Sat 10 Sep 11, 8:53 PM
prettyPETunia
UK(WS), 4 yrs
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Im a bit of a whizz with money and thought I wonder if the pd's would find this useful to maximise income.
Get a cashback credit card, and when cients pay cash you zip your card thru your machine as if paying for your own service and throughout the year you could make a tidy sum from cash payments.
Must remember to pay card off each month though. Amex card pays 5% for the 1st 3 months and then up to 1.5% after. You get all cash back after 12 months on your staement.
Good idea? Or do you already do it? Or shall I shuttup and go away?
If love is blind I need to find a cane
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10 Sep 11, 10:27 PM
MrSurreySub
UK(KT), 20 mths
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The only problem is that the card companies charge the merchant for the privilege of being able to take credit card payments. I can't remember the exact %age - but I'm sure it's pretty close to the 'cashback' %age you mention.
Nice try though! |
10 Sep 11, 11:10 PM
prettyPETunia
UK(WS), 4 yrs
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MrSurreySub wrote:
The only problem is that the card companies charge the merchant for the privilege of being able to take credit card payments. I can't remember the exact %age - but I'm sure it's pretty close to the 'cashback' %age you mention.
Nice try though!
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Ahh, errm, forgot that bit. Not whizzo after all. But if the charge is less thn 1%, might still be worth it?If love is blind I need to find a cane
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11 Sep 11, 2:10 AM
DOM_estics
UK(SG), 3 yrs
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axlsub wrote:
MrSurreySub wrote:
The only problem is that the card companies charge the merchant for the privilege of being able to take credit card payments. I can't remember the exact %age - but I'm sure it's pretty close to the 'cashback' %age you mention.
Nice try though!
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Ahh, errm, forgot that bit. Not whizzo after all. But if the charge is less thn 1%, might still be worth it?
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most card processors will charge around 2.5-3.5% for a credit card, unless you are about the size of tesco DOM-estics.co.uk
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11 Sep 11, 8:51 AM
SirOpenSource
UK(E), 6 yrs
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DOM_estics wrote:
axlsub wrote:
MrSurreySub wrote:
The only problem is that the card companies charge the merchant for the privilege of being able to take credit card payments. I can't remember the exact %age - but I'm sure it's pretty close to the 'cashback' %age you mention.
Nice try though!
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Ahh, errm, forgot that bit. Not whizzo after all. But if the charge is less thn 1%, might still be worth it?
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most card processors will charge around 2.5-3.5% for a credit card, unless you are about the size of tesco
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Yep, once again the governments promise to support small businesses is a load of bullshit. Most small businesses have similar problems. Imagine you own a small shop in a shopping mall. In times of recession Major chains will see a rent reduction as they are needed. Small shops will get no reduction. It's often forgotten all large chains started out as a small shop.
Who knows there may one day be a chain PD !!
SOS
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11 Sep 11, 9:12 AM
prettyPETunia
UK(WS), 4 yrs
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SirOpenSource wrote:
DOM_estics wrote:
axlsub wrote:
MrSurreySub wrote:
The only problem is that the card companies charge the merchant for the privilege of being able to take credit card payments. I can't remember the exact %age - but I'm sure it's pretty close to the 'cashback' %age you mention.
Nice try though!
|
Ahh, errm, forgot that bit. Not whizzo after all. But if the charge is less thn 1%, might still be worth it?
|
most card processors will charge around 2.5-3.5% for a credit card, unless you are about the size of tesco
|
Yep, once again the governments promise to support small businesses is a load of bullshit. Most small businesses have similar problems. Imagine you own a small shop in a shopping mall. In times of recession Major chains will see a rent reduction as they are needed. Small shops will get no reduction. It's often forgotten all large chains started out as a small shop.
Who knows there may one day be a chain PD !!
SOS
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Surprised tesco havent adopted that line ofservice yet! If love is blind I need to find a cane
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11 Sep 11, 10:28 AM
Lady_Anna_Bradford
UK(BD), 5 yrs
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Then there is the rent of their machine in the first place.
Plus we'd show income through credit card sales and the same amount again as cash when we bank the cash. The tax man would expect double the tax we actually owe.
Terrible idea.
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11 Sep 11, 11:01 AM
Maid_Collette
UK(NN), 5 yrs
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Lady_Anna_Bradford wrote:
Then there is the rent of their machine in the first place.
Plus we'd show income through credit card sales and the same amount again as cash when we bank the cash. The tax man would expect double the tax we actually owe.
Terrible idea.
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I agree completely, creditcards for small buinesses are just methods for other people to take a share of your money, and I can just imagine the face as I tried to tell a tax inspector that it was to get a cash bonus.
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11 Sep 11, 11:25 AM
prettyPETunia
UK(WS), 4 yrs
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Maid_Collette wrote:
Lady_Anna_Bradford wrote:
Then there is the rent of their machine in the first place.
Plus we'd show income through credit card sales and the same amount again as cash when we bank the cash. The tax man would expect double the tax we actually owe.
Terrible idea.
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I agree completely, creditcards for small buinesses are just methods for other people to take a share of your money, and I can just imagine the face as I tried to tell a tax inspector that it was to get a cash bonus.
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ok ok....it was just an idea i thought might be a good one. Didnt think about charges or know bout hire of machines.
I make about £350 a year by paying all my bills, petrol, food etc. Comes in handy t christmas.
I'll get my coat.
If love is blind I need to find a cane
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11 Sep 11, 2:26 PM
Maid_Collette
UK(NN), 5 yrs
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well make what you can, they dont often give you a break
thanks
collette |
16 Sep 11, 9:02 PM
massado200
UK(LS), 8 yrs
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MrSurreySub wrote:
The only problem is that the card companies charge the merchant for the privilege of being able to take credit card payments. I can't remember the exact %age - but I'm sure it's pretty close to the 'cashback' %age you mention.
Nice try though!
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Best one for making cash out of Banks is the Halifax reward account. Pay in £1,000.00 each month, get £5 each month. PAY IN (not keep in) I.ve had £50 since Nov last year
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