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re: Every brick and mortar should institute the ability to pay in 4
Posted on 4/3/25 at 7:26 am to Frac the world
Posted on 4/3/25 at 7:26 am to Frac the world
We had this in the past. It was called Layway. You brought the item to the back of the store, made a down payment, and came back putting money on your layway item until it was paid for. Then they gave you the item. Walmart and Kmart did this before everyone had a credit card.
I don’t know if Sears was big on Layway.
They had their own credit division that was looser than most banks. But they would hound you down to ensure they got paid. Back in the day, I heard, they had attorneys on retainer across the country that would show up at bankruptcy hearings to ensure their share of the bankruptcy.
I don’t know if Sears was big on Layway.
They had their own credit division that was looser than most banks. But they would hound you down to ensure they got paid. Back in the day, I heard, they had attorneys on retainer across the country that would show up at bankruptcy hearings to ensure their share of the bankruptcy.
This post was edited on 4/3/25 at 7:32 am
1
Posted on 4/3/25 at 7:29 am to PowerTool
quote:
I'm surprised how much installment options have spread all over the internet.
People stay broke because they're stupid with their money.
Posted on 4/3/25 at 7:33 am to El Segundo Guy
quote:
What is pay in 4? Pay in 4 years, 4 installments, 4 days?
Usually 4 installments biweekly. Interest free.
I use it from time to time.
Posted on 4/3/25 at 7:34 am to Frac the world
You are MUCH MUCH poorer than you realize.
Posted on 4/3/25 at 8:13 am to Frac the world
quote:
I’m not poor
doubt
Posted on 4/3/25 at 8:18 am to Frac the world
quote:And a good nickel cigar!
Every brick and mortar should institute the ability to pay in 4
Posted on 4/3/25 at 8:40 am to Frac the world
The retailer’s creditors would also have to adopt this model (not going to happen). They have expenses of their own. Typical settlement period is 30 days. On top of that, you have payroll, utilities, bank debt, etc. You can’t mess with the cash cycle without someone getting screwed.
Posted on 4/3/25 at 9:15 am to Frac the world
quote:
Every brick and mortar should institute the ability to pay in 4
Coming from a business owner, no, and eat a dick.
Not every system has the capability of doing that and why is it my responsibility to take the risk for you?
Do you not understand that having how much more difficult that would be accounting and cashflow wise for small businesses?
Its rare that it happens, but when people have left my place of business without paying, its almost impossible to get paid. The process and laws make it extremely time consuming to even attempt.
Posted on 4/3/25 at 9:41 am to Frac the world
How are they gonna pay their bills? Pay in 4? All the stupid peeps out there do it with everything and then all those pay in 4 drafts are going to bounce because they forgot about them.
So sorry about your hypothetical car/house/etc issue. That's just how life goes.
So sorry about your hypothetical car/house/etc issue. That's just how life goes.
Posted on 4/3/25 at 9:48 am to Frac the world
I’ve read some dumb things on this board over the past 20 years, but this honestly may be the dumbest thing I’ve ever read on here. “Pay in 4” - just pure stupidity.
This post was edited on 4/3/25 at 9:49 am
Posted on 4/3/25 at 9:53 am to Frac the world
You want an interest free loan? Nah.
Posted on 4/3/25 at 9:57 am to LaLadyinTx
quote:
How are they gonna pay their bills? Pay in 4? All the stupid peeps out there do it with everything and then all those pay in 4 drafts are going to bounce because they forgot about them.
This is isn't for retards like yourself that can't keep up with their financials.
Posted on 4/3/25 at 9:57 am to BrotherEsau
quote:
I’ve read some dumb things on this board over the past 20 years, but this honestly may be the dumbest thing I’ve ever read on here. “Pay in 4” - just pure stupidity.
Why is it dumb?
Posted on 4/3/25 at 9:58 am to Tarps99
quote:
We had this in the past. It was called Layway.
Wrong.
Posted on 4/3/25 at 10:10 am to LSU Grad Alabama Fan
quote:
Why is it dumb?
Why do I as the business owner need to take on that risk? For free too
It's dumb because you want the business owner to take on a 0% interest loan for the customer. Which then changes accounts receivable, cash flow, and the inevitability of non payment.
Most POS systems arent capable of doing this and creditors arent going to go along with this either.
Its a logistical nightmare.
Posted on 4/3/25 at 10:47 am to More beer please
quote:
Why do I as the business owner need to take on that risk? For free too
It's dumb because you want the business owner to take on a 0% interest loan for the customer. Which then changes accounts receivable, cash flow, and the inevitability of non payment.
Most POS systems arent capable of doing this and creditors arent going to go along with this either.
Its a logistical nightmare.
The business would use a 3rd party bank or finance company. Customer likely has to complete a credit application and get approved through the 3rd party finance company, unless they already have an account.
Business gets paid in full upfront and the customer makes their installment payments directly to the finance company. The finance company charges a percentage to the business, similar to how credit card swipe fees work...except a lot higher rate for interest free terms. And the longer the length of the interest free term, the more expensive the fee for the retailer to offer it. From the business' perspective, the logistics and accounting aren't really much different than accepting credit cards....except for the merchant fees the payment processor charges the business.
Financing is smart for certain businesses to offer, like retail where interest free financing can entice the customer to spend more money at the time of sale from purchasing more items and/or splurging for higher end versions that have better profit margins.
A mechanic shop like OP's example eating the cost to offer interest free financing makes no sense on the shop's part because its not the type of business where financing allows you to upsell the customer and get them to buy a bunch of add-ons.
This post was edited on 4/3/25 at 10:51 am
Posted on 4/3/25 at 12:49 pm to LSU Grad Alabama Fan
quote:
It is nice for large purchases where you feel like it's not taking a huge chunk of your checking account all at once.
Sounds like you're living beyond your means.
Posted on 4/3/25 at 12:59 pm to Frac the world
Maybe you save in 4 and pay in 1?
Posted on 4/3/25 at 1:28 pm to LSU Grad Alabama Fan
quote:
quote:
How are they gonna pay their bills? Pay in 4? All the stupid peeps out there do it with everything and then all those pay in 4 drafts are going to bounce because they forgot about them.
This is isn't for retards like yourself that can't keep up with their financials.
You made exactly my point! You notice I said "stupid peeps" because they will be doing exactly what I said. There's way more stupid people that will forget out there than there are people like me. I've probably forgotten more about financials than you ever knew.
Posted on 4/3/25 at 1:53 pm to slidingstop
quote:
Sounds like you're living beyond your means.
Wrong. The only debt I have is my mortgage.
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