Cash payments

[desmorse]

How about this for a WIN - WIN idea.

I do my utmost to resist cash payments, but you can't refuse them all. I've never, in 16 years, banked the Hillarys way, I've always sent a personal to cover cash payments but I think I've found a better way.

So here's my idea ...

When I can't avoid cash payments, I'll pocket the cash a transact a personal credit card payment.

Hillarys are happy, they get the money immediately.
FSMs happy, my SMR looks good
I'm happy, I get paid commission quicker and the cash sits in my bank for a month reducing the interest on my offset mortgage.
All I need now is a card with a good cash back offer and I'll even make a profit.

Deposits could be iffy if the customer cancels, but can't see any danger with balance payments.

Anyone tried it or see a pitfall?

[BlindWizard]

Ummmm That sounds a very interesting idea. Ummm the more I think about it the more I like it.

As you say what happens if they cancel ?? Well Hillarys refunds the credit card that made the payment and you repay the customer. Ummm sounds ok to me .

What happens if Hillarys pay customer direct ( they'd probably want to do this as they don't seem to trust us - ) I've still have the cash that pays the credit card liability. Ummm still sounds ok to me .

Don't think Hillarys will like it but why not ? As you say they get their money quickly, had to pay a credit card charge but less admin and this is what they say they want. They'll worry that Advisor will spend cash but as long as we pay them by credit card then they'll have the dosh (cheque could bounce so they are better allowing us to pay by card).

Who's going to put it forward as a cost saving idea for Hillarys as less administration ?

[desmorse]

Blindwizard,
I think if the advisor is going to spend the cash, he's going to spend it regardless.
As you say, card is Hillarys preferred payment method, it's cheaper than transacting cash and they don't need an army of admin people to shuffle cheques around. It also swells their bank account and improves cash flow as I believe the money is in the Hillarys account by the time you get the authorisation code. So I can't see why Hillarys would object.

I've had a pm from a major contributor to this forum who's been doing it successfully for the last year and using a card with 2% cashback. So as suspected, this isn't an original idea, I was just a bit slower than some of the brighter sparks to think of it.

Morgan Stanley Platinum Credit card

2% Cashback until 01/07/06 then up to 1% thereafter

[RED]

desmorse said:

Blindwizard,
I think if the advisor is going to spend the cash, he's going to spend it regardless.
As you say, card is Hillarys preferred payment method, it's cheaper than transacting cash and they don't need an army of admin people to shuffle cheques around. It also swells their bank account and improves cash flow as I believe the money is in the Hillarys account by the time you get the authorisation code. So I can't see why Hillarys would object.

I've had a pm from a major contributor to this forum who's been doing it successfully for the last year and using a card with 2% cashback. So as suspected, this isn't an original idea, I was just a bit slower than some of the brighter sparks to think of it.

What a brilliant idea.
Hillary's get the money quicker and make more interest on it, we make a 2% bonus on all cash deals.
Why can,t Hillary's come up with a joint venture with a card company that gives us this. It would mean a pay rise to all advisor's without costing Hillary's a bean. But I suppose we would all push for cash payments then, Still, Hillary's would still get the payment pretty quick.
Maybe a suggestion for Hillary's to take on board.
Red

[BlindWizard]

desmorse said:

......I was just a bit slower than some of the brighter sparks to think of it.

gvm, you were faster than me. This worries me, think my spark has been dampened working for Hillarys ;D

[dodgybracket]

stonehills said:

desmorse said:

Blindwizard,
I think if the advisor is going to spend the cash, he's going to spend it regardless.
As you say, card is Hillarys preferred payment method, it's cheaper than transacting cash and they don't need an army of admin people to shuffle cheques around. It also swells their bank account and improves cash flow as I believe the money is in the Hillarys account by the time you get the authorisation code. So I can't see why Hillarys would object.

I've had a pm from a major contributor to this forum who's been doing it successfully for the last year and using a card with 2% cashback. So as suspected, this isn't an original idea, I was just a bit slower than some of the brighter sparks to think of it.

What a brilliant idea.
Hillary's get the money quicker and make more interest on it, we make a 2% bonus on all cash deals.
Why can,t Hillary's come up with a joint venture with a card company that gives us this. It would mean a pay rise to all advisor's without costing Hillary's a bean. But I suppose we would all push for cash payments then, Still, Hillary's would still get the payment pretty quick.
Maybe a suggestion for Hillary's to take on board.
Red

Think it through, Red....

If Hillarys promoted it we would get the 2% cashback in theory,and they would get the dosh quicker.
Good in theory, c**p in practice.

If it was to be done the Hillarys way, then the 2% would go to HIllarys and we MIGHT get 14.68% of 2%, and they would still get the dosh faster.

Thats the Hillarys way!!!!

Dodgybracket

[Bear]

desmorse said:

How about this for a WIN - WIN idea.

I do my utmost to resist cash payments, but you can't refuse them all. I've never, in 16 years, banked the Hillarys way, I've always sent a personal to cover cash payments but I think I've found a better way.

So here's my idea ...

When I can't avoid cash payments, I'll pocket the cash a transact a personal credit card payment.

Hillarys are happy, they get the money immediately.
FSMs happy, my SMR looks good
I'm happy, I get paid commission quicker and the cash sits in my bank for a month reducing the interest on my offset mortgage.
All I need now is a card with a good cash back offer and I'll even make a profit.

Deposits could be iffy if the customer cancels, but can't see any danger with balance payments.

Anyone tried it or see a pitfall?

Been doing this for balances only (v. important) for about 9 months now.
Use 2 different cards, one is on 2% cashback, and the other on 1% . As I never take cheques, and often offer cash as a "nudge,nudge" way to buy suggesting they can save up to 5%, then I put the cash in the bank for 28 days, then pay the credit card off and pocket 2% or 1% on an ongoing basis.
Not a huge amount really, but if you can get £4000 cash per month and do it this way there are 2 benefits.

One is on average £60/£80 cashback per month which pays for a holiday or weekend away every so often, when it pays out , and better still my Credit card limit has gone from £5000 to £12000 in a year, but then maybe that is not a long-term benefit.!!!!!!!

[RED]

OH MY GOD! PASS ME THE SMELLING SALTS OR SLIT MY THROAT BUT DO IT QUICKLY.
Hades is not some mythical, middle earth, fire ridden region.
It is alive and kicking in a house on my patch.
The stench was gut wrenching.
How do people live like that?
No guesses as to what she wanted.
10 out of 10, yes 3 for £99, but theres more. She wanted to pay on the weekly.
Where on Sam is the button for get me a bucket, I'm going to throw up.
I was in there less than 1 minuet and told her to go to one of my competitors as they do it on the drip. They don't but if I had to breath in the putrid air so can he.
I have done this job for nearly ten years and thought I had smelt everything, but no, fate had something more for me.
I can still smell it now, an hour after coming home and having a shower.
Red

[RED]

newbold said:

stonehills said:

OH MY GOD! PASS ME THE SMELLING SALTS OR SLIT MY THROAT BUT DO IT QUICKLY.
Hades is not some mythical, middle earth, fire ridden region.
It is alive and kicking in a house on my patch.
The stench was gut wrenching.
How do people live like that?
No guesses as to what she wanted.
10 out of 10, yes 3 for £99, but theres more. She wanted to pay on the weekly.
Where on Sam is the button for get me a bucket, I'm going to throw up.
I was in there less than 1 minuet and told her to go to one of my competitors as they do it on the drip. They don't but if I had to breath in the putrid air so can he.
I have done this job for nearly ten years and thought I had smelt everything, but no, fate had something more for me.
I can still smell it now, an hour after coming home and having a shower.
Red

Yet another dose of GHETTO BLINDS.

Did you not offer to do her conservatory sides and roof blinds, and if she didnt have one to give you a call when she had. ;D

Still .... it got your foot in the door ;D ;D

What annoyed me more Owl, was that some bright spark at H/O had told her that she could pay weekly and that is why she booked the appointment.
Red

[desmorse]

newbold said:

Yet another dose of GHETTO BLINDS.

Did you not offer to do her conservatory sides and roof blinds, and if she didnt have one to give you a call when she had. ;D

Still .... it got your foot in the door ;D ;D

Well, it got your foot in something, but not necessarily the door

[BlindWizard]

I don't want to be funny but what has "3 for £99 GHETTO BLINDS" got to do with Cash Payments ?

It seems now on this forum that all threads end back at the same few subjects.

PLEASE post in the right section, starting a new thread for a new subject so that we can follow one subject through to the end.

[mendipmagpie]

Hi GVM
For good card deals have you looked at www.moneysavingexpert.com/ great site for all financial info. Sign up for the news letter its free and has all sorts of interesting info.

MM

[phugly]

Some weeks Ago I went to see a customer who I knew to be a bad risk and I didnt really want the business, so I quoted her £550 on Capri knowing that she would turn it down. My mistake was to put it through as a quote on SAM instead of "no product of interest". I subequently got a standard Quotes Dept letter saying the quote had been Converted at £450 with a big red stamp "Please book fit date". So I did. Customer let slip that she was paying weekly "on the drip" . Alarm Bells.
Contacted credit control, and yes, customer paying weekly, not to fit blinds until she'd paid at least 2 months. My question is "when do I get paid" when blinds are fitted or when she finishes paying, assuming that she will continue paying after blinds are fitted. What happened to communication. Why was I not informed of situation before I rang her. If she had not let slip that she was on credit, I could have fitted blinds and then caused a scene when asking for payment

[RED]

phugly said:

Some weeks Ago I went to see a customer who I knew to be a bad risk and I didnt really want the business, so I quoted her £550 on Capri knowing that she would turn it down. My mistake was to put it through as a quote on SAM instead of "no product of interest". I subequently got a standard Quotes Dept letter saying the quote had been Converted at £450 with a big red stamp "Please book fit date". So I did. Customer let slip that she was paying weekly "on the drip" . Alarm Bells.
Contacted credit control, and yes, customer paying weekly, not to fit blinds until she'd paid at least 2 months. My question is "when do I get paid" when blinds are fitted or when she finishes paying, assuming that she will continue paying after blinds are fitted. What happened to communication. Why was I not informed of situation before I rang her. If she had not let slip that she was on credit, I could have fitted blinds and then caused a scene when asking for payment

You will not get paid a penny until she has paid so the chances are you will fit them for nothing.
Red

[Blind Scout]

phugly said:

Some weeks Ago I went to see a customer who I knew to be a bad risk and I didnt really want the business, .... customer paying weekly, not to fit blinds until she'd paid at least 2 months. My question is "when do I get paid" when blinds are fitted or when she finishes paying, assuming that she will continue paying after blinds are fitted. What happened to communication. Why was I not informed of situation before I rang her. If she had not let slip that she was on credit, I could have fitted blinds and then caused a scene when asking for payment

I wouldn't fit until all payment received. This is again Hillarys setting up the rules, and breaking them to suit themselves. And if you don't fit for months, that affects your monthly management stats, if you look at them.

Mind you, it could be worse. The customer may want to pay by cash, and you may have to go and collect it every week. A bit like the old insurance man. You never know, it may turn out to be like the bad old days, when you got paid "behind the door" as the saying goes up here. Then you could say you were really f****d.