The problem I deal with, in my retail side of life, is that all prices are posted on manufacturers websites as MSRP. So, if I am selling a bike and it's $1,000, if I tack that processing fee and work it in to the price, I will get questioned why my price is different than the price listed by the manufacturer...and then they will just order online and save a few bucks.
Something I picked up from my pops, always have a little cash on you. I generally have at least $100 on me at all times.
Same. My Dad always told me to grab $100 from an ATM on Sunday, and use that cash for impulse purchases or something that isnt planned (like groceries, etc) for the entire week. As you see it dwindling, you get more hesitant to use it. It's a visualization thing vs just swiping a credit card.
That makes a lot more sense than mine. Mine was more tinfoil hat, what happens if the banking infrastructure crashes and you don't have access to your savings/checking accounts $$.
Well, that's a good reason too. Lol.
I know contractors will sometimes do it, and I get that - they can pocket the money without having to report it as income or pay taxes on it. But for a business where those transactions are going to show up and be tracked regardless, I don't see any benefit (for them) for a cash discount.
Glad to hear your wife is OK and on the mend, Mike!
I was going to ask to up the price to maybe offset any losses? not sure if that is feasible but with a "cash price" or discount I would say 3-5 percent makes sense.
Wow, Mike. Glad everything turned out o.k. but that's scary stuff. Got your family in my thoughts, brother.
