Do you take plastic?08th September 2015
People of a ‘certain age’ will remember popping in stores for an ‘impulse buy’ and, realising they had insufficient cash, would ask if the store took plastic?
You see back in the day, before retailers wisened up to those missed sales opportunities, there wasn’t the automatic assumption that a store would give credit – hence the question.
Things have come a long way since then and the acceptance of credit/debit cards is expected in most retail outlets.
In fact from January 2016 even if you do pay by cash your purchase may still be made using plastic with the introduction of the £5 Polymer bank note featuring the image of Winston Churchill. The Bank of England recently announced the next design of the £20 note will be plastic too.
Going back to credit, is giving credit a good thing? Well no, not necessarily! Remember the old adage that a sale isn’t a sale until the money is in the bank, well that still stands. You don’t have to give credit. You can ask for payment, or part payment up front, you will be amazed at how many customers will pay.
Don’t lend your money to customers without first ensuring they’re good for it. Credit check and continue checking because circumstances do change.
If you’d like more tips then please do download our FREE e-booklet on Easy Exercises for Financial Fitness.