nolaguy Offline Upload & Sell: Off
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Matt, you've gotten good advice here.
For me, there are three options:
1) politely decline with the explanations suggested above;
2) say sure, and call it a day, as long as you deliver the cash during our first visit. 3% (for example), per Kurtis' comment, isn't worth driving across town to collect, nor is it worth setting up a special appointment for $30;
3) present well deserved attitude and say "you're kidding, right?... you're concerned about $30? Let's round up and call it $50 to make sure you're happy".
I like to think I would choose Door Number 2, but my heart wants to go with 3.
FrancisK7 wrote:
I wasn't suggesting that Matt's intent was to defraud. If anything he's opposed to giving cash discounts so it never crossed my mind it was a strategy to defraud the IRS.
Francis, I think you and Barclay hit the nail on the head in assumptions about the client motivation/inference - as mentioned, 3% is paltry, most customers are looking for 20, 30% and more with such suggestions.
I've told this story before on FM, I'm sure - and frankly it has little bearing on Matt's question but it's entertaining enough to repeat when it comes to cash sales.
In the jewelry business, goods are often loaned to retailers on "memo" which is a complicated legal situation but as practiced is essentially temporary consignment.
Two or three decades ago Houston's most important wholesale diamond broker had a long time customer (who always paid in cash - with the obvious under-the-table tax-avoidance implications) take possession of a whole bunch of diamonds "on memo", then declare bankruptcy (after selling many or all of the diamonds).
I'm sure the broker sued the retailer, but the first thing he did was contact the IRS and provide all the cash sale invoices over the years - for which the broker, scrupulous fellow that he is, had kept above board and paid taxes on.
This broker was often a bona fide pain in the butt to work with but he knew his business and rocked as far as an example of bullet-proof business practices.
And he had the last laugh. He was not a man to be trifled with.
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