# Well, how’d you get to that number?



## Golden view (Feb 16, 2012)

480sparky said:


> I recall getting paid with a CC for a repair job. While I was finishing up the transaction on my phone, the customer picked his phone up and starting tapping it.
> 
> He was making a payment for the amount of my invoice to his CC issuer. He didn't have to pay any interest by doing that, but got credit towards airline miles.
> 
> He said he does that all the time.... charges to his CC, then immediately makes a payment for the same amount.


No need to pay immediately. I charged $168,000 last year and never paid a cent of interest. I pay between 25-55 days after the purchase, depending on when in the billing cycle the purchase was made.

If it's at the beginning, then after 30 days the bill comes in. Then there is a 25 day "grace period" before the bill is due.

Everyone who is paying interest on their credit cards is funding my free short term loans.


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## Calidecks (Nov 19, 2011)

pinwheel said:


> I just never have payment issues either, but I hardly ever have a signed contract, just a written bid so they know how much to write the check.:whistling:thumbsup:
> 
> 
> 
> Course, 95% of my work is for repeat customers or WOM. I'm sure that makes a difference.




Contracts are required by law. I could lose my license. With that said, contracts are never needed until they are. It's like insurance. I've never made a claim on my insurance policy. So I guess I don't need insurance?


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## 480sparky (Feb 1, 2009)

Golden view said:


> No need to pay immediately. I charged $168,000 last year and never paid a cent of interest. I pay between 25-55 days after the purchase, depending on when in the billing cycle the purchase was made.
> 
> If it's at the beginning, then after 30 days the bill comes in. Then there is a 25 day "grace period" before the bill is due.
> 
> Everyone who is paying interest on their credit cards is funding my free short term loans.



Um............... I wasn't the one paying on the card. The *customer* was. What he does with his account is his business, not mine. Whether he paid it immediately or 25 years later.... no skin off my nose.


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## heavy_d (Dec 4, 2012)

480sparky said:


> Which is, amazingly............. _exactly what he did_!
> 
> Sent from MyOuthouse using ToiletPaper 2.1


Sorry for being blunt but it seemed as if you were saying that by paying his cc charges immediately within seconds is how he was able to avoid interest charges. People who do that strike me as being so irresponsible the only way they can remember to pay their card off is to do it the moment they buy something.

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## Anthill (Mar 23, 2013)

heavy_d said:


> Sorry for being blunt but it seemed as if you were saying that by paying his cc charges immediately within seconds is how he was able to avoid interest charges. People who do that strike me as being so irresponsible the only way they can remember to pay their card off is to do it the moment they buy something.
> 
> Sent from my SM-G930W8 using Tapatalk


If they are that irresponsible, good for them that they pay it off like that. At least its a way to deal with it. Too many think it will just go away on its own.


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## 480sparky (Feb 1, 2009)

heavy_d said:


> Sorry for being blunt but it seemed as if you were saying that by paying his cc charges immediately within seconds is how he was able to avoid interest charges. People who do that strike me as being so irresponsible the only way they can remember to pay their card off is to do it the moment they buy something.
> 
> Sent from my SM-G930W8 using Tapatalk


I don't get it. How is it 'irresponsible' by using a CC, and making a payment at the same time?

He has the money to pay the invoice in the bank. He also wants to use his CC to rack up air miles. He wants to make an immediate payment to avoid paying interest.

I personally don't git a shït whether he pays it while I'm running my invoice through, that night, the next day or next week. But I'd hardly call that irresponsible. I'd say it's just damned smart.

I have store credit cards for some local merchants. When I buy something, I use the card, then stop by the customer service on my way out and make a payment equal to the purchase I just made. The reason I do is every time I bring my CC balance down to $0, I get a card for 10% off my next purchase.

Am I irresponsible as well?


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## Golden view (Feb 16, 2012)

480sparky said:


> Um............... I wasn't the one paying on the card. The *customer* was. What he does with his account is his business, not mine. Whether he paid it immediately or 25 years later.... no skin off my nose.


I'm following you. Are you following me? I'm saying him paying down his balance immediately is not required to avoid interest. CC charges do not begin accruing interest immediately. 

In other words, you can make purchases every day, pay once a month, and never pay interest.


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## heavy_d (Dec 4, 2012)

Golden view said:


> I'm following you. Are you following me? I'm saying him paying down his balance immediately is not required to avoid interest. CC charges do not begin accruing interest immediately.
> 
> In other words, you can make purchases every day, pay once a month, and never pay interest.


Exactly. I think paying the balance at the end of the month (1 payment) is smarter than making a gazillion payments through out the month. But enough of this bickering.

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## 480sparky (Feb 1, 2009)

Golden view said:


> I'm following you. Are you following me? I'm saying him paying down his balance immediately is not required to avoid interest. CC charges do not begin accruing interest immediately.
> 
> In other words, you can make purchases every day, pay once a month, and never pay interest.



So, why is it the default position that he's irresponsible just because he wants to pay it _now_ instead of tonight, tomorrow or next week?

If I get my phone bill in the mail today, am I irresponsible because I pay it_ today_ instead of tonight, tomorrow or next week? It's not going to cost me any more, or less, but it's still paid.


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## Golden view (Feb 16, 2012)

480sparky said:


> So, why is it the default position that he's irresponsible just because he wants to pay it _now_ instead of tonight, tomorrow or next week?
> 
> If I get my phone bill in the mail today, am I irresponsible because I pay it_ today_ instead of tonight, tomorrow or next week? It's not going to cost me any more, or less, but it's still paid.


Well, I don't know. It's not my position. There IS an advantage to paying it down sooner. One part of your credit score is how high your balance to limit ratio is, even if you pay it off in full every month.


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## pinwheel (Dec 7, 2009)

Californiadecks said:


> Contracts are required by law. I could lose my license. With that said, contracts are never needed until they are. It's like insurance. I've never made a claim on my insurance policy. So I guess I don't need insurance?
> 
> 
> Sent from my iPhone using Tapatalk Pro


Thankfully, I live in a different world than you do Mike. Not sure I could take all the big brother telling me what I have to do every day that you have to put up with.

As for not needing a contract, till ya need a contract, well, then ya got all the court costs, lawyer fees, ect, to get a judgement. Just cause ya get a judgement, don't mean your collecting on that judgement, without spending more money.

Did I mention, I don't have trouble getting paid? 2times, in 22 years of business, I was stiffed. A whopping total of $2000. I think I'll just keep doing what I'm doing in my little back country world sir.


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## Calidecks (Nov 19, 2011)

pinwheel said:


> Thankfully, I live in a different world than you do Mike. Not sure I could take all the big brother telling me what I have to do every day that you have to put up with.
> 
> 
> 
> ...




Never once have I been stiffed in 15 years. Never once have I needed a court for anything either. The laws here keep other people from other states from competing here. I'm okay with that. Because I've been here 51 years I've known no other system. It's quite a shock to people from other states. They don't usually last.


Mike.
_______________


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## NYgutterguy (Mar 3, 2014)

In 25 years and over 9000 invoices the only time over Been stiffed was from a few gc's. Never from a homeowner. I just started making some customers sign the estimate. Still about 90% handshake. 


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## Windycity (Oct 3, 2015)

Do you guys that accept cc offer a cash or check discount? 

It’s real convenient for the customer to be able to rack up air miles or points on big purchases however doesn’t that cost you the contractor a swipe fee eating into your profit? Or do you just eat the loss?

On my invoice under the payment terms I have quoted price given includes cash or check discount, if paying with credit card please add 2.75% to the estimate 

I don’t think any banks will allow you to pay your mortgage for free using a credit card. They charge a fee using credit cards. And I believe the same goes for purchasing a new car. I was told you cannot use a credit card to buy a new car without a fee involved


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## Bull Trout (Dec 6, 2016)

Windycity said:


> Do you guys that accept cc offer a cash or check discount?
> 
> It’s real convenient for the customer to be able to rack up air miles or points on big purchases however doesn’t that cost you the contractor a swipe fee eating into your profit? Or do you just eat the loss?
> 
> ...


we charge a 4% convenience fee to use a CC, I'm always surprised how many people still choose to use one


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## Windycity (Oct 3, 2015)

Bull Trout said:


> we charge a 4% convenience fee to use a CC, I'm always surprised how many people still choose to use one




Yea that’s just dumb to pay extra to use a cc.




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## Jay hole (Nov 12, 2013)

Windycity said:


> Yea that’s just dumb to pay extra to use a cc.
> 
> 
> 
> ...




My flooring sub loves that I will pay him with a cc!!!! I get 2% cash back and he probably loses 3%.....fine with me!!!!


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## KAP (Feb 19, 2011)

Jay hole said:


> My flooring sub loves that I will pay him with a cc!!!! I get 2% cash back and he probably loses 3%.....fine with me!!!!


Uhm... :blink:


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## NYgutterguy (Mar 3, 2014)

Tomorrow doing a small job. Never met the guy and everything was done through some pics and emails. He won't be there when I do the job. I'm much more comfortable running his credit card before i even do the job than sending him a bill and waiting for the check. 

I'll eat the $20 CC fee for peace of mind. Bigger jobs I'll add some money to cover most of the CC fee. 


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## DCDEVINC (May 25, 2017)

when i was still doing my own work i was actually requested by a client to sign an unconditional (which is fine) as he handed me a canceled cashiers check. never saw a dime from that job  but i learned you can actually cancel a cashiers check!


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