Ferrari Mailing List: Re: Business Banking

[Tom Reynolds (kjtar]

What he said.  At work we take Visa, MasterCard and Discover.  I can count
on the fingers of both hands the number of times someone's first choice was
to pay with American Express, and as Steve mentions below, it never cost me
a sale, they always have a back up, and it's usually Visa.  I'd say 90% is
Visa, and for the rest more MC than Discover.
Rgds,
Tom
Tulsa, OK
----- Original Message ----- 
From: "Steve Jenkins" <steve [at] stevejenkins.com>
To: "Tom Reynolds" <kjtar [at] cox.net>
Cc: <ferrari [at] ferrarilist.com>
Sent: Saturday, December 02, 2006 1:49 PM
Subject: Re: [Ferrari] Business Banking


> Of course it costs money! Because you are getting benefits in return for
> that money! That's kinda how the free market system works. ;)
>
> Any merchant who chooses to accept credit cards must feel that they are
> getting something in return for the percentage they pay, otherwise why
would
> they do it? It's a business decision. In the case of a coffee shop, I
> believe it's worth it. Some of the things that could make it worth it,
> especially in the case of a business like a coffee shop, are:
>
> - Ability to sell to customers that wouldn't (convenience) or couldn't
> (don't have the cash on them) purchase with cash. As long as your margin
> exceeds the cost of the credit transaction, this increases your bottom
line.
> There are many times where I will choose a drive-through restaurant based
on
> whether or not they take American Express. Sometimes I don't have cash on
> me, and sometimes I just want more reward points.
>
> - Lower chance of receiving counterfeit bills. Of course, you could make
the
> argument that this is a small risk, and that the advantage is offset by
the
> possibility of credit card fraud, but most banks/credit card companies
cover
> the fraud themselves and still pay the merchant.
>
> - Lower chance of receiving fraudulent checks. This is expensive both in
> terms of time and fees.
>
> - Decreased chance of theft - especially in a cash business. I doubt that
> coffee shops keep tight inventory, and any business where employees handle
> cash is ALWAYS at increased risk for employee theft.
>
> - Decreased chance of employee mistakes when making change. No change with
> credit card transactions, and therefore lower chances for mess-ups.
>
> - Faster record keeping. Having all the money in electronic format from
the
> get-go means you don't have to count, reconcile, etc.
>
> - No bank drops. If you don't handle cash, you don't have to count,
separate
> and wrap your coins, put them in a vinyl zip-up baggie, fill out deposit
> slips (which is another possible chance for mistakes), and take them to
the
> bank, where you may get robbed on the way (by an employee who handles the
> cash or by a third party), or where you may have to wait in line, get
rained
> on, not get to the bank before it closes, etc.
>
> All that for 1.8% (that's why my business currently pays for Visa/MC). For
> me, it's well worth it. But like I said, it's a business decision. It
> certainly depends upon the average margin of the item(s) you sell, and the
> transaction costs. But it's a free market economy, and you have plenty of
> choices in merchant service providers, and shopping around will get you
the
> best deal. I should also disclaim that we don't accept American Express
> (3%+) by choice. We think most people who carry and Amex will also carry a
> "backup" Visa or MC, and don't believe we're missing out on business by
> going that route.
>
> SteveJ
>
> -----Original Message-----
> From: Brian E. Buxton [mailto:BrianBuxton [at] BuxtonMotorsports.com]
> Sent: Saturday, December 02, 2006 11:16 AM
> To: Steve Jenkins
> Cc: ferrari [at] ferrarilist.com
> Subject: Re: [Ferrari] Business Banking
>
>
> Why would they not want to accept cash?  Accepting any other form of
> payment (except a check) COSTS money!  Amex charges the seller/vendor
> 3.5 - 5% of the purchase price, and VISA/MC, etc. charge about 2.5 - 3%
>
> Brian
>
>
>
> Tom Reynolds wrote:
>
> >I heard on the radio about a month or so ago where a D.C. area coffee
shop
> >or cafe or some such doesn't accept cash.  Some people were going to take
> it
> >to court, but (and others can chime in here) even though the currency
says
> >"This note is legal tender for all debts, public and private" there's
> >nothing that says a business has to accept cash (or can penalize it for
not
> >taking cash).
> >Think it was on NPR in the AM...
> >Best regards,
> >Tom Reynolds
> >Tulsa, OK
> >----- Original Message ----- 
> >From: <ferrarifixer [at] aol.com>
> >To: "Tom Reynolds" <kjtar [at] cox.net>
> >Cc: <ferrari [at] ferrarilist.com>
> >Sent: Saturday, December 02, 2006 8:52 AM
> >Subject: Re: [Ferrari] Business Banking
> >
> >
> >
> >
> >>I purchased my last Ferrari (F355B) from a retired bank manager near
> >>
> >>
> >Cincinnati about a year ago.  He insisted on a bank wire transfer.  He
> >wouldn't take a "certified" check, bank check, or any other kind of
check.
> >I wanted to pay some of it in cash, and I was very surprised that he
> >wouldn't accept cash either.  I had to twist his arm to accept a $500
> >deposit to hold the car until I could arrange transfer of funds.
> >
> >
> >>  Times they are a changin'.
> >>Regards,
> >>Michael
> >>
> >>
> >>-----Original Message-----
> >>From: FList [at] hanshansen.org
> >>To: ferrarifixer [at] aol.com
> >>Cc: ferrari [at] ferrarilist.com
> >>Sent: Sat, 2 Dec 2006 12:03 AM
> >>Subject: Re: [Ferrari] Business Banking
> >>
> >>
> >>A good friend of mine is a retired bank manager.  I'd like
> >>to get her word on how you **reliably** get funds from
> >>a complete stranger.   Now that she is no longer connected
> >>with the bank, it could be interesting............
> >>
> >>Hans.
> >>
> >>On 12/1/06, BRIGANDBAR [at] aol.com <BRIGANDBAR [at] aol.com> wrote:
> >>
> >>
> >>>No disagreement with anything that you have said here.
> >>>
> >>>As they say, the "proof is in the pudding". If a bank in which you have
> >>>
> >>>
> >no
> >
> >
> >>>other accounts will release the funds to you, that in and of itself is
> >>>
> >>>
> >about
> >
> >
> >>as
> >>
> >>
> >>> close as you can get to being certain that you will be paid for the
> >>>
> >>>
> >item in
> >
> >
> >>>question.
> >>>
> >>>That is why customs brokers and escrow agents prosper.
> >>>
> >>>Dr. Steve
> >>>
> >>>1964 Rolls  Royce Silver Cloud III    1975 Pontiac GV Conv.
> >>>1980 MB  450SL                 1982 RR  Corniche
> >>>1988 Rolls Royce Silver  Spur         1994 F-350 Powerstroke  4x4
> >>>1996  Bronco                                  2000 Lincoln Town Car
> >>>1995 Ferrari 348  Spyder                 2004 Excursion
> >>>+ Audrey's 3x MB's
> >>>
> >>>Dr. Stephen B. Spies, CES,  CFI
> >>>Director, Forensic Sciences Laboratory
> >>>Explosives Engineering  Technologies
> >>>
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> >>>
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> >>>
> >>>
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> -- 
> Brian E. Buxton
>
> President, Buxton Motorsports, Inc .
> www.BuxtonMotorsports.com
> (812) 476-2281 x 209
> Member ThaList.com
>
> Managing Partner, Private Label Livery Services
> www.PrivateLabelLimo.com
>
> President, Brian Buxton Enterprises, Inc.
> Nationwide Enclosed Auto Transportation
> www.BuxtonMotorsports.com/storage-transportation.php
>
> Founder & Past President
> SO. IN Region PCA
> www.pca.org/soi
>
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