Newbie to the site

[Misguided 0]

Hi everyone new to the site and fairly new to running my own business. Im based in Essex and set up around a year ago from unit that holds around 10 vehicles. Generally I sell low mileage with history cars. Quick question and something I've being looking into and accelerated as I lost a sale today as I do not currently take cards. Any recommendations for card reader/company that would suit a car dealership and an idea on costs? Thanks in advance.

[trade vet 697]

You need a card machine especially to make it easier to get deposits from punters on the pitch.We use Worldpay which RBS recommended.So if you do 10 £5k debit card deals a month with the machine rental and their fees it might cost £200.It can take 3 or 4 days to show up in your bank even though it’s debit cards.Another downside to consider is tracking the money when it shows up because it can be in a lump sum which might include a full deal or a deposit or 2 which they told me specifically would not be the case.That was my main grouse from my old pitch which does a lot of business.We only take credit cards as a small deposit which cost a bit more than a debit card......I will be interested to see what the others say on this topic.

[Wheelerdealer1 91]

I stopped using card machines a while back and really don’t regret it, most people have the banking app, so they can directly transfer a deposit or even full cost, just keep a few card readers from the most popular banks in the desk drawer.

 

main reason I stopped with the card machines was the amount of attempted and couple of successful fraudulent transactions from customers, and the total lack of back from the banks, it’s lose for us and win for them 

[David Horgan 564]

Barclay card with Payzone are offering some great rates . Money in day after and moving very soon to same day or next day depending what time the money was took . 

Tip for keeping track like trade vet has said is "end of day bank every deal " and write every card transaction reg and name of card holder  in a book next to the terminal , hi light every amount when end of day has been done then you can trace every payment , "simples " .

Used to use Transax but got a little expensive , Barclay card was half . Terminal is £19-£25 and % is negotiable , depends on how much you take i suppose . 

 

TOP TIP , Never take money on the phone EVER , NEVER EVER got It NEVER take money over the phone , PIN only . 

Take a deposit over the phone of no more than your prepared to lose is GOOD advice 

I take £100 ONLY on the phone , NO exceptions EVER 

Edited May 4, 2019 by David Horgan

[MrV 66]

Izettle

[Misguided 0]

• Thanks for the replies and tips so far. I think I will only use a card reader for credit cards, If they have a debit card and want to use that they must have the money in the bank, so I will ask for a bank transfer. As I said I lost a sale today as they wanted to pay the full amount on a credit card. I asked if they were going to transfer the amount onto a card that offered 0% interest. They looked at me blankly, I did think good luck paying the interest on that!!

 

[trade vet 697]

3 hours ago, Misguided said:

• Thanks for the replies and tips so far. I think I will only use a card reader for credit cards, If they have a debit card and want to use that they must have the money in the bank, so I will ask for a bank transfer. As I said I lost a sale today as they wanted to pay the full amount on a credit card. I asked if they were going to transfer the amount onto a card that offered 0% interest. They looked at me blankly, I did think good luck paying the interest on that!!

 

I wouldn’t worry about losing that deal.Anyone paying in full on a credit card has got ‘nowt’ and you could be storing up future problems for yourself.We have always chased them.

[Mark101 536]

15 hours ago, David Horgan said:

Barclay card with Payzone are offering some great rates . Money in day after and moving very soon to same day or next day depending what time the money was took . 

+1

I had one set up last month, £15 per month for the terminal and 0.33% debit, 0.66% credit.

Still have the iZettle as a mobile back up.

What I hate about card payments is bank holidays.  Sold 4 cars on good Friday and nothing cleared the account until the following Wednesday.  Same this weekend too.

[MrV 66]

1 hour ago, Mark101 said:

+1

I had one set up last month, £15 per month for the terminal and 0.33% debit, 0.66% credit.

Still have the iZettle as a mobile back up.

What I hate about card payments is bank holidays.  Sold 4 cars on good Friday and nothing cleared the account until the following Wednesday.  Same this weekend too.

Wow that's good rates, I'm assuming you need to be a barclaycard business account holder Mark? 

Edited May 5, 2019 by MrV

[Mark101 536]

21 minutes ago, MrV said:

Wow that's good rates, I'm assuming you need to be a barclaycard business account holder Mark? 

Nope - I’m Santander, it is Barclays who process it though.

[Rory RSC 596]

Same day payments here. No chance waiting 3/4 days. Same as Dave Horgan hit the end of day on the bigger payments or full car payments so they come through right away. 

 

 

[Misguided 0]

OK, I am going to go with IZettle for the time being. I shall only use it for deposits credit or debit cards and credit card if someone is insistent that's the way they want to pay the total amount. As I said Ive been at this for about a year and only had issues a couple of times. If I find I am using it more than expected I will look into Barclaycard Payzone as fees seem more reasonable.  Thanks again guys.

[It's me 613]

remember even if you take a £1 deposit on a credit card the customer may claim section 75 protection, idont care how good the car is or how good a warranty you offer section 75 is a no no for me

[Dave2302 387]

/\ /\ /\ Me too, I don't take Cards full stop !!

Bank Transfer, Cash or Paypal F&F here.

I prefer BT.

As I know 99.5 % of my customers there is no problem, a new local customer pays Cash or BT before collection, after that I'll let 'em go and pay when they get home, they always do 

Not tourist obviously they pay cash or BT before collection 

Edited May 6, 2019 by Dave2302

[David Horgan 564]

Trader friend of ours , sold a car £9,495 on credit card .

4 months later its back with 9k on clock stating its not fit for purpose , Customer got money back from Credit card company minus usage £450 , the car is a bloody mess , wheels kerbed , paint damage , cig burn in seat , stinks of weed , all tyres changed for ditch finders cheap stuff . 

Total set up it was .

His fault though , hard lesson , costly lesson , 

Anyone NEW TO CARDS , Remember , DONT Take CREDIT cards EVER , As Jason above says , £1 you could be in trouble , a YEAR later Too 

[CCC 31]

Card payment recalls was a problem in my last business. Only about 5 per year and not big sums but the card companies just pulled the cash back without any discussion. General problem for us was customer forgetting the purchase when they got their statement 30 days after transaction. We could always prove order and receipt of goods by but they took the money back anyway. We just asked the customer to pay again to avoid us reporting them for fraud. 

Edited May 6, 2019 by CCC

[justina3 518]

6 hours ago, jason doyle motor sales said:

remember even if you take a £1 deposit on a credit card the customer may claim section 75 protection, idont care how good the car is or how good a warranty you offer section 75 is a no no for me

I here this a lot lately, however after 20 years plus in the game I still haven’t had this happen to me. 

[Dave2302 387]

To me this is a double edged sword lol ...................

I don't take Cards, so it won't happen to me, but when purchasing goods that could be hassle right off the bat I will use my credit card, things like Electronic Goods etc.

I recently bought a TV from Currys PC World, didn't work out the box, they insisted I drove 120 miles round trip to return for exchange, when I got to the store the twunt would not refund the fuel cost, and also did not have one the same, so insisted I paid extra for upgrade version.

I left the broken item, walked out after telling him he was a cocksucker and a few other choice words .............

Sec 75 .................. Full Refund Kerrrrching.

Edited May 7, 2019 by Dave2302

[Mark101 536]

I started taking cards in 2003 (rare back then for motor trade), I still take them now.  Never had a Section 75 and I will not lose sleep wondering whether it will happen.

It is no worse (and certainly far less likely) than the warranty claims and refunds that can keep me awake at night.

[It's me 613]

29 minutes ago, Mark101 said:

I started taking cards in 2003 (rare back then for motor trade), I still take them now.  Never had a Section 75 and I will not lose sleep wondering whether it will happen.

It is no worse (and certainly far less likely) than the warranty claims and refunds that can keep me awake at night.

well done

heres a thought for you though

as in post NO1 buyers wants to pay all on credit card

now

are we talking £2g or 10g

reason is if its 2g its highly likely its maxed out to the last penny so things like maintainance wont get a look in

go forward 7 months and geezer loses his job  or someting like road tax and insurance raises its head but card still maxed how

whos he gunna call

clue it wont be ghostbusters

so its all in the product and the social class of the buyer

im out

[MattR 177]

Think of the costs of the credit card aside from all the issues discussed above. You will get charged from 1.5% upwards for a credit card, it all adds up over the year. I use my card machine mainly as a deposit taker , and bank transfer the balance, which minimises the cost to me and speeds up the cashflow. But then im only selling around 15 per month and its just me, so tracking the money when it arrives in the bank is a lot easier.

Dont lose sleep over 'losing' that deal. it happens from time to time. You may well be losing more money by not offering finance....

[Rory RSC 596]

1 hour ago, jason doyle motor sales said:

well done

heres a thought for you though

as in post NO1 buyers wants to pay all on credit card

now

are we talking £2g or 10g

reason is if its 2g its highly likely its maxed out to the last penny so things like maintainance wont get a look in

go forward 7 months and geezer loses his job  or someting like road tax and insurance raises its head but card still maxed how

whos he gunna call

clue it wont be ghostbusters

so its all in the product and the social class of the buyer

im out

I couldn't care less they all get treated the same and if its our issue it gets resolved, if  its not they don't because we are under no obligation to do so. Prep right, treat folk fairly the rest falls into place.

[sellect2 19]

In my experience the credit card company always inform you if they plan to take the money back. They then give you time to respond with any facts. 

I have previously fought a potential refund, with facts and paperwork to back it up. The card company found in my favour. 

They had actually refunded the customer, but re- charged her once they had my reply and had found there was no fault on my part.

The law works for both sides.

Had I been at fault I would have refunded long before it got to this.