Business Services Industry
PLASTIC'S DOUBLE EDGE: BUSINESSES FLOCK TO CREDIT CARD FIRMS FOR QUICK CASH, BUT MUST TUNE IN TO RISK.
Crain's New York Business, March, 1999 by Nemes, Judith
Two years ago, David J. Reisner received a $50,000 unsecured line of credit from American Express Co. The owner of Allwell Supplies Inc., a Brooklyn appliance and cabinet center, uses it when he runs low on cash, usually about three times a year. Mr. Reisner, who says that he could have gone to a bank for the line of credit, is clear on why he opted for AmEx.
``It was a lot less paperwork to get this loan,'' he recalls. ``I filled out an application, the information was verified over the phone and a week or so later, I got my line of credit.'' For reasons ranging from simple ease of access to a fear of rejection by the local bank, many small business owners are turning to credit card companies. Eager to have more such customers, the card companies have...
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