Quantcast
Jump to content

Recommended Posts



Posted

Maybe it's the virtue of the fact that the people that needed it, didn't qualify. I had GE Capital, and had about 15 declines, and then stopped bothering... had the program for 6 months too, and kept paying the monthly fee.

 

 

I was considering the check guarantee program, although the rates were a little bit high, and most also wanted to become the credit card processor, on top of leasing their $1500-$3000 check machine.

 

So it didn't happen, although I even have good customers asking if we finance so they can just do all the work right now, so I am still on the lookout for good solutions.

  • Like 1
Posted

The article also covered a woman I think who was using some form of credit card from a 3rd party (I'm assuming that's what you were referring to in your original post). I did like the fact that the cards allowed you to put your business logo on them!

 

Yes, the guy doing it in house is probably making a good bit of extra money charging 10%. Remember, I think he had them pay half up front, then financed the remainder... That should be covering your parts I would think, so essentially you're not taking money our of your own pocket (just labor at that point, which is free if you're the one doing the work). I don't recall that article mentioning what company he used to see if the person had ever written bad checks before though.

 

A strict diet of hot pockets, hungry man tv dinners, and no sodas will help line those pockets with some extra money... Only speaking from experience ;)

Posted

Yes, the guy doing it in house is probably making a good bit of extra money charging 10%. Remember, I think he had them pay half up front, then financed the remainder...

 

Good gracious ... I cannot imagine running an in-house credit card. Tracking down the no-payers has A&E reality show written all over it.

Posted

Wes, in short, the guy would present a customer with a $1000 estimate. To qualify for his credit program, he would require half down ($500), then take 3 checks from the person that day. All the checks would be dated 1 month apart, all amounts being 1/3 of the remaining balance = $200 each. Thus the $500 down + $600 in checks = $1100. Before he would take the checks, he would simply need the customers full name, a pay stub, and one other piece of information (I can't recall), and he was able to see if they had ever written any bad checks in the past or had overdrawn bank accounts. Once he had a current pay stub and saw that they had never written a bad check, he would take the 50% down and 3 checks and perform the repair... Key word here is 'HE'. It's all up to him! If he didn't feel like he was going to get his money, he doesn't have to bother.

Posted

I use a company called EPS90 that basically does the same as the in-house financing that mmotley is describing but I get paid whether the checks bounce or not.(In theory) Of course I have yet to find anyone that wants to pay 10% more than their repair to finance for 90 days so I haven't personally seen it work but the concept and presentation was promising. Luckily I have found that most of my customers either want to pay cash or with their own cards and I have a great processing company that leaves my legs attached and only takes my right arm for a fee. I can put you in touch with the company if you are interested. They were based in Colorado if I remember correctly.

Posted

I used to be on the Board of directors of a small credit union while I owned a shop. The credit union had too much money and needed a way to find new borrowing customers. We ended up doing exactly what is being discussed here, we approached small business that could use our services, loans. The shop customer in need of money to fix a big repair in that shop could contact us and come in for a loan. We had staff that could evaluate the persons credit history and within 1 hour approve or deny the loan. It helped the credit union gain customers and helped the shops we had signed up as approved shops. Over the years we did this, I suspect we loaned many thousands of dollars and also gain many new customers we never would have got. That credit union was taken over by a big credit union and I lost my seat on the board, so have no idea if it is still doing anything like that or not. It would cost zero to the shop to have this system in place with a local close by credit union. Might be worth a try.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Available Subscriptions

  • Have you checked out Joe's Latest Blog?

         0 comments
      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
  • Similar Topics

    • By Joe Marconi

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

    • By Changing The Industry
      Episode 207 - Kathleen Callahan Discusses Right To Repair and Industry Advocacy
    • By carmcapriotto
      Thanks to our partners, NAPA TRACS and Promotive
      This week on Business by the Numbers, Hunt Demarest, CPA with Paar Melis and Associates, breaks down the latest market news and legislative updates that directly impact auto repair shop owners. From the return of the BOI (Beneficial Ownership Information) report to evolving tax policy discussions and IRS processing delays, Hunt provides a no-nonsense analysis of what’s happening and how it could affect your business.
      In This Episode, You'll Learn:
      ✔️ The BOI Report is back—what it is, why it matters, and the March 21st deadline you can’t ignore.
      ✔️ Trump’s tax proposals—what’s being discussed, what’s likely to pass, and what it means for your shop and your customers.
      ✔️ IRS struggles & refund delays—why tax processing is slower than ever and what to expect if you’re waiting on an Employee Retention Tax Credit (ERTC) refund.
      ✔️ Interest rates & the economy—why rates aren’t moving much (yet), and what this means for your financial strategy in 2025.
      ✔️ The state of small businesses & consumer spending—how last year’s trends impact this year’s outlook, and why customer financial health affects your shop’s profitability.
      Thanks to our partners, NAPA TRACS and Promotive
      Thanks to our partner, NAPA TRACS
      Did you know that NAPA TRACS has onsite training plus six days a week support?
      It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.
      Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.com
      Thanks to our partner, Promotive
      It’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
      Paar Melis and Associates – Accountants Specializing in Automotive Repair
      Visit us Online: www.paarmelis.com
      Email Hunt: [email protected]
      Text Paar Melis @ 301-307-5413
      Download a Copy of My Books Here:
      Wrenches to Write-Offs Your Perfect Shop 
      The Aftermarket Radio Network: https://aftermarketradionetwork.com/
      Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/
      Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/
      Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/
      The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/
      The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/
      Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/
      The Aftermarket Radio Network
      Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion
      Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life.
      The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level.
      The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching.
      Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest.
      Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size.
      Click to go to the Podcast on Remarkable Results Radio
    • By Changing The Industry
      Two Shop Owners React: PartsTech's Industry Survey for 2025
    • By Joe Marconi

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.



  • Our Sponsors

×
×
  • Create New...