Offering Finance to customer .....

[Guest569]

Pricing a few jobs lately that got me thinking. Customers desperately needing their home rewired ( both very unsafe ) but finance is a major sticking point.

JRC Finance ? Interest obviously added on cost with staged payments. How does the legal side work ? Would it become a complete headache if folk stop paying ? Can I withhold certificates until all payments are complete ? I hold certs until paid at the moment but usually only for a few days.

Thoughts and suggestions welcome.

 

[tazz]

You would need to be a licienced credit broker......never the less, you can can get brokers to act for you, just like buying a car, it would be financed by a 3rd party company

 

[Guest569]

sounds like a headache already !

 

[Silly Sausage]

You scraping the barrel now J?
I suppose there can't be that many houses left to rewire in Glasgow now!

 

[dan86]

I wouldn't even bother entertaining the idea tbh. It would just add too much time to each job to make it viable.you can't exactly charge for that.ok, you would be getting interest, but still.we have to do so much unpaid work as it is to run a business, why add a further headache.

 

[Marvo]

Are you talking about finance or stage payments or payment terms?

 

[Guest569]

You scraping the barrel now J?
I suppose there can't be that many houses left to rewire in Glasgow now!

Ha! , More about catering for everyones needs

Yeah seems another unnecessary headache I suppose. We already offer Credit Card payment so guess this should help some people.

Maybe Im just too greedy. I hate the thought of a rewire needing done , and Im not doing it for whatever reason!

 

[Guest569]

Are you talking about finance or stage payments or payment terms?

I guess anything that makes it easier for the customer to pay. There would definitely need to be an incentive for me though so a higher fee to start with or interested added on.

Would definitely not be doing it for free.

 

[Marvo]

If you're going to add structured interest to the outstanding amount then it's finance and I doubt it's legal unless you're registered as a financial institution (at least it's not in my country). If you're going to increase your materials mark-up and your labour rate and let them pay in stages (maybe post dated cheques which may be seen legally as admission or debt) it might be a gray area that's legally doable but I'd get legal advice first because if it's illegal there's nothing to stop the customer turning around and refusing to pay.

 

[Guest111]

go through a third party,last thing you need is chasing people for money,people seem all to keen to get work done but conveniently forget how they'll pay,and just remember if it goes to court and they offer a fiver a month and can prove that's all they can afford then legally you have to accept,no matter how long it takes to recover.

 

[Silly Sausage]

Maybe Im just too greedy. I hate the thought of a rewire needing done , and Im not doing it for whatever reason!

You're becoming obsessed, check out Glaswegian Psychiatrists!

 

[Marvo]

Ha! , More about catering for everyones needs ........I hate the thought of a rewire needing done , and Im not doing it for whatever reason!

I like the way he's thinking. 10/10 for being driven and motivated

I was the same many years ago, I'd go after every job like it was my last and take it personally everytime one of my quotes wasn't accepted.

 

[Silly Sausage]

I like the way he's thinking. 10/10 for being driven and motivated

Happen, but he's previosly expressed a doubt/mistrust or cost too much of letting other people doing them for him!

He'll either get very rich or burnt out by 40!

Keep us posted JCR.

 

[Guest111]

Happen, but he's previosly expressed a doubt/mistrust or cost too much of letting other people doing them for him!

He'll either get very rich or burnt out by 40!

Keep us posted JCR.

Aye there's a chap near me,had a massive empire and loads of money,took his first heart attack in his early forties,he's now early fiftiesand had about 3 strokes,worked like a lunatic chasing work and empire building.Anyway he's just had to sell up,ended up in hospital and the doctor more or less said if he didn't walk away now he'd best plan his funeral while he still can.

 

[jaypp]

use third party, you get paid for a job you wouldn't have got, no hassle chasing bad payers and a kickback from credit company. really smart thinking - you shoulda kept quiet!

 

[Guest569]

Ha! You lot sound like my mrs.

I am very driven it does take over me to the point of becoming addicted to my business. Good for business maybe not so for my health. I don't have kids so perhaps when they come along priorities will change etc.

Anyway the finance things is likely gonna be a real headache....but there are customers who need help, a few installs Ive seen are pretty dangerous.

 

[Silly Sausage]

I like the 'Play' side of life too much!

I used to work for a work obsessed chap, he ended up being the Vicar of some dodgy suburb of Wakefield.
He might have even given all his Millions of £ away as well.

 

[jaypp]

JRC, you should jump all over this, it's brilliant. Everything is bought on the never never these days. car industry pushed safety to encourage people to buy new/newish and not without good reason. what about domestic safety? even if to encourage mains smoke detector installs, then the extras that requires, for non-compliant ccu's for example.

 

[jaypp]

actually, no don't do it. let someone else get fat from it. you never know, you might make yourself ill, best to just trundle on and later in life think 'i wish i'd.....'.!!!!!

 

[Guest569]

actually, no don't do it. let someone else get fat from it. you never know, you might make yourself ill, best to just trundle on and later in life think 'i wish i'd.....'.!!!!!

Close this thread now, don't want anyone stealing my idea

 

[jaypp]

Close this thread now, don't want anyone stealing my idea

don't worry, it's a non starter. best you all just forget about it eh.!

 

[Guest569]

don't worry, it's a non starter. best you all just forget about it eh.!

ha !

 

[jaypp]

'and all of a sudden, the forum went quiet'......meanwhile, 'credit brokers' hit #1 in Google search!:cheesy:

 

[Geordie Spark]

I like the way he's thinking. 10/10 for being driven and motivated

I was the same many years ago, I'd go after every job like it was my last and take it personally everytime one of my quotes wasn't accepted.

Was that before or after your starring role in Rourke's Drift?

 

[Risteard]

Can I withhold certificates until all payments are complete ?

Certification is part of the job, so in my opinion the job remains incomplete until you hand it over.