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I hope people realize that any buying group or anyone else that gets merchandise in advance of payment can go south at any time. That's even if you get a check at the time of delivery.
X-posting as I don't want anyone to say that I never put a warning here.


Author Topic: Buying Group Master Thread  (Read 89246 times)

Offline churnbabychurn

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Re: Buying Group Master Thread
« Reply #1425 on: February 11, 2019, 10:04:55 PM »

Offline knowitall

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Re: Buying Group Master Thread
« Reply #1426 on: February 11, 2019, 10:11:37 PM »
I can't say I blame them, Borrowing money ain't free, it eats into their profits. Though for ppl that spend on personal cc, and are very concerned about utilization, it can be a PITA, especially when pickups also take 10-15 days.....

Offline davidmal

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Re: Buying Group Master Thread
« Reply #1427 on: February 12, 2019, 12:06:28 AM »
If you get paid by due date whatís the problem.
-DMC
"Life moves pretty fast. If you don't stop and look around once in a while, you could miss it ~Ferris Bueller"

Offline Yhgfkj

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Re: Buying Group Master Thread
« Reply #1428 on: February 12, 2019, 12:54:16 AM »
"If" you get paid by due date whatís the problem.

Offline 12HRS

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Re: Buying Group Master Thread
« Reply #1429 on: February 12, 2019, 12:58:47 AM »
If you get paid by due date whatís the problem.

because the whole premise of buying groups is that they need help purchasing product. If I just wanted to max out my card and let the $ sit for 30+ days I could find a legit business ponzi scheme to take my CC for way less hassle. Once they start using us to float their buying habits it changes the game to one where we are also taking on more risk that they mismanage their business etc.

Offline smart man

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Re: Buying Group Master Thread
« Reply #1430 on: February 12, 2019, 06:26:25 AM »
I can't say I blame them, Borrowing money ain't free, it eats into their profits. Though for ppl that spend on personal cc, and are very concerned about utilization, it can be a PITA, especially when pickups also take 10-15 days.....
Can't blame them?!?! They tell you to buy something for them because they can't buy it themselves, and then they use you as a lender, cause they can't get a loan. Which part of that is legit?

Offline smart man

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Re: Buying Group Master Thread
« Reply #1431 on: February 12, 2019, 06:27:09 AM »
because the whole premise of buying groups is that they need help purchasing product. If I just wanted to max out my card and let the $ sit for 30+ days I could find a legit business ponzi scheme to take my CC for way less hassle. Once they start using us to float their buying habits it changes the game to one where we are also taking on more risk that they mismanage their business etc.
+💯

Offline Menachem613

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Re: Buying Group Master Thread
« Reply #1432 on: February 12, 2019, 08:36:45 AM »
Can't blame them?!?! They tell you to buy something for them because they can't buy it themselves, and then they use you as a lender, cause they can't get a loan. Which part of that is legit?


Plus

P.S. Day 14

Offline Shotguns

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Re: Buying Group Master Thread
« Reply #1433 on: February 12, 2019, 08:44:17 AM »
I am not sure why buying groups are under constant attack. We buyers understand the risks associated with selling to buying groups and still choose to purchase for them.

If you are not comfortable with risk then stop buying products for them-invest in T-bills.

Offline Menachem613

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Re: Buying Group Master Thread
« Reply #1434 on: February 12, 2019, 09:02:57 AM »
I am not sure why buying groups are under constant attack. We buyers understand the risks associated with selling to buying groups and still choose to purchase for them.

If you are not comfortable with risk then stop buying products for them-invest in T-bills.

They are under attack for not being forthcoming about the reasons for delayed payment and for placing the risk of loss solely on the buyer. 

Offline smart man

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Re: Buying Group Master Thread
« Reply #1435 on: February 12, 2019, 09:04:41 AM »
I am not sure why buying groups are under constant attack. We buyers understand the risks associated with selling to buying groups and still choose to purchase for them.

If you are not comfortable with risk then stop buying products for them-invest in T-bills.
I bet most buyers do not understand the risks of buying for them. 

Offline cmey

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Re: Buying Group Master Thread
« Reply #1436 on: February 12, 2019, 09:07:11 AM »
I am not sure why buying groups are under constant attack. We buyers understand the risks associated with selling to buying groups and still choose to purchase for them.

If you are not comfortable with risk then stop buying products for them-invest in T-bills.

Obviously there are plenty of people out there who take on some risk exposure to generate a higher level of return.

However, I think there are two issues here that differentiate buying groups from other risk/reward ventures. One, that many buyers are actually not sophisticated/ educated enough when to comes to finance and money management to know what level of risk they are taking on. Many would never accept the risk/reward ratio involved if it was presented to them in a form they understood (such as lending cash unsecured to finance someoneís inventory).

The second is that the buying groups are generally not acknowledging that they are utilizing the buyers float as part of their operating business model. They claim reimbursement delays are due to processing times, need for verification, lack of manpower etc. and itís hard to accept that they are being on the level. It seems far more likely that they need to float at least some of the money to finance ongoing operations. If that is indeed the case, be upfront with your buyers (a.k.a. investors) and acknowledge it.

Offline Moshe123

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Re: Buying Group Master Thread
« Reply #1437 on: February 12, 2019, 09:08:23 AM »
We are almost at the end.

Offline Menachem613

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Re: Buying Group Master Thread
« Reply #1438 on: February 12, 2019, 09:13:06 AM »

Offline 12HRS

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Re: Buying Group Master Thread
« Reply #1439 on: February 12, 2019, 09:29:47 AM »
Just like how @tmendy226 had an item scanned in at a price that was too low (which was fixed) if the price drops and they don't update the system before an item gets scanned in they would end up overpaying. From what I have been told for every check request they verify that the numbers add up and they are not overpaying on anything. This takes time. When people request a new check for every echo dot that gets scanned in all that are doing is clogging the system and wasting time. If instead people would only request once every week or 2, or get a check for their full balance when dropping off I'm sure things would go faster

and one more point. They have no problem writing a check on the spot. They are clearly not verifying each invoice at that point in time.