'No Cash, No Splash'

[draumen]

Any bad or negative experience with that?

[donradcliffe]

No problems personally, but its a rule the boatyards learned the hard way.

[gettinthere]

what would be negative about that policy?

[cal40john]

The only problem I ever had was with one local boatyard that up til about 5 years ago only accepted cash or check. Who looks for the accepts credit card logos anymore? What business that charges at minimum hundreds of dollars doesn't accept credit cards. There should have been a prominent sign saying doesn't accept credit cards. I don't remember how many years it's been since I carried a check book with me. At the time the ATMs only dispensed a lower maximum of cash, but my bank allowed more, so I had to make two separate withdrawals. The reason they now accept credit cards is because there is a new owner.

John

[osirissail]

The reason credit cards are not accepted is that they are reversible under US Federal law. It is called - charge back. Cash and checks are not reversible. Boat yard owners do not want to have to get into a legal fight to get their money. If you cannot get sufficient money from an ATM you can take your charge card to a co-operating bank and get the money from your credit card as a cash advance.
- - I have never seen a marina or boatyard that did not have big signs plastered all over the walls and counter tops stating that they do not accept credit cards for a particular activity/service or stated "cash only for ....".

[captainKJ]

If you cannot get sufficient money from an ATM you can take your charge card to a co-operating bank and get the money from your credit card as a cash advance.
- - I have never seen a marina or boatyard that did not have big signs plastered all over the walls and counter tops stating that they do not accept credit cards for a particular activity/service or stated "cash only for ...."

That makes allot of since,,, get a cash advance at 21 percent interest because a business does not accept credit cards,,,, WERE DO YOU GET YOUR REASONING FROM,,, most business accept credit/debit cards as a convenience for there customers, all the convenience stores that i have been into have signs in them that say 10 dollars minimum on credit/debit purchases, WHY would a boat yard not, were is the logic in that, if the work is done right they have NO worry about a charge back,, if the yard does not accept credit cards i would look for another yard,,, you have MORE protection with a credit card

I have never seen a marina or boatyard that did not have big signs plastered all over the walls and counter tops stating that they do not accept credit cards for a particular activity/service or stated "cash only for ....".

I have NEVER seen one that did not accept them

WHY WOULD YOU WANT TO GET A CASH ADVANCE ON A CREDIT CARD???????

[gonesail]

guess i haven't been to many yards .. but not sure i would trust a place that can't even accept credit cards .. just sayin.

[jpatter]

Alot of businesses are trying to get away from credit cards due to the percentage that they charge the merchant to use them. This can vary from a fraction of a percent to 5 or 6 percent with A.E. and in foreign countries they charge even more than they do in the USA. As a business owner you have to figure that percentage in to your profit or eat it.

JimmyP

[capt_douglas]

You can issue a stop payment on a check IIRC. There's a cost, but it can be done.

[FrankZ]

My yard doesn't take plastic.

Small, privately owned family business. The fees the card companies would need to be passed on, plus the additional costs of offering the service.

Some times it doesn't make business sense to accept them.

[SaltyMonkey]

I've been in plenty that do not accept credit cards.

I agree with most everything that has been said.

Note that smaller and midsize yards pay their workers and subcontractor services in cash. Those services can be numerous, scattered at times (between locations and other yards), and add a load of admin work down the month (transfers, mailings etc). The workers etc also tend to need and want to be paid quickly to pay for bills, parts etc, and the yard is not necessarily wanting to upset the relationship because they need these services for other jobs on Q or down the road. There are also other factors at the yard, just like the people they employ. that need to be paid monthly, related to equipment, land etc.

They are a cash accrual basis. They do not necessarily have the means to be able to wait till the EOM to be able to receive a check or transfer from CC services, nor ability to get biz loans to cover such costs in the interim. A very heavy month and no cash to pay can be irksome and detrimental to running a small to midsize yard.

Moreover, in addition to bad CC users, users who block payments and other kinds of shenanigans, CC services do charge the vendors for their services in some cases. This is not another expense and administration worth taking on since a breakage there can mean problems in cash flow.

Originally Posted by captainKJ

...WERE DO YOU GET YOUR REASONING FROM...WHY WOULD YOU WANT TO GET A CASH ADVANCE ON A CREDIT CARD???????

He said if you don't have cash. Thats a good enough reason for me if you are unwilling to go to a bank. Credit is not an asset. Personally, I think we should do away with credit cards for most people. They are a false representation of wealth and a luxury, not a right.

Also, please don't yell on this forum. ALL UPPER CASE is considered yelling and rude.

[osirissail]

Originally Posted by capt_douglas

You can issue a stop payment on a check IIRC. There's a cost, but it can be done.

Not after the check is processed! Once the check is processed your only option is to sue the vendor. And the processing is done quite rapidly these days, usually the same day as the check is deposited, since it is not necessary anymore to actually transport the physical check back to the originating bank.

- - With planning you can withdraw ATM cash over several days to accumulate the amount necessary for the cash payment. If you are not that smart, then you can get cash advances on your credit card - and - pay off the credit card via your internet access to avoid excessive fees associated with cash advances. These are all techniques you will use while traveling internationally and needing to access cash especially for large purchases.
- - If you are a person who spends more than they take in then you will be in the vast majority who keep bankers rich enough to afford luxury yachts and cars. If you are smart, there are numerous ways to move money to fit your needs and not incur excessive costs for doing so. Snide remarks by some and screaming in capitals indicates into which category of intelligence they fit.
- - If you are well known old customer with a particular yard they may allow you to "charge" your bill, but with a steady stream of "under $500/mo" boats coming and going, the no credit card policy is pretty prevalent. Personal checks were also not accepted for many years until the new clearance procedures were adopted.

[SaltyMonkey]

Originally Posted by osirissail

...but with a steady stream of "under $500/mo" boats coming and going...

Yup, lots of transies and inability to track 'em down easily.

[jpatter]

Originally Posted by SaltyMonkey

He said if you don't have cash. Thats a good enough reason for me if you are unwilling to go to a bank. Credit is not an asset. Personally, I think we should do away with credit cards for most people. They are a false representation of wealth and a luxury, not a right.

Also, please don't yell on this forum. ALL UPPER CASE is considered yelling and rude.

I am in a luxury business as well "Retail Jewelry". We just ran a girls credit for a pending purchase. She was maxed out on twelve different credit cards and two months behind on her car payment. She will be pissed when I decline her account, but I am not a bank. She is borrowing my money. Very prominent family and living like a queen, but can not manage a dime. My dad taught to use the money in your pocket and the credit card for an emergency. Then make sure you pay it off immediately when you get the statement.

JimmyP
"Getting through the holidays to go sailing"

[Blue Stocking]

Originally Posted by captainKJ

If you cannot get sufficient money from an ATM you can take your charge card to a co-operating bank and get the money from your credit card as a cash advance.
- - I have never seen a marina or boatyard that did not have big signs plastered all over the walls and counter tops stating that they do not accept credit cards for a particular activity/service or stated "cash only for ...."

That makes allot of since,,, get a cash advance at 21 percent interest because a business does not accept credit cards,,,, WERE DO YOU GET YOUR REASONING FROM,,, most business accept credit/debit cards as a convenience for there customers, all the convenience stores that i have been into have signs in them that say 10 dollars minimum on credit/debit purchases, WHY would a boat yard not, were is the logic in that, if the work is done right they have NO worry about a charge back,, if the yard does not accept credit cards i would look for another yard,,, you have MORE protection with a credit card

I have never seen a marina or boatyard that did not have big signs plastered all over the walls and counter tops stating that they do not accept credit cards for a particular activity/service or stated "cash only for ....".

I have NEVER seen one that did not accept them

WHY WOULD YOU WANT TO GET A CASH ADVANCE ON A CREDIT CARD???????

If you are in the marine business, and have not been burned by your fellow mariners, then you are extremely fortunate.

It's even worse, in my experience, if its a corporate card that only requires a captain's signature.
He gets fired for negligence, requiring my $2000 of work, and big boss back in the penthouse strong arms the bank to reverse the charge.
After 2 yrs of trying to get my money, I just gave up.