Do you offer finance?

[island fling]

Evening all,

I am wondering if any of you do finance options for boiler/heating installs?

I am looking into offering finance for boiler/heating installs, maybe bathrooms in time. Is this something any of you have done? Any suggestions?

This is my thoughts on pros & cons.
Pros - Extra income, increase work load/income, offering a service nobody else does on the island, paid right away from finance company.

Cons - Extra paperwork, financial conduct authority, what happens if people fail to pay?

It is just a thought for now but willing to hear any good or bad experiences.

I have a card machine & for customers with a credit card it has helped them a lot. We have quoted for 6 new boilers in the past 2 days, out of 6 there has been 2 that have asked if we do finance or card payment to use a credit card to help spread the costs....This is what got me thinking.

I have mentioned to a couple of good customers today that it is something I will be looking into & it has had a great response.

Thanks.

Edit - put this in here as I couldn’t see where to start a new thread other than in new members.

 

[Harvest Fields]

Nope

 

[rpm]

Out of interest, which card reader & what are the costs nowadays for card payments ie 1.5% or .........?

 

[SimonG]

Might be something in the search. Remember this being discussed at some length a while ago.

 

[island fling]

Out of interest, which card reader & what are the costs nowadays for card payments ie 1.5% or ...?

I’ve got a paypal one. Really i got it because I had a few sticky payers, all using poor excuse ie havent got money till the end of the month but have a credit card but costs too much, forgot to put the check in the post, thought the wife was paying it ect.
There isn’t a monthly fee, just a 2.7% (I think) charge that I add to the customer. Helped me to get money in as I went to the door & asked for payment, nobody can deny having a credit/debit card when they are at home.
Drawback is the 60 days you wait to be paid from PayPal, sometimes it’s faster but it was better than the months I waited for some customers.

 

[island fling]

Might be something in the search. Remember this being discussed at some length a while ago.

Did have a wee look, think it might have been in Arms but I couldn’t view it.
If there is another then admin can feel free to shut this down, I can search again. Thanks.

 

[SimonG]

60 days, ouch.

 

[rpm]

Ah, you haven`t had the "My ex pays all the bills on the house, I`ll send the bill to him" story.

 

[rpm]

Hope that isn`t linked to your main account or even your business account then.

 

[island fling]

60 days, ouch.

TBH mate with island life we regularly have to wait a couple of months, hellish really how folk don’t care. All of us are in the same boat up here though & it’s just seen as normal self employed life. It’s actually the expensive jobs that get paid soonest, small jobs under a grand can take ages especially if it’s emergencies as people plead poverty as they didn’t expect to have to do the job.....

 

[island fling]

Ah, you haven`t had the "My ex pays all the bills on the house, I`ll send the bill to him" story.

Only a couple of times. One when the wife paid her half but the husband refused to pay because she was living in the house till it sold. Was only a £120 job too!

 

[townfanjon]

My customers are so effluent they dont need loans

 

[island fling]

Hope that isn`t linked to your main account or even your business account then.

For what reason? My PayPal is linked to my business account, my invoicing system supports card payment & I notes the interest cost & my accountant deals with it from there, weather it’s a business expens or what I’m not sure.

 

[island fling]

My customers are so effluent they dont need loans

I always thought they were the worst payers!

 

[townfanjon]

I always thought they were the worst payers!

I wont deal with anybody that doesnt pay ,
Read comment again lol