Subject:
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Re: Suspension of UK factoring services (was Re: Suspension of English factoring services
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Newsgroups:
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lugnet.market.services
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Date:
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Wed, 22 Mar 2000 20:07:17 GMT
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Viewed:
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4371 times
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Simon Robinson <simon@simonrobinson.com> wrote in message
news:Fru7CD.17H@lugnet.com...
>
> > 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.
My banking costs for US$ Money Orders are nil, other than the cost of
mailing the MO to the bank. IMO's are also nil for me. Cash, personal
cheques and postal MO's[1] all cause me problems, so I try to deter their.
Scott A
[1] I can findno way of cashing this in the UK. Anyone who has any ideas
please let me know.
>
> 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
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