Financing your jobs?
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315 Posts
No we don't offer financing. We do accept credit cards though, that's sort of financing.
For an average job price range of $3000 to $4000 I don't see the point in offering financing.
Enlighten me.
For an average job price range of $3000 to $4000 I don't see the point in offering financing.
Enlighten me.
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4,956 Posts
Third party financing like say GMAC. The customer applies for credit through an agency, you get your money, they (the credit agency) make thier's from the interest and the customer gets to make payments. Kind of like buying anything on time.
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17,887 Posts
yep yep
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91 Posts
Ok, I am not a painter or a banker but I am a business person (PC). I'll take whatever form of payment someone wants to pay me with in order to get a good job. After missing out on a few good jobs because I did not offer financing I got it in a hurry.
Financing can be a royal pain in the butt if you don't cross your "t's" and dot your "I's". The paperwork is very scary until you get familiar with it. The killer for some is that you get paid after the job is complete, the homeowner signs off and you submit more paperwork.
Del, another one--3 types of boaters:
Those who have run aground,
Those who have run aground and lie about it,
and those who have yet to run aground.
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315 Posts
What is your average job cost FHI? More importantly do you think that matters or am I over thinking it?
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91 Posts
Most people do it because they have no idea what $8500 will cost them per month. If you tell them that it will cost them $168.12 per month for 200 years they understand the terms and can decide if they can afford it or not. Most people know their monthly budget.
If they are tight on money they should give up coffee, beer, scratch tickets, cable tv and video game rentals. These item's alone add up to the monthly payment for a nice paint job.
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91 Posts
Generally our average is around $7,000. I am testing doing some smaller jobs which will bring this average down (partial jobs for those who can not afford the whole job at once). The job size does matter, the paperwork for financing will add about 1-1.5 hours to each of your jobs until you get it down. The job will have to be large enough to cover this overhead time.
No one mentioned that a credit card company takes a percentage off the sale price paid to the vendor... 3 to 6% off the top.
I have, and will pee in my wetsuit.
I have run aground on sand in shallow waters,
run up on the rocks, & docks elsewhere,
and made a turn while underway and ran 90deg into a rock cliff at trolling speed, once when I got a hookup. Fish did not get away, we ate it, and the boat was fine.
I'm ready to do it all over again!
r
I have, and will pee in my wetsuit.
I have run aground on sand in shallow waters,
run up on the rocks, & docks elsewhere,
and made a turn while underway and ran 90deg into a rock cliff at trolling speed, once when I got a hookup. Fish did not get away, we ate it, and the boat was fine.
I'm ready to do it all over again!
r
Joined
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91 Posts
I let my brother in Law "prep" mine one spring, he forgot the plugs and it sank just enough for water to fill the motor. My neighbors gave me a hard time all summer. The next year.........I made the same mistake. This year I never put it in the water.
FOR SALE 2000 Polaris 1200 Waver runner $3000 or best offer. Top speed 62mph and only sunk twice, however it has never been flipped over. Includes trailer that needs some wiring work, 2 life jackets and the owners manaul.
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4,956 Posts
]Ok, I am not a painter or a banker but I am a business person (PC). I'll take whatever form of payment someone wants to pay me with in order to get a good job. After missing out on a few good jobs because I did not offer financing I got it in a hurry.
Now we are getting somewhere. Who do you use for financing?
Now we are getting somewhere. Who do you use for financing?
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315 Posts
In the four years I have been in business no one has ever asked me if I offered financing. But after the second time I got asked if we took credit cards and had to say no, you know I was able to take credit cards as soon as I could. And I didn't even loose those jobs... the customer was only slightly disappointed.
I think other than finding out who offers financing (I think every bank will and credit union, etc.) it would really help me to know what size and price jobs you are being asked to finance.
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1,254 Posts
I don't offer "financing" per say, but I get paid steadily as I'm working on a job, so in some ways that is financing...not to mention more convenient for the HO making smaller payments.
I do offer credit cards. For a $1500 job, their cut is about $60. Not a bad deal IMO.
I do offer credit cards. For a $1500 job, their cut is about $60. Not a bad deal IMO.
Joined
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315 Posts
Their checks could bounce too or they could stop payment... so what? If that happens and they have a legitimate reason for doing so it doesn't matter how they paid you, cash, check, gold doubloons or credit card... you're going to court.
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1,254 Posts
I've just started accepting them :brows:
not same
If you are paid cash, there is a finality about the deal...
Yes, they may have a discrepancy that comes to their attention.
So they call you first and complain.
If paid by check, they've only got a few days in which to put a stop payment order on the instrument...
With credit cards, they may be able to reverse the payment up to 30 or 60 days from the time of the charge, depending on the company.
Then, they might feel in a very strong position to present their grievances to you, or anyone else.
In my years of blunders and indisgressions, most were a rather simple fix, or adjustment, because we do good work. But in some cases, although the problem was small, the folks were quite upset and concerned about it.
All matters were resolved to everyone's satisfaction, and usually very quickly... I really like happy clients! That is what feeds us...
All I meant to say is that a credit card transfer of digital stuff is NOT same as greenbacks.
Ha! and I heard a rumor that the loonie is worth more, now..
r
Humble, I must not have explained myself well enough...
If you are paid cash, there is a finality about the deal...
Yes, they may have a discrepancy that comes to their attention.
So they call you first and complain.
If paid by check, they've only got a few days in which to put a stop payment order on the instrument...
With credit cards, they may be able to reverse the payment up to 30 or 60 days from the time of the charge, depending on the company.
Then, they might feel in a very strong position to present their grievances to you, or anyone else.
In my years of blunders and indisgressions, most were a rather simple fix, or adjustment, because we do good work. But in some cases, although the problem was small, the folks were quite upset and concerned about it.
All matters were resolved to everyone's satisfaction, and usually very quickly... I really like happy clients! That is what feeds us...
All I meant to say is that a credit card transfer of digital stuff is NOT same as greenbacks.
Ha! and I heard a rumor that the loonie is worth more, now..
r
Joined
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91 Posts
Keybank and Wellsfargo are good companies. Stay away from AGF and the others that charge 21% and more. GE's paperwork scared me away from using them. You should also find a company that will write "bad paper" (loans for people with crappy credit), the rates will be high.
It takes about 2-4 weeks to get approved. This is the perfect time to apply, you can get approved before the holiday season. When people say that they are poor because of X-mas........no payments until______<---this will close the deal. I'll have to dust off my applications we have been 100% checks or credit cards all summer.
IMPORTANT--Demand that they send someone into your office to train your staff. Nothing sucks more than having to go back because you missed some details.
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