rcasey

First timer here.

I am trying to come up with a clever way of paying some of our corporate invoices via some type of rewards backed CC or other means of payment. First hurdle is that my supplier does not accept CC Payments. So I was thinking I could use a convenience check. Problem with the one I have is its 3% upfront and 24% APR.

Invoices run around $15k/month

Any suggestions?

jeffysdad

the 3% fee and apr on convenience checks makes that "option" a nonstarter. Also, you probably know but it's worth mentioning, that convenience check payments usually have no grace period. That means that even if you pay w/ the check and pay your cc off right away even before the next statement date you'll be charged interest, most likely, and it could very well be calculated as if you owed the debt for the entire cycle period.

If your vendor does biz w/ smaller clients they might benefit from having cc capability. It's worth suggesting it to them. You might try splitting the difference with them on a cashback card. Say you get 2%, agree to pay 1% more on your invoice to help them offset interchange fees. That could help underwrite cc capability for the merchant. I dk anything about the merchant side of things but the cc companies might give them a break on interchange based on the amt. of business they do. Your 15k charge every month would demonstrate that they're a player to the cc companies.

all of the above is just from a consumer, not a merchant, buyer, etc. so could be wrong.

Cucumber

I don't think they would be able to negotiate the processing fees even though the charges are big. I was talking to a Porsche dealer and they said that the fees are the same even if someone is buying a 250k car. They said they only accept 7k on credit cards and after they they will charge the person the fees. It violates like merchant agreement with every bank but I'm sure they get away with it anyway.

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