Making payments

[msf]

I think my post has been misunderstood.

I never intended that I would be taking the payments. I was thinking more of a company that would basically be giving the customer a loan, and then teh customer would have to pay that company back. I would loose a bit in this transaction since the company has to make their money. If the customer doesnt pay up, then the other company takes them to collections, and I dont have a thing to worry about.

I dont know if a company like that exists, which is why I was asking.

 

[Big Mike]

I never intended that I would be taking the payments. I was thinking more of a company that would basically be giving the customer a loan, and then teh customer would have to pay that company back. I would loose a bit in this transaction since the company has to make their money. If the customer doesnt pay up, then the other company takes them to collections, and I dont have a thing to worry about.

I dont know if a company like that exists, which is why I was asking.

You just described every credit card company. :er:

 

[msf]

I know, but im talking about an alternative to a credit card company. not everyone has $1000 available on their cards.

 

[Christie Photo]

What I do... what I've always done is:

Session fee is paid at the time of the session (first payment)

Deposit paid when previews (proofs) are delivered (second payment)

50% paid when print order is placed (third payment)

Balance upon completion (fourth payment)

I've had very few over the years that don't follow through. Many will pay complete when placing their order. Most write checks or use a credit card.

-Pete

 

[Big Mike]

I know, but im talking about an alternative to a credit card company. not everyone has $1000 available on their cards.

I was thinking more of a company that would basically be giving the customer a loan, and then teh customer would have to pay that company back.

If not a credit card company...then how about a bank? :er: :roll:

I don't understand what you are looking for. You are describing what a credit card company (or bank) does. If they don't have $1000 credit (or cash) available to them, then they probably shouldn't be ordering $1000 worth of photography from you.

I guess their are other alternatives...around here we have 'payday loan' companies and maybe pawn shops that will lend people money...but they charge the maximum allowable interest...which is a very bad alternative. These are for people who don't have credit cards or have maxed them out.

And yet another alternative would be a loan shark...but I don't know many people who are willing to risk broken legs, just so they can have a nice family portrait hanging on their wall.

 

[DennyCrane]

A solution for businesses is to offer financing through companies like GE Capital. They're the ones that will be handling collection of payments. You simply guide the customer through the application processes, make a call and get approval. You get your money up front and the customer gets the services and products. I know GE Capital has programs with 30, 60, 90, and even 6 months same as cash.

And if they don't have the credit to get this, well, they're better off as customers who pay cash up front.