How we Talk About Money (Discussing Payment Options) [E051] - Speak Up!

Thank You To Our Partners The Institute, AutoFlow, Shop Dog Marketing, In-BoundWelcome to another episode of Speak Up - Effective communication.The show on the Aftermarket Radio Network focusing our attention on our communication and leadership skills - In our episode today…How we talk about money.If I think back to the earliest time of my career as a service advisor - my closing interactions with clients on occasion, felt somewhat awkward when taking payment.  It wasn’t awkward because the business component of the job is wrong or weird - it wasn’t awkward because I felt sorry for them due to the cost of transmission work (I did feel sorry for folks) - It was awkward because when you’re having a great conversation shifting into talk about money is sometimes, really stupidly awkward!  That’s OK.But sometimes - we make it even MORE awkward by not communicating well around the way payments for services can occurs. That is why in today’s episode - we’re talking about how we talk about money.ParsimoniousWOTDWe’re back - and the WOTD is ParsimoniousIt not only an adjective.It’s a euphemism for someone who is cheap!It means!

• unwilling to spend money or use resources; stingy or frugal.

It’s a good word for my topic today.Because some of you are really parsimonious… particularly when it comes to credit card processing fees!  OK - processing fees are a thing I feel like every business owner agrees on universally.They suck.   There are a few extreme reactions I see to this that are a little alarming.  I’ll list three - and then you’ll see why I feel this topic was worth bringing to Speak Up as communication is once again the solution.  Though now I am thinking I should have also called in my friend Hunt Demerest from “Business by the Numbers!  Next time!  Totally in his turf here.One Extreme - a number of shops will argue its just a cost of doing business - so they just eat the cost and go about business.  (some will just build it into their pricing and be done with it.)But since processing fees can amount to tens of thousands of dollars in lost profits each year. Those numbers should end the argument that “it’s just a cost of doing business.”Plus - if you’re in a market that is more… parsimonious… you may find competition makes this more challenging- no matter how great you are.I think it’s a cost you can do something about - and we’ll explain how in a moment.
Another extreme:  “No we don’t...