Services business credit card recommendations

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April 30, 2021

by a searcher from George Mason University in Jacksonville, FL, USA

I'm under contract for the acquisition of a gutter installation company down in Florida and have been researching accounts to set up for operation of the business. Does anybody have any recommendations for credit cards/bank accounts from a benefits/perks/fees perspective? The largest expenses that will be run through are gas and material costs. Thanks for any input!

Ben

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Reply by a searcher
from Harvard University in Boston, MA, USA
We have four credit cards - Chase Ink (best for points), Amex Platinum (best benefits when traveling), Amex Plum (best for pushing out payments up to 90 days), Brex (best for creating effectively a 60 day revolving LOC on frequent charges, e.g. internet advertising). We have the due dates of the Chase, Platinum and Plum staggered every 10 days so the cashflow isn't lumpy.
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Reply by a searcher
from Stanford University in Salt Lake City, UT, USA
For gas, I'd suggest weighing the pros and cons of a wex fuel card versus a cash back credit card. The fuel card has additional controls in place to minimize the risk of employees stealing from you (versus a credit card). I'd suggest using whatever process the business uses today and then make changes later as you get a better grasp of operations.

For banking, figure out what your deposits will look like (cash vs check). If you are dealing with a bunch of checks, a check scanner is ideal. Most banks will try to charge you a monthly fee for the service, but it's possible to negotiate it for free. If you will be making in person deposits of cash, figure out which bank is most convenient and go with that. Large deposits via ATM are annoying.
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