Deposits

[Tom Lovick]

Hia

If you were to receive a deposit by check, do you cash it immediately or would you wait until after the event to cash it?

Tom

[marting]

Hia

If you were to receive a deposit by check, do you cash it immediately or would you wait until after the event to cash it?

Tom

I would personally cash it and i reqest the remainder of the balance on the night in cash or cheque 2 weeks proir to the event. I also have in my t&c's that i reserve the right to charge an admin fee for bounced cheques that will be added to the final balance.

[funkymook]

Hia

If you were to receive a deposit by check, do you cash it immediately or would you wait until after the event to cash it?

Tom


You need to get it in your bank and cleared before the event in case it's refused or the client cancels it etc. Otherwise it's not a deposit - just a piece of paper.

[Tom Lovick]

I would personally cash it and i reqest the remainder of the balance on the night in cash or cheque 2 weeks proir to the event. I also have in my t&c's that i reserve the right to charge an admin fee for bounced cheques that will be added to the final balance.

Ok.

If you don't mind me asking. How much do you charge for an admin fee if the check is bounced?

[funkymook]

This really doesn't need a poll Tom, it's just really basic business practice. If you're having to ask these questions I think you need to get some advice on running a small business.

What do you do for your hire equipment deposits? I can really see you getting scammed if you're this unsure about cheques.

[Booche]

CHEQUE/CHEQUES

[simonp]

Straight away - geddit in the bank - booking now secure :D

[Tom Lovick]

This really doesn't need a poll Tom, it's just really basic business practice. If you're having to ask these questions I think you need to get some advice on running a small business.

What do you do for your hire equipment deposits? I can really see you getting scammed if you're this unsure about cheques.

Most of my deposits are paid via Paypal or Google Checkout. But I normally cash Cheques straight away, just wondering if this was correct.

Hire equipment is 25% of total amount.

[CRAZY K]

Straight away - geddit in the bank - booking now secure :D

Dont forget to call it ---all together now---

NON REFUNDABLE

[CRAZY K]

Dont forget to call it ---all together now---

NON REFUNDABLE

Sounds like you would benefit from a free advice session from Business Link;)

[yourdj]

If you're having to ask these questions I think you need to get some advice on running a small business.

:agree: Pretty basic principal.

Try business link they do free courses.

As for the question:

God no i would cash a cheque its not a deposit if its not in your bank after the event just a piece of paper.
what will you do if the person books you for four weeks in a row and then decides to cancel two days before the first one?

Your basically stuffed!

I like to call it a non refundable booking fee.

cash it when you get it and ideally receive the fee before the event. Your asking for trouble otherwise.
I do not accept cheques anymore as most people have internet banking or counter service. Cheques cost money to deal in.

[Twinspin]

When a client tells me they would like to book they get a conditional offer which is a provisional booking for 10 days. (date closed until they confirm)

The client gets 10 days to confirm (confirmed by a completed booking form, signed booking contract, and their Non Refundable booking fee at my address. I will confirm their booking once the NRBF booking fee is in my bank cleared. A confirmation letter will then follow.

[marting]

Ok.

If you don't mind me asking. How much do you charge for an admin fee if the check is bounced?

£25.00

im also happy to provide you with the link to the site where i got the form from i just removed the parts that were not relevent.

[Tom Lovick]

£25.00

im also happy to provide you with the link to the site where i got the form from i just removed the parts that were not relevent.

Could you please?

[hammy]

When i send out a booking form. Its a provisional booking for 10 days. The client must respond within 10 days otherwise the booking is cancelled unless the client contacts me to tell me that it will be a bit late back. So long as i know ill wait for it coming.

In order for me to confirm a booking with a client. I must have recieved back here a completed booking form, signed booking contract, and their Non Refundable booking fee.

When i get these back i bank the cheques on the next working day. But i will not send a confirmation letter until the NRBF cheque clears.

upon clearance of that they will get a confirmation in writing confirming their booking.

+1 on that Tom, I quoted a 2 hour disco and was asked to do it (basically booked) 10 days later I gave out a quote for a 4 hour disco on the same day which obviously was a bit more they booked me there and then and paid paypal, client one rings me 3 weeks after booking form was sent out and asked how to pay deposit and I pointed her to the T&C`s where it says to return the contract back within 10 days with the NRBF or I have the right to take on other work.

Back on topic, cheques are banked the next working day

[funkymook]

+1 on that Tom, I quoted a 2 hour disco and was asked to do it (basically booked) 10 days later I gave out a quote for a 4 hour disco on the same day which obviously was a bit more they booked me there and then and paid paypal, client one rings me 3 weeks after booking form was sent out and asked how to pay deposit and I pointed her to the T&C`s where it says to return the contract back within 10 days with the NRBF or I have the right to take on other work.

Back on topic, cheques are banked the next working day

Must admit I'd have contacted the first person before accepting the other booking. Technically you're 100% within your T&C's - but a quick phone call or email would go a long way to prevent the possible loss of goodwill.

[wensleydale]

If you cash it after the event whats the point in taking the deposit in the first place?

Surely it's obvious that you cash it as soon as you receive it?

[Twinspin]

Thats actually another way of doing it which is a good idea

[Charlie Brown]

Are your deposits non refundable Tom or do they get it back at the end?

[yourdj]

I went to an event the other day with one of my DJ's (his own booking - I was the roady :D) and
was shocked when the groom came up to me at the end of the night and said:

"where is (the DJ) i have loads of money to pay him"
pulled out a cheque book and paid him like that.

I did not say anything but you only get stung once IMO and that is a classic one.

[Tom Lovick]

Are your deposits non refundable Tom or do they get it back at the end?

Non Refundable

[Charlie Brown]

Non Refundable

So why would you bank it after the event?

[BeerFunk]

Is this some kind of trick question?

I can't think of a single reason as to why you wouldn't bank it straight away :confused:

[Larry B Entertainment]

Hia

If you were to receive a deposit by check, do you cash it immediately or would you wait until after the event to cash it?

Tom

Get it in straight away. Whats the point in cashing it after the event. You run the risk of it being cancelled by the client if you leave it too long, they might think youve lost it or something and they will cancel it for there own sercurity. I had this happen years ago when I forgot to cash a cheque for serveral weeks

[Jason]

Bank it asap, make it a decent value (no £20 booking fees, I'm charging £100 for Weddings).
Balance 2 weeks before the night, or cash on arrival (not at the end of the gig). For weddings and most parties, I invoice 3 weeks in advance.

I do take cheques, but prefer bank transfer, and also accept PayPal. Cheques are a pain for me, but I take them with a smile :-)

My quote makes it clear that the booking is not confirmed until we receive cleared payment and returned contract.

Some fairly basic rules.

[Solitaire Events Ltd]

Is this some kind of trick question?

I can't think of a single reason as to why you wouldn't bank it straight away :confused:

He may be thinking along the lines of a refundable deposit as in if someone was hiring something and broke it. Maybe like a bond cheque?

[Alchemy]

You need to get it in your bank and cleared before the event in case it's refused or the client cancels it etc. Otherwise it's not a deposit - just a piece of paper.

:agree:

[ppentertainments]

Sounds like you would benefit from a free advice session from Business Link;)
Definitely agree. Not wanting to be cheeky, but it is very apparent (not just from this thread) you have absolutely no business sense at all Tom.

These guys give some good advice free of charge. Some if the questions you ask are quite juvenile so hopefully a little 'proper' business advice will set you out on the road to actually having a business.

I strongly believe you will ignore this - try and prove me wrong ;)

[Tom Lovick]

Definitely agree. Not wanting to be cheeky, but it is very apparent (not just from this thread) you have absolutely no business sense at all Tom.

These guys give some good advice free of charge. Some if the questions you ask are quite juvenile so hopefully a little 'proper' business advice will set you out on the road to actually having a business.

I strongly believe you will ignore this - try and prove me wrong ;)

Ive had a look at the business link site but cannot find out how to contact them to get a consultation?

[ppentertainments]

Ive had a look at the business link site but cannot find out how to contact them to get a consultation?

http://www.businesslink.gov.uk/bdotg/action/home

Bit in the middle which says 'Business link helpline' would be a good start. If you delve further you will find local contact but this helpline should put you in the right direction to begin with ;)

[Tom Lovick]

http://www.businesslink.gov.uk/bdotg/action/home

Bit in the middle which says 'Business link helpline' would be a good start. If you delve further you will find local contact but this helpline should put you in the right direction to begin with ;)

Ok thanks,

will give them al buzz at some point

[ppentertainments]

Ok thanks,

will give them al buzz at some point
Wrong attitude young man. When given any advice the response and action should be 'I'll look into that as soon as possible'. Will also help you get more advice ;)

[CRAZY K]

Wrong attitude young man. When given any advice the response and action should be 'I'll look into that as soon as possible'. Will also help you get more advice ;)

Especially when their help is obviously urgently needed;)

[milo]

There are two reasons to bank it straight away…
1) As above
2) The client (especially for weddings) will usually have the money in their bank at the time of writing the cheque. However, they may not have it in their account two or three months latter – If you cash the cheque several weeks after being given it, it’s really your fault if it bounces.

Not sure about “admin fees” for rubber cheques…. You can pass on bank charges you incur, but you can’t really justify charging any more that the cost of sending out a letter i.e. stationery and postage.

[supersound]

Tom is deffenatly a Jim Henson creation.

[soundtracker]

Tom is deffenatly a Jim Henson creation.

deffenatly (sic)!:muppet:

[Tom Lovick]

Tom is deffenatly a Jim Henson creation.

Jim Henson????? :confused: :confused: :) :beer1:

[Corabar Steve]

Jim Henson????? :confused: :confused: :) :beer1:
http://planetsmilies.net/not-tagged-smiley-14278.gif (http://planetsmilies.net):muppet:

[ppentertainments]

So did business link help when you rang this morning Tom, you have been browsing the forum so assume you have phoned.

[paulg]

Tom

You could, like we do, consider not even bothering with deposits. They create an administrative burden. Confirm a booking and accept payments in full at any time prior to the event or, as has been said already, on the day on a pay before play basis.

We also allow people to cancel at any time without a penalty or, obviously, without a loss of a deposit. It's only happened a couple of times through sickness or in one case death and you'd always return a deposit in those circumstances, so it is not a major expense.

We explain to customers that deposits are fine but they really only protect our interests and not theirs. DJ's will still cancel whether a deposit has been paid or not and not only does a customer have to find another one, they almost certainly will struggle to get a deposit back. A double whammy.

Our offer means there is no risk for the customer and it seems to work.

[Solitaire Events Ltd]

Tom

You could, like we do, consider not even bothering with deposits. T

Not good business sense IMO.

[milo]

Tom

You could, like we do, consider not even bothering with deposits. They create an administrative burden. Confirm a booking and accept payments in full at any time prior to the event or, as has been said already, on the day on a pay before play basis.

We also allow people to cancel at any time without a penalty or, obviously, without a loss of a deposit. It's only happened a couple of times through sickness or in one case death and you'd always return a deposit in those circumstances, so it is not a major expense.

We explain to customers that deposits are fine but they really only protect our interests and not theirs. DJ's will still cancel whether a deposit has been paid or not and not only does a customer have to find another one, they almost certainly will struggle to get a deposit back. A double whammy.

Our offer means there is no risk for the customer and it seems to work.

I like to believe in the “goodness of people” too :) – I don’t take deposits and all of my bookings are full payment in cash once I’m finished and they’re happy with the service. It’s not a tax fiddle, I’m just hopeless at getting down to the bank, so cheques would sit in my wallet for several weeks! (not good as above). I do take bacs or cheques for corporate bookings because I know they’re good for it and there’s no rush to cash it.

I am, however, quite fortunate and don’t have to rely on my income for the mortgage, bills etc. So on the rare occasion when someone does cancel (a couple of times a year) I make the most of a day off with my OH and son.

If you are running a business that you depend upon I would say take a deposit and cash it immediately, if not don’t worry too much. Just make sure you tell them “I don’t take a deposit, but if you do need to cancel or amend any details please give me as much notice as possible”

[Charlie Brown]

I don’t take deposits and all of my bookings are full payment in cash once I’m finished and they’re happy with the service.

:lol:

And you have a go at me for not knowing anything about business?

[Shaun]

:lol:

And you have a go at me for not knowing anything about business?

Very condescending.

Just cause his business practise differs from how you and I do things doesn't mean it doesn't work for him, and doesn't make it wrong.

[Charlie Brown]

Very condescending.

Just cause his business practise differs from how you and I do things doesn't mean it doesn't work for him, and doesn't make it wrong.

I know it was. Apologies.

You don't take deposits then?

Anyhow, I'll have a cool off period and chat to you all some time soon. :beer1:

[Shaun]

You don't take deposits then?


I do, yes.

[milo]

:lol:

And you have a go at me for not knowing anything about business?

There is a difference Charlie... My partner and I have owned our own Ltd company providing consultancy services to major banking and insurance clients. My partner now works in permanent management role at Barclays Capital and I’ve left the insurance industry as I wasn’t enjoying it. We’ve also done a bit of property development over the years. I became a children’s entertainer because I wanted to do something fun , now I’m looking to move into wedding DJing as my partner is planning on retiring from banking in 10 years or so and we want something we can do together to earn a little extra cash. At the age of 40 (just 11 years away) we’ll be semi retired, mortgage free with a couple of rental properties, pensions and shares to fall back on. I want to get the DJing off the ground now so as there is a role for Emma to step into and also because my 10 year old son is getting into music and I think it could be a handy weekend job for him when he goes to college in 6 or 7 years. The difference between us is that I’m thinking about my future and preparing myself, whereas you’re setting yourself up for a fall just so you can teach yourself a lesson. You remind me a little of me 10 years ago, cocky and arrogant, but with determination and drive. It’ll be the hard way, but I’m sure you’ll get there!!!

Like I say – If you are relying on the money, take a deposit. If not....

[thex-faders]

It's not a deposit... its a booking fee :)