How do you guys pay for merchandise?

[shayrgob]

I am getting very confused as to how people are doing this. I use my debit card to opererate my website and the max spending limit on it is only 3500 and i called about a business account and the bank told me that there was the same spending limit on it. I use a dropship account to get my merchandise and im sure that there will be days where i might have to spend over my spending limit. So what is the solution to this problem?

[kc0eks]

my bank lets me change my limit, its only there for protection and such...i would scrap that bank :)

[shayrgob]

ok! Ill talk to the bank and see what they say. Thanks!

[Guest]

Have you tried with a credit card... or even ask to get credit with your supplier. Unless of course you dropship.....

[shayrgob]

yeah, i dropship

[Guest]

I dropship all the time. If you can't get a Net 30 with your suppliers, get yourself a good business credit card. Your limit will depend on your rating.

 

I have had good success with these folks: www.advanta.com

 

B)

[shayrgob]

I just called up all the banks in my area and everyone has a spending limit on debit cards(even if you have the $). So im guessing that the only option is a credit card. But theres even limits w/ credit cards(50K) and its not even garaunteed that ill get that limit. So im just puzzled as to how its done for people who need to spend a good chunk of money every month. Maybe its direct from the checking account or something.

[billwerth]

First I ever heard of this limit.

 

Maybe you can get two accounts with the bank (that's what I have, one with interest, one without). I would think that you would then have a 7000 limit total. You can easily move funds between the two accounts when they are on the same bank as appossed to getting several accounts with different banks.

[rkoechel2004]

Granted we don't use drop shipping, we use fedex and get net 30 days on our account. But as far as other monies, we have a revolving line of credit we can use to pay for anything.

[mpiscopo]

Every business is different in their operational requirements. Smaller businesses use credit cards, mid-sized and large businesses use the credit card strictly for small cash purchases, otherwise they have a line of credit with their suppliers. We make our purchases overseas so we use wire transfers or a letter of credit, depending on who we are dealing with.

 

Bank cards have the limit because of the way the funds are accessed and the liability associated with having access directly into your checking account. You should get a commercial credit card because it make it much easier to track your expenses and balance your books. Also inquire with your suppliers about submitting a credit application.

[shayrgob]

Ok, ive decided that the best route for now is getting a credit card. One perosn suggested advanta. Do you guys have any other suggestions as to what the best credit card is to have? Thanks!!

[Guest]

Ok, ive decided that the best route for now is getting a credit card. One perosn suggested advanta. Do you guys have any other suggestions as to what the best credit card is to have? Thanks!!

I suggested advanta. The main reason why I like them over others at this moment is that they give you cash back as a reward. Meaning instead of these other outfits that give you points to buy more crap, this company sends you a check with your statement every month. no strings attached so far....I have been using them for about 6 months without any problems. I always keep an eye out for better rates/deals elsewhere and would not hesitate to go with another company but so far, they are working fine for us.

 

good luck

[shayrgob]

Thanks a lot for the help!! I am about to apply for a card from them. How long does it usually take to get? And are they your merchant too?