check payment

[alancw3]

i went into a bike store today to buy some new cleats and was told that they did not take american express just visa and master card. so i go home and get my checkbook and go back to the bike store. no checks accepted! this is a $40 purchase) just blow my mind. is it me or do others find that a reputable bike store, or for that matter any store, will not take a check? i guess i grew up and lived in an area where stores readily took checks/and/or a signature for purchase. has our society degressed that much that people will not take a check anymore? just wondering as i am sour on that bike store now.

[dave thompson]

The cost to the merchant to accept AMEX cards is roughly double that charged by MasterCard and VISA, about 4%. This can be add significantly to the cost of doing business.

As for checks, maybe that LBS has had more than his share of bad experiences with customers checks. If a check bounces and can't be collected, the LBS is out the cost of the merchandise, the cost of the labor selling the merchandise and trying to collect on the bad check, PLUS the lost retail profit if he had sold the items normally.

I owned a motorcycle shop for many years. When I first got into bicycling I gave very serious thought to being in the bicycle business. I soon found out that unless you could create a very strong niche, or be a very serious big brand dealer, it is incredibly difficult to make just a living in the industry. The smaller independent stores are being squeezed hard by the chain dealers, the internet, and by the increasingly high costs of just doing basic business, including the cost of AMEX transactions and the cost of bad checks.

[eddief]

if there was not signage to alert customers to the no check policy. I believe there are lots of businesses that do not honor AE.

[Chad Engle]

Check card, best thing ever invented.

[Argos]

We used to get people coming in all the time throwing around their Black AMEX, and we would turn down every single one.

One guy asked once if he could save on tax if he used it! That does not even make sense! Oh well. The answer was always no. Not everyone has AMEX. Nearly EVERYONE has a V/MC, so it was not a big deal. They wanted the miles so they would complain, but whatever, go buy a car and get the miles that way.

[FATBOY]

Thanks to I.D. theft there is not a resturaunt in Salt Lake that will take a check, not even MickeyD's. I have a list of names I cannot take checks from either because they have a history of bouncing or folks have called me to alert us that some filth had made checks in their name. It sucks, but....

As for AMEX, we take it but it hurts to lose 4% off the top. I think I have lost 4% on just about every Serotta I have done in the last 4 years. OOOPH!

[Hysbrian]

I've worked retail for a few years, and checks are by far the worst thing EVER!!!
With check cards available at almost every bank I still have no reason why people keep writing checks when they could just swipe a card.

I can't remember the last time that I wrote a check...I hope it was never!

[Brons2]

With check cards available at almost every bank I still have no reason why people keep writing checks when they could just swipe a card.

Maybe ATM fraud would have something to do with it?

If they put a smartchip with high encryption in those things I might consider it, otherwise....nah.

BOT(back on topic)- I write checks all the time at several different LBS's.

If a retail outlet does not want to take my method of payment, no matter who they are, I take my business elsewhere.

[H1449-6]

If a retail outlet does not want to take my method of payment, no matter who they are, I take my business elsewhere.

Agreed.

And the merchant doesn't "lose" 2-4% by accepting plastic in payment. He makes a sale that he otherwise may not have made, either because the consumer doesn't have the cash (all too frequently the case) or because the consumer doesn't want to deal in cash (for many potential reasons).

I put EVERYTHING greater than $10 on plastic. If an establishment doesn't take plastic, I find another that does.

Credit card rewards, price protection, extended warranty, purchase history tracking, etc are just too valuable to use any other form of payment.

[Brons2]

And the merchant doesn't "lose" 2-4% by accepting plastic in payment. He makes a sale that he otherwise may not have made

Exactly.

The markup from the QBP catalog is damn near 100% from wholesale to book retail. The costs of being a high service retail outlet is built into this, IMHO. As a shop owner, if you don't want to accept all forms of payment due to credit card fees, that's fine, just don't expect to command full retail pricing, either.

[Serotta PETE]

In Raleigh EVERYONE use to accept checks, now many have signs saying no checks. Reason is they they have been stuck too many times,

Another example is that YOU must now pay for gas before pumping (pumps are off till then) - TOO MANY DRIVE OFFS>

Everyone accepts MC/Visa. Many do not accept AMEX (because of the cost). That 2% extra is a lot of money for nothing in the merchants eyes.

If the miles are so important ask the merchant if he will raise his/her price by 2% for you to use your card..... :) :rolleyes: :) :)

The stores I frequent have signs displayed if they do not take checks. I typically use Mastercard/Visa for all purchases over $5.

From what I read, and my daughters are examples of this, a large percent of young people use DEBIT cards and I can not think of a store that does not take them

I do not use a debit card for I pay off credit cards every month and like the use of "their money" for 20-45 days. If mistakes happen, I have recourse and for fraud I have protection. (It works for me but as said my daughters like it the other way - - - unless they can use my CC :banana: :banana:


Business is very hard these days..

[rob137]

If you don't take AMEX, you don't get my business. Americans would be in much better shape (financially) if they used charge cards like AMEX rather than credit cards.

[Hysbrian]

Maybe ATM fraud would have something to do with it?

If they put a smartchip with high encryption in those things I might consider it, otherwise....nah.

BOT(back on topic)- I write checks all the time at several different LBS's.

If a retail outlet does not want to take my method of payment, no matter who they are, I take my business elsewhere.

I feel like the risk of ATM fraud is small enough that if you add up all the time that I would spend writing checks, that I'm coming out way ahead.

[Sandy]

In Raleigh EVERYONE use to accept checks, now many have signs saying no checks. Reason is they they have been stuck too many times,

Another example is that YOU must now pay for gas before pumping (pumps are off till then) - TOO MANY DRIVE OFFS>

Everyone accepts MC/Visa. Many do not accept AMEX (because of the cost). That 2% extra is a lot of money for nothing in the merchants eyes.

If the miles are so important ask the merchant if he will raise his/her price by 2% for you to use your card..... :) :rolleyes: :) :)

The stores I frequent have signs displayed if they do not take checks. I typically use Mastercard/Visa for all purchases over $5.

From what I read, and my daughters are examples of this, a large percent of young people use DEBIT cards and I can not think of a store that does not take them

I do not use a debit card for I pay off credit cards every month and like the use of "their money" for 20-45 days. If mistakes happen, I have recourse and for fraud I have protection. (It works for me but as said my daughters like it the other way - - - unless they can use my CC :banana: :banana:


Business is very hard these days..

So Pete, I will be in your area in a few months. Do you think that you will be able to cash a personal check for me for about $10,000? :)


:banana: Slick Serotta Sandy :banana:

[Fixed]

bro cash only with picture i.d.
cheers

[67-59]

If you don't take AMEX, you don't get my business. Americans would be in much better shape (financially) if they used charge cards like AMEX rather than credit cards.

The problem isn't with credit cards per se, but with the PEOPLE who use credit cards, then don't pay off the balance every month. I use a Visa card as though it was an AMEX, and I do fine that way. And I pay a lower annual fee than AMEX, plus I get frequent flyer miles.

[Ozz]

...has our society degressed that much that people will not take a check anymore? ...
Unfortunately, "yes".

I work in commercial banking, and I think it would be fair to say that at least 75% of my customers have experienced some sort of check fraud. Typically, it is someone (gangs) stealing their account number (stealing mail) and printing checks drawn on the corporate accounts. Corporates protect themselves with a service called "Positive Pay" which allows them to quickly identify the fraudulent items and return them to the bank of first deposit. This bank will then charge the account to which it was deposited...

This turns out to be expensive for the business that accepted the check.

Bummer....

[Hysbrian]

Unfortunately, "yes".

Isn't it only unfortunate because of the level fraud? Although the fraud is a bad way to "fix" the system it seems that checks to start with are just not safe.

[JohnS]

The problem isn't with credit cards per se, but with the PEOPLE who use credit cards, then don't pay off the balance every month. I use a Visa card as though it was an AMEX, and I do fine that way. And I pay a lower annual fee than AMEX, plus I get frequent flyer miles.
+1- I haven't had a carryover balance in about 10 yrs. I have no annual fee and get 1% back to spend at REI.

[andy mac]

when i moved to europe a few years ago i asked about getting a check book and they looked at me as if i'd asked for a horse and cart. it's all electronic there.

it's funny to me that in america, the richest country in the world, it's hard if not impossible to used debit/credit cards in cabs etc. very far behind in a lot of ways.

[Serotta PETE]

So Pete, I will be in your area in a few months. Do you think that you will be able to cash a personal check for me for about $10,000? :)


:banana: Slick Serotta Sandy :banana:

If Gloria says check is good - - that is enough for me.

[Ahneida Ride]

When you pay with CC you are paying 2-5 % too much.

That is what the bank charges the merchant. Nothing is free.
so that is an additional tax on your purchase. Most merchants
just adjust the price upwards to account for CC's.

What a racket. Sit on you Arshe and collect 2-5% on every
transaction in the world ! Now that is real power.

You are paying dearly for all those "freebies"
The is no free lunch.

But CC is pale compared to fraction reserve banking where
banks get to create $$ outa thin air.

We need to open a Bank. It's a license to counterfeit.

[Ozz]

We need to open a Bank. It's a license to counterfeit.
No, it's a license to print money. ;)

You are correct, nothing is free. However, the 2-5% the merchant processor charges the merchant is hardly a tax. No one forces the merchant to take plastic, their customers demand they accept it. VISA/MC rules don't allow merchants to charge more to customers that use plastic. Merchants adjust their prices to make a profit on the goods they sell. Merchant fees are just another cost of doing business.

Basically, every method of payment "tax" (to borrow your terminology). Banks charge their business customers for deposits (electronic & paper), debits (checks and electronic), for clearing checks deposited, and cash deposited. Plastic is no different.

[Sandy]

If Gloria says check is good - - that is enough for me.

Actually, it is Gloria's check and I don't think that it is good. :)


Logan Sandy

[67-59]

When you pay with CC you are paying 2-5 % too much.

That is what the bank charges the merchant. Nothing is free.
so that is an additional tax on your purchase. Most merchants
just adjust the price upwards to account for CC's.

What a racket. Sit on you Arshe and collect 2-5% on every
transaction in the world ! Now that is real power.

You are paying dearly for all those "freebies"
The is no free lunch.

But CC is pale compared to fraction reserve banking where
banks get to create $$ outa thin air.

We need to open a Bank. It's a license to counterfeit.

Actually, EVERYBODY pays the extra 2-5% that the merchant adds to the price. The fact that I pay by CC doesn't mean I pay any more than the guy who pays with cash. In fact, since I have about 30 days to pay for my CC purchase, the benefit I get from the extra float means I pay a little less than the guy who pays in cash....

So the people who really lose out are the ones who go to merchants who have inflated their prices to reflect the CC charge, but then pay with cash.