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New Repair Shop, Partnerships, Bank Loans

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Buying a repair shop? Creating a new company? Partnership problems? Adding more locations? Have a business deal you would like to discuss? Business Plans, Bank Loans, Real Estate.

65 topics in this forum

  1. Business Plan

    • 4 replies
    • 987 views
    • 3 replies
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    • 8 replies
    • 514 views
    • 2 replies
    • 547 views
    • 0 replies
    • 405 views
    • 9 replies
    • 825 views
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    • 10 replies
    • 1,123 views
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    • 1,861 views
    • 37 replies
    • 3,253 views
    • 0 replies
    • 308 views
    • 5 replies
    • 726 views
  2. Subaru Specialty shop

    • 11 replies
    • 917 views
    • 2 replies
    • 817 views
  3. Expanding?

    • 5 replies
    • 702 views
    • 17 replies
    • 948 views
  4. Second Location

    • 6 replies
    • 763 views
  5. New Shop Location

    • 5 replies
    • 687 views
    • 7 replies
    • 1,113 views
    • 12 replies
    • 1,052 views
    • 20 replies
    • 1,359 views
  6. looking for advice

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    • 1,872 views
    • 2 replies
    • 645 views
    • 6 replies
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    • 15 replies
    • 1,309 views
    • 29 replies
    • 1,434 views
  7. New Business

    • 25 replies
    • 2,373 views
    • 22 replies
    • 1,412 views
    • 16 replies
    • 1,049 views
  8. Call Me Crazy...

    • 3 replies
    • 503 views
  9. Business Finances, Taxes, Etc.

    • 3 replies
    • 804 views
    • 24 replies
    • 1,940 views
    • 7 replies
    • 777 views
  10. Planning to open new shop

    • 30 replies
    • 4,607 views
    • 17 replies
    • 1,442 views
    • 5 replies
    • 720 views
  11. Shop name

    • 8 replies
    • 813 views
  12. Business purchase advice

    • 5 replies
    • 615 views
    • 5 replies
    • 838 views
  13. Location

    • 7 replies
    • 959 views
  14. Startup Feasibility

    • 8 replies
    • 1,004 views
  15. Startup Funding

    • 5 replies
    • 993 views
    • 7 replies
    • 1,310 views
  16. First lease advice.

    • 20 replies
    • 1,969 views
    • 10 replies
    • 799 views
    • 12 replies
    • 1,624 views
    • 10 replies
    • 1,234 views
  17. Which bank?

    • 5 replies
    • 787 views
  18. Looking to open a shop

    • 11 replies
    • 1,305 views
  19. Business plan help

    • 6 replies
    • 1,016 views
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    • I get the daily calls of wanting me to switch CC processors and with MUCH (misplaced) confidence, I refused to have a discussion with any of these guys, because I already had great rates.   Then, I had a persistent one call me back and ask why I didn't want to talk.  She said enough right things that I let the salesman come visit me.   My rates were and supposedly were going to get better over time as I built up history.  Original Quote: Credit Card Rate - 0.05% + Interchange (AMEX 0.055%) Debit Card Rate - 0.05% + Interchange Credit Transaction fee - 0.05 cents per transaction Debit Transaction Fee - 0.05 cents per transaction PCI Compliance-$9.95/monthly Chargeback fee-$10.00 (VISA, MC, Discover) $30.00 (AMEX) Paper Statement-$5.95 monthly (online statements free) The other guy comes in and tells me that my current processor increased my rates and added numerous junk fees.    The rate raised to 0.25% for most cards and .75% for AMEX and now have a $34.95 platform fee and numerous other fees.   At this point, I stand to save $250/month minimum by switching CC vendors.     I did confirm that on day 1, my bills had way fewer fees.  The bills also stated that they were raising rates along the way, so they were disclosed and allowed by contract.  I'm halfway thru a 3 year contract with a $495 cancellation fee.   This is what I'm paying now with the same processor:  Credit Card Rate - 0.25% + Interchange (AMEX 0.75%) Debit Card Rate - 0.05% + Interchange Credit Transaction fee - 0.05 cents per transaction Debit Transaction Fee - 0.05 cents per transaction PCI Compliance-$9.95/monthly Annual PCI Audit Fee - $99 Chargeback fee-$10.00 (VISA, MC, Discover) $30.00 (AMEX) Paper Statement-$5.95 monthly (online statements free) New Junk Fees - $41 To be clear, the interchange fees don't change on either deal.  We are only dealing with CC processor markup fees and junk fees.   The 0.05% is a markup fee over interchange.    The new deal is: Credit Card Rate - 0.05% + Interchange (all cards including AMEX) Debit Card Rate - 0.00% + Interchange Credit Transaction fee - 0.05 cents per transaction Debit Transaction Fee - 0.05 cents per transaction PCI Compliance - $0 (with a successful audit and $9.95/month penalty without one) Annual PCI audit fee - ?? Chargeback fees - $25.00 (VISA, MC, Discover, AMEX) - refundable if you win Monthly Charge - $10.00 As best I can tell, it looks legitimate.   I'll be carefully reading the new contract tomorrow.   So, the real question is whether or not I'm switching from one liar to another liar?     This second one is telling me that my contract will have the rates guaranteed and locked in.   If I see the right things in writing, I'll be switching.  Will recoup my cancellation / startup costs in 3 months. I guess the moral is get an annual checkup from a competitor.  Supposedly these rates are available as a result of being low-risk from my transaction history (or it's just marketing-speak).  I don't know.    My original deal was reasonable, but it isn't any longer.   My plans were to wait for the 3 year contract to end before shopping around.
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