Savings/Debit Help

Discussion in 'Lawn Mowing' started by bryce_sk8_12236, Jan 30, 2007.

  1. bryce_sk8_12236

    bryce_sk8_12236 LawnSite Member
    Posts: 26

    What should I do. Im going to open a seperate account for my lawn buisness, but which is the better way to go. I could either get a credit card or a debit card. Which is the better way to charge expenses?
     
  2. billsdepot

    billsdepot LawnSite Member
    Posts: 24

    When using a debit card the money is taken out of your account at the bank immediately. When a credit card is used you would receive a monthly statement showing the balance you charged for the month along with a min. payment to make. In my opinion a credit card is the way to go ONLY if you have the discipline to pay off the total balance each month. With a credit card you are using the credit card issuers money & not yours for 30 days.
     
  3. JimLewis

    JimLewis LawnSite Fanatic
    Posts: 6,842

    I would get the credit card. One of the biggest challenges in this business is cash-flow. And one way you can help alleviate the cash-flow crunch is to charge stuff and then pay it off AFTER you've been paid. Companies who don't have the ability to charge and essentially pay cash at the time of purchase have to keep a much tighter watch on cash-flow than those who can charge and pay after they get paid.

    But like BillsDepot said, you need to be responsible and diligent to do that.
     

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