Tweet

Automatic Renewal

Written by: Ty Bakti

Article Overview: As one professor of a University business school said, "Leasing is a global industry, and one assumes that people qualified in matters of finance unnderstand how the industry works."

Automatic Renewal

Leasing is a global industry, and one assumes that people qualified in matters of finance understand how the industry works. This statement as tongue and cheek as it is sums up the industry. The leasing industry relys on people involved within the leasing process to think they know what they are doing. Afterall isn't it straight forward. This industry in Overholds or automatic renewals alone takes in hundreds of thousands of dollars.

This a a result of you the lessee forgetting to exercise your proper option date. Do you want to buy, extend the lease or send the asset back? As long as you hold on to the asset, the lessor has the right to bill you for the asset. They count on the lessee to forget and be charged accordingly. Your interest rate just went up.

Related Articles
  10 Things you need to know before entering into a contract
  What I Learned from David Bach the Automatic Millionaire
  Do Your Due Diligence
  Business Marketing Strategies-4 skills that will explode your efficiency
  Hut 8, Hut 9, Hut 15!

Article Tags: finance, global industry, hundreds of thousands, interest rate, leasing industry, lessee, lessor, proper option, relys, strong dollars, sums, tongue and cheek



Related Forum Posts
Re: Advice needed to earn money online!!!! - [quote="OmnivoreInk":153e5f59]This paragraph should be put into an Automatic Welcoming Message for everyone who signs on to EvanCarmichael.com forums! Too many times newbies post here asking for advice, but don't give enough information in their initial post for us to help them![/quote:153e5f59] Hi Barbara, But sometimes people just want a quick and effective way to earn a living, regardless if it taps into their interests or not. For instance, I know many friends who work 9-5 to simply support their lifestyle. These friends have made it known to me that they could care less if their job is boring because they see work as only a means to live.
Re: Automatic Millionaire by David Bach - Thanks for all the response. I also find it very informative and inspiring. The Automatic Millionaire is based on sound financial concepts. David Bach persuades readers to eradicate debt, to live economically, and to pay themselves first. However the core of his book is unique: rather than develop determination and self-discipline, Bach says, why not bypass the human element altogether? Why not make your path to wealth automatic? You’ve all heard that you’re supposed to “pay yourself first” but what does this really mean? This idea simply suggests that before you pay your bills, before you pay your taxes, before you pay anything else, you need to set money aside for yourself. This isn’t money to spend, but money to save for the future.
Re: Hi from Greenville, SC - Welcome Philip - from my experience in working with different merchant service providers I've found the following criteria to be important: 1) Price - at the end of the day it's very competitive industry and you don't need to be the cheapest option but you can't be too far ahead of the other guys. Automatic volume discounts are also much appreciated. Ones I've been involved with in the past give you volume discounts only if you apply. 2) Service - are you available when I need you? If I call will you be available and help me right away? If I email will you get back to me quickly? People often don't need service from their merchant service provider. It's one of those things where as long as it's working we tend to forget about you running in the background. But when there's a problem it's usually a big problem because we can't get money so we need fast and good quality service. 3) Integration support. Help people get set up. Even offer to do it for them - now that's a great way you can stand out. The integration support from most merchant service providers is terrible. You're pretty much on your own to figure out how their APIs work. I hope that helps - good luck!
Re: Hi from Greenville, SC - [quote="Evan":39hn23oh]Welcome Philip - from my experience in working with different merchant service providers I've found the following criteria to be important: 1) Price - at the end of the day it's very competitive industry and you don't need to be the cheapest option but you can't be too far ahead of the other guys. Automatic volume discounts are also much appreciated. Ones I've been involved with in the past give you volume discounts only if you apply. 2) Service - are you available when I need you? If I call will you be available and help me right away? If I email will you get back to me quickly? People often don't need service from their merchant service provider. It's one of those things where as long as it's working we tend to forget about you running in the background. But when there's a problem it's usually a big problem because we can't get money so we need fast and good quality service. 3) Integration support. Help people get set up. Even offer to do it for them - now that's a great way you can stand out. The integration support from most merchant service providers is terrible. You're pretty much on your own to figure out how their APIs work. I hope that helps - good luck![/quote:39hn23oh] I find all of these to be true on a daily basis. I have a strong hold in my particular area. Fast service is imperative. If I can get a restaurant a new terminal in a couple of hours as compared to the fastest national company(at least overnight) then I win. Being local is huge in my industry. I have successfully managed accounts is other areas. Usually I give them a back-up terminal so if the other one breaks down they can switch out the two ship the broken one to me and have a new back-up the next day. I have done a few online accounts. It is not my specialty though. I have found it to not be too hard if you are using a CMS and your host is at least fair. We can integrate with almost every website. It is usually as easy as dropping a pem file in the correct folder in cpanel. For more difficult ones I have a webmaster that I consult with. Price is the last one. Price is always the biggest. You cant give it away or you have no way to give good service. How apt am I to give back-up terminals or make sure I have 24 hour customer service if the margins don't support it? At the same time I have to be very competitive especially when landing large accounts. I made things too easy on one of my large accounts one time I guess. They thought all providers were like me so when they got a quote for less they switched. 11 days later they called me to help them get their machines downloaded back to my companies settings and their website was completely messed-up. I had to delete everything in the file and reload a back-up I had.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

••••••>SEO Tip Of The Day: HTML Validation

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.