This blog looks at how simple bank alternative, Zil.US, helps a house-flipping business.
House flipping business is an exciting venture that combines the thrills of real estate investment with creativity for home renovation. However, beneath the excitement lies several payment challenges. Some of these include;
- Delays in payment to contractors can halt renovations and ruin relationships with skilled tradespeople.
- Traditional checking accounts are accompanied by some quandary of charges that reduce the profit.
- Many contractors prefer to get paid via specific methods, and limited payment options can complicate transactions.
- Maintaining correct records of all transactions is crucial. However, doing that manually is cumbersome.
Checking Accounts with Zero Fees and Hidden Charges
Zil.US offers checking accounts that are completely free. There are no initial fees, monthly fees, minimum balance requirements, or minimum deposit requirements. This helps a house flipper to allocate more of their budget toward property renovations and marketing. This way, they can increase their profitability, allowing more resources to be invested in crucial areas of the flipping process.
Moreover, a fee-free checking account can help flippers to have a clear idea of their available funds without worrying about hidden costs. This transparency helps with effective budgeting and financial planning which enables flippers to stay on track with their renovation expenses.
Additionally, the lack of minimum deposit and balance requirements lowers barriers for new or smaller-scale flippers who may not have significant initial capital. This flexibility of the platform helps aspiring flippers enter the market more easily and start building their portfolios.
ACH Transfers: A Reliable Payment Solution
ACH payments, regulated by NACHA, involve the secure transfer of funds via the Automated Clearing House Network. Zil.US is an official member of NACHA. So, you can make ACH payments easily with the cloud-based platform.
ACH transactions typically incur lower fees when compared to other payment options. This benefits house flippers as savings on transaction fees can lead to substantial cost reductions over time.
The platform also offers same-day ACH, which ensures that the payment reaches the recipient within the next business day. This speed ensures that house flippers can make timely payments to contractors and suppliers, which helps to maintain project timelines and avoid costly delays.
Basically, there are two types of ACH transfers. One is ACH debit, and the other one is ACH credit. In ACH debit, the payer authorizes the payee to take funds from their account. On the other hand, in ACH credit, the payer allows the payee to take payment from their account whenever due. You can make both ACH debit and ACH credit using the cloud-based platform.
Wire Transfers: For Making International And Domestic Transfers
Wire transfer is a secure and swift method for sending money domestically and internationally. You can make both domestic as well as international wire transfers with Zil.US. For you to make an international wire transfer, you may need specific codes like SWIFT or IBAN. On the other hand, you may need only the routing number and account number for making a domestic wire transfer.
Wire transfers allow the transfer of substantial amounts of money in a single transaction. This is particularly advantageous for house flippers who frequently need to make large payments for property purchases, renovation costs, or bulk material orders.
Virtual Cards: An Instant Payment Solution
Virtual cards are digital forms of physical cards that perform the same function. It offers instant access to funds, allowing house flippers to make purchases without the delay associated with traditional methods. This immediacy helps flippers to effectively deal with time-sensitive payments such as securing materials or paying urgent repairs.
Virtual cards are inherently secure as they can be generated with unique card numbers for specific transactions. This feature reduces the risk of fraud, as each card can be set with spending limits and expiration dates.
You can generate and send virtual cards easily with Zil.US. For this, first, fill your wallet. You can make payments until the wallet balance is zero. Once the balance is zero, you can easily recharge it using your checking account.
Check By Mail: Traditional Method with A Digital Convenience
With Zil.US, you can send a traditional check with a digital convenience. The platform will print, label, and envelope your checks and send them on your behalf. That is, you no longer have to worry about all the manual hassles that are needed while mailing a check. The platform will handle everything and will send your checks at an affordable cost.
This automation saves house flippers significant time, letting them focus more on core business activities. Moreover, sending checks through the cloud-based platform allows flippers to maintain a professional image. The cloud-based platform also allows you to track your payments. This feature enhances accountability and simplifies financial management, which makes it easier for tracking expenses.
Conclusion
A house flipping business can use simple bank alternative, Zil.US, to overcome all their financial limitations. The no-fee checking account offered by the platform helps flippers increase their profitability and allows them to focus more on core activities. Additionally, the multiple payment option offered by the platform allows them to make payments the way they like.
