How do you feel about....

[swils8610]

Simple. Using a credit card or PayPal adds a fee. Brick and mortar stores have this figured into their pricing hence usually less of a discount. You also have to wait for your money. Offer to pay true cash at an AD and save you 3 or 4 percent for paying cash. Some will. Some won’t. At our dealership we have a $2000 limit we allow as a deposit/down payment on a vehicle purchase with a credit card. The fees add up fast. In certain circumstance we will allow more if it’s negotiated into the deal. American Express has the highest fees of any of the credit card companies. That’s why many places don’t accept it. With that said I use my Amex for most purchases.


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[enjoythemusic]

Originally Posted by City74

So Sam Walton wasn’t a smart business person? Maybe it’s just me and my 2nd grade math knowledge

Perhaps my post did have a bit of oversimplification. Am sure you're incredibly smart and knew the overall sentiment of my previous post. Of course Sam had many 'moving parts' to make his plan work, yet you have a good idea! We need to do a group buy of 20 watches for that extra Sams Club discount. Let's buy Rolexs in bulk and cut out as many 'middlemen' as possible while squeezing the manufacturer as much as possible. Sweet idea, that'll work! :)

PS: Ever notice how the CC terminal default at Sams Club and WalMart is DEBIT and not credit (when you use a debit/Visa card). They know that having their POS terminal defaulting to DEBIT, if you use default DEBIT and enter your pin# they save CC fees versus you choosing credit.

[fskywalker]

Originally Posted by enjoythemusic

PS: Ever notice how the CC terminal default at Sams Club and WalMart is DEBIT and not credit (when you use a debit/Visa card). They know that having their POS terminal defaulting to DEBIT, if you use default DEBIT and enter your pin# they save CC fees versus you choosing credit.

Smart!


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[superdog]

Any credit card charges over $1,000 I charge a few.

My margins are already razor thin. Not losing an extra few points. No way.

[Pentameter]

Originally Posted by City74

No I’m stating that when you buy gas it’s the same price cash or credit

Not always true. Sometimes it is, but some gas stations offer a discount if you pay cash.

[Pentameter]

Originally Posted by City74

A cash discount from online sellers ISNT a normal business practice. I’m not going to argue with you. You view it one way and I view it another. Simple as that. Move on

Have you ever heard the expression "cash is king" ?? Have you ever wondered what that means ??

[Abdullah71601]

Originally Posted by Pentameter

Have you ever heard the expression "cash is king" ?? Have you ever wondered what that means ??

Sure. Put some in an envelope and mail it. Tell us how that works out in an online sale with someone you’ve never met.

If you were accurate, there would be a discount for using cash. You aren’t getting a discount for a cash (wire) purchase here. You’re paying extra for not using the highest risk form of payment so that the seller comes out even on fees.

[dmash]

Originally Posted by Pentameter

Have you ever heard the expression "cash is king" ?? Have you ever wondered what that means ??

Told you they won’t listen

Let the retailers raise prices 3% and say ‘cash discount 3%’, resulting in the EXACT same prices as now, and they’d magically be like ‘oh ok, completely fine by me, no issue!’

[crazymcmichael]

i used my card last time, tried to get more off but they refused so i thought ok than, than i will use card. Didnt offer them to give me discount for cash though…..

[Pentameter]

Originally Posted by Abdullah71601

Sure. Put some in an envelope and mail it. Tell us how that works out in an online sale with someone you’ve never met.

lol "cash is king" does NOT mean "put cash in an envelope"… nice straw man though

Originally Posted by Abdullah71601

If you were accurate, there would be a discount for using cash. You aren’t getting a discount for a cash (wire) purchase here.

SOMETIMES THERE IS. Not always, but SOMETIMES. It depends where you go, and it depends on what you want, but offering cash for something often CAN get you a discount.

Again, not always, but YES YOU ARE usually getting a discount for paying via wire (cash)… that's what the stated price you see on the FS listing is, the discounted wire price. If you don't want to pay by wire, then the quoted price ISN'T your price. The seller is just skipping the step of saying "Here's the price, cash or wire gets a 3% discount" - is it really so hard to see this, or see why they do this? You guys who aren't willing to wire funds to trusted sellers with THOUSANDS of transactions on record are the exception, not the rule.

[Abdullah71601]

Originally Posted by Pentameter

lol "cash is king" does NOT mean "put cash in an envelope"… nice straw man though



SOMETIMES THERE IS. Not always, but SOMETIMES. It depends where you go, and it depends on what you want, but offering cash for something often CAN get you a discount.

Again, not always, but YES YOU ARE usually getting a discount for paying via wire (cash)… that's what the stated price you see on the FS listing is, the discounted wire price. If you don't want to pay by wire, then the quoted price ISN'T your price. The seller is just skipping the step of saying "Here's the price, cash or wire gets a 3% discount" - is it really so hard to see this, or see why they do this? You guys who aren't willing to wire funds to trusted sellers with THOUSANDS of transactions on record are the exception, not the rule.

In this case, a wire (which is no safer than cash in an envelope) is the preferred transaction for the seller and offers no discount off grey market pricing, which is the stated (sticker) price in the FS advert. You pay the seller’s fees in addition to sticker price when you use a CC or PP to mitigate your risk.

Now, if it worked like my AD, and I got a discount off sticker price for using cash, you’d be correct. But, they aren’t giving me a discount off sticker. I’m still paying their full sticker price with a wire transfer. Paying with cash saves me some fees, but puts 100% of the risk on me.

[GB-man]

Originally Posted by City74

I stated that I would never bank wire a business money.

Then you just have to sort out the sellers that have the credit card fees built in. I know the keystone let’s you pay by card at advertised price.

Honestly I always negotiate online so I would never expect to get credit card points too. That said I buy most everything at ADs by credit card these days.

Just bought a new weber with the points from last year

[dmash]

Originally Posted by GB-man

Then you just have to sort out the sellers that have the credit card fees built in. I know the keystone let’s you pay by card at advertised price.

Honestly I always negotiate online so I would never expect to get credit card points too. That said I buy most everything at ADs by credit card these days.

Just bought a new weber with the points from last year

For steaks or 80/20 burgers

[Star Ferry]

In most cases these grays (or trusted sellers, or whatever you want to call them) sell at much lower margins than those at an AD

So for a 5000+ dollar Rolex they typically will not eat a 3% transaction fee, whereas an AD generally would

[Abdullah71601]

Originally Posted by Star Ferry

In most cases these grays (or trusted sellers, or whatever you want to call them) sell at much lower margins than those at an AD

So for a 5000+ dollar Rolex they typically will not eat a 3% transaction fee, whereas an AD generally would

And then there was this SS BLRO for 250% above MSRP...

I think it's a myth that these guys are on a thin margin. I know the difference between what they offer to buy and what their FS pricing is on a couple watches, and they're doing pretty well.

[SMD]

Until very recently, I believe the terms of service of credit cards prevented them from advertising or offering different price for cash and card. I believe that is gone due to a settlement among visa and MasterCard and the merchants of a class action.

https://www.nytimes.com/2012/07/14/b...rust-suit.html

In any event, I run a small business and I guess I am risky dink because when a customer of mine asked to pay his outstanding 7 figure balance with his Amex I declined. I am not eating 3.5% so he can get Amex points. If he wanted to pay that way he could have asked in advance and his price would have factored that cost in.

[donas]

This is not an uncommon practice, even for regular stores. Have you ever asked for a discount for paying cash? Many won't offer it but will give it if asked. The other thing to think about is the substantial mark up at ADs and other stores, 3% is in there somewhere! I just purchased a rather expensive dog and had to pay 3% to use a credit card.

In my opinion, why would the seller have to absorb the fee charged by the credit card company because the buyer wants to use that option?

[Black_5]

Where does this assumption of 3% or more for retailers come from?

This might be the case for small merchants and those using online payment gateways here (because of the inherently higher risk and transactional cost associated with multiple vendors taking a clip), but I'm surprised this is considered normal elsewhere?

Here in Australia, typical Credit Card transaction fees via banks for card present transactions are typically 0.7 - 1.5% for Visa/MasterCard (Depending on the transaction volume and how much they negotiate) albeit around 1% higher for AMEX. (And AMEX are getting more competitive and closing this gap).

Can someone clarify?

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