Credit Card vs Cash

[OdTech]

Hello there my dear repliers and viewers, as your professional hands-on experience continues, you know that there are diiferent methods of paying for the services. The usual is half of the pay now and half when you hand over the finished product, this is like a royal custom. I understand that this method is safe, since it secures you somewhat of ______, etc... i don't know.
However how about credit cards? i know that a few millions of customers are hesitant to pay cash, simply give when it's especially a huge amount close to 2K.
I.E. if you got a very picky customer and this customer is somewhat hesitant to pay and short of cash, and he/she has also on hand a few credit cards like Visa, MasterCard, American Express, and Discovery.
Will you be willing to receive Credit Card, monetary transcation instead of cash, and if it is yes, why not just make it a loyal policy to just give a finished product to the cutomer and receive a "CC" transaction.:idea: :D

[chip anderson]

If you run it through your CC electronic machine and it is cleared. You are paid! Only if the customer contacts the CC company and puts the bill in dispute can you have a problem.

Now most places (except mine) the 1/2 down is collected at the time the order is placed (your cost is covered) the second half is collected on delivery of goods.

Is this what you ment? If so, what's the problem. You haven't actually lost anything if the job is never picked up (if you kept the demo lenses to re-sell the frame, you are actually ahead of the game if it's not picked up at all. You get to sell the frame twice (of course only at cost the first time) and you got your cost on the lenses.

Chip

[Johns]

We always ask, "Do want to put half down, or just pay the whole thing off right now ?" Keeps it simple, keeps that receivables down, keeps the cash flow up. I learned my lesson the hard way. Sales were great, cashed flow was terrible. Collecting as much up front was the answer for us ! Cash or credit makes no difference. I'll pay the small % to have the $$ in the bank now. Sure as heck beats the collection fees !

[OdTech]

good reply Mr Chip Anderson:

even though the customer paid by CC he/she has the right to call the company and cancel it so you don't get the money, what about the eyewear you gave away when the machine was cleared, i think the eyewear should be returned right?
how is possible to double sell the frames?
is it because, it wasn't picked up after let say 2 weeks and then you sell it as simple frame with demo lens in it?


So Mr Johns you mean the half now and half later pay method is much better?
Appreciate the conversation
:p

[Johns]

OdTech:

No. I mean the best policy is to collect as much as you can, as soon as you can, as often as you can !:D

[OdTech]

:drop: :D Pretty good policy, saves all the legal hassles

[paw]

OdTech said, "what about the eyewear you gave away when the machine was cleared, i think the eyewear should be returned right?"

If someone paid in full with the credit card and you dispensed the glasses, then that person cancelled the payment and kept the glasses, I would consider that fraud and call the police.

[OdTech]

Dear Mr Chip Anderson replied that "If you run it through your CC electronic machine and it is cleared. You are paid! Only if the customer contacts the CC company and puts the bill in dispute can you have a problem"

Can you make more clearer for "Only if the customer contacts the CC company and puts the bill in dispute can you have a problem"

In what cituation can that happen, after the sell or before, give me some example.

Some repliers are confused, I stated a comment, and others understood as a fraud, that not what i meant to conveigh.

[chip anderson]

OdTcch:

Usually it happens in mail order situations where the goods were never recieved or not as presented in the offer. Sometimes it happens when someone recieves unsatisfactory goods or is dissatisfied with the goods.

In many of these cases the bill is put "in dispute" at which time the buyer has to state what is wrong and the sell has to make thier claim.

In anything you do you are sometimes going to loose on a transaction. Most of us ( assuming this is infrequent and only a very small percent of business) just eat it and smile. Others (usually first-generation immigrants) take money far too seriously for thier own good. Life is too short to obcess over nickels and dimes.

I once worked for a man who made $5000.00 +(a day) from his medical practice and $ 3000.00 + (a day) from his in house dispensing and would keep the poor book-keeper after work for hours trying to find
$ 5.00.

Live and be happy,

Chip

[OdTech]

:D Thanks for making it clear