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Legal Branding

The Importance of Branding in the Financial Sector

Considering the fact that the financial industry goes back to ancient civilization, branding is a new concept which has become crucial for success in todays modern world. If you watch old TV shows and movies, you will know the concept of the frontier banker. There used to be just one bank in town, which would be a solid looking building with heavy bars on the windows, and you could go there to simply borrow or deposit money. The bank was always busy as it had no competition.

Today, times have changed considerably as we are surrounded by a wide array of financial institutions, both online and traditional bricks and mortar. There is fierce competition for customers, and institutions have to make an effort on multiple fronts for attracting and retaining customers. They now have to invest heavily in advertising, offering new products and services, while also adding new technology to improve efficiency.

But, where is the brand building? If no one knows who you are, they will not pay attention to your products and services. Your bank will not look any more different from the next one. A brand serves as the identity of the financial institution and represents its values, personality and traits. It distinguishes your business from others, because strong brands are captivating, likeable, memorable and relatable. A strong brand provides you with greater control over your bank’s future because it gives you the power to communicate with your peers, customers and the public.

We spoke with Katherine Rose a branding expert in the financial industry, about some of the ways branding is paramount to the industry, fresh from her latest campaign for logbook loans online lender elogbookloan.uk.

There are a number of ways that effective branding can help in the financial sector:

A strong brand gives you a competitive edge

With a strong brand, a business can create a strong emotional connection with its customers, whether they are individuals or commercial organizations. More than the products and services that are offered by a financial institution, the brand is their reputation, their promise. Not only does it resonate with people, it also helps you become recognizable instantly. When customers see your brand and listen to your message, it becomes easier for them to choose you. This makes a business less vulnerable to competitors.

A strong brand helps to build trust

When it comes to matters of money, trust is vital. Strong brands are perceived by customers as higher value and lower risk. This strengthens a business’s bargaining power when they are dealing with potential partners and vendors. It is also helpful in reducing turnover, fueling employee pride and also attracting top talent.

A strong brand can ease financial pressures

Organizations in the financial sector are also businesses. In fact, they are highly regulated businesses. Increasing regulation, changing tax policies and the need to find new revenue sources and cut costs have made uncertain times for businesses in the financial industry. These risks can be mitigated by a strong brand with goodwill that boosts actual company value and customer loyalty.

A strong brand directly speaks to your customers

Today’s world has become content driven, which means that everyone can now be regarded as an empowered decision-maker. Strong brands can support this fact because they position themselves as useful resources, not just purveyors of products or services. This can be immensely helpful in building customer confidence and trust.

A strong brand can mitigate the pressure of mergers and acquisitions

Due to the numerous benefits that a strong brand can offer, financial institutions that wish to stay independent can protect themselves from unwanted takeovers. A strong brand increases the negotiating power of any financial organization that wishes to merge with or acquire others.

These are just some of the prominent benefits that branding can give a business in the financial sector.

Legal Branding

What Is PayPal Working Capital & How Could It Help Your Business?

Many businesses will need to seek additional funding at some point throughout their lifetime, whether it be to invest in their long-term growth, or simply to solve issues with cash-flow. But, with so many finance options out there, finding a funding option that best suits your business’ needs can at times feel overwhelming.

According to a recent report, PayPal Working Capital is a funding solution which is rapidly increasing in popularity, particularly amongst small business owners:

  • 30,000 UK businesses have now benefited from the £3.6 billion that PayPal Working Capital has loaned globally since its inception in 2014. 

But What Exactly Is PayPal Working Capital?

Also known as a cash advance, your business can receive up to £150,000 in business funding, which you then repay using a pre-agreed percentage of your PayPal sales.

There areno periodic interest charges, nor monthly bills or pre-payment fees. You simply have just one fixed fee to repay, the amount of which is determined by your business’s previous PayPal sales and account history.


Applying:

The application process itself only takes around five minutes, whereas the application for a typical bank loan can take hours and may require you to come to numerous follow-up appointments. With Paypal you can easily apply online, and if your application is accepted, you can access the cash within just minutes. making it an immensely quick and convenient option.


Repaying:

When it comes to making repayments, these will be automatically taken from your PayPal account whenever sales are made, so the process is always hassle-free. Your business will start to pay back the advance four days after you receive funding and the percentage that you repay is always pre-agreed. In other words, you won’t encounter any nasty surprises.

PayPal also gives its users the option to make extra payments, giving you the ability to pay off your cash advance sooner if business is booming. It is also worth noting that any revenue your business makes outside of PayPal does not have any influence on the loan, both in terms of how much money you receive, and in term of the repayments.

Things To Bear In Mind…


There is a minimum level of repayments that you are expected to meet every 90 days, but this is usually no more than 10% of the total amount borrowed.

How Can PayPal Working Capital Help Your business?

  • With the chance to have significantly increased funds available to your business within minutes, there is a whole new world of opportunity offered up to you with PayPal Working Capital UK could give you the chance to refurbish your shop, run a new marketing campaign, or start up that new project you have been planning for months.
  • The gentle repayment scheme that PayPal offers should allow you to enjoy your cash advance and the opportunities for growth that it brings you without feeling under time-tight pressure to pay off your debts.
  • The fact that the repayment percentage has been decided upon by you personally, you’ll know exactly what to be expecting each month. This in turn allows for simpler and better financial planning on your part within your business, allowing you to feel more in control of your business’ growth commercially.
  • The rapid nature of such financial product also makes it a no-brainer solution if ever you bump into any nasty financial emergencies. Say there is a serious and unexpected problem with the electricity within your business that requires an electrician’s immediate attention. If you do not have the funds to pay the electrician, PayPal funding has almost instantaneously got your back.

Whereas, if you were to apply for a traditional bank loan instead, you would be left waiting weeks before had received the money, leaving you and your business meanwhile in a muddle.

Notably, 70% of PayPal loans made in the past year happened outside traditional bank branch hours, again bolstering its more convenient and accessible nature, which is becoming more and more essential in our busy, modern-day society.

PayPal Working Capital is a modern and convenient option for any small business owner in need of a quick and easy helping hand with their finances. Its flexible and speedy nature allows for an increased wealth of opportunity, allowing for the development of your business, but also a simple solution to any financial emergencies might that crop up.

Legal Branding

The Enhancement in The Credit Score Gained by Strategic Acquisition of Credit

This is a guest post by Marina Thomas The credit score is the number that determines the credit position of a person. People who have taken credit and have maintained and are maintaining multiple credit accounts efficiently with timely repayments are known to have good scores which help them in getting new credit without too many hassles. However, if the credit score of a person is at the lower end then credit will be available but the options will increase severely, and the rate of interest will rise significantly. While calculating the credit score 10% of that score is dependent upon the credit balance that one possesses. Therefore it is understandable that if a credit score is to be improved, then the avenues and amount of available credit has to be increased.

The actions that can be taken to improve credit by exploring credit avenues

Building up the credit amount is vital, and it will also help in resolving the existing problems that have affected the credit score of a person. The below-mentioned steps will provide a person with the necessary information needed for deciding upon a pathway for building credit:

  • Acquire new credit:

If a person is interested in enhancing the credit score, then the first important thing that is needed is to have credit because without taking any credit one cannot hope to get a credit score. Many lending agencies might not agree to provide credit to a person who has no previous credit record. Therefore it is better to build one’s credit report bit by bit by taking new loans in a sensible a calculated manner.

  • Select an appropriate credit card in the initial stage:

Acquiring a credit card, in the beginning, might seem a bit difficult for individuals who are not well acquainted with credit cards, but some companies specially formulate credit cards for first-time holders. These credit cards are also termed as starter credit cards. The starter cards usually offer a considerably low credit. For initiating the line of credit, it is a good way, to begin with, a relatively small amount of loan. However one should not choose just any kind of initial credit card because whenever it comes to credit building, it is important to remain alert and do a bit of research. The credit card should satisfy the condition of providing a small credit amount but also needs to have a relatively moderate rate of interest. High rate credit cards are to avoid as one needs to get used to the rhythm of credit taking and solving before moving on to the other areas of credit acquisition. In this regard, a person can also opt for a secured type of credit. These credit cards allow a person to invest a certain amount and this amount is converted into the credit that is provided to the cardholder. There is no need for any credit to forward an application for such credit cards and interest is also nil,this is a huge advantage for a person who is beginning to build credit. Hence there are ways to increase your credit score by 200 points, but no hasty steps should be taken with credit gaining as it will do more harm than good.

  • Reining the credit taking attitude

In the initial phase, it is very important to keep oneself grounded and control the urge of taking a huge credit from one or more sources. The sudden taking of massive credit can cause many problems like a high balance which will lower the score of a person. Therefore potential issues should be eliminated by keeping the risk appetite measured in the starting phase so that one gets to know about the credit field meticulously and builds a good credit before venturing into risky prospects of taking enormous credit.

  • Build the credit score by being punctual about loan payments:

Whenever credit is taken, it is understood that a loan has been acquired which has to be repaid according to the terms and conditions of the credit providing company.Accounts that are new should not be converted into debt accounts by being slack with the payment procedure. The presence of a loan will impact the 10% of the score, but if the same loan is not repaid, then it will negatively impact the score. Then the task will become two-fold one is to elevate the score and another is to solve the debt. Therefore being extremely diligent about all kinds of payments is very necessary. If payments are done timely from the very beginning, then the credit score will also move upwards quickly.

  • Using multiple sources for constructing the credit line:

When a single source of credit is used when the score is not very heartening but when multiple credit avenues are being used, then it will positively impact the score. Small loans from banks or other sources might be a good idea for diversifying the credit taken. However, care should betaken so that too many loans are not taken in quick succession because that also means that the payments have to be made together which might get tricky and make a person land in a puddle of debt.

  • Keeping track of the cards and upgrading to better cards:

Multiple credit cards are used by many, and initial cards with low credit balances do not offer any discounts. Therefore when a person has learned to manage credit effective mannerly then choosing a better card that has multiple benefits is sensible however it is also important to check the balances or credit taken in each card regularly. Having a credit card is like having a financial responsibility to the credit taken should be measured and tracked so that repayments are done. The benefits offered by different credit cards should be applied sensibly so that the person is in a painful position. Therefore there are ways to make the credit accounts impact the credit score, but all steps that are taken for increasing credit should be taken with extreme caution and care.  

Author Bio

Marina Thomas is a marketing and communication expert. She also serves as a content developer with many years of experience. She helps clients in long-term wealth plans. She has previously covered an extensive range of topics in her posts, including business debt consolidation and start-ups.

Local Branding

5 Business Risks You Take When You Become a Sole Proprietor

As a sole proprietor, you take on many inherent risks alone. There is nobody else to share the responsibilities, and any results of economic rewards or challenges would be only yours. It’s not easy to run a solo enterprise, but Gov Doc Filing makes it easier by providing the forms needed to apply for an entity and offer fast, simple, and secure processing through their simplified sole proprietor, S-Corp, C-Corp, and LLC forms online. They also provide forms to apply for an Employer Identification Number if needed.

Top Risks of a Sole Proprietor

  1. Limited Earnings – There are only you and a limited number of hours in a day. You also need to eat and rest. Even with hired help, the majority of the work lands on you. Your earnings are limited on how much you are able to accomplish each day. It is common for people with financial problems not to be clear about what they are pursuing (absence of goals) and, if they have them, they are vague, unrealistic or incompatible with their budget. What is not measured is not controlled.
  2. Poor Credit – When deciding to extend credit as a sole proprietor, lenders take your personal finances into account. All your personal spending habits have an impact on your ability to gain credit. It is important that you maintain an excellent credit rating as a sole business owner. It is associated with the possibility of defaults occurring in the established time and manner, which may involve loss of principal and interest, a decrease of cash flow, generation of expenses associated with the recovery processes, etc.
  3. Financial Errors – In addition to completing work for your business, you must also carefully monitor your finances. As a sole proprietor, managing your own books can be risky. Consider hiring an accountant or make it a habit to enter your income and expenses in a daily log or spreadsheet.
  4. Being Sued – A great benefit of incorporating your business is the layer of protection it provides. It is possible to lose all your personal property if you are sued.
  5. High Tax Bills – Although most expenses related to your business can be deducted on your income taxes, your tax burden may be increased from the self-employment taxes you must pay. Your habit of saving is deficient or nonexistent, you do not pay your credit cards, pay loans, understand how normal to acquire everything on credit, as well as paying delinquencies for overdrafts and late payments.

Before wanting to make any comment about it, it is necessary to know the variable and the risk concept with which we live in a day-to-day in a financial institution. In very simple terms there is risk in any situation where we do not know exactly what will happen in the future. Elsewhere Risk is synonymous with Uncertainty, it is the difficulty of being able to predict what will happen. Risk is part of life itself, it is up to us to manage it by becoming aware of the situations that lead us to it and applying the corrective measures to avoid them, as long as it is within our reach.