an aggressive purchase of credit card clearing company in Miami, ICon.
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"They are like a partner in my business, " he says of the credit-card networks and bank issuers.
Already armed with a small business card from Capital One, she figured why not use the bank's credit card-processing services, too?
Outsourcing services, whether a bank outsources its credit-card business or a hotel its reservations, is harder to manage than outsourcing the manufacture of chips or tyres.
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