Quote:
Originally Posted by epitome
Dave,
I just emailed you about this system.
I always forget which email address of mine we correspond through, but I just sent from [email protected] |
Thanks,
I'll get back to you on it tomorrow, I'll find it.
Quote:
Originally Posted by will76
Pretty good idea Dave, thanks for sharing.
My philosophy was always to let them spend anyway to a certain point that you feel comfortable risking (if their card was good just had no funds available at that time) and then just check it once a week for a month then once a month for a long as you need too. I would even tell the person " You credit card does not have funds but we will still allow you to have up to $xx on t he site and collect from you later when funds are available. Some people really appreciate that. Eventually most of them will go through. If you straight up declined people not only do you never make the sale, but they may not come back when they do have funds. This way you get a customer, he will appreciate the "loan" basically and you should collect in the future, and once he sends off his credit card payment he might come back and drop a lot more money.
Your suggestion would be taking the above one step further and if you are unable to collect from the person after a couple months then do the collection agency, send to the house approach.
Good info...
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Thanks Will,
Most of these people do have credit, they are just maxed out, we also give them the option to apply for our Own Credit card or a store loaded card which you can load from another credit card or ACH, which we have had since 99, CyberCredit.com powered by us and not Visa or Mastercard which is CNWB, we were like ePassporte way before ePassporte launched, but we had a different angle for the Card, we pulled the plug from going public just one week before. We knew with Visa and Master Cards regulations, there had to be an Internet Only Card, We had it built and we actually co-branded a few including Playboy and Adam And Even and they were doing some amazing numbers.
But just like everything else, you are going to make the most out of the company you put the most energy in, so we never really pushed our Financial Products Out to the World.
We own several patents on our Financial Products, Verified by Visa actually came out based on our idea as well.
Too many ideas, and not enough energy I guess. We have been doing this for 15 years now. That's a long time.