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  • Originally posted by Adam9066 View Post

    I don't in my repair shop. It's so much easier to take a card here a lot of places charge a 2.5 convenience fee for using a card we dont. We have had transactions north of 15k.
    So long as you're willing to take a $375 hit I guess it's up to you; so long as you have the margine to give away

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    • Originally posted by Adam9066 View Post

      I don't in my repair shop. It's so much easier to take a card here a lot of places charge a 2.5 convenience fee for using a card we dont. We have had transactions north of 15k.
      We don't have the margins to cover the 4%, particularly on engines and electronics, so, wanna ride in the front of the bus, pay the 4% once they find that out they wire money.
      Engine Sales and Service
      Ph +1 954.463.1515
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      954.463.4904
      Toll Free: 800.622.6747

      [email protected]
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      • Originally posted by Adam9066 View Post

        I don't in my repair shop. It's so much easier to take a card here a lot of places charge a 2.5 convenience fee for using a card we dont. We have had transactions north of 15k.
        We didn’t either, but were big enough to negotiate rate down to 1.7%, and most transactions were $2k or much less.
        Also used a check verification system that protected us from chasing down worthless checks
        Just had general ledger charge plan expense on P&L

        Now guys like Ole and others that have $50k & $100k invoices, I’d implement a convenience fee too.

        Tried to buy a car on my Amex and dealership went ape s#i+....I get why!
        Did talk them into taking half though
        ’19 Invincible 36 - 350 Verado’s Sold
        ’20 Invincible 35’ Cat, Quad Verado’s on order
        Fairhope & Orange Beach, AL

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        • Originally posted by erie skipper View Post

          So long as you're willing to take a $375 hit I guess it's up to you; so long as you have the margine to give away
          It's more complex for us a lot of times we are dealing with guys crossing the country. A credit card or debit card is a more secure way to collect a payment then a personal check. EFS checks and ComData checks are a complete pain I'm the butt and we have had issues with them as well. Say we do a 15k job and the guy leaves and we have 6g in parts into is and his check bounces I didn't lose 375 I lost 6k in parts and 9k in labor and markup.

          as for our rates the companies have worked well with us a debit card transaction is 1.5 percent and so are non rewards cards are maximum rate is 3 percent but most cards we see 2.5 we rarely see rewards cards with a 3 percent. On average I would say we give up about 1.7 to 1.8 percent to the cc companies because some people use debit and some use no rewards cards.

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          • I get it, but to me you would have to cover it somewhere in your fee structure just to keep your needed margins intact; I'm just thinking from a purely accounting perspective.

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            • Originally posted by Adam9066 View Post

              It's more complex for us a lot of times we are dealing with guys crossing the country. A credit card or debit card is a more secure way to collect a payment then a personal check. EFS checks and ComData checks are a complete pain I'm the butt and we have had issues with them as well. Say we do a 15k job and the guy leaves and we have 6g in parts into is and his check bounces I didn't lose 375 I lost 6k in parts and 9k in labor and markup.

              as for our rates the companies have worked well with us a debit card transaction is 1.5 percent and so are non rewards cards are maximum rate is 3 percent but most cards we see 2.5 we rarely see rewards cards with a 3 percent. On average I would say we give up about 1.7 to 1.8 percent to the cc companies because some people use debit and some use no rewards cards.
              They can dispute a CC payment alot easier than bouncing a check.
              A bounced check is a criminal offense.
              Engine Sales and Service
              Ph +1 954.463.1515
              Fx +1
              954.463.4904
              Toll Free: 800.622.6747

              [email protected]
              www.parkeryacht.com

              Member of the MSHS Group

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              • Yes they can obviously nothing is perfect. I have never had to deal with a credit card dispute no one has ever tried it. I have received two bad checks one was from an out of state person it was on a 6000 dollar transmission job. I never did recoupe my money nor did anything come of it that I know. I will add I have never used a check verification service/system. But checks only made up less then 10 percent of payments.

                I'll add to this as well guys my repairshop is not my primary buisness, my trucking buisness is my primary buisness and where I make the bulk of my money. I rented a facility to repair my own trucks and others started coming in and asking us to repair their trucks. Hence why we started the repair shop but it was not originally supposed to be open to the public. I dont take a lot of money from it to be honest. I hire more mechanics and invest a ton of money into it . We have a lot of tools and equipment that a lot of other local shops wish they had. I dont need to make a dime off of it so like I said I take 90 percent of what I make in the shop and reinvest.

                trucking has been very lucrative for me but I followed alot of advice from other successful buisness owners and it has made me very successful and I am very grateful for the experience and information they shared with me.

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                • Originally posted by Adam9066 View Post
                  Yes they can obviously nothing is perfect. I have never had to deal with a credit card dispute no one has ever tried it. I have received two bad checks one was from an out of state person it was on a 6000 dollar transmission job. I never did recoupe my money nor did anything come of it that I know. I will add I have never used a check verification service/system. But checks only made up less then 10 percent of payments.

                  I'll add to this as well guys my repairshop is not my primary buisness, my trucking buisness is my primary buisness and where I make the bulk of my money. I rented a facility to repair my own trucks and others started coming in and asking us to repair their trucks. Hence why we started the repair shop but it was not originally supposed to be open to the public. I dont take a lot of money from it to be honest. I hire more mechanics and invest a ton of money into it . We have a lot of tools and equipment that a lot of other local shops wish they had. I dont need to make a dime off of it so like I said I take 90 percent of what I make in the shop and reinvest.

                  trucking has been very lucrative for me but I followed alot of advice from other successful buisness owners and it has made me very successful and I am very grateful for the experience and information they shared with me.
                  Please understand no one is dissing you; just having a discussion and that's a good thing. If things are going well and working for you that's a wonderful thing and congratulations on your success. This is what forums are for---well, you know, except for the holding tank! Continued success to you!

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                  • It just looks like different circumstances call for different business decisions. And there are trade offs to consider no matter what you do...Charlie
                    Greetings from Lake Hopatcong NJ / Milltown NJ

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                    • Originally posted by erie skipper View Post

                      Please understand no one is dissing you; just having a discussion and that's a good thing. If things are going well and working for you that's a wonderful thing and congratulations on your success. This is what forums are for---well, you know, except for the holding tank! Continued success to you!
                      Oh I didnt think anyone was insulting me or trying to. Sorry if I came off that way we are just talking. I have a huge amount or respect for you guys.

                      like Mako runner said diffrent models for diffrent industries. For the trucking company everything is done via wire transfer. it's just how we do it in that industry just like everything still goes via fax machine which drives me up the wall . for the life of me i cant understand why they cant move to emails.


                      I will say this I notice they classify different industries when signing contracts so retail is diffrent from auto and so on. We are classified under auto, collision, and heavy equipment. Not sure what that does for you as a retailer.

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                      • We get burned by the CC's, not on checks.
                        Soon as someone wants, "Crankshafts for F150's" our alarms go off.
                        Or an out of towner.

                        Had a guy come yesterday to pick a motor up, we bolted it on, and charged him for it, he did not have checks, cash or credit cards, seriously?
                        And he knew he was being charged.
                        People.
                        Engine Sales and Service
                        Ph +1 954.463.1515
                        Fx +1
                        954.463.4904
                        Toll Free: 800.622.6747

                        [email protected]
                        www.parkeryacht.com

                        Member of the MSHS Group

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                        • Ok, perhaps it was the MOST expensive gas station in Ft. Laud, but it cost me over $100 to fill up the Truckster yesterday. WTF?
                          $2.99 a gal.
                          Engine Sales and Service
                          Ph +1 954.463.1515
                          Fx +1
                          954.463.4904
                          Toll Free: 800.622.6747

                          [email protected]
                          www.parkeryacht.com

                          Member of the MSHS Group

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                          • Averaging 2.75 locally right now as low as 2.35 in areas and as high as 2.99 so you are not alone

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                            • My 401k statement was opened up Monday night, all I can say is it grew 2 1/2 times what I typically make for the first quarter.
                              It's dropped that much in the past but, it's tripled in value since 2008's drop, go figure!

                              Any body notice the tax rates changed for retirement plan holders, as in the corporate tax rates rather than standard?

                              Got our over payment back based on corporation tax rate, Taxxact computed this, not the regular tables, confusing, but not fully understood.

                              I mainly want to retire with dignity, not great wealth!
                              One last thing, EITC is great, as long as you're receiving and not paying, a nephew of mine made out on this policy this year.

                              God bless America!
                              Kevin

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                              • Pushing $2.60 a gallon here and rising.
                                Small town S. W. Ga./St. James Fl.

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