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Why I'm going back to capturing credit cards up front

planscope.io

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Re: Why I'm going back to capturing credit cards up front

#41
post #28

The problem for me as a potential user is that I no longer trust some.random.dude.com with my CC info. I have no way to know if they're storing it locally unencrypted or if they're using a trustworthy third party provider. I'm down to maybe three places that have my CC on file. Everyone else, I enter it - every month - at time of payment. I don't exactly like this, either - there is still the possibility that a poorl…

I always [1] use a virtual credit card [2]. It's only possible for the merchant to charge a specified amount during a specified time. I create a new card for every purchase, but long standing relationships (ie my VPS provider) gets a longer lasting card so I don't have to update it every month. [1] The only time I ever enter my true CC is when bying something that requires a physical card (some airlines, certain tick…

I use a virtual card when I don't trust a merchant / service too.

But the markup ... say EntroPay of 3.5% makes regular usage very expensive.

Re: Why I'm going back to capturing credit cards up front

#42

Earlier quoted context omitted.

That seems far more of a series of workarounds than a solution in order to save myself a few minutes (collectively) a month.

I do it myself and I'd struggle to call it a workaround. Your solution is certainly a workaround though. The time to pull a different card out of a different wallet is seconds. The time and tedium to re-enter your credit card every place you want to make a payment is greater. You should have backup bank accounts and credit cards anyway. What if you lose your wallet? If I do, I have my backup one ready to go. You're w…

As someone who used to work in the credit card industry, perhaps I'm more sensitive to the costs that my bank's protection of me incurs. Because you're right - I am covered. But someone is still paying.

And hey, who knows, they might be storing your card numbers behind the scenes anyway with your order, and therefore you're not at any advantage

Indeed. Frustrating as hell.

Re: Why I'm going back to capturing credit cards up front

#43
post #38
post #37

Earlier quoted context omitted.

For any individual of course it all comes down to what allows someone to sleep at night, right? What I've found as a general rule is depending on where the line is people tend to think that someone who does something that they wouldn't do (wherever the line is for them) is either a) "really honest" or b) "a crook, cheat, dishonest etc." Same with paying taxes. If we can assume that most people fudge a bit then someon…

>For any individual of course it all comes down to what allows someone to sleep at night, right? That, and risk tolerance. You could just as easily call me a coward. Especially when it comes to taxes; There are few mistakes I can make that I can't get out of through bankruptcy. Screwing up my taxes is one of those mistakes. (and I'm in a situation where my revenue, but not my profit, is fairly significant. So obvious…

Yours is probably a textbook case of someone needing a partner who has a better idea of where that line is seat of the pants wise. I've never needed that it comes naturally. I simply weigh the downside to any decision vs. the upside. It's almost automatic. After a while your brain just works that way.

I'll give you an example (which doesn't relate to business). My state requires front license plates. But I have a nice car that I don't want to mess up. But I also don't care if the cops stop me. So I didn't put the license plate on the car. Worst case is I get pulled over. I get a ticket for $85 or whatever. Maybe in some extreme case something even worse will happen but it shouldn't. So I decide to take that chance. (Nothing has ever happened not that it couldn't etc.).

In the case of the body shops you are probably shielded enough from the down side both legally and also emotionally so you are ok with it. I think that's fine from the way you are describing it.

Re: Why I'm going back to capturing credit cards up front

#44
post #43
post #38

Earlier quoted context omitted.

>For any individual of course it all comes down to what allows someone to sleep at night, right? That, and risk tolerance. You could just as easily call me a coward. Especially when it comes to taxes; There are few mistakes I can make that I can't get out of through bankruptcy. Screwing up my taxes is one of those mistakes. (and I'm in a situation where my revenue, but not my profit, is fairly significant. So obvious…

Yours is probably a textbook case of someone needing a partner who has a better idea of where that line is seat of the pants wise. I've never needed that it comes naturally. I simply weigh the downside to any decision vs. the upside. It's almost automatic. After a while your brain just works that way. I'll give you an example (which doesn't relate to business). My state requires front license plates. But I have a nic…

>Yours is probably a textbook case of someone needing a partner who has a better idea of where that line is seat of the pants wise. I've never needed that it comes naturally.

My life partner, actually, is sort of stepping into the role you describe. It's hard for me letting go, but I'm far more likely to be okay with my partner taking that role than some random sleazebag. I mean, her background is more technical than mine; which is a downside in that role (though an upside for me actually following. Like most technical people, I have a hard time accepting leaders who don't have a technical background.) but eh, hiring for that role is really hard; judging from my past, when it comes to evaluating business people? I'm worse than random.

But it's still ultimately my business, and ultimately mistakes (or unethical decisions) made by that business are still my responsibility. Perhaps I will feel differently if someday I'm no longer the majority shareholder? (my partner is vesting in over time, so I am still the majority shareholder by quite a bit..)

But it's probably good that it's her; we have a lot of shared values and cultural background, and ultimately I see her as a good person, so while she's probably not the best businessperson available, she might be the best at working with me.

>I simply weigh the downside to any decision vs. the upside. It's almost automatic. After a while your brain just works that way.

Yeah, but almost nobody weighs moral concerns as zero. I mean, for an extreme example, you wouldn't murder someone for money even if you were certain you wouldn't get caught, and wouldn't face any negative consequences save those you imposed yourself.

(I'm not claiming that 'sharp' business practices are anything like murder; I'm just pointing out that you have the same line I have, even if yours isn't quite in the same place as mine. Almost nobody does a pure cost benefit analysis with no ethical or moral overlay.)

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