Credit cards

[electricguy61]

Folks, I'm joining the 20th century (I know it's the 21st) and setting up a website. I'm also distributing fliers. My advertising guy is suggesting that I should set up to take credit cards.

How many of you small shops (5 or less employees) take credit cards, how costly is it, and has it proven worth the cost and effort?

Thanks in advance for the help.

 

[TOOL_5150]

Folks, I'm joining the 20th century (I know it's the 21st) and setting up a website. I'm also distributing fliers. My advertising guy is suggesting that I should set up to take credit cards.

How many of you small shops (5 or less employees) take credit cards, how costly is it, and has it proven worth the cost and effort?

Thanks in advance for the help.

We take credit cards through paypal.

~Matt

 

[LarryFine]

I've never taken cards, been asked about it maybe five times, and lost exactly one job because of it.

 

[LarryFine]

We take credit cards through paypal.

There's a thought; we do have a PayPal account linked to our business account and debit card.

How does one go about doing that?

 

[TOOL_5150]

There's a thought; we do have a PayPal account linked to our business account and debit card.

How does one go about doing that?

In order to be able to accept CC's through paypal, you have to become a premier member, which IIRC doesnt take much, it just enables you to be paid through PP by a CC, and the only downside is that they take a % on each money received.

Its worth it, to give it as a payment option though!

~Matt

 

[mcclary's electrical]

One advantage that may help you is,,,,,if you accept credit cards,,,,and you apply for a line of credit from your bank,,,,,,you can get a much better line of credit,,,if you accept credit cards,,,but I don't know why. It does help ease your custmers pain if you're there working on something "unexpected" to them.

 

[magictolight.com]

Our office electronically invoices through email and our website is set up with a click to "Pay Invoice". Automatically links to paypal, they enter the invoice number, pertinent personal info. and BAM! we have cash in the bank. On occasion we have had to enter the info through paypal ourselves and has worked well to, that is when a client gives us a card number when they receive their service report.

 

[satcom]

Our office electronically invoices through email and our website is set up with a click to "Pay Invoice". Automatically links to paypal, they enter the invoice number, pertinent personal info. and BAM! we have cash in the bank. On occasion we have had to enter the info through paypal ourselves and has worked well to, that is when a client gives us a card number when they receive their service report.

Pay Pal was a bit expensive they want $30 a month then 2.3% of your sale, adds up to a good peace of change. If someone put a service change on the card, all your profit would go to discount fees.

 

[ItsHot]

cash

cash

" Sir the price of the job will be $5200, if you can pay in "cash" ,the price will be $4995"!!:grin:

 

[480sparky]

" Sir the price of the job will be $5200, if you can pay in "cash" ,the price will be $4995"!!:grin:

"Sir the price of the job will be $5200, if you can pay in "cash" ,the price will be $5190"!!"

I take off $10 because I don't need to take a trip to the bank to deposit the check. That's all paying in cash saves me.

 

[GUNNING]

priceless

priceless

CC are expensive. They take 4 to 7% of the sale and a mothly service fee of between $25 to $30 a month. I stopped taking them because I never get them. It does lend to credibility. It does help with cash flow. It can help when the draw is due and they have a card. It takes some doing to integrate into your accounts.

$360 a year plus a percentage of the sale boosting the profits of those HUGE megabanks. Bad Karma

I think a few free little old lady or free church jobs would be a better idea. Priceless.

 

[magictolight.com]

Pay Pal was a bit expensive they want $30 a month then 2.3% of your sale, adds up to a good peace of change. If someone put a service change on the card, all your profit would go to discount fees.

We incur no monthly service charge from paypal, and honestly we aren't running that many transactions through this service. It all goes back to the service solution we offer our client. If this is one easy thing we can do to convenience them, it's all worth it. No service charge and about 3% per transaction, that is our record with paypal.

 

[goldstar]

There are advantages and disadvantages to taking credit cards (some already mentioned). I look at it like this :

Adv : If you do a small service call and want to get paid upon completion instead of waiting 30 days+ or risk the possibility of not getting paid at all - accept the credit card if you don't mind paying the 2%-4% the card will charge you. At least you're paid.

Dis-adv : If the card is bad, over-drawn, etc and you obviously can't run it through a card machine in the field, you're on the hook for the money - not the CC company.

Another dis-adv : With the advent of "frequent flyer miles" people like to use their CC's to pay all bills so they get the vig on the back end. If you're doing big jobs and your customer owes you big $$, bear in mind that if they choose to pay you with the CC you're still out the 2%-4% the CC company will charge you. Being out $3.00 on a $150.00 job is one thing. Being out $300.00 on a $15000.00 bill is quite another (especially if you figured the job tight).

Just my 2 cents worth.