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Tractor Talk Discussion Forum

cash buyers need a better deal

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BSer

11-13-2004 16:03:03




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I run a small business that doesn't take plastic because of the fees. we buy with cash and have no charge accounts. Wouldn't it be fair/nice/practical if cash customers were given the 3-5% that the store pays to handle there plastic? I no this idea doesn't stand a snowballs chance of getting accepted,but I feel like a second class citizen making the store that premium. Any ideas on how to get this implemented?

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paul

11-15-2004 07:58:27




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 Re: cash buyers need a better deal in reply to BSer, 11-13-2004 16:03:03  
Chemical dealer said they take cash, Farmplan, or Visa. I said great, put it on the card. Gives me 20 days extra to pay...

Oops, that would be a 4% surcharge or so.... Didn't mention that at first tho....

Several auction companies are strating to accept credit cards. always a premium on those tho....

I believe on any substantial purchase, you can work things out or they already are worked out to 'level the field' on the cash vs credit issue....

--->Paul

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JT

11-15-2004 06:56:07




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 Re: cash buyers need a better deal in reply to BSer, 11-13-2004 16:03:03  
The thing that makes me mad about credit card companies is they can do anything they want. Had a customer buy a $6000.00 mower, did not show up in my checking, then got a phone call, they wanted proof of the sale and if I did not stop what I was doing and get this to them, they would keep my money untill I did. Do not like credit cards, they average costing me $250-300.00 per month in processign fees.

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Hugh MacKay

11-14-2004 17:11:34




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 Re: cash buyers need a better deal in reply to BSer, 11-13-2004 16:03:03  
BSer: I wouldn't condem the system that has evolved for daily, weekly and monthly supplies. Security is the name of the game today and plastic has given both buyer and seller that security if they use it right.

The one that ticks me off are big ticket items like cars, pickups, tractors, houses, etc. These guys demand you use their financing, with the implementation of pricing and finance charges and or leasing. If you look at the finance or leasing charges for any $30,000. vehicle, match that against prime interest rates. You should be able to buy that vehicle with $22,000. of your own money, up front. Try it,they just laugh at you.

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Farmered

11-14-2004 03:26:44




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 Re: cash buyers need a better deal in reply to BSer, 11-13-2004 16:03:03  
Unfortunatly we are very close to being a cashless society. We will have a federal sales tax instead of, or more likely in addition to, federal income tax. The tax will be collected automatically through our card accounts. Of course there will always be bartering, trading and payment "in kind" and other under the table deals that will give the G men nightmares. Ed



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Dug G.

11-13-2004 20:35:21




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 Re: cash buyers need a better deal in reply to BSer, 11-13-2004 16:03:03  
Best I can recall from Acct. classes, it is illegal for a business to charge only credit card purchases more to make up for credit card surcharges. Sellers bypass the law by offering cash discount terms, and charging the regular price and surcharge to all customers.



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kyhayman

11-13-2004 18:39:26




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 Re: cash buyers need a better deal in reply to BSer, 11-13-2004 16:03:03  
I used to think that a farmer would never need to take credit cards. As far as using them, I have for years, always pay in full, get the max rebate cards, and all that. When I started taking credit cards (I use a laptop and then paypal) saw my business go up by at least 30% the first year, plus its elimintated me having to carry a lot of money on the books.



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Davis in SC

11-13-2004 20:26:47




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 Re: cash buyers need a better deal in reply to kyhayman, 11-13-2004 18:39:26  
Used right , cards can work for you... Back in the summer, I had a circuit board to fry in our CNC machining center.It was almost $1,000.00 Supplier offered a 10% discount if I paid with card instead of net 30. So I paid with my personal card, wrote myself a check for that amount, drew interest on it til I paid it off next month. Plus, I got a 1% rebate for using card. A win/win situation.... & I am sure the IRS would approve.....

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Nebraska Cowman

11-13-2004 16:53:48




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 Re: cash buyers need a better deal in reply to BSer, 11-13-2004 16:03:03  
It's just part of the cost of doing bussiness. in the old days we carried customers "on the books" and a bunch of it was never collected. Billing was a monthly chore that often required extra offic help. No BSr, we might grumbe at the cost but I like this way better. My advice to you would be to get a credit card and use it. Where else you gonna get working capitol interest free?



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Rockin' Farmer

11-14-2004 05:32:37




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 Re: cash buyers need a better deal in reply to Nebraska Cowman, 11-13-2004 16:53:48  
At the lumber yard where I work, we've had people pay off entire house loads of material with credit cards. We do take a hit on the credit card fee, but it's nothing compared to what we've had to spend on legal fees when a deadbeat doesn't pay at all. Bad checks are another hassle trying to collect. As for using credit cards, if you use them wisely, they can be a great tool.

It might not be fair, but it's the way it is today.

.02

Rockin' Farmer

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Davis In SC

11-13-2004 16:33:44




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 Re: cash buyers need a better deal in reply to BSer, 11-13-2004 16:03:03  
I agree... A few years ago,I was buying an item for several hundred dollars, the owner asked if I could go get cash to save him the Credit card charges. (He does not take any checks) I told him I would if he gave me a small break on price, he said no, so I used the card... Some merchants have told me thay prefer the cards, money is instantly credited to their account. Plus counting the cash & trips to the bank are time consuming, not to mention the risk of being robbed.

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RZ(WA)

11-13-2004 17:13:41




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 Re: cash buyers need a better deal in reply to Davis In SC, 11-13-2004 16:33:44  
I'd almost prefer to have 'one price for all' and have the credit card premium that is currently charged the vendor to be added to the card holder. Perhaps another way to "curb" inflation and consumer debt if the purchaser gets bitten directly ?



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Sloroll

11-13-2004 16:33:31




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 Re: cash buyers need a better deal in reply to BSer, 11-13-2004 16:03:03  
I was told it was illegal to charge more for creditcard sales but legal to discount for cash. Most of my sales run between $200 and $2,000. That 3-5% hit really hurts everyone but most are unwilling to cary cash or a checkbook. The 3-5% just has to be built in for their convenience. It is a plastic convenient society. Sorry.



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wrench50

11-13-2004 18:34:17




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 Re: cash buyers need a better deal in reply to Sloroll, 11-13-2004 16:33:31  
If your paying 3-5% to take charge cards you need to find a different company.Banks are usally high.u You can get 1.5% with no min. If you do a large volume of credit sales you can get better than that. And don't lease their machines buy them off E-bay. You can get card readers and printers for $35 and up.



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paul

11-15-2004 08:04:18




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 Re: cash buyers need a better deal in reply to wrench50, 11-13-2004 18:34:17  
All depends on the type of business & how long you have been in business. Try getting in the system if you are selling electronics & been in business less than 2 years.... Or so on.

--->Paul



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Dale

11-13-2004 19:36:46




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 Re: cash buyers need a better deal in reply to wrench50, 11-13-2004 18:34:17  
We have a couple of gas stations here that have their pumps split so that instead of having high and low octane on each pump, one side is for cash and one is for cards with about a 2% discount for cash.



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Sloroll

11-13-2004 21:00:29




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 Re: cash buyers need a better deal in reply to Dale, 11-13-2004 19:36:46  
Unfortunately in this case I am a "certified " dealer and have to use a brand name card. The positive side is if my customers use the "Brand X" card there are no charges.



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