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» The Letterville BullBoard » Letterhead/Pinstriper Talk » Pre-Pay or Deposit?

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Author Topic: Pre-Pay or Deposit?
Matthew Rossi
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Member # 353

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Pre-pay of deposit? It sometimes seems neither one of them ever helps your cash-flow on top of those 30 day commercial accounts who take their sweet time. Of course prepay is the ulitmate way to go but now it seems inevitable that I must use those credit card machines. What should I expect? And does it help?. What do most of you use with type of payment?

Thanks

--------------------
Signs Solutions, Inc.
Matthew Rossi
Midlothian, VA, 23113
signsol@earthlink.net

Posts: 139 | From: Midlothian, Virginia | Registered: Nov 1998  |  IP: Logged | Report this post to a Moderator
Rick Beisiegel
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I prefer a deposit. Believe it or not, I don't like prepay. I love to get a final payment upon completion. It is a great motivator! If the job is paid for in advance, I tend to work on stuff thet brings in more cash flow, and may ignore something that is paid for.

As for credit cardes, I would'nt be without my CC station! Last year, I did $10,000 in cc sales. Would I have gotten the work anyways? Who knows. Just be sure to shop for a great rate, and ask about monthly fees. If you forget to ask about those, they can delete any profits, so watch the bank sharks!

Regards,

--------------------
Rick Beisiegel
Vital Signs & Graphics
Since 1982
(231) 452-6225 / (231) 652-3300
www.vitalsignsandgraphics.com
www.facebook.com/VitalSignsNewaygo

""Good judgment comes from experience; and a lot of that comes from bad judgment" - Will Rogers

Posts: 3484 | From: Beautiful Newaygo, Michigan | Registered: Mar 2003  |  IP: Logged | Report this post to a Moderator
Joe Rees
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Member # 211

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To my surpeise, I did $25,000 in credit cards last year, most of it pre-paying for small jobs under $400. It really changed my perception of deposits. I can hardly be bothered anymore with accepting half down for anything under $400, and strongly discourage deposits for jobs less than $100. Basically anything under $100 is considered pre-pay now. I've gotten used to asking for it and customers don't seem to resist much, particularly if an order is being taken over the internet or the phone.

--------------------
Joe Rees
Cape Craft Signs
(Cape Cod, MA)
http://www.capecraft.com
e-mail: joe@capecraft.com

SONGPAINTER Original Sign Music by Sign People NOW AVAILABLE on CD and the proceeds go to Letterville's favorite charity!
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Mike Pipes
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Pre-pay in full via credit or debit card is the way!

When a customer pays me in full, to me it's a motivator to get the job done quickly because I don't like having that hanging over my head. I'm more likely to knock a job out quickly just to get it done and out the door ASAP this way.

I don't do deposits on most of my jobs mostly because they're internet orders. It's easier just to bill the whole thing up front and that's what the customers expect.

I don't like dealing with checks, sometimes they get a little rubbery if ya know what I mean. Times are changing now and most people don't carry the cash on their person anymore, instead they use debit cards and credit cards for convenience.

95% of my jobs were paid with credit or debit cards in 2003. The other 5% were done with paypal or money orders.

If you have work to do and no cashflow to work with, you aren't charging enough for the work you do have. [Smile] Even so, I wouldn't front the costs out-of-pocket to start a job, it's not like retail where you know eventually the inventory is going to sell and you'll make your dime back on it. I have some materials here that have been hanging around for a couple years.

--------------------
"If I share all my wisdom I won't have any left for myself."

Mike Pipes
stickerpimp.com
Lake Havasu, AZ
mike@stickerpimp.com

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Sheila Ferrell
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I'm like you Rick, it takes all the fun out of it if I ain't got nothin' to look forward to [Wink] . . .

With first-time customer's, I state it "1/2 down-balance upon completion". If they write a check, I wait 'til it clears the bank to start.

With regulars I don't worry 'cuz they always pay on pick-up or installation, or I'll get it net 30 or 60.

I don't take credit cards, but they can take that thing to the bank an' get my cash if they want to [Wink]

The "cash flow" thing is a good reason not to have yer head so far up your butt that you are "too good" to take little jobs.
(I'm so sorry, I kno' there's no one here like that, lol)
but You can keep a lotta dinner-out, grocery/snax and gas cash on hand by letterin' a car tag or a coupl'a mail boxes or some kid's back windshield.

--------------------
Signs
Sweet Home Alabama


oneshot on chat


"Look like a girl, act like a lady, think like a man, work like a dog"

Posts: 5758 | From: "Sweet Home" Alabama | Registered: Mar 2003  |  IP: Logged | Report this post to a Moderator
   

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