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Credit Cards, Payments, Financing

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Credit cards accepted, merchant accounts, customer financing and receiving payments towards work performed.

17 topics in this forum

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  1. Credit cards 1 2

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  2. Slow or Non-Paying Customers

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  3. Consumer Financing

    • 1 reply
  4. Estimate Waivers

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    • 9 replies
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    • You need to get Garage Keepers insuance ASAP - I don't know if anyone on this forum can help with that; expect to say that you need to protect yourself. Make this today's main and only goal. That's my opinion. 
    • @Joe Marconi  For all the shop owners who a looking to exit their business through sale of the business. Please ensure to do tax planning before you sign off on the sale. There are strategies which can totally eliminate your transfer taxes but it can only happen if the strategies are implemented before the sale. If you don’t wish to sell now, you can take cash out of the value of the business. There are compensation and profit sharing strategies that will. Give you cash from the business  Keep employees loyal and they will feel like a part of the business. This will allow you more time outside of the shop. You don’t have to pay for it out of your shop’s cash flow.
    • Joe you are so very true. Did you guys know that you can use your home to get between $10k-$20k in business expense deduction on your taxes every single year. And I'm talking about the home office expense deduction. Also, guys its not always the best idea to buy stuff as a tax reduction mechanism. What you are doing right there is creating an expense or sometimes buying assets that you don't need. That money could be invested elsewhere. There are a lot of Legal tax reduction strategies which actually increase your cash flow instead of reducing it. 
    • Have you ever done a Tax Planning exercise? Do you know the difference between Tax Preparation and Tax Planning? Tax Preparation is the backward-looking process of using your income to produce a tax return for the IRS. It is done after the fact and its main purpose is compliance. Tax planning however, is a strategic and proactive look at your business and personal finances in an effort to Legally minimize your tax exposure while ensuring that you are in compliance with the Internal Revenue Code (IRC). Not knowing the difference between the two can cost you thousands of dollars in unnecessary over payments, fees, penalties, interest charges or even jail time. I am a Tax Strategist who helps Auto Shop owners to reduce taxes by as much as 50% and eliminate financial risks. To learn more please free to reach out.     View full article  
    • Sherwin Williams is definitely the answer! Go to your local commercial store & they should help choosing the correct product!
    • Epoxied floors look great! We get compliments all the time and it is fairly easy to keep clean.  I personally do not ever plan to have bare concrete floors in any shop for many reasons. I've used multiple DIY Epoxy products over the years and none of them held up to the chemicals or lasted very long.  I found that Armor Seal 1000HS (purchased from Sherwin Williams) to be a very good product and has now been down for 5 years with minimal issues and still looks great.  I know a few other shop owners that paid to have their floors epoxied and can tell you that theirs are going to far outlast my DIY epoxied floors.  As with any other painting type of application, it is all about the prep work (and that is why I think the professionally done floors seem to be holding up better).  My advice would be, if you are going to stay in that building for 10 years or more, pay the professional. If you are planning to move, I highly recommend DIY with the Armor Seal.
    • The issue I've had recently is people ordering their tires online, and then wanting us to drop everything to install them today. My tire prices are competitive with all other shops around and even the big box store. I can't and won't attempt to compete with online prices for the tires. My mount and balance price is $80 for a set of 4 plus disposal and valve stems if required. My markup on automotive tires is a minimum of $20. When they buy online, they are in turn taking $80 away from me.  Yes, I'll still install the tires. No, I won't drop everything to do it. Schedule at least a day or two in advance to drop off car and it'll get done same day. I'm not going to move a profitable job to the side for a customer that wants to bring his own steak to the steakhouse to save a couple bucks.

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