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TOPIC: Can you hold the check till?

Can you hold the check till? 04 Apr 2006 15:36 #1

  • Andrew Grimm
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Hello,
I have frequent clients that are consistantly asking me to hold thier check for a week sometimes longer sometime shorter.
How do you feel about this?
I luckily have been able to save enough to do this but from a business state of mind I'm thinking it's not right. It's a conveinance for the owner that us farriers even except checks much less having to wait 1-2 weeks later to finally deposit the check.
How do you handle this type of situation?
Andrew Grimm, CF, RJF
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RE:Can you hold the check till? 04 Apr 2006 18:06 #2

How I handle it is -

I don't do it! I am NOT their bank, nor their credit company! I allowed this in the first few years of my business, and I never have recouped close to 4,000 dollars worth of business! Because sometimes that check never arrived, or the account got closed, or there were insufficient funds etc.

There are enough farriers and hoof trimmers in my area that a callous and unscrupulous horse owner could easily hire hoof work , get it done and never pay a farrier for a year or more! It is disgusting! I once had a horse owner tell me when I had the "audacity" to attempt to collect on an NSF check that," Bad checks are a part of doing business- get over it!"

A horseowner should realize that doing hoofwork is not a "surprise" expense! For less than a dollar a day, your horse can get his hooves trimmed. And for about a buck and a half per day he can get shoes!

Many people spend a buck and a half on soda pop or candy machine purchases. So encourage them to improve their health and set aside the money towards the health of their horse instead!

One thing I did that worked nicely, was I posted a shtlist on the truck and listed all the outstanding monies and clients names right there for all to see!

Nip it in the bud now! They wouldn't stand for their employer to tell them to wait upon depositing THEIR paycheck would they?

Horses are NOT a necessity, they are a luxury item. If they can't afford the horse - they need to either tighten their own belt, quit smoking or drinking, go on a diet or get rid of the expense altogether!

Regards,
Kim

P.S. oh yeah, Andrew, another thing that will encourage prompt payment and in cash too- is to charge a check processing fee! Currently mine is at 5.00 per check added to the bill. It is surprising how many clients pay promptly with green backs when presented with this rule! You said it yourself, checks a re a client's convenience, not for us! Checks are just promises to pay. They are NOT legal tender!
Regards,
Kim

Those who only consider cost, do NOT consider the cost to the horse!

The more we know, the more we know we need to know more! Ya know?
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RE:Can you hold the check till? 04 Apr 2006 18:12 #3

  • Peggy Dolan
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I don't do it either. Here's a list that I have my apprentice recite:
"Most Important Rules of Horseshoeing"
1. Never let the sun set on a customer's check
2. Charge them til you like em
3. Never pound cold iron
4. Never stand when you can sit and never sit when you can lay down
5. The second liar never wins

This list goes on and on, depends on how many POS horses/customers we encounter in any given day....
I try to take one day at a time -- but sometimes several days attack me at once.
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RE:Can you hold the check till? 04 Apr 2006 22:49 #4

  • George Geist
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Good going Kim, I like it!
For another fun place to play........
www.horseshoersforum.invisionzone.com
Come over and say hello.
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RE:Can you hold the check till? 04 Apr 2006 23:55 #5

  • Bill Adams
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I have lost $120 in thirteen years.
One thing I have found to say that works when people ask if I can hold a check for a couple of days is, "No".
I used to put up with that **** but found that when you say that it won't work something gets done.
The first time is hard but after a few it gets fun.
Tell them you made a deal with the bank, they don't shoe horses and you don't loan money.
Bill

A rightous man regardeth the life of his beast. Proverbs 12:10
I don't give a damn for a man who can only spell a word one way. Mark Twain
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RE:Can you hold the check till? 05 Apr 2006 00:14 #6

Like everyone else I did it, and Now I dont.

What seemed to work well for me was offering a 10.00 discount for cash payment. Everyone who would want those checks held has never written another check. nobody even forgets their checkbook anymore. :D
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RE:Can you hold the check till? 06 Apr 2006 00:13 #7

  • brian robertson
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Why all the animosity towards checks? Are you folks runnning blackmarket horseshoeing services? Check processing fee? My bank charges me $.11 per check after the first 50 per month deposited. Talk about gouging clients. Beware, if you cash more than $10,000 per year at a bank, they are required to inform the IRS. Cash discounts? Serious red flag for the IRS. Don't believe me; ask Cordell.
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RE:Can you hold the check till? 06 Apr 2006 03:07 #8

  • Peggy Dolan
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Honest, I love checks. I'll take it anyway I can get it. I don't want to hold a check.
I try to take one day at a time -- but sometimes several days attack me at once.
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RE:Can you hold the check till? 06 Apr 2006 12:40 #9

Brian Posted:Why all the animosity towards checks? Are you folks runnning blackmarket horseshoeing services? Check processing fee? My bank charges me $.11 per check after the first 50 per month deposited. Talk about gouging clients. Beware, if you cash more than $10,000 per year at a bank, they are required to inform the IRS. Cash discounts? Serious red flag for the IRS. Don't believe me; ask Cordell.
Really Brian, I'd figure most anyone could see the reasons why cash is preferred over a check! The main reason being that cash paid to me before my tools are loaded onto the truck means that the job has been paid in full and isn't overdue!

You see a 5.00 processing fee as gouging? Really ? When you consider that a check received means I still have to wait until I can take the extra time travel to and to deposit the check either at my bank, or locating one of theirs and attempting to cash it without being an account holder at their bank - which may charge ME a 5.00 fee - taking the money directly from the amount of the check EVEN when that same check is an authorized payment from one of their wn account holders?

So now I've schlepped the still worthless piece of paper across town which means more wear and tear on my truck nad time from my day. Let's say I deposit the check then I have to wait on the average a minimum of 4 to 7 days for my bank to contact their bank to verify and authorize the funds transfer.

Lets say these folks had another larger check than mine hit their account and their direct deposit didn't get processed because of some banking holiday or computer downtime - so now their check is dishonored. Well, I am lucky enough that the bank I use is still small enough that as son as they see the NSF check returned (flagged) someone at least calls me to let me know. But I have done business with banks that DO NOT notify immediately - they instead opt to notify me in writing via the U.S.P.S. which can sometimes mean a week before I get the word that that particualr check I deposited to my account and have most likely processed debits against now is no good! Guess what MY bank charges for NSF funds?

So, I call the client (more time from my day and minutes used from the cell service, esepecially if I can't get straight through to them) and get the song and dance apology and that they will cut me another check or have the cash if I will only just drive back to their barn - or they could mail the payment again?

5.00 is gouging a client to avoid alll these hassels? I think NOT!

Price gouging refers to the practice of a vendor or service provider jacking up their prices exhorbitantly in times of crisis to sell a necessity or provide a necessary service. My check processing fee as well as minimum trip fee is posted in plain view on my truck and does not vary.

The client retains the option of whether to pay it or not paying it! Hoofwork is NOT a surprise nor an emergency expense. They have plenty of time within a 4 or 6 week interval to get to an ATM machine or save their soda money in order to save themselves 5 bucks!

As far as you thinking that cash is a veiled attempt to cheat the U.S. Gov out of their rightful tax monies due.... How dare you insinuate that we should be so unlawful! I pay ALL the taxes due on the monies I earn, honest injun, I do!

"In God we Trust", All others pay cash!:p

I am not obligated by law to accept a check! I am however obligated by law to accept legal tender when proferred as payment. I have on many occassions accepted coinage as payment for services. Or all 1 dollar bills. Even silver dollars, half dollars and the new dollar coins! I let slide a few Canadian coins - but do not accept Canadian currency, nor pesos, nor yen!;)
Good ol' american eagles and dead presidents is what trips my trigger!

Brian, look at the big picture when reviewing your business costs and income- you'll sing a different tune when you do! Especially the song titled "Cash is King!"

Regards,
Kim
Regards,
Kim

Those who only consider cost, do NOT consider the cost to the horse!

The more we know, the more we know we need to know more! Ya know?
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RE:Can you hold the check till? 06 Apr 2006 12:49 #10

  • THamilton
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If your bank charges you an amount after only 50 checks, I would find a new bank. Mine charges nothing regardless of the amount of checks I run through them in a preiod of time. They are raking you for more $$. When analyzing costs and looking for ways to lower overhead exspenses, this is one area that is often overlooked.

Tony
"Nothing astonishes men so much as common sense and plain dealing" Ralph Waldo Emerson
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RE:Can you hold the check till? 06 Apr 2006 17:51 #11

I've got clients who ask every now and then and I say okay as long as it doesn't become chronic. I did have one client however who always forgot her checkbook, the last reminder call my wife gave her, she told her our policy had changed and that we would not do the horse unless there was a check there or cash. I even called her the morning of the appt to remind her to bring a check and then when I got there I asked before I even started if she had the check, she was annoyed, but said yes she had the check. She was never rescheduled after that. What a flake. I'd rather someone be honest with me and ask if I will hold the check than keep lieing about forgetting it.
Phil Smith CNBF, CLS
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RE:Can you hold the check till? 07 Apr 2006 02:28 #12

I claim everytthing, I just offer the cash discount to get rid of haveing to wait or hold checks. It help me alot I dont do any billing and dont want to have to start.
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RE:Can you hold the check till? 07 Apr 2006 02:35 #13

brian robertson wrote:
. Beware, if you cash more than $10,000 per year at a bank, they are required to inform the IRS.


I believe much less than that in a single deposit will also require your bank to notify the IRS.
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RE:Can you hold the check till? 07 Apr 2006 04:58 #14

Roy Amaral CJF wrote:
I believe much less than that in a single deposit will also require your bank to notify the IRS.

I believe you are referring to cash transaction reporting - form 8300. At my bank, it doesn't matter how much cash I deposit. The bank only reports it when I make cash withdrawals for more than $10k. I rarely take more than $9500 just to avoid the reporting.

You are not required to report the cash receipts unless you receive more than $10k for one transaction. I know some of you guys are good, but I doubt you charge that much.

When they refer to $10k received in the course of the year - it has to do with someone making payments towards a single transaction. They had to create that clause to prevent people from 'structuring' the payments to cir***vent the reporting requirement.

See the IRS link if you really want to know about it:

http://www.irs.gov/publications/p1544/ar02.html
Cordell Rogers
CPA, MAcc, not yet CF
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RE:Can you hold the check till? 07 Apr 2006 05:25 #15

Forgewizard wrote:
Really Brian, I'd figure most anyone could see the reasons why cash is preferred over a check!

When you consider that a check received means I still have to wait until I can take the extra time travel to and to deposit the check either at my bank, or locating one of theirs and attempting to cash it without being an account holder at their bank - which may charge ME a 5.00 fee - taking the money directly from the amount of the check EVEN when that same check is an authorized payment from one of their own account holders?

So now I've schlepped the still worthless piece of paper across town which means more wear and tear on my truck nad time from my day. Let's say I deposit the check then I have to wait on the average a minimum of 4 to 7 days for my bank to contact their bank to verify and authorize the funds transfer.

Lets say these folks had another larger check than mine hit their account and their direct deposit didn't get processed because of some banking holiday or computer downtime - so now their check is dishonored. Well, I am lucky enough that the bank I use is still small enough that as son as they see the NSF check returned (flagged) someone at least calls me to let me know. But I have done business with banks that DO NOT notify immediately - they instead opt to notify me in writing via the U.S.P.S. which can sometimes mean a week before I get the word that that particualr check I deposited to my account and have most likely processed debits against now is no good! Guess what MY bank charges for NSF funds?
Kim-
I think you blow it out of proportion. It's not that bad accepting checks. Are your clients really that trashy? Aren't most of them repeat customers with whom you have a healthy working relationship? Just charge a bad check fee if one ever bounces.

Cash or check - it all gets deposited in the same account. I chose a bank with a convenient location so I don't put have to go out of my way to make a deposit. Even if it were cash, I would still need to deposit it.

I don't allow our sales agents to accept cash from customers. I hate having to count it, there is not a clear paper trail showing the source of the cash, and there is a greater risk of theft/loss.

As to overdrawing my account because a customer's check bounces, I try to maintain adequate reserves so I am not depending on the next check for survival.
Cordell Rogers
CPA, MAcc, not yet CF
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