- Centurion Member
- Posts: 508
- Joined: Tue Aug 13, 2013 10:04 pm
- Location: ca
first of all congratulations on the launching of website and expanding ur footprint!
second how long have you been in business? I ask this because I'm curious when you "rent" your jewelry to customers in store (if you've already been in biz) how would you retain that hold?
depending on how big of a scale you're doing this (something small that can be expanded on, always gonna be a side thing, full on income maker) and the risk tolerance (cos there's always gonna be risks)
I wouldn't necessary go with paypal or amazon check out
there are a few credit card processors out there that can fit your bill as a small biz, I particularly like Braintree but a lot of people seem to use square or heck, even quicken/quick books!
instead of putting a "hold" on the amount I would physically have the amount deducted from the account as it's a transaction and the checking out to have legal verbage so that the client knows technically while they're lending it, if it's lost than they're only entitled to a portion of a "refund" of the amount paid to rent--if the cost is less than the piece, if you're doing fine jewelry it likely is not..
also if the piece comes back damaged or need cleaning that is beyond what you would do in a few sec or minutes and so won't charge..you can also deduct that from the amount they were charged and only get a portion back see?
and since this transaction is legitimate, it's hard to dispute (with exception of Amex) because it's not fraud
so billing and shipping matching would be one of the safeguards to protect you from the person saying it wasn't them who rented it. provided you can prove you shipped it to the address.
you know, depending on the market you're after you may find yourself for the most part, without fraud, and just have to expect a certain percentage of lost pertaining to that *knock on wood* I would always advise to set aside a portion of the net sales to go in this account, kinda like setting aside money for taxes, and than at the end of the year if nothing happens to use that to reinvest in your biz and next year to start all over again
just my two cents