Wood235

Credit Card Charges.... What do we do now??

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Hiya all!     Hope i'm not doubling up on this topic if already been discussed?

I understand that we are not allowed to pass on the 2.5% charge incurred any more very shortly!

Any ideas what we can do so that we don't throw even more money away than what we already have to in this trade??

Do we just say we don't accept credit cards any more but only debit cards?

 

Gary. 

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2 hours ago, Jimbo said:

Cant you add 2.5% as your own admin fee rather than a credit card fee

I suspect long term that won’t cut any ice and you’re almost inviting future claims. Remember the onus would be on you to defend & it would be a struggle to put up a robust defence when your “admin charge” applies to cc transactions.

In my opinion it’s not rocket science. If you don’t want to pay the fees only take other payments. There’s no point whinging & trying to wriggle around it. If you don’t want to pay then don’t take ccs, if you see a benefit in accepting ccs then pay.

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We are now only taking deposits by card and the balance as bank transfer. Can't justify taking that much of a hit.

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14 hours ago, Wood235 said:

Do we just say we don't accept credit cards any more but only debit cards?

 

Gary. 

It's my understanding that the changes will affect both debit and credit cars. So even your local takeaway delivery will be taking a hit too?

Price rises expected everywhere, keep calm and stay tuned!:D

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Does anyone know what BCA are doing about credit card charges, as didn’t they charge 3/3.5% + vat for CC payments?

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I see there are still Main Agents on DA and similar stating in the listings that they are charging for Debit and Credit Card payments.

We just rang one of them -as a car is finishing soon I was going to bid on- and he basically told us to piss off and don't bid if we weren't prepared to pay the fee!

I wonder how we'd get on saying that to OUR punters? 

Who enforces this new law anyway? FSA?

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I do my best not to take credit cards now. I havent taken one since the change, and so far, no issues. Im encouraging bank transfers too, money there straight away instead of waiting a couple of days for it. And no charge(yet) for that from the banks. Barclaycard are about to start charging me 0.29% per debit card transaction when they were charging me 80p. So thats £8.70 on a 3k car, and I sell about 170 to 180 per year. £1479 per year! Most customers seem happy enough to bank transfer now, so should save me good money over the year.  

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" I see there are still Main Agents on DA and similar stating in the listings that they are charging for Debit and Credit Card payments."

 

Credit card fees are still allowed to be charged to businesses. Just not to consumers.

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Yeah- you're right.  I rang Lawgistics.

Another example of the Main Dealers getting it all their own way/ not just having it off on Dealer Auction!

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£500 max on debit cards for deposits, all balances by bank transfer, we have implemented this for a while and never had an issue

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I had an elderly lady buy her son a car last week, electronically I agreed a £500 deposit the son wanted some upgrades done so was going to take a few days to get the car ready, anyway before i started the work checked my faithful banking app and she had sent me £5k the car was only £3000 plus £600 for mods bless her i wonder if she would have ever noticed if i hadnt have pointed it out.

 

 

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A fortnight ago I sold a £2000 car & allowed the old boy £600 for his p/x (which he wasn’t expecting me to take, it was only when I asked that he offered it to me).

Anyway he passed his money at me, all £2000 of it. I had to explain twice why I was giving him £600 back & he still looked puzzled (I’m not sure he was the sharpest tool in the box). It may of dawned on him later but plenty of shysters would of had him for his £600. I bet if he was dealing with one of Scumtree’s finest he’d of been done, who says all of us car traders are c**ts?

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1 hour ago, BHM said:

A fortnight ago I sold a £2000 car & allowed the old boy £600 for his p/x (which he wasn’t expecting me to take, it was only when I asked that he offered it to me).

Anyway he passed his money at me, all £2000 of it. I had to explain twice why I was giving him £600 back & he still looked puzzled (I’m not sure he was the sharpest tool in the box). It may of dawned on him later but plenty of shysters would of had him for his £600. I bet if he was dealing with one of Scumtree’s finest he’d of been done, who says all of us car traders are c**ts?

Very honest of you +1

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22 hours ago, Matt Reid said:

I do my best not to take credit cards now. I havent taken one since the change, and so far, no issues. Im encouraging bank transfers too, money there straight away instead of waiting a couple of days for it. And no charge(yet) for that from the banks. Barclaycard are about to start charging me 0.29% per debit card transaction when they were charging me 80p. So thats £8.70 on a 3k car, and I sell about 170 to 180 per year. £1479 per year! Most customers seem happy enough to bank transfer now, so should save me good money over the year.  

Same

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Don't take credit cards, but i did notice the other day that DVLA are still charging a credit card fee... :huh:

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Am i correct in thinking that if you label it an admin fee you have to then charge every customer an admin fee regardless if they are paying cash, card or finance  ? 

Something to do with you can't penalise a customer for paying with a card..was something we were told as there was a local dealer charging a customer an "admin fee" if they took outside finance but then told the same customer if they take their finance then there is no fee so as above the customer was being penalised for taking outside finance.  

 

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