Payment when receieve camera? [Archive]

Matthew Rogers

08-13-2007, 09:57 AM

So, I searched but there were not any answers on this from Jim/Kelly/etc... What forms of payment will be accepted when it's time to receive the camera? I would love to put it on a credit card, but at 1-3% of total, I would imagine that RED wouldn't want to do that. So would they take a check/wire transfer?

Matthew

Evin Grant

08-13-2007, 10:12 AM

They tok credit cards for the deposits, I don't see why they wouldn't for the cameras. But it's not my call.

Craig Schober

08-13-2007, 10:16 AM

Matthew Rogers

08-13-2007, 11:19 AM

why not? they took all my down payments on credit card. i upped my limit so i could make one big payment to get cam and all accessories at once. i would think some personal/company checks are more likely to bounce making it more of a risk than the small loss for credit payments.

I guess in my head I was calculating 10% and not 1-3%. My order will be around $37,000 from RED x3% = $380. I guess that's not much considering they don't have a store to keep up, etc. Now I've gotta get my business credit card limit up to hold $40,000-$50,000...sigh.

Matthew

B Newberry

08-13-2007, 11:20 AM

If they don't take cc payments, i think a few people may be SOL (including myself).

Jack Wester

08-13-2007, 11:35 AM

If they don't take cc payments, i think a few people may be SOL (including myself).

SOL = Sort Of Laughing ?
SOL = Showing Our Love?
SOL = Swapping Our Lenses?
SOL = Shit Out of Luck?

Curran Giddens

08-13-2007, 11:44 AM

feed17, I like your "RED#:" and "Location."

Two of my favorite (or should I say inspiring) movies are "Sin City," and "300."

B Newberry

08-13-2007, 11:44 AM

I'll be the last category.

Curran Giddens

08-13-2007, 02:16 PM

I'm sure they will take credit cards for the RED ONE payment. They take them now for deposits. As long as it isn't through Paypal like when the stickers were first available. I would recommend you call the credit card company BEFORE the card is charged, unless, of course, you regularly make $30k-$60k purchases.

David Collard

08-13-2007, 04:07 PM

Jannard

08-13-2007, 04:18 PM

We prefer a check, wire transfer, cold hard cash...

Jim

Justin Anderson

08-13-2007, 04:19 PM

Can you do a payment plan for REDone through the company? I doubt it, but I just want to make sure.

Jannard

08-13-2007, 04:28 PM

Sorry, no payment plan from RED.

Jim

wshultz

08-13-2007, 04:32 PM

Does "prefer" mean exclusive of all other means of payment? A lot of us are planning to put at least some on CCs.

Peter Richardson

08-13-2007, 04:40 PM

Can we pre-pay via check, money transfer, etc? I'm scheduled to receive mine in the batch that ships on Jan 10, but would love to pay for it before the first of the year.

Peter

ericyoung

08-13-2007, 04:59 PM

Hmm. If I had cold hard cash in that amount just lying around ready for Red...nope. Credit card it will have to be. :w00t:

Craig Meadows

08-13-2007, 06:53 PM

Can we pre-pay via check, money transfer, etc? I'm scheduled to receive mine in the batch that ships on Jan 10, but would love to pay for it before the first of the year.

Peter

ditto on this "pre-pay" question please?

Johnny Friday

08-13-2007, 07:00 PM

I'm paying for mine the old fashioned way...
Six cases of sweet pickles, marmalade, two cows, and a horse.
If I include the extended viewfinder I believe that'll add about eight
pheasants, give or take a duck.

That never occured to me. WoW!! I have some mexican livestock I'd like to trade away for my camera and acc's, but getting across the border is sometimes a problem with my ag products. And I'm sure red would expect two mexican cows to equal one us cow. or is it the other way around?

Michael Stanmore

08-13-2007, 07:21 PM

If I get picked up bringing that much cash into the country I'll be cooling my heals in Guantanamo Bay before nightfall...so it's a wire transfer for me.

Teague Kennedy

08-13-2007, 07:29 PM

And... Bank robberies were up in September.....

Steve Sherrick

08-13-2007, 09:34 PM

We prefer a check, wire transfer, cold hard cash...

Hopefully the key word is prefer. I'm not sure what method of payment I'll go with, but having the option of CC (nice frequent flyer miles) is always good.

Steve

Curran Giddens

08-14-2007, 12:21 AM

Hmm, I wonder what I would have to say to airport security when they find me with $50,000 in cash in my carry on luggage....

Actually, I was just going to use my AMEX since there is no credit limit. I also get bonus points which I can easily cash in for just about anything on Amazon.com, etc.. But if RED prefers a check or wire transfer, then that is the least I can do. I'm already getting a $2,500 bonus!

Jan Reiff

08-14-2007, 12:47 AM

but i don´t exactly understand the way of payment yet.
first, my deposit is paid with cc. that´s ok. was in my limit of cc. already done.

but then. what will red do? will there be an simple email from red to me when shipping is ready, so i can put my cc - limit off?
i dont´want to put it off until payment, but when is the time for payment (sounds like an django-movie, ....)

or will there a message: please pay xxxx dollar to this red-account? if this is paid, we´ll ship your cam...?

Darwin

08-14-2007, 12:59 AM

Some companies charge a small fee for credit card charges 'like 2 or 3 %' maybe RED could do this if you must pay by credit card ?

Peter McCully

08-14-2007, 01:08 AM

Some companies charge a small fee for credit card charges 'like 2 or 3 %' maybe RED could do this if you must pay by credit card ?

Don't go there.

ericyoung

08-14-2007, 01:41 AM

Some companies charge a small fee for credit card charges 'like 2 or 3 %' maybe RED could do this if you must pay by credit card ?

Oh thanks SO much Darwin. That was really helpful...NOT! :pinch:

Stephen Williams

08-14-2007, 02:46 AM

Some companies charge a small fee for credit card charges 'like 2 or 3 %' maybe RED could do this if you must pay by credit card ?

Hi,

I am fairly sure they are not allowed to do that as would be breaching the terms of their agreement with the credit card company. There was a time in the UK that petrol stations charged a supplement, which was ruled illegal.

Stephen

PaulClements

08-14-2007, 04:14 AM

Iron Possum

08-14-2007, 05:13 AM

Hi,

I am fairly sure they are not allowed to do that as would be breaching the terms of their agreement with the credit card company. There was a time in the UK that petrol stations charged a supplement, which was ruled illegal.

Stephen

I wish it were illegal in Australia, many companies charge a fee for credit card use with Amex being the highest between 3-5%.

kellz123

08-20-2007, 07:49 PM

Jim

You could take credit card payments though google checkout.

You can do cc payments for free until the end of the 2007 and after that it's only 1.5%. If you are purchasing adwords for any other reason you can offset them against your credit card purchases. For every dollar of adwords you get $10 free credit card processing.

3% or more, on something that is already so low priced, would start to eat into your profits, which isn't great for business. You probably already know about this kind of stuff though I guess but I thought I'd make the suggestion anyway.

Cheers

Paul

I'm glad to hear about the free credit card payments until end of 2007. I have been spending a lot of money on my merchant account. I have been using cardservicesales.com (http://www.cardservicesales.com) to process my payments. I'll have to check out adwords.

jbeale

08-20-2007, 08:53 PM

I attempted to buy a new car with a CC. It was within my credit limit, but the dealership wouldn't take it. The dealership had a limit of $5k or so on cards, because of the percentage they loose, so I had to pay partly by check.

Seriously though, no one should finance a $30k+ purchase using credit cards. Talk to your bank about a small business loan (I think under $35k is a "micro loan"). Credit cards are about the most expensive credit out there.

Jonathan L. Bowen

08-20-2007, 08:53 PM

My business credit card only has a $14,000 limit, no way I could put much on that really as far as RED stuff goes. I mean that limit is pretty awesome for me just starting out, and my total credit card limit is decent, but still not what I'd need for such large purchases.

I just used a wire transfer before, and I do have money in an account waiting to be delivered to RED Digital Cinema in exchange for the goodies ;)

Jay A. Kelley

08-20-2007, 09:43 PM

Hey,

I would really like this clarified. If I cannot pay for this thing by Credit Card I will have to return my deposit.. I'm not kidding.. Credit Card is my only option for paying for this thing!

I cannot believe they would not accept credit cards.

Jay

Jeff Kilgroe

08-20-2007, 09:46 PM

Jay, I think you'll be OK... RED has been taking CC's for all the pre-orders. Of course I'm sure you can contact RED when your camera is getting closer to shipping and iron out all the details. After all, you'll have to talk to them anyway about accessories and fine-tuning your order, or at least I assume you will.

jbeale

08-20-2007, 10:19 PM

I'm not kidding.. Credit Card is my only option for paying for this thing!

Assuming by this, you mean you are using your card as a short- term loan? I don't know what your annual rate is, but I'm not kidding, it is worth your while to investigate your local credit unions, small banks etc. who can make you a business "micro-loan". This should be at *significantly* more favorable terms than what any normal credit card is.

Also assuming that the Red is for a business use. If you aren't intending it as a working asset, probably the lenders won't be interested.

Shawn Nelson

08-20-2007, 10:28 PM

AshG

08-21-2007, 12:29 AM

I always assumed that they would not take credit cards. Think about it this way, that ends up being an extra $500k in fees just on the first batch. Almost nobody takes credit cards for high dollar items except for stuff that is highly profitable like jewelry.

Ash =o)

Ken K

08-21-2007, 01:00 AM

Jim

You could take credit card payments though google checkout.

You can do cc payments for free until the end of the 2007 and after that it's only 1.5%. If you are purchasing adwords for any other reason you can offset them against your credit card purchases. For every dollar of adwords you get $10 free credit card processing.

3% or more, on something that is already so low priced, would start to eat into your profits, which isn't great for business. You probably already know about this kind of stuff though I guess but I thought I'd make the suggestion anyway.

Cheers

Paul

Yeah, it looks like this would be a great option for the first thousand or so. Here's a link for more info:
http://checkout.google.com/sell/

Seeing as how my CC rates are less than ideal, I'll be getting a business loan though. Anyone on the west coast have suggestions on which banks are friendlier for loaning people money for this kind of thing? I'll approach my credit union first and then if that doesn't work out, maybe Wamu. Unless someone has a better suggestion?

Jay A. Kelley

08-21-2007, 05:31 AM

As for why I am using my credit card (Or have too) That's between me and my business advisor.

I have purchased over 4 different broadcast cameras, from $10k up to $50k... All on credit card.. This is a fact of business and a LOT of Jim's customers will be using it

Since they have taken them up to this point, I will assume they will keep taking them. Otherwise, sadly, I am out for a least 6 months

Jay
Jay

Priyesh P.

08-21-2007, 06:31 AM

It's a bit strange that some of you people assume right upfront that a 380$ loss per camera paid by cc is no big deal for Red Inc. They already stated that the camera's production costs went a bit higher than it was planned, that means that their profit lowered.
I'd never pay by cc since, like it was already stated, it's the most expensive type of credit.
OK, I generally never use a credit card anyway...

jbeale

08-21-2007, 08:54 AM

> As for why I am using my credit card (Or have too) That's between me and my business advisor.

Sure, it's your business, and I don't know your situation. "Have to use CC" just struck me as odd, but I gather you've researched the available options.

I would hazard a guess that any $50k camera available on CC was from vendor using the "old rules" (large markup, where CC overhead is trivial). But as we know, Red has been doing things differently from the old rules, and changing the market. I think that's why we're all here.

Zakaree Sandberg

08-21-2007, 09:12 AM

HERE YA GO GUYS:

Buyer must pay the full remaining balance of the invoice before order will be processed for shipment. Balance payments in the amount of $7,500 USD or greater will only be accepted via wire transfer or cash equivalent (such as money order, Cashier’s Check, or personal check drawn from a United States bank). Balance payments in the amount of $7,499.99 USD or less may be remitted via credit card payments, wire transfer or cash equivalent as outlined above.

Approximately 30 days before anticipated ship date RED will contact each customer to discuss final payment and method to release product to customer

Rob Powell

08-21-2007, 09:14 AM

Using CC's is just faster and easier, if you have a decent rate. Our plan is to acquire a business credit line to cover the purchase. If possible, I'll purchase with a CC, pocket the mileage points, and then pay it off with the credit line. I get the benefits of both options--low interest rate financing and mileage bonus. We're actually running the credit line app today, and believe me, it takes a while to jump thru all the hoops to get the lower rates.

If you have a CC with a low rate, it sure reduces the amount of paperwork.

RA Post

Zakaree Sandberg

08-21-2007, 09:15 AM

read my post: its the official word

Steve Freebairn

08-21-2007, 09:35 AM

Jim, what if there was a small bonus for using Cash vs. a Credit card. That way people who can only pay by CC can still do so with a slightly higher charge, but people who pay with some form of payment where you guys don't lose money get the items at what costs have been posted.

Another thought is, why not get a small business loan guys? Unless you can pay off your CC that month, you'll be paying way more for the red than you think.

If you can't get a loan, you could look into a cash advance from your CC company.

And finally, a nice quote about interest (especially at above 10%)

“Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation; it never visits nor travels; it takes no pleasure; it is never laid off work nor discharged from employment; it never works on reduced hours. … Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you.” J. Reuben Clark Jr

Johnny Friday

08-21-2007, 04:11 PM

I do this all of the time in my business:
First: yes it is not legal to charge customers the cc charges of 1.5% or 2.9% or whatever they are---why I don't know...

BUT---so easy to get around and i do so in my business since my prices points are set with a small margin that I can not afford the 2.9% cc charge for my travel business.....

REMIDY:
just like the big guys....why not copy other inovative thinkers....Like so:

....product: Price (price includes normal profit + cc fees)
....WANT TO PAY BY CREDIT CARD....
....you pay the standard price for your RED: $17,726.50 (that's $17,500 + $262.50--or 1.5% cc fee)

....PAYING CASH: OH--YOU GET A 1.5% DISCOUNT WHICH IS: $17,500
not knowing the law i think this is completely legal because I've bought products like this before--it's like this in Mexico and as i recall many places in the states....IT'S AN EASY WORK AROUND THE CREDIT CARD LAWS.....

????

Johnny Friday

08-21-2007, 04:14 PM

That would sure solve the woes of folks planning to pay by credit card IMO.
I of course would like to pay like that as well and get a free round trip ticket some place and build up my repoir with my cc company.

Jeff Kilgroe

08-21-2007, 05:32 PM

not knowing the law i think this is completely legal because I've bought products like this before--it's like this in Mexico and as i recall many places in the states....IT'S AN EASY WORK AROUND THE CREDIT CARD LAWS.....

Won't work... You can do that in some places, but it's not legal everywhere. For RED to do that, it would have to be legal in California, which I don't know that it would be, and everywhere they intend to ship a camera to with that deal in place. And separate discounts or incentives to a customer to pay via one method over another are not allowed in some states. Usually, the only exception to that is special incentives for purchases financed through the company or their agents that are selling the product.

FWIW, I think the fact that RED is accepting credit cards at all for anything other than reservations and accessories is rather nice of them. Most large equipment purchases out there in the world don't work that way. While I understand why some will want to pay by credit card, I'm perplexed -- the interest rates alone (even if you have an amazing card at 9% or something) aren't that good. There's cheaper money out there to be had.