Wood235

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

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My last post was regarding credit card charges and being unable to pass on charges.

Now i understand, probably due to some retailers refusing to take credit cards, they have dropped the charge to 1% and have stuck a charge of .375% on debit cards(well thats with barclaycard terminal anyway)  

So for example they are taking £15 for a £4k sale.

I shall now only take £100 deposits and push for bank transfers, building society cheques etc 

What are your thoughts on this? 

Thanks

Gary

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It’s your business mate and you can sell how you like. Personally I say I accept cards for a small deposit and it’s readies or bank transfer the rest. Hasn’t done me any harm so far. 

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57 minutes ago, EPV said:

It’s your business mate and you can sell how you like. Personally I say I accept cards for a small deposit and it’s readies or bank transfer the rest. Hasn’t done me any harm so far. 

As usual I agree with EPV. This is exactly what we do and hasn’t caused any issues. 

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Yes it really is disgusting the way we get bullied into just accepting their prices.

Were with Streamline, their reconciliation times have just increased by a day.... just to help our cash flow.

With regards to cash... this is more evil in terms of charges for us.

We are now pushing bank transfers.

 

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I dont have a card machine, cash, cheque or BACS for me.  Only taken one cheque this year, mostly its BACS sometime cash if its small amounts. 

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Get an active saver type account alongside your business account. No charges to pay in and then just transfer funds between accounts online. 

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28 minutes ago, Dealer said:

Get an active saver type account alongside your business account. No charges to pay in and then just transfer funds between accounts online. 

Simple as that. 

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G3 Remarketing still charge! It is free to do bank transfer but they don’t accept cash or cheques only cards over the counter. They charge a few % (can’t remember exactly) and call it a counter fee. Basically you are paying to talk to the bird behind the counter! 

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bank transfers, most customers happy with that. Occasionally you will get someone where you concede and take a debit card balance, but at least you stop the bulk of the charges. In the meantime, card machines great for taking a deposit.

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The only form of payment I don't like is cash.  I take credit, debit cards, cheques, bank transfer - doesn't bother me paying 1.75% with iZettle - better than 1% and a trip to the bank to pay cash in.  Usual takes 5 working days to hit the account, which is fine.

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I’ve heard it all now - I can’t believe people turning their noses up at cash. Some people have no imagination.

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1 hour ago, BHM said:

I’ve heard it all now - I can’t believe people turning their noses up at cash. Some people have no imagination.

HMRC have imagination,they love car dealers.If you get caught out on just one sale,they will take you to the cleaners.

On 04/07/2018 at 4:13 PM, EPV said:

Simple as that. 

If you are a ltd Company,takings must be paid direct into a company bank account.I have been there years ago,was paying cash into a private B/S account then just transferring it into the company account to save charges.Our accountant stopped me because HMRC could have taxed me for personally receiving the cash.

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19 minutes ago, trade vet said:

HMRC have imagination,they love car dealers.If you get caught out on just one sale,they will take you to the cleaners.

If you are a ltd Company,takings must be paid direct into a company bank account.I have been there years ago,was paying cash into a private B/S account then just transferring it into the company account to save charges.Our accountant stopped me because HMRC could have taxed me for personally receiving the cash.

Well, we're surely talking very sporadic occasions on which you would want to carry out such activities, in today's day and age where electronic transfers rule the roost. I know you have been severely burned in the past so its good to have the voice of experience here though.

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20 minutes ago, EPV said:

Well, we're surely talking very sporadic occasions on which you would want to carry out such activities, in today's day and age where electronic transfers rule the roost. I know you have been severely burned in the past so its good to have the voice of experience here though.

EPV if you are a LTD company basically don’t do it.BTW I have not been severely burned by HMRC just severely inconvienced over a long period of time.Also just looked at your site,the coaching from the guys appears to have worked,it looks good to me.One thing ,I think your starship mileage 14 C Class should be £9950...believe it or not,but I am fully qualified on that type of stuff !

 

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17 minutes ago, trade vet said:

EPV if you are a LTD company basically don’t do it.BTW I have not been severely burned by HMRC just severely inconvienced over a long period of time.Also just looked at your site,the coaching from the guys appears to have worked,it looks good to me.One thing ,I think your starship mileage 14 C Class should be £9950...believe it or not,but I am fully qualified on that type of stuff !

 

You’re right, i’m flying a kite with the extr monkey but that will be the only one in a 50 mile radius on AT so i’m being greedy for the first week or so. 

Thanks for taking the time to look and offer advice TV. 

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