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Subject: 
Re: Suspension of UK factoring services (was Re: Suspension of English factoring services
Newsgroups: 
lugnet.market.services
Date: 
Wed, 22 Mar 2000 18:57:49 GMT
Viewed: 
1540 times
  
I feel I have not "gained". The buyers who use the service, at their choice,
to pay me may well have gained through lower transferral charges (although I
know this may not be the case). When I sell an item, I set a price. The
buyer must get that money to me using a method which is acceptable to me. I
do not see how I am gaining in any way. I'd appreciate some clarification on
this.

The lower prices caused by the lower costs of money transfer if you
use the factoring services was what I was getting at.

You and the
buyer have both as far as I can see gained through that.  The buyer
gains through only paying a charge of a couple of dollars instead of
a large bank charge of - in the UK up to the equivalent of $15 (from
Lloyds and Barclays rates). You gain because you've set the price in
US$. When you get the cheque in GB£ calculated at a more generous
exchange rate than a bank would give you (because our exchange rates
are not adjusted to give us a profit on them) you get a bigger amount in £.

Note the fact that you've gained from this doesn't in any way imply
any dishonesty or bad motives on your part. As far as I can see you've
simply gained because the sale went through a cheaper exchange mechanism
than if you'd gone through a bank. Morally I don't see that as any
different from me buying something at - say - Comet for £80 when Currys
next door are selling the same thing for £100 (actually happened when
I bought my vacuum cleaner <g>).



<and>
One last point - I'm a bit puzzled by Scott's comment
that

I'm sure matters have been made worse by the recent exchange rate
fluctuations. As a seller it is good news for me,

given that the usual complaint in the UK the last couple
of years is that the UK pound has been so strong that
it's really cheap for us to buy things abroad and
very hard for businesses to export anything. Scott?

It is because I deal in US$. Say I sell the 8880 at $160. A few months ago
this translated to UKP97, now it gives UKP103 (these are v. rough figures).

Ah - I get you. You're getting at the £ being not as strong now as it
has been recently.

Simon
http://www.SimonRobinson.com



Message has 1 Reply:
  Re: Suspension of UK factoring services (was Re: Suspension of English factoring services
 
Simon Robinson <simon@simonrobinson.com> wrote in message news:Fru7CD.17H@lugnet.com... (...) choice, (...) (although I (...) I (...) on (...) My banking costs for US$ Money Orders are nil, other than the cost of mailing the MO to the bank. IMO's (...) (25 years ago, 22-Mar-00, to lugnet.market.services)

Message is in Reply To:
  Re: Suspension of UK factoring services (was Re: Suspension of English factoring services
 
<topped> (...) <tailed> I feel I have not "gained". The buyers who use the service, at their choice, to pay me may well have gained through lower transferral charges (although I know this may not be the case). When I sell an item, I set a price. The (...) (25 years ago, 22-Mar-00, to lugnet.market.services)

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