Check fraud scam, new on me, at least this way

[Notarealsignguy]

Our bank will give us a check scanner to run them through. AFAIK, that puts the money into your account like an ETF so you don't have to worry about getting a bad check or stop payment.

 

[Stacey K]

Our bank will give us a check scanner to run them through. AFAIK, that puts the money into your account like an ETF so you don't have to worry about getting a bad check or stop payment.

For real? That's really cool! I'll have to ask about that once. I was using my phone but with my Wave accounting software it's easier if I do one bulk deposit.

 

[Solventinkjet]

Weird... nearly everything over here is done by direct bank transfer with zero fees. Sure you can use a CC if you want, but the merchant will get hit with a fee however it's legal to pass that onto the purchaser here too.
We don't do a lot of card transactions but our worst case fee is 1.2% on Visa/Master and managed to negotiate 0.95% on AmEx.
They are certainly ripping you guys off

We might get 1% on a debit card swiped in person but CCs are going to be 2 - 3% usually. AmEx is almost always higher. Here in America some rich guy has to get his cut before us normies get ours.

 

[netsol]

It's crazy really. I think most small businesses fall around 20% net average? 2-3% just to conveniently collect money is a bit absurd. $1mil revenue is $20-30k in fees, thats not peanuts, at 20% net profit you're talking 10% of your annual take home. Unless math is off?

remember, you do have protections with credit cards, which don't exist with debit cards or checks

 

[netsol]

We might get 1% on a debit card swiped in person but CCs are going to be 2 - 3% usually. AmEx is almost always higher. Here in America some rich guy has to get his cut before us normies get ours.

i thought debit card fee was $0.15

 

[Notarealsignguy]

remember, you do have protections with credit cards, which don't exist with debit cards or checks

Yes and no. You have no protections over a fair dispute. With an account, you have total control, if I have a dispute that conflicts with some check box I clicked, you still don't have my money. If you want to get paid then you have to address the issue at hand. Don't get me wrong, I'm not that guy at all, I'll usually pay it and then just never go back.
To be hypothetical, let's say you have an issue with a product from Grimco. If you dispute a charge there, you're pretty much cut off. On account, they will call you to work it out in order to get paid and typically you move on business as usual. Sure you can write them off but with a limited amount of suppliers, they kind of have you by the short hairs. Paying with a check on terms puts the power in your court and gives you time to shakeout any problems.

 

[Jester]

If your business is paying bills with checks, you might want to look into Positive Pay. Easy to implement if you are paying with software like quickbooks.This protects you against check washing or its modern digital equivalents.

 

[Notarealsignguy]

You can always have a few bank accounts too? We have an operating account and keep a set amount of money in it, a savings account to hold money, a wire in account that we keep clean so it can't be taken back and a wire out account. We just shuffle the money around to cover anything and it keeps it relatively protected.

 

[Precision]

Checks, Cash, Credit Card, I take it all! Might even trade you, if the trade is well enough! LOL!

Long as we keep the wheels turning, in a profitable manner.

 

[Notarealsignguy]

Checks, Cash, Credit Card, I take it all! Might even trade you, if the trade is well enough! LOL!

Long as we keep the wheels turning, in a profitable manner.

I'll trade all day long.

 

[GAC05]

You can always have a few bank accounts too? We have an operating account and keep a set amount of money in it, a savings account to hold money, a wire in account that we keep clean so it can't be taken back and a wire out account. We just shuffle the money around to cover anything and it keeps it relatively protected.

Is this a secret account for natural disasters like divorce, separation, or undocumented 'business' trips?

 

[Notarealsignguy]

Is this a secret account for natural disasters like divorce, separation, or undocumented 'business' trips?

Yes. Mama didn't raise no dummy

 

[caribmike]

Yes. Depending on the type of account you have, a smaller business paying those percentage fees can add up. For large jobs in the thousands, it's better to get a check than run a credit card. Fee wise.

We build the credit card fee into every transaction. I rarely ever think about the fees anymore. Its a cost of doing business.

 

[Stacey K]

I love trading! My son found a 1978 Bandit trans am on a farm in the weeds. Beautiful condition but the old lady won't sell it. It's my BF's dream car, he's considering working out a "car for sex trade" since she is refusing to sell it. I told him put a condom on and go for it! LOL

 

[mfatty500]

Would the little 'ol lady like, ribbed, or non-ribbed?

 

[Solventinkjet]

We build the credit card fee into every transaction. I rarely ever think about the fees anymore. Its a cost of doing business.

One of the keys to online sales is not tacking extra costs on at the end. People abandon carts at higher rates when the price changes from what is shown in the cart and what is actually charged at checkout. It's why free shipping is so common. It's also why we also bake the fees into prices.

 

[chester215]

One thing I hate is I only have a PO box and the post office opens after I get to work and closes before I leave. They are also closed for an hour over lunch so I usually only go on Fridays.

Our post office has a mag strip reader by the door for after hours access to the PO boxes. I can slide in any credit or other card with a mag strip and it unlocks the door (I hope they are not saving my info) . It is a relatively new post office so it may have modern conveniences that older ones do not. May be worth checking into anyway.