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  #21  
Old 02-01-2014, 08:39 AM
gregory gregory is offline
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Originally Posted by humble1 View Post
To me Ric, its about principle. What I have out isnt going to break me. I remember when a man could shake your hand and his word meant something. Now the girl behind the counter doesnt say please, or thank you. And when she gives back too much money most people walk out the door feeling prowd that they ripped off the store owner who employs that girl. Morals and manners seem to be an elective these days...
there's still some out there but your right its a dying breed thats for sure...
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  #22  
Old 02-01-2014, 10:05 AM
PenningsLandscaping PenningsLandscaping is offline
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[QUOTE=humble1;4949581]
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Originally Posted by PenningsLandscaping View Post
2% of 10,000 is $200.

do you know what 100% of 0 is? 0. Which is exactly what you have. Factor the CC fees into your estimates and prices.

You don't have to bill every statement on a card. But having one on file, for these situations, already pre-authorized makes your life easier. You're pissing more money away on collection efforts and way more time than the $200 in credit card fees will cost you.[/

I'm leaning that way but I would be giving away more profit. If for easy math I did 100k a year and had a 30 per margin. The cc cost would be 2k. 30k profit the 2k would be between 6 and 7% of your profit. To raise my prices by that much plus my reg raise on materials when I'm on the high end price wise would be suicide. When the numbers get over 500k that's a lot off the top. But I hear you. Maybe anyone who is late once goes to cc and look at the history on all others and keep them on checks.
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Late is one thing, thee months late and saying "I need to reread this contract" is a whole other. Again, I'm not saying all cc, that's just too much off the top. But you did 100k, with 10k out. That's such a small percentage in cc fees. Like .02%. If you're charging late fees, they'll cover cc costs and are cheaper than collection agencies.
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  #23  
Old 02-01-2014, 10:19 AM
WeedManWeatherford WeedManWeatherford is offline
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They get turned over to collections (Tier 1) at 60 days, not 90. A "10 Day" letter prior to collections usually gets payment quickly.

Our protocol is to run statements weekly for anything over 15 days. It is clear that the Invoice is left on the door and is due upon receipt. At 20 days, the customer gets a personal phone call.

I have had a few problems from career deadbeats, but overall, my A/Rs have been great.

And for the occasional hot check, a letter from the District Attorneys office usually educates them.
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  #24  
Old 02-01-2014, 01:22 PM
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Efficiency Efficiency is online now
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When figuring the cost of the credit card fees, you also need to account for the admin cost to process and handle the checks when comparing the two. If your computer software can 100% automate your payments and facilitate a faster flow of money, what's that worth? Can you quantify that? I have and think it's favorable.
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  #25  
Old 02-01-2014, 01:44 PM
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humble1 humble1 is offline
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[QUOTE=PenningsLandscaping;4949660]
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Originally Posted by humble1 View Post




Late is one thing, thee months late and saying "I need to reread this contract" is a whole other. Again, I'm not saying all cc, that's just too much off the top. But you did 100k, with 10k out. That's such a small percentage in cc fees. Like .02%. If you're charging late fees, they'll cover cc costs and are cheaper than collection agencies.
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The 100 k was an example for easy math
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  #26  
Old 02-01-2014, 01:45 PM
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humble1 humble1 is offline
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Quote:
Originally Posted by WeedManWeatherford View Post
They get turned over to collections (Tier 1) at 60 days, not 90. A "10 Day" letter prior to collections usually gets payment quickly.

Our protocol is to run statements weekly for anything over 15 days. It is clear that the Invoice is left on the door and is due upon receipt. At 20 days, the customer gets a personal phone call.

I have had a few problems from career deadbeats, but overall, my A/Rs have been great.

And for the occasional hot check, a letter from the District Attorneys office usually educates them.
Do you wack late fees?
I like this option but alot more paperwork and admin time that could be spent elsewhere. Assum your using American Profit Rec, at what point do you go to tier 2?
Mike
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  #27  
Old 02-01-2014, 01:49 PM
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humble1 humble1 is offline
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Originally Posted by Efficiency View Post
When figuring the cost of the credit card fees, you also need to account for the admin cost to process and handle the checks when comparing the two. If your computer software can 100% automate your payments and facilitate a faster flow of money, what's that worth? Can you quantify that? I have and think it's favorable.
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what software is 100% automate the process.

What do you do when customers dont want to put a cc on file or it is on file and it declines?
Or they dont want to put cc on file or pre pay for the year.

Experiencing some serious growing pains this year for sure.
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  #28  
Old 02-01-2014, 02:34 PM
Service 1st Lawn Care Service 1st Lawn Care is offline
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With all the credit card hacking, what kind of concerns are you folks who except credit cards doing to protect your company?
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  #29  
Old 02-01-2014, 02:36 PM
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Patriot Services Patriot Services is online now
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It doesn't have to be a CC. It could be a visa, mc debit style card so it comes out of their checking account. Its not unreasonable nowadays. Can you rent anything without one? If they refuse then they are on prepay. You got to look out for #1. I know its tough when you're starting to walk away, but I sure wouldn't set myself up if I was getting all the red flags. I still can't believe you're ok with leaving 10 grand on the table.
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  #30  
Old 02-01-2014, 02:41 PM
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Patriot Services Patriot Services is online now
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Originally Posted by Service 1st Lawn Care View Post
With all the credit card hacking, what kind of concerns are you folks who except credit cards doing to protect your company?
Numbers are seen by owners only and kept on seperate key drive. If a customer gets hacked its on the card company. They would have to prove the theft originated with me. No problems so far with customers. Have personally been a victim of identity theft twice. Don't believe the commercial. You might get your money back, but they don't tell you about your name.
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