SMALL BUSINESS ADVICE
Capital on Tap | September 28, 2022
Capital on Tap, a global FinTech providing access to an all-in-one small business credit card and spend management platform, introduced virtual cards as part of their mission to help small business owners run their businesses faster, simpler, and more efficiently.The virtual cards will be available immediately for the majority of approved applicants. Most applicants receive a credit decision within 24 hours, meaning approved cardholders will be able to make purchases on their Capital on Tap Business Credit Cards, issued by WebBank, within just one day of submitting their application.
"For busy small business owners, the virtual card is a true game changer,David Luck,Having immediate access to funds is critical for success in this challenging business climate that often requires quick decisions and multiple strategic pivots."
Co-Founder and CEO of Capital on Tap
Virtual cards can be added to Google and Apple Pay accounts so cardholders can immediately make purchases in person or online. Small businesses also benefit from an added layer of security with virtual cards. Cardholders can replace them in real time, so if the account information is compromised or even if a cardholder makes a purchase from a vendor, they just don't feel completely confident in they have the option to void that card for all future purchases and instantly generate a new one. With no lag time between the cancellation of the card and the receipt of the new one, cardholders will never be without access to funds. Of course, all security features of the physical Capital on Tap Business Credit Card also apply to virtual cards.
Account holders can also set spend limits on their virtual cards. This is useful for business owners who want to issue a virtual card for single use, such as travel or a large purchase. While account holders are currently limited to one virtual card per account, the option to generate multiple cards simultaneously will be available later this year, allowing cardholders to issue virtual cards to individual employees, and even designate separate virtual cards for different categories of business spend.
About Capital on Tap
Capital on Tap makes it easy for small businesses to manage their business spending, access funding, and earn best-in-class rewards. More than 200,000 small businesses have spent $5 billion on their Capital on Tap Business Credit Cards across the US and UK.
SMALL BUSINESS ADVICE
Simply Business, LLC | September 27, 2022
Simply Business, LLC., a Boston-based digital insurance agency focused on small businesses, today announced the launch of a partnership with biBERK Business Insurance, a Berkshire Hathaway company, to offer workers' compensation products online to small business owners in the United States.Through this new partnership, small business owners can receive a biBERK workers' compensation quote through the Simply Business website. They also have the option to digitally bind policies and speak to a licensed insurance agent to ensure that the coverage they've selected best meets the needs of their business.
"We're committed to helping small businesses grow by providing specially tailored insurance solutions, and this new partnership makes it easier for our customers to get exactly what they need,With the help of biBERK, we're able to provide more comprehensive coverage to entrepreneurs across the country."
David Summers, Group CEO of Simply Business
This offering is currently available to small business owners in Washington D.C. and all 46 states where private carriers are eligible to operate.
About Simply Business
Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 850,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value.
biBERK is a small business insurance company that's part of the Berkshire Hathaway Insurance Group. All of Company's major insurance subsidiaries are rated A++ by A M Best Company with millions of customers and over 75 years of insurance experience.
SMALL BUSINESS ADVICE
Equitable | September 26, 2022
Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc., today announced the launch of a new 401(k) program for small businesses, including those with startup plans and plans with account values up to $500kThe new program, Retirement Gateway for Small Business, will serve a growing need in the underserved micro 401(k) market to create a simplified onboarding and administrative experience for plan sponsors and financial advisors from initial consultation to implementation. We anticipate the enhanced tax credits for small businesses establishing retirement plans included in the SECURE Act 2.0 proposal will help grow the micro 401(k) market over time,” said Keith Namiot, Chief Operating Officer of Group Retirement at Equitable. “We have aligned our new program with where the market is expected to grow, and we are excited to help plan sponsors and advisors overcome the administrative barriers associated with setting up 401(k) plans a hurdle that has historically deterred many small businesses from offering them. Retirement Gateway for Small Business is poised to capitalize on other proposed provisions of SECURE 2.0, like the automatic enrollment requirement for new plans created by businesses with 10 or more employees. The growth of state-mandated retirement plans is also driving the demand for this type of program. All new Equitable 401(k) clients with plan account values of up to $500k have access to Retirement Gateway for Small Business. The program offers packages of services—some of which are made available through partnerships with unaffiliated third-party providers—to help ease demands on plan administrators and improve participant outcomes. They include:
3(16) Administrative Fiduciary: Significantly relieves the fiduciary burdens of running a 401(k) for plan administrators.
3(38) Investment Fiduciary: Provides professional assistance with investment management tasks.
Automatic Enrollment: Reduces the amount of time employees spend on the enrollment process, which can lead to greater participation and increased savings rates.
Stadion Managed Accounts as the QDIA: Reduces the complexity of selecting investments by automatically investing participants in a personalized portfolio.
360 Payroll Integration: Reduces the amount of time and effort spent managing census and payroll files.
“Small business owners are focused on operating their organizations. That’s why it’s important to take the guess work out of choosing the right retirement plan design that can help them achieve the best participant outcomes,Predefined packages help advisors reduce the administrative burden and time spent selecting a plan, point their clients to the right amount of fiduciary coverage based on their specific needs, and streamline the overall onboarding process.”
Jay Zickerman, head of Product Innovation and Implementation for Equitable’s Group Retirement business
Another goal of the program is to help cut the time spent on getting plans up and running by quickly connecting advisors to a third-party administrator (TPA), who can assist with plan design, implementation and ongoing administration.
Compass Retirement Consulting Group, Inc., a retirement plan consulting firm, will serve as the plan’s TPA and 3(16) administrative fiduciary for the Retirement Gateway for Small Business program. Equitable’s Group Retirement business offers tax-deferred investment and retirement solutions for employer-sponsored plans and consists of small-to-medium size businesses, educators and other public sector employees. The business serves more than 1 million clients with $45 billion in account value and assets under administration as of 6/30/2022.
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH) has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country. A Retirement Gateway® annuity contract or any state variation thereof is a group flexible premium combination fixed and variable deferred annuity issued by Equitable Financial Life Insurance Company (Equitable Financial), NY, NY. Co-distributed by affiliates Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN) and Equitable Distributors, LLC. Equitable Financial, Equitable Advisors and Equitable Distributors do not provide legal or tax advice and are not affiliated with Stadion or Compass Retirement Consulting Group, Inc. Guarantees are based on the claims-paying ability of Equitable Financial Life Insurance Company.