By Mark Johnson
In an effort to update the group with all the most recent developments, we are happy to inform you that on March 20, 2020 the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members.
The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks, their personal health or the public health measures needed to combat the virus.
To learn more about how this will work or how to access up to $2M in Federal SBA disaster loans call us at 954-324-0803 or book a time in our calendar https://calendly.com/markjohnsontaxplanner/45strategysession.
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Loma Solutions represents a 0% credit card fee solution. We have 1000's of customers in the US and our solution makes auto shop owners thousands of extra dollars every year.
How does 0% processing work?
When your customer decides to pay with a card, they have 2 options. If they use a credit card, a small percentage of the transaction will be charged to their card. If they use a debit card, there will be no fee to the customer. Our software does all the work and explains to the customer of their choice prior to the card being authorized.
What exactly are the costs to the merchant and to the customer?
For credit cards: Merchant pays zero credit card fees, the customer pays 3.5% of the transaction
For debit cards: Merchant pays 1% + $0.25/authorization, the customer pays 0 fees
- A card swiper is not needed: credit card information can be typed in a phone, computer or over the phone. There is a 'brick' card swiper if needed*
- No set-up costs or any other fees
- Our agreement is month-to-month
- If you auto batch by 8:00 PM EST, you get your money the next day
- The solution complies with all card rules and regulations
- We'll have you up-and-running within a week
Benefits to the Merchant:
*** You are being fair to your customer by offering them a choice to pay a fee or not, while you are eliminating your credit card fees, which can be up to 2.5% of your total card sales.
- Simple to use and all charges are viewable through our real-time online portal.
- Support: our team is there when you need us. We will show you and anyone on your team how to use the solution, but it’s very straight forward.
Making you more money!
If your current credit card fees are 2.5% of your total card sales, for every $50,000 in credit card transactions, you'll put an extra $1,250 in your pocket.
* we will provide you with a ‘brick’ terminal: $35/month if needed. This includes free paper re-supplies.
Reach out if you'd like to discuss.
By Mark Johnson
Do you ever worry that if the credit card you’re using to make business purchases isn’t in your business name that you won’t be allowed to take the deductions?
The good news is, that’s not the case—even if you have a separate entity!
This doesn’t mean you should mix personal and business expenses.
When you take a personal credit card and use it entirely for business expenses, you are essentially contributing this debt to your business.
You can use the card the same as if it was in the company’s name and deduct every business expense you purchase on it.
This can be a great strategy, just like with auto loans, when the company is new because it’s harder for new companies to get lines of credit without an established credit history.
So if you’ve got a personal credit card available for business expenses, feel free to use that card and benefit from all of the rewards!
To learn more please call 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min
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By Joe Marconi
We all survive by and need healthy car counts. That's a given. But all too often I see auto repair shops with "steady" but not "growing" car counts, but with new customers coming in each week.
So, the question is, "If a shop has steady car counts and has new customers each week, then why are car counts not growing?"
This is a topic that's complicated for a post but here are a few things to consider:
Is your marketing attracting the right customer that matches your key profile customer? If not, the wrong customer may be a one-timer and that does not help your car count. Or, if you are promoting too much discounting, you may be attracting the wrong customer, and that's not a long-term strategy either. Are you making every effort to WOW all new customers and create an amazing experience that gives the new customer a compelling reason to return? All too often we are too transactional and don't spend enough time establishing relationships. Make every effort to spend time with each customer and ESPECIALLY with first time customers. Its the relationship not salesmanship that builds a company! Are you booking your customer’s next vehicle appointment? Please don’t tell me this does not work. It does! Hairdressers do it, doctors do it, dentists do it, nail salons do it. My chimney cleaning service company evens books the next chimney cleaning! If you are not booking your customer’s next visit, trust me, someone else will. I hope this makes sense. What are your thoughts?
By Jonathan Ganther
Hey guys. I'm new to the forum and was looking for this subject but couldn't find it. Sorry If I'm posted something that's already been discussed. I own a brake shop in Austin, TX. We do anywhere from 10-20 brake jobs a day. We only do brakes so I don't know how much full service auto shops deal with this problem but... Customers are constantly calling in claiming they've bought the best parts or they want to provide their own parts because they've done research and know what is best. This drives me crazy. First of all they don't know whats best. Then after being told no they get offended and act like tons of shops allow this. What is the best way to handle these customers? Just send them away? I'll quote them a price using our parts and they act as though its a rip off. What shops are doing this for their customers? I feel like I'm letting jobs get away from me. Any experience with this?