Taxi Driver Online

at the bottom is an advert for Silverpay

saying

You pay 6% for our managed service
You charge the customer 10%
You earn 10%-6% = 4% extra

now use a £100 fare

£100 add 10% = £110
the 6% fee = £6.60
nett amount £103.40

which ISNT 4%

the devil is always in the detail

theres also a rental of £20/month (£24 inc vat) and a one-off installtion fee of £30 (£36 inc vat)

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Of all the things ive lost, i miss my mind the most

Are these your figures or are they supplied by silverpay? I think you have got it wrong. The 6% and the 4% will be on the £100 and not on the £110.

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Grandad,

it SAYS "you charge the customer 10%"

ergo £100 becomes £110



its like the old question, if VAT is 20% and the vat inc total is £120 surely i only have to remove 20% to get the vat-free element"

£120 less 20% is £96

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Of all the things ive lost, i miss my mind the most

Not for much longer the government is proposing to outlaw such extra charges as part of the package to reign in the airlines and other companies using card fee's as a way of boosting prices.

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

so then using a CC machine will simply lose 6% off the fare AND cost you the admin+installation costs

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Of all the things ive lost, i miss my mind the most

You will pay the admin fee out of the fare. I don't think there are any instalation costs.

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Grandad,

Not so. 20% of £120 is £24. Try it on your calculator.

I'm not sure what the VAT deduction figure is for 20%, but on the 17.5% VAT rate to get the vat-free figure you had to deduct something like 14.768%!

Many years ago when I used to work in a toyshop, the mark-up was 50% on the cost price. this gave a profit of 33.3%. So the toy cost £100, sells for £150, profit is 33.3%, or one third of £150, £50. Simples.

Like when the credit card interest goes up from 10% (haha) to 15%. They tell you it's only gone up by 5%, but in fact it's gone up by 50%.

Is there anything in the advert to say how long you have to wait to see the money in your account?

I bet they don't advertise that.

from the PHM Silverpay advert

"Rental "from" £19.90+vat/pcm, one off installation fee £30+vat (where no extras)

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Of all the things ive lost, i miss my mind the most