Payment when receieve camera?

[Steve Sherrick]

We prefer a check, wire transfer, cold hard cash...

Hopefully the key word is prefer. I'm not sure what method of payment I'll go with, but having the option of CC (nice frequent flyer miles) is always good.

Steve

 

[Curran Giddens]

Hmm, I wonder what I would have to say to airport security when they find me with $50,000 in cash in my carry on luggage....

Actually, I was just going to use my AMEX since there is no credit limit. I also get bonus points which I can easily cash in for just about anything on Amazon.com, etc.. But if RED prefers a check or wire transfer, then that is the least I can do. I'm already getting a $2,500 bonus!

 

[Jan Reiff]

but i don´t exactly understand the way of payment yet.
first, my deposit is paid with cc. that´s ok. was in my limit of cc. already done.

but then. what will red do? will there be an simple email from red to me when shipping is ready, so i can put my cc - limit off?
i dont´want to put it off until payment, but when is the time for payment (sounds like an django-movie, ....)

or will there a message: please pay xxxx dollar to this red-account? if this is paid, we´ll ship your cam...?

 

[Darwin]

Some companies charge a small fee for credit card charges 'like 2 or 3 %' maybe RED could do this if you must pay by credit card ?

 

[Peter McCully]

Some companies charge a small fee for credit card charges 'like 2 or 3 %' maybe RED could do this if you must pay by credit card ?

Don't go there.

 

[ericyoung]

Some companies charge a small fee for credit card charges 'like 2 or 3 %' maybe RED could do this if you must pay by credit card ?

Oh thanks SO much Darwin. That was really helpful...NOT! inch:

 

[Stephen Williams]

Some companies charge a small fee for credit card charges 'like 2 or 3 %' maybe RED could do this if you must pay by credit card ?

Hi,

I am fairly sure they are not allowed to do that as would be breaching the terms of their agreement with the credit card company. There was a time in the UK that petrol stations charged a supplement, which was ruled illegal.

Stephen

 

[PaulClements]

Jim

You could take credit card payments though google checkout.

You can do cc payments for free until the end of the 2007 and after that it's only 1.5%. If you are purchasing adwords for any other reason you can offset them against your credit card purchases. For every dollar of adwords you get $10 free credit card processing.

3% or more, on something that is already so low priced, would start to eat into your profits, which isn't great for business. You probably already know about this kind of stuff though I guess but I thought I'd make the suggestion anyway.

Cheers

Paul

 

[Iron Possum]

Hi,

I am fairly sure they are not allowed to do that as would be breaching the terms of their agreement with the credit card company. There was a time in the UK that petrol stations charged a supplement, which was ruled illegal.

Stephen

I wish it were illegal in Australia, many companies charge a fee for credit card use with Amex being the highest between 3-5%.

 

[kellz123]

Jim

You could take credit card payments though google checkout.

You can do cc payments for free until the end of the 2007 and after that it's only 1.5%. If you are purchasing adwords for any other reason you can offset them against your credit card purchases. For every dollar of adwords you get $10 free credit card processing.

3% or more, on something that is already so low priced, would start to eat into your profits, which isn't great for business. You probably already know about this kind of stuff though I guess but I thought I'd make the suggestion anyway.

Cheers

Paul

I'm glad to hear about the free credit card payments until end of 2007. I have been spending a lot of money on my merchant account. I have been using cardservicesales.com to process my payments. I'll have to check out adwords.

 

[jbeale]

I attempted to buy a new car with a CC. It was within my credit limit, but the dealership wouldn't take it. The dealership had a limit of $5k or so on cards, because of the percentage they loose, so I had to pay partly by check.

Seriously though, no one should finance a $30k+ purchase using credit cards. Talk to your bank about a small business loan (I think under $35k is a "micro loan"). Credit cards are about the most expensive credit out there.

 

[Jonathan L. Bowen]

My business credit card only has a $14,000 limit, no way I could put much on that really as far as RED stuff goes. I mean that limit is pretty awesome for me just starting out, and my total credit card limit is decent, but still not what I'd need for such large purchases.

I just used a wire transfer before, and I do have money in an account waiting to be delivered to RED Digital Cinema in exchange for the goodies

 

[Jay A. Kelley]

Hey,

I would really like this clarified. If I cannot pay for this thing by Credit Card I will have to return my deposit.. I'm not kidding.. Credit Card is my only option for paying for this thing!

I cannot believe they would not accept credit cards.

Jay

 

[Jeff Kilgroe]

Jay, I think you'll be OK... RED has been taking CC's for all the pre-orders. Of course I'm sure you can contact RED when your camera is getting closer to shipping and iron out all the details. After all, you'll have to talk to them anyway about accessories and fine-tuning your order, or at least I assume you will.

 

[jbeale]

I'm not kidding.. Credit Card is my only option for paying for this thing!

Assuming by this, you mean you are using your card as a short- term loan? I don't know what your annual rate is, but I'm not kidding, it is worth your while to investigate your local credit unions, small banks etc. who can make you a business "micro-loan". This should be at *significantly* more favorable terms than what any normal credit card is.

Also assuming that the Red is for a business use. If you aren't intending it as a working asset, probably the lenders won't be interested.

 

[Shawn Nelson]

Hey,

I would really like this clarified. If I cannot pay for this thing by Credit Card I will have to return my deposit.. I'm not kidding.. Credit Card is my only option for paying for this thing!

I cannot believe they would not accept credit cards.

Jay

Ditto. Half my purchase is a business loan and the other half is CC, gotta get it somehow.

 

[AshG]

I always assumed that they would not take credit cards. Think about it this way, that ends up being an extra $500k in fees just on the first batch. Almost nobody takes credit cards for high dollar items except for stuff that is highly profitable like jewelry.


Ash =o)

 

[Ken K]

Jim

You could take credit card payments though google checkout.

You can do cc payments for free until the end of the 2007 and after that it's only 1.5%. If you are purchasing adwords for any other reason you can offset them against your credit card purchases. For every dollar of adwords you get $10 free credit card processing.

3% or more, on something that is already so low priced, would start to eat into your profits, which isn't great for business. You probably already know about this kind of stuff though I guess but I thought I'd make the suggestion anyway.

Cheers

Paul

Yeah, it looks like this would be a great option for the first thousand or so. Here's a link for more info:
http://checkout.google.com/sell/

Seeing as how my CC rates are less than ideal, I'll be getting a business loan though. Anyone on the west coast have suggestions on which banks are friendlier for loaning people money for this kind of thing? I'll approach my credit union first and then if that doesn't work out, maybe Wamu. Unless someone has a better suggestion?

 

[Jay A. Kelley]

As for why I am using my credit card (Or have too) That's between me and my business advisor.

I have purchased over 4 different broadcast cameras, from $10k up to $50k... All on credit card.. This is a fact of business and a LOT of Jim's customers will be using it

Since they have taken them up to this point, I will assume they will keep taking them. Otherwise, sadly, I am out for a least 6 months

Jay
Jay

 

[Priyesh P.]

It's a bit strange that some of you people assume right upfront that a 380$ loss per camera paid by cc is no big deal for Red Inc. They already stated that the camera's production costs went a bit higher than it was planned, that means that their profit lowered.
I'd never pay by cc since, like it was already stated, it's the most expensive type of credit.
OK, I generally never use a credit card anyway...