In-House Credit and EFT

goldensun335 · 03-08-2006, 05:52 PM

How many of you allow customers to buy on in-house credit for your larger packages and what is the percentage that pay vs default and do not return when the next payment is due? I am wavering between would I be better off by losing some sales but collecting all the money up-front or am I gaining enough sales that I otherwise wouldn't have despite the defaults to make it worth it?

Also, how many of you are using EFT and are you happy with it? Is it worth the administrative hassle? Do you have many customers that take advantage of this?

mikejones · 03-08-2006, 05:58 PM

Do it for only your good customers and do not advertise that you do it. The POINT of a bigger package is that it's cheaper to pay all at once. Kinda defeating the purpose. Oh yeah, make sure it's within like a month or less to get the thing paid for. I had one fool that was paying $5 everytime she came in. Sorry broad, you gotta do better than that.

caribbean tan man · 03-08-2006, 06:13 PM

like he said.......i got a feelin your doing it to much! layaway for tans not cool

glowtanning530 · 03-08-2006, 06:36 PM

next it will be food stamps for tans

rgm824 · 03-08-2006, 06:57 PM

roflmao -^ how true!

we do inhouse charge for a select few and it is usually for an upgrade or a lotion packette or if they renew their package and forgot their wallets....blah blah blah....BEWARE of the repeat offender tho!

EFT is def. worth it for us now that we have got it up and running.

goldensun335 · 03-08-2006, 09:29 PM

Quote:

Originally Posted by rgm824

roflmao -^ how true!

EFT is def. worth it for us now that we have got it up and running.

How often do you deal with people cancelling cards to avoid payment? Or any other hassles?

tnannie · 03-09-2006, 12:24 AM

Quote:

Originally Posted by mikejones

Do it for only your good customers and do not advertise that you do it. The POINT of a bigger package is that it's cheaper to pay all at once. Kinda defeating the purpose. Oh yeah, make sure it's within like a month or less to get the thing paid for. I had one fool that was paying $5 everytime she came in. Sorry broad, you gotta do better than that.

I agree.....only for really good customers, and you have to put a limit on the time to pay. 30 days should be more than enough time to take care of the package. I do In House Charges, but only for a select few, and they are expected to pay in full within two weeks.

sunsally · 03-09-2006, 07:00 AM

We have packages that go up to $350, so I do it. It's mostly students that need the help - they don't have $200 in their pocket. Have several on my year unlimited this way. They upgrade often, and buy lotion, just didn't have that initial "bump" right up front. Very good for us.

jlucas · 03-09-2006, 07:22 AM

My year is $270, if you pay all at once it's 10% off = $243
If you make payments that is 3 payments of $90 for the next 3 months. (In house credit)
If they don't continue to make payments the 1 month cost them $90. No tanning till they make next monthly payment. I had people stop at 2 months and I'll call them a say you can tan the rest of the year if you make your last payment of $90, most do some don't. 2 months $180 is steep, but that was their choice!
Another salon does the same thing, but if they don't pay the next payment on time, you lose your money and have to start over again.

dcjjp2 · 03-09-2006, 09:52 AM

I do Cash/check/credit upfront EFT also from only a credit card. That's it. If you can't afford to tan, there always the outside...

03-08-2006, 05:52 PM	#1 (permalink)
goldensun335 Join Date: Mar 3 2006 Location: California Posts: 5 Rep Power: 0	In-House Credit and EFT How many of you allow customers to buy on in-house credit for your larger packages and what is the percentage that pay vs default and do not return when the next payment is due? I am wavering between would I be better off by losing some sales but collecting all the money up-front or am I gaining enough sales that I otherwise wouldn't have despite the defaults to make it worth it? Also, how many of you are using EFT and are you happy with it? Is it worth the administrative hassle? Do you have many customers that take advantage of this?

03-08-2006, 05:58 PM	#2 (permalink)
mikejones Join Date: Sep 30 2005 Posts: 649 Rep Power: 6	Re: In-House Credit and EFT Do it for only your good customers and do not advertise that you do it. The POINT of a bigger package is that it's cheaper to pay all at once. Kinda defeating the purpose. Oh yeah, make sure it's within like a month or less to get the thing paid for. I had one fool that was paying $5 everytime she came in. Sorry broad, you gotta do better than that. __________________ I need a dime that's top of the line Cute face slim waist wit a big behind

03-08-2006, 06:13 PM	#3 (permalink)
caribbean tan man DERFTALK FBI AGENT Join Date: Jul 29 2003 Location: northeast Age: 32 Posts: 5,048 Rep Power: 30	Re: In-House Credit and EFT like he said.......i got a feelin your doing it to much! layaway for tans not cool

03-08-2006, 06:36 PM	#4 (permalink)
glowtanning530 Join Date: Jan 20 2006 Location: folding towels, cleaning beds, ordering lotions, fixing beds, etc. etc. etc. etc. etc. Age: 28 Posts: 1,125 Rep Power: 114	Re: In-House Credit and EFT next it will be food stamps for tans

03-08-2006, 06:57 PM	#5 (permalink)
rgm824 I love Derf!! Join Date: Aug 2 2004 Location: Washington State Posts: 921 Rep Power: 7	Re: In-House Credit and EFT roflmao -^ how true! we do inhouse charge for a select few and it is usually for an upgrade or a lotion packette or if they renew their package and forgot their wallets....blah blah blah....BEWARE of the repeat offender tho! EFT is def. worth it for us now that we have got it up and running. Last edited by rgm824; 03-08-2006 at 06:59 PM.

03-09-2006, 07:00 AM	#8 (permalink)
sunsally www.highlinecapital.com Join Date: Nov 23 2004 Location: ITA Member & Berman Supporter! Posts: 2,442 Rep Power: 8	Re: In-House Credit and EFT We have packages that go up to $350, so I do it. It's mostly students that need the help - they don't have $200 in their pocket. Have several on my year unlimited this way. They upgrade often, and buy lotion, just didn't have that initial "bump" right up front. Very good for us.

03-09-2006, 07:22 AM	#9 (permalink)
jlucas Join Date: Dec 12 2005 Location: Virginia Beach Posts: 113 Rep Power: 3	Re: In-House Credit and EFT My year is $270, if you pay all at once it's 10% off = $243 If you make payments that is 3 payments of $90 for the next 3 months. (In house credit) If they don't continue to make payments the 1 month cost them $90. No tanning till they make next monthly payment. I had people stop at 2 months and I'll call them a say you can tan the rest of the year if you make your last payment of $90, most do some don't. 2 months $180 is steep, but that was their choice! Another salon does the same thing, but if they don't pay the next payment on time, you lose your money and have to start over again.

03-09-2006, 09:52 AM	#10 (permalink)
dcjjp2 I love Derf!! Join Date: Jul 12 2004 Location: Va Posts: 5,221 Rep Power: 12	Re: In-House Credit and EFT I do Cash/check/credit upfront EFT also from only a credit card. That's it. If you can't afford to tan, there always the outside...

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