For you larger guys....

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emahler

Senior Member
How do you pay your monthly supply bill(s)?

I'm talking $50,000+ month....

Cash Net 30
Cash Net 10 2%
LOC Net 10 2%
AMEX?

Just curious
 
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romexking

Senior Member
Location
Marriottsville, Maryland
When I performed new commercial construction, I paid the majority of my bills by AMEX. It was roughly 30K a month. Although the supplier didn't like it at first, they got used to it. That allowed me to take many trips and vacations using frequent flyer miles. Twice I was able to take my family and 5 other friends and family to Hawaii (from the east coast) with all but meals and incidentals covered by FF miles.

My theory was that after my pricing was established, I could just as well walk into the store and purchase the material over the counter, or order it and pay for it once a month, so they had no right to deny me the ability to pay with a credit card.
 
resistance

resistance

Senior Member
Location
WA
romexking said:
When I performed new commercial construction, I paid the majority of my bills by AMEX. It was roughly 30K a month. Although the supplier didn't like it at first, they got used to it. That allowed me to take many trips and vacations using frequent flyer miles. Twice I was able to take my family and 5 other friends and family to Hawaii (from the east coast) with all but meals and incidentals covered by FF miles.

My theory was that after my pricing was established, I could just as well walk into the store and purchase the material over the counter, or order it and pay for it once a month, so they had no right to deny me the ability to pay with a credit card.
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Sounds good, but what about the Amex bill?:rolleyes:

We pay for all our materials--if possible--up front. No bills at the end of the month. :wink:
I worked for an EC years ago. He came to work showing off his new boats (two), new jet skii's--the works. Yet, he paid very low wages, and went out of business, because he wasn't able to pay his bills.
 
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emahler

Senior Member
romex- we've been using the AMEX for about 10 yrs with our service side...and yep the points add up. We actually still pay for our service material that way.

But we are starting to do projects where the material cost is enough to try to figure out ways to pay NET 10...getting a $1000+ cash discount is enticing.

I wish I had the cash sitting around to prepay all our suppliers and then wait for the money, but we don't.

Just curious what other guys do...
 
chris kennedy

chris kennedy

Senior Member
Location
Miami Fla.
Occupation
60 yr old tool twisting electrician
romexking said:
I could just as well walk into the store and purchase the material over the counter
Click to expand...
Those of us in line behind you would prefer that you just sign for it and get out of the way.;)
 
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sparky 134

Senior Member
Location
Joliet, IL
I pay my bill in full by the 10th. Saves me 2%. I used to pay by the 10th with a credit card which was sweet !! They eventually told me to choose, credit card or 2%net10th.
 
jmsbrush

jmsbrush

Senior Member
Location
Central Florida
I have credit at 2 supply house's and I pay in full by the 10th and receive a discount. Here is the question . Why does the supply house care how we pay our bills as long as they are getting there money? I do not pay with credit cards I keep those for emergency
 
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Brady Electric

Senior Member
Location
Asheville, N. C.
For you larger guys

For you larger guys

I have never had a bill that high but years ago I paid by the 10th and got my 2%
Then one time I had a big bill and the customer didn't pay on time and I had that big bill to pay and couldn't pay on time
Since then I pay cash at the counter and the counter help give me good discounts
For years now I get one third or one half up front to buy supplies and the other one third or one half at the rough and at the end.
I have found that paying cash sure helps since the 10th of the month slips up faster that the money use to come in.
Thanks for sharing and have a GREAT day. Semper Fi Buddy
 
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emahler

Senior Member
To clarify a little, I'm really talking about situation where you've submitted you're application for payment on the 25th of June for work performed (and material installed) upto the 25th of June.

You're payment will be released on the 20th of July, in time to pay Net 30.

But you'd like to pay Net 10 and take the discount.

Do you? How?
 
B

Brady Electric

Senior Member
Location
Asheville, N. C.
For you larger guys

For you larger guys

Pierre C Belarge said:
If this is not the truth!!!
I think the more one owes, the faster the clock ticks. :wink:
Click to expand...

I see you have been there
That is a good one: The more one owes the faster the clock ticks
Semper Fi Buddy
 
JohnE

JohnE

Senior Member
Location
Milford, MA
emahler said:
To clarify a little, I'm really talking about situation where you've submitted you're application for payment on the 25th of June for work performed (and material installed) upto the 25th of June.

You're payment will be released on the 20th of July, in time to pay Net 30.

But you'd like to pay Net 10 and take the discount.

Do you? How?
Click to expand...

I have one supplier who will take AMEX and still give you the 2%. CES. Win/ win.:cool: My monthly bills would be around 30K with them.
 
Rampage_Rick

Rampage_Rick

Senior Member
Location
British Columbia, Canada
buckofdurham said:
The supply house has to pay about 1-2% of the bill to the credit card company.
Click to expand...
Well I put about 100k a year on my mastercard and I get 1% cash back on it. As I figure it, they're giving me a free tank of gas every month :D

My house doesn't offer any deals on cash as far as I know, nor do I wish to inquire of the dragon lady in A/R. I was finally able to get them to send my monthly statement and all my slips in the same envelope, rather than getting a slip mailed separately every time I bought a widget. Only took 2 years of asking...
 
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