Author Topic: PSA: Don't swipe recklessly for others  (Read 323456 times)

Offline Moshe123

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Re: PSA: Don't swipe recklessly for others
« Reply #2505 on: February 25, 2019, 12:19:36 AM »
I am currently swiping for a company, in the 100-200k range.
Your article kind of hit home, thanks.
I want to either a) stop immediately or b) do my due diligence.

I am given a PO for each swipe. (meaning there is a buyer already for the merchandise before the company swipes my card by their supplier. Customers have to pay NET 30 and are all insured (in case of defaulting). So far no customers have defaulted.
What more can I do for due diligence?

Who guarantees that the PO is legit?
Who says that the AR insurance will not go to pay someone else who they owe

Offline Saver2000

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Re: PSA: Don't swipe recklessly for others
« Reply #2506 on: February 25, 2019, 12:25:19 AM »
I am currently swiping for a company, in the 100-200k range.
Your article kind of hit home, thanks.
I want to either a) stop immediately or b) do my due diligence.

I am given a PO for each swipe. (meaning there is a buyer already for the merchandise before the company swipes my card by their supplier. Customers have to pay NET 30 and are all insured (in case of defaulting). So far no customers have defaulted.
What more can I do for due diligence?
Who says they aren't using the same PO for 6 different "swipers" besides for you?

Offline Luvisrael

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Re: PSA: Don't swipe recklessly for others
« Reply #2507 on: February 25, 2019, 12:31:22 AM »
Wow this went from what can he do for due diligence to , serious concerns!

Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #2508 on: February 25, 2019, 12:34:33 AM »
I am currently swiping for a company, in the 100-200k range.
Your article kind of hit home, thanks.
I want to either a) stop immediately or b) do my due diligence.

I am given a PO for each swipe. (meaning there is a buyer already for the merchandise before the company swipes my card by their supplier. Customers have to pay NET 30 and are all insured (in case of defaulting). So far no customers have defaulted.
What more can I do for due diligence?

Forget due diligence. Try to get your money out as fast as possible without alerting or panicking them. Tell them you are moving on to other ventures or you want to buy a home etc and you need your credit cards paid down now.


Online S209

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Re: PSA: Don't swipe recklessly for others
« Reply #2509 on: February 25, 2019, 12:47:44 AM »
Forget due diligence. Try to get your money out as fast as possible without alerting or panicking them. Tell them you are moving on to other ventures or you want to buy a home etc and you need your credit cards paid down now.
Right. You and all of the other swipers, the day after the DDMS post. Iím sure they wonít be suspicious or anything.

Still, it could be legit..
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Offline yandmk

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Re: PSA: Don't swipe recklessly for others
« Reply #2510 on: February 25, 2019, 03:09:38 AM »
Any critiques before I post?
https://www.dansdeals.com/more/dans-commentary/dark-side-earning-credit-card-points-psa-dont-swipe-others/
Best line of the post imho,
"If you canít treat your credit cards the same way as you do cash, then shred them today."

Offline Dave321

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Re: PSA: Don't swipe recklessly for others
« Reply #2511 on: February 25, 2019, 08:03:06 AM »
I am currently swiping for a company, in the 100-200k range.
Your article kind of hit home, thanks.
I want to either a) stop immediately or b) do my due diligence.

I am given a PO for each swipe. (meaning there is a buyer already for the merchandise before the company swipes my card by their supplier. Customers have to pay NET 30 and are all insured (in case of defaulting). So far no customers have defaulted.
What more can I do for due diligence?

You have to ask yourself, how come a company that does this amount doesn't have their own cards?

Online ExGingi

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Re: PSA: Don't swipe recklessly for others
« Reply #2512 on: February 25, 2019, 08:26:25 AM »
Forget due diligence. Try to get your money out as fast as possible without alerting or panicking them. Tell them you are moving on to other ventures or you want to buy a home etc and you need your credit cards paid down now.
Tough trick to play. Go too fast, and that might bring about a default faster. Go too slow, and you might miss out.
I've been waiting over 5 years with bated breath for someone to say that!
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Online ExGingi

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Re: PSA: Don't swipe recklessly for others
« Reply #2513 on: February 25, 2019, 08:29:25 AM »
It's the number one referring site to that post right now.
Shmais is 2.
Wow. I wasnít aware that anyone still visits Shmais.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online ExGingi

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Re: PSA: Don't swipe recklessly for others
« Reply #2514 on: February 25, 2019, 08:34:49 AM »
The comments!!
Oh. How I regret not learning Korean.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline TimT

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Re: PSA: Don't swipe recklessly for others
« Reply #2515 on: February 25, 2019, 09:16:22 AM »
Might be worth keeping it stickied to the top for awhile.

Offline aro123

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Re: PSA: Don't swipe recklessly for others
« Reply #2516 on: February 25, 2019, 09:40:07 AM »
i don't know why everyone feels the need to compare buying groups to this? (btw I have never done buying groups in my life)

A: these places obviously can't find anyone to lend them money at less than 24%, there is no reason to assume that about a buying group

B: these places are paying 24% interest on their  $ which is not sustainable, buying groups are not

C: you are really a supplier to a business not lending  $. every supplier that doesn't get COD has risks but not like a lender.

the only comparison is that people may feel risking cc  $ is not risking their only  $ and that is why people take too much risk

Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2517 on: February 25, 2019, 09:41:54 AM »
Who is comparing the situations?

They're clearly unique and the tzad hashoveh is only that you should never risk what you can't afford to lose as businesses go broke all the time.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline aro123

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Re: PSA: Don't swipe recklessly for others
« Reply #2518 on: February 25, 2019, 09:45:50 AM »
Who is comparing the situations?

They're clearly unique and the tzad hashoveh is only that you should never risk what you can't afford to lose as businesses go broke all the time.
but that is true about everything in life. even if your using your cc to supply your own business. but no one is making fun of people for doing that...

Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2519 on: February 25, 2019, 09:47:53 AM »
Surely you can't be serious.

You are comparing giving unsecured goods to a 3rd party that you know nothing about their business numbers to running your own business?!?

This is nothing but ruach shtus talking.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.