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Author Topic: Credit Cards 2022  (Read 2742 times)

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Offline kantuckid

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Re: Credit Cards 2022
« Reply #40 on: May 26, 2022, 09:54:12 AM »
The facts of the CC matter for us who live in a very rural place is that they are our only means to many goods and materials, period.
 They expand our world, not our credit or impulse mode mentality for us.
 Earlier this week I ordered log wall timber and other screws, along with foam sealant tape from a large company who caters to the timberframe/log home trade in TN.
 There are zero sources for those specialized fasteners or many other building materials even in my nearest towns and cities that do have box stores or industrial or building or contractor suppliers. 
The CC is the logical means to pay on over the phone or web buys. We save money and time using the CC. There are those times we've use cash when it saves enough money to justify the effort to have some in larger amounts.
 One was Sept.,2018 when I bought a new Vespa for USD in Toronto, Canada using the currency exchange rates to save several thousand in USD's- which a CC would not have done for us or that dealer. Actual savings was well over $2,000 USD.  


 
Kan=Kansas;tuck=Kentucky;kid=what I'm not

Offline peakbagger

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Re: Credit Cards 2022
« Reply #41 on: May 26, 2022, 12:34:01 PM »
BTW If you are willing to have one credit card, have two, one as a backup, as credit card companies on occasion freeze a card automatically and the holder is SOL until the new one arrives in the mail in a week. 

Offline customsawyer

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Re: Credit Cards 2022
« Reply #42 on: May 27, 2022, 05:28:02 AM »
I'm not knocking anyone that uses a card. I use one myself. It is a tool and when used as such can be a good tool.
I'm just saying that if you are going to accept credit cards as a business there is several ways they can bite you. You either need to charge a fee to the folks that use them or increase your price on everything to cover their fees. While it doesn't sound like much just a few percent fee. That fee is on the gross sale. When you factor that percentage of your gross sale to your profit margin it can add up to 10 to 20 percent of your profit margin.
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Online YellowHammer

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Re: Credit Cards 2022
« Reply #43 on: May 27, 2022, 07:05:30 AM »
This is a fact and needs to be addressed by any business, and a trap that I missed for several years and cost me dearly.  Customsawyer is dead on point and anybody who is using cards for their business should be aware of this.   

When we were not charging fees, but were in fact eating them we had a detailed business analysis done by an independent company.  The analysis identified that that the little credit card fees accounted for almost 3 weeks of net income.  3 weeks I was selling wood to pay for the credit card fees.  The fee was actually identified as one of our biggest expenses since its paid based on gross sells but paid through net income. 

I was complaining about my high cost of insurance and yet my credit card was costing me more per year!  So now I add the fee to each purchase, and its only a few cents per bdft on the gross sales.  

I love taking credit cards, they make me LOTS of money I wouldnt normally have access to, but they are like taxes, the customer must pay for their use, not me. 
YellowHammerisms:

Take steps to save steps.

If it wont roll, its not a log; its still a tree.  Sawmills cut logs, not trees.

Kiln drying wood: When the cookies are burned, theyre burned, and you cant fix them.  So dont burn the cookies.

Sawing is fun for the first couple hundred boards.

Offline Cedarman

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Re: Credit Cards 2022
« Reply #44 on: May 27, 2022, 07:25:50 AM »
The credit card fee also points out the value of a small increase in the price you sell your lumber or charge for sawing.  If you sell a board for $1.00 per board foot and your profit is $.20, by raising your price by a nickel raises the cost of the board by 5 % and your profit by 25%. Same way if you discount your price by a nickel you lower your profit by 33 1/3%.  Small changes can have big results.
I am in the pink when sawing cedar.

Offline SawyerTed

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Re: Credit Cards 2022
« Reply #45 on: May 27, 2022, 11:44:06 AM »
A small business needs to be vigilant on finances.  Some figure out how to turn a profit and some recycle the same amount every month.  

Ive seen businesses that have thought they were doing well but all their monthly income was covering expenses.  Until they really studied costs and identified the hidden things that drain the bank account each month, they recycled the same money month after month.  

Credit cards, insurance, subscriptions for services, fuel costs, technology and so forth, all come with hidden costs that need to identified and evaluated.  For instance an insurance package may come with coverages you dont need but cost money.  
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Offline alan gage

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Re: Credit Cards 2022
« Reply #46 on: May 28, 2022, 09:31:02 AM »
No well run business is eating the transaction fees. One way or another the consumer is paying for it. It's either rolled up in the price or a separate line item.

Personally I don't like little tacked on fees and I want to make it as easy as possible for my customers to pay. If they happen to be out of cash or forgot their checkbook that day I don't want them to feel they are more being made to pay more.  

Obviously, because of the fees I pay, I'd prefer cash or check but when someone is paying a $3k bill and asks me what kind of payment I prefer I just smile and say "whatever you want."

Even as a business owner there is a convenience benefit with credit cards. With cash and checks I need to keep cash on hand for making change, wait for someone to write out the check (you wouldn't believe how slow some people are), keep track of the cash and checks, make up a deposit, and take time out of the day to run it to the bank. With credit cards that all happens like magic and I can use my time for something else. 

I'd be happy if everyone paid by card. The small price increase to cover the fees would be unnoticed by the consumer.

Alan
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Offline kantuckid

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Re: Credit Cards 2022
« Reply #47 on: May 28, 2022, 10:11:13 AM »
My question is toward debit cards. I was recently told my debit card carried the same add on fees as my CC to buy a trailer part so i went with a CC as I get $$$ back later. Meanwhile some gas stations give a discount for debit card fuel buys.
 Is it a fee that comes and goes depending on the bank used by the particular business?  Makes no sense to me.
Kan=Kansas;tuck=Kentucky;kid=what I'm not

Offline beenthere

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Re: Credit Cards 2022
« Reply #48 on: May 28, 2022, 01:54:19 PM »
Quote
No well run business is eating the transaction fees. One way or another the consumer is paying for it. It's either rolled up in the price or a separate line item.

Same as with taxing corporations..  they don't eat that tax. 
south central Wisconsin
 It may be that my sole purpose in life is simply to serve as a warning to others

Offline customsawyer

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Re: Credit Cards 2022
« Reply #49 on: May 28, 2022, 05:03:45 PM »
I don't know how it works with a debit card in other places. My machine charges the same fee to all of them, even if it is a phone order and I punch in the numbers. My old machine and Square charged extra for that and for AM EX.
I agree that we each have to run our business in the best way that works for us and our customers. My business is kind of out in the country with no big city close by. Majority of my customers write checks. I don't feel it would be right for me to be charging them the same card fee as all of the other customers. If someone wants to use their card at my store they pay the convince fee for it. YH and some others here are set up different and run their business that way, as it should be.
I know my business model is steady evolving to try to keep up with my customers needs. As things change in a your area you need to be able to change with them. I stock and sell things now that I swore I would never deal with 5 years ago but after enough customers ask about a certain item you can bet I'm going to try to figure out how to put it in my inventory. Heck it wasn't that long ago I swore I wouldn't bother with taking CC. Now I feel like I can teach a class on how to lose money when receiving them. Some more of that tuition to the school of hard knocks. 
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Offline SwampDonkey

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Re: Credit Cards 2022
« Reply #50 on: May 28, 2022, 05:13:30 PM »
I have no service fees for debit, cash dispensing, or cash in my account. My bank is online, not brick and mortar. Well actually it is, but you can't go into a clerk, just ATM's and computer. Other banks around here charge for it all. Why do business with them? :D 
No amount of belief makes something a fact. James Randi

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2020 Polaris Ranger 570 to forward firewood, Husqvarna 555 XT Pro, Stihl FS560 clearing saw and continuously thinning my ground, on the side. Grow them trees. (((o)))

Offline Magicman

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Re: Credit Cards 2022
« Reply #51 on: May 28, 2022, 07:17:48 PM »
??  How would you deposit a customer's check into your account?
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Offline Ianab

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Re: Credit Cards 2022
« Reply #52 on: May 28, 2022, 09:18:10 PM »
ATMs can be set up to take deposits, either check or cash. Check goes in an envelope with a deposit slip the machine printed. I assume a worker processes the checks normally back at the main branch. 

But that's history here, banks stopped issuing / accepting checks last year. 

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Online Larry

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Re: Credit Cards 2022
« Reply #53 on: May 28, 2022, 09:27:40 PM »
Check deposit.  Take a picture with your phone and beam it off.

I don't see much use for a brick and mortar bank.  Well I suppose they do serve a purpose.  They can count a bucket of change pretty fast and when I need two dollar bills for kids birthdays they usually have them. ;D 
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We need to insure our customers understand the importance of our craft.

Offline Ianab

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Re: Credit Cards 2022
« Reply #54 on: May 29, 2022, 12:30:59 AM »
I don't see much use for a brick and mortar bank.


Last couple of times I've been into the local bank was to set up, and sort out problems, with a new Internet banking account.  But once they got the ID and phone 2FA sorted (right), I haven't had to go back. To be fair, they had been fined $5 million for not quite following the anti money laundering laws. So they had clamped down on showing ID, crossing the Ts etc, even if I'd had an account there for 50 years. 
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Offline SwampDonkey

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Re: Credit Cards 2022
« Reply #55 on: May 29, 2022, 05:04:21 AM »
??  How would you deposit a customer's check into your account?
Two ways, either put it into an ATM or scan and send on your Iphone. I deposit cheques every week. We don't even use envelopes anymore at the machines. You can stack a bunch of cash and a cheque can be in the same stack if you want.

With the old envelop method, there were scammers depositing empty envelops and getting $1000 cash back. The people that never thought it through or cared at the moment. :D

If I want a bank draft, it's sent to their brick and mortar bank to pick up. There is a fee on those for sure. No more than at any other bank though.

Up here, you can get more than the $1000 from a machine, just call in, and they allow it for something like 2 hrs. I've had to get out $8000 before, had no cheque with me. Debit card at point of sale has a cash limit, so just call. No problem at all.
No amount of belief makes something a fact. James Randi

1 Thessalonians 5:21

2020 Polaris Ranger 570 to forward firewood, Husqvarna 555 XT Pro, Stihl FS560 clearing saw and continuously thinning my ground, on the side. Grow them trees. (((o)))

Offline customsawyer

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Re: Credit Cards 2022
« Reply #56 on: May 29, 2022, 06:04:45 AM »
I guess I'm old school. I like going into the brick and mortar bank. I get to talk to and build a relationship with my banker. Heck some times the tellers are nice to look at too. ;D
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Offline Al_Smith

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Re: Credit Cards 2022
« Reply #57 on: May 29, 2022, 06:59:03 AM »
I do use credit cards but I don't use ATM 's or debit cards nor self check out .A few years back when Pres. Reagan put a surcharge on their use I dropped them all .After they got off that nonsense I picked them all back up .I never carry a balance .Large transactions like 77 thou I just paid for a piece of land I do through a wire transfer .It took me a life time to get into this financial position .I've lived from week to week in the past so I know full well how that works .New cars ,elaborate vacations etc .do not impress me nor if they did would I ever make time payments . I've seen so many people get caught up in fads ,"keeping up with the Jones's " get themselves behind the 8 ball and never get out of it from excessive credit card usage .--'taint a gonna happen with me . :)

Offline Cedarman

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Re: Credit Cards 2022
« Reply #58 on: May 29, 2022, 07:12:54 AM »
My wife goes through the drive through.  I go inside.  The next time she asks me why I go inside I am going to say the same reason Customsawyer goes inside.
I am in the pink when sawing cedar.

Offline Magicman

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Re: Credit Cards 2022
« Reply #59 on: May 29, 2022, 07:44:47 AM »
I use the 'night deposit' option for all of my sawmill income deposits.  Just quicker and more convenient.

I make a copy of the check with it's deposit slip for my records. 
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Never allow your "need" to make money to exceed your "desire" to provide quality service.....The Magicman


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