Sign in to follow this  
JDM1983

Payment Methods

Recommended Posts

19 hours ago, Arfur Dealy said:

Never needed a card machine in 30+ years. Bank transfer 90% of the time because its free, or cash for those who have just sold theirs and have a wad.... Not interested in a card machine, definitely not interested in those who only pay by CC..... 

+1

Bank transfer is so easy nowadays and free.

But I guess it depends on the type of customer you are targeting.

I suppose nowadays people do buy cars on CC

Share this post


Link to post
Share on other sites

When you get busy and sell to more customers , you seriously haven't the time for bank transfers , as much as I like them for being free I cannot justify not having a card terminal .

Today 3 customers all together , two finance applications , both wanted to pay deposits on card  , The other guy wanted to pay debit card and go , Card terminal was hot to take £12,000 + and enable the customers to collect and go .

I haven't got the time to check payments have gone in , cant be asking people to wait for clearance as I want them gone too , Got things to do eg ; next customer , prepping , tel calls , emails , loading stock , and all the other jobs we all have in this industry . 

The more business you put through a card terminal the more companies want your business and will lower their rates A LOT to get you on board . 

98% of our sales are debit cards for either deposits , finance deposits or total sales , 2% is bank transfer or cash and normally its the small stuff "PX and such " that's a cash or transfer . 

We DONT take credit cards for car sales though the exception is  for "service invoices eg , tyres  , selling polishes  , Cloths , Number Plates and Engine services , repairs , diagnostics and such ." then I don't mind Credit cards . 

 

So the answer is , depends on how busy you are as to if you can manage without a terminal . Wouldnt entertain the weird types of card jobbies personally , cash , transfer OR a bona fida terminal from eg Barclay card and the rest of the others , Payzone , transax etc 

Just my view mind . 

Share this post


Link to post
Share on other sites
2 hours ago, David Horgan said:

When you get busy and sell to more customers , you seriously haven't the time for bank transfers , as much as I like them for being free I cannot justify not having a card terminal .

Today 3 customers all together , two finance applications , both wanted to pay deposits on card  , The other guy wanted to pay debit card and go , Card terminal was hot to take £12,000 + and enable the customers to collect and go .

I haven't got the time to check payments have gone in , cant be asking people to wait for clearance as I want them gone too , Got things to do eg ; next customer , prepping , tel calls , emails , loading stock , and all the other jobs we all have in this industry . 

The more business you put through a card terminal the more companies want your business and will lower their rates A LOT to get you on board . 

98% of our sales are debit cards for either deposits , finance deposits or total sales , 2% is bank transfer or cash and normally its the small stuff "PX and such " that's a cash or transfer . 

We DONT take credit cards for car sales though the exception is  for "service invoices eg , tyres  , selling polishes  , Cloths , Number Plates and Engine services , repairs , diagnostics and such ." then I don't mind Credit cards . 

 

So the answer is , depends on how busy you are as to if you can manage without a terminal . Wouldnt entertain the weird types of card jobbies personally , cash , transfer OR a bona fida terminal from eg Barclay card and the rest of the others , Payzone , transax etc 

Just my view mind . 

I understand what you write and for a business turning over several cars a day, dealing with finance, employing staff etc, I would guess a card reader is essential. But the OP stocks 3 cars. 

I personally try to avoid anything other than the bare necessities because I don’t want complications or additional overhead, I simply want the customer to turn up at the appointed time and make their payment. The next one won’t be due for a couple of hours, so there is plenty of time. I guess if I ever stocked more than a dozen cars or allowed walk- ins then I would have a card reader to.

Share this post


Link to post
Share on other sites
6 hours ago, David Horgan said:

When you get busy and sell to more customers , you seriously haven't the time for bank transfers , as much as I like them for being free I cannot justify not having a card terminal .

Today 3 customers

Just my view mind . 

No time to log in to online banking on your laptop/mobile (all of 30 seconds) and check???? Am I missing something?

Today 7 handovers, most paid the balance in full 48 hours ago which helps with the cash flow. We re-negotiated our terminals recently but debit card is still an expensive way to take money. Card terminal for a dipper maybe but for balances it makes no sense when online banking is there. We don't do same day collection but if you do it's literally 30 seconds to check payment's in. Your business, you dictate the terms. Throwing £100's away each month using a terminal.

Share this post


Link to post
Share on other sites
1 hour ago, grant8064 said:

No time to log in to online banking on your laptop/mobile (all of 30 seconds) and check???? Am I missing something?

Today 7 handovers, most paid the balance in full 48 hours ago which helps with the cash flow. We re-negotiated our terminals recently but debit card is still an expensive way to take money. Card terminal for a dipper maybe but for balances it makes no sense when online banking is there. We don't do same day collection but if you do it's literally 30 seconds to check payment's in. Your business, you dictate the terms. Throwing £100's away each month using a terminal.

But there have been incidents when it isn't instant or isnt paid within 2 hours.

The small print clearly says "faster payment bank transfers can take up to 2 hours but usually are much sooner* "

* it can take longer if any checks are done.

Yet a lot of people think they are instant. "I sent money to myself or my mum and she got it instantly"

Yes they are only instant if you have sent money to that person before. But can take bloody ages if the banks do a check which they DO regularly in order to monitor fraud and crime!!

 

I did say in another topic on here that people dont read properly :lol:

 

 

Share this post


Link to post
Share on other sites
8 hours ago, TangoVictor32 said:

But there have been incidents when it isn't instant or isnt paid within 2 hours.

The small print clearly says "faster payment bank transfers can take up to 2 hours but usually are much sooner* "

* it can take longer if any checks are done.

Yet a lot of people think they are instant. "I sent money to myself or my mum and she got it instantly"

Yes they are only instant if you have sent money to that person before. But can take bloody ages if the banks do a check which they DO regularly in order to monitor fraud and crime!!

 

I did say in another topic on here that people dont read properly :lol:

 

 

Almost invariably recognised U.K. banks, Barclays, Lloyds, RBS etc are instant or even if there are security checks, very quick.

The banks which can give problems are HSBC or Santander.

I always ask customers who bank with one of the foreign banks to either make the payment before they arrive or allow for having to hang around until the payment clears.

 

Share this post


Link to post
Share on other sites
10 hours ago, grant8064 said:

No time to log in to online banking on your laptop/mobile (all of 30 seconds) and check???? Am I missing something?

Today 7 handovers, most paid the balance in full 48 hours ago which helps with the cash flow. We re-negotiated our terminals recently but debit card is still an expensive way to take money. Card terminal for a dipper maybe but for balances it makes no sense when online banking is there. We don't do same day collection but if you do it's literally 30 seconds to check payment's in. Your business, you dictate the terms. Throwing £100's away each month using a terminal.

Its not that easy in reality. Same as Dave Horgan here.Lets say its Saturday and there are 3 people all ready to buy on site same time. If someone is leaving a deposit they can pay on card and then send a transfer in advance of collection. 

If someone wants to pay in full and drive away I have not the time to wait around for 2 hours faffing around would  sooner just take the card payment and get them gone.

Bank transfer is great and its increasingly easy to use for people but its not quite 100% there yet.

Share this post


Link to post
Share on other sites
41 minutes ago, Rory RSC said:

I have not the time to wait around for 2 hours faffing around would  sooner just take the card payment and get them gone.

 

41 minutes ago, Rory RSC said:

Bank transfer is great and its increasingly easy to use for people but its not quite 100% there yet.

My thoughts entirely Rory .

If I had to wait with customer then I'd class that as down time and down time comes at a cost to my wallet , I charge more than the card terminal company charges me for my own time .

Done it twice now , both took bloody ages , 4 hours plus we had to keep customer happy in shifts :angry:, just because she didn't have her card with her  , been cheaper to deliver it and take the terminal with us for payment  :angry: Other one was the same , hour and half of purgatory with customer going hope it goes thru :o " well your not taking it till it does i thought :rolleyes:

 

As I said though it does depend on the size of each traders operation and how busy they are though .  But to you knew starters , when you get bigger , presuming you do i guarantee your new  friend will be the Card terminal 

Share this post


Link to post
Share on other sites

I bought a Sumpup. Trying to activate the account, but then they cancelled my account and asked me to return the reader. Because they said they are not provide services to car trader. Am I the only got this result?!

Edited by Lucas

Share this post


Link to post
Share on other sites
42 minutes ago, Lucas said:

I bought a Sumpup. Trying to activate the account, but then they cancelled my account and asked me to return the reader. Because they said they are not provide services to car trader. Am I the only got this result?!

A lot of them don't deal with car traders lucas. Get a proper machine mate.

Share this post


Link to post
Share on other sites

Cards all day long for smaller amounts and deposits then bank transfer for the rest, use a Barclays terminal and its quick and never had a problem, don't handle a lot of cash these days which is how I like it. I've nothing against cash but I do think it makes you more credible and trustworthy if you offer card facilities in buyers eyes

Share this post


Link to post
Share on other sites
On 04/04/2019 at 7:46 PM, Arfur Dealy said:

Never needed a card machine in 30+ years. Bank transfer 90% of the time because its free, or cash for those who have just sold theirs and have a wad.... Not interested in a card machine, definitely not interested in those who only pay by CC..... 

 

On 04/04/2019 at 8:09 PM, BHM said:

I’ve never needed a card machine. Bank transfer or CASH. If you feel the need to accept the occasional card then simply generate a Paypal invoice for them to pay.

 

/\ /\ /\ Same here, we did have one years ago at the Gearbox Firm, but the fees back then, plus machine rental etc etc ..................

I do BT, Cash and PP !!

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this