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today I'm going to show you how you can create your own pay stubs just with a credit card step by step this is a game changer for people who are self-employed small business owners and even Freelancers whether you think about buying a car a house renting an apartment having proof of income is a must well what I'll be breaking down for you today will make it a whole lot easier to get the lending that you need what's up winners my name is nam if you're new here welcome here we talk about things personal finance and credit starting out by subscribing so you don't miss out on any future videos so in this video I'll try to break things down as simply as I possibly can but if you still have some questions feel free to reach out or just leave a comment below and I try my best to get back to you now let me explain who is this exactly for this is going to be for small business owners that need to produce pay stubs so they can get the lending that they need or need a free of cash expenses and want to leverage credit to scale their business first let's talk about lending we're talking about loans mortgages renting an apartment and pretty much anything that that requires you to have proof of income a few other YouTubers have covered this topic but they really didn't get into the nitty-gritty of what needs to be done for you to actually do this if you are a small business owner then you know all too well of how difficult it can be to get lending because lenders they label you as high risks and most of the time they will require you to have at least two years of tax returns before they even consider lending to you on the other hand if you were just to start a job as a W-2 employee just having a few pay stubs is usually enough proof to show that you have steady income to approve you for Lending pay stubs is just essentially a report card for your earnings they show how much money that you make how often you get paid and what is taken out already for things like taxes the second reason why you may want to make pay stubs with a credit card is the leverage credit that you have to scale your business for example you have a construction business and you need about Mission critical supplies but your suppliers don't accept credit cards because it eats into their margins too much and only accept checks or wires you as a business owner need supplies or you can start a new job and you might be waiting to get paid for the prior job so this is a cash flow problem you also can't miss payroll and payroll is a cash expense being able to put payroll on credit cards free up cash necessary expenses if you never ran payroll then this is usually how you pay yourself you have a business it makes money that money goes into your business bank account and whatever money that you want to pay yourself has a salary or pay you would just move that money from your business bank account into your personal checking account in case you have not switched into a business bank account you're still paying yourself from a personal account make sure you check out Noble business banking because there is no monthly fees you can create free invoices and there are a bunch of other neat features that can make your business run smoothly so even if you transferred five thousand dollars every single month from your business account for the past few months Banks and lenders do not care and they do not see this as consistent and a stable source of income this is where you gotta act like a big company or Corporation and run payroll now before I move on there's only certain types of businesses that will allow you to run payroll for yourself this includes corporations or llc's taxed as corporations so sole Proprietors and single member LLCs won't be able to do this to implement this strategy you need to be taxed as an S corp or a C Corp so before you do this make sure it makes sense from a financial standpoint there are plenty of benefits to either one so talk to your account or tax planner to determine the best one for you now to run payroll you have to be connected with a payroll provider which is the company that makes sure that you get paid for the work that you do they will take the money from your business and keep some of the things like taxes Social Security and then drop the rest into your bank account if you ever worked a traditional job where you get paid a W-2 you usually see a section where there's already federal or state taxes that are already deducted from your pay and you just get the difference if you haven't been running payroll for yourself you typically worry about taxes much later or you can just pay them on a quarterly basis so you won't get hit with a huge tax bill when it's time to do your taxes there are plenty of payroll providers but to be able to create your own own pay stubs you need to work with ADP they are probably one of the largest payroll providers and they might have ran payroll for you or for the previous companies that you work for so they've been in this game for a while what to think about payroll providers is that not only they will give you printed pay stubs but they'll also provide electronic pay stubs as well this is actually the preferred method of many lenders or rental companies just due to the fact that it is harder to these types of pay stubs so the whole reason how this is possible is they have partnered up with third-party providers such as plastic and zillmoney which allows you to run payroll with a credit card so you can create your own pay stubs so even if your business is new but if you're able to get a business credit card you can start using that card to run payroll before I move on as a disclaimer ADP has currently positive relationship with plastic since plastic had a file for bankruptcy due to the whole Silicon Valley Bank Fiasco so depending on when you watch this video plastic may or may not be currently working with this technique but I'll show you how to do this with Zill money a little bit later so for first things first you gotta make sure that you have the correct business entity so it has to be a corporation or LLC that's taxed as a corporation next is that you need to sign up with ADP I do have a link down in the description below where you can plug in your info and you can actually speak with an ADP rep that can get you set up this is a special link just for you guys because they will providing you a white glove service and on top of that you get 20 off when you sign up with them so once you have an account and it's up and running this is when you need to integrate zillmoney into your ADP account all the links will be down in the description so once the account is open if you would have to subscribe to the zillmoney app from the ADP Marketplace then you'll be redirected to Zill money to sign up with your ADP credentials then from there you'll just simply run payroll as usual and then you will be able to add your credit card and Account Details the unique thing about Zill money is that it allows you to use American Express if plastic still works you're only able to use Visa and Mastercards so once you put in your account details you would have to choose of how you want to run payroll this can be Auto process partial charge or each time you decide then from there I will show you how much your credit card is being charged in the fee it will cost so this is just a quick overview of how to do this Brazil has also made a full tutorial that you can check out Link in the description now to run payroll with a credit card this does not come free Zoom money will charge you a 2.95 fee but the actual cost can be much lower than this so let me explain how for example the fee is 2.95 if you have a business credit card that offers one and a half percent cash back and you have a tax rate of 20 the fee of 2.95 minus one and a half percent cash back rewards and also minus the 0.6 tax write-off the actual fee is closer to 0.85 so that is not too shabby to get more lending for your business so you can scale much quicker when it's all said and done the main reason why you want to be able to run payroll with the credit card is to look more legit from a lender's perspective if I see you get consistent income with pay stubs that is getting direct deposited into your bank account this will make me a whole lot more comfortable and giving you some money so from a landing perspective if you want to get access to more money to scale your business or you want to use other people to make more money this is definitely a route to take on the other hand if you want to free up cash expenses such as payroll then this will definitely come in handy especially if you are running into cash flow problems like if you're on net 30 60 or even 90 terms this will allow you to start projects much quicker or buy inventory in bulk so you can get greater discounts if you have any questions about this whatsoever let me know in the comments also if you are interested in actually doing this specific play make sure you're standing with ADP using my link down in description to make sure you get the special rate also if you want to hang out with me some more come check out these videos over here