@HonnyBrown wrote:
The MSC isn't holding your money. It's not a loan for them.
@ceasesmith wrote:
I tried to start a discussion here quite some time ago (years) about the "opportunity cost of money" -- that is, if I'm waiting 8 weeks for my payment, how many times could I have turned over that money in shopping opportunities?
I will take a job for Field Agent for $13 paid within 48 hours over the same job paying $50 that I have to wait 2 months for the funds.
Because I can use the $13 from Field Agent day after tomorrow to do another shop..and another....and another. The possibility of making much, much more than $50 in 8 weeks.
Unfortunately, other shoppers failed to get the point.
@Niner wrote:
@HonnyBrown wrote:
The MSC isn't holding your money. It's not a loan for them.
My job pays me every two weeks. If they could hold that money for an additional six weeks at a few percent, for every employee, that is some nice return for them.
@Niner wrote:
My job pays me every two weeks. If they could hold that money for an additional six weeks at a few percent, for every employee, that is some nice return for them.
@walesmaven wrote:
Niner,
You are now a business owner. 60-90 day payment terms are standard in the business world. Don't think like an employee about doing MS.
@SoCalMama wrote:
This opinion will not be popular, but here goes.
Clients prefer shoppers who fit their typical demographic. If you cannot normally afford to go out a $300 dinner, a $2000 hotel weekend or a week long cruise, then you are not their typical consumer.
So, if you can't float the money for 2 months, you need to be doing different shops. We already know in advance how long we'll be waiting for payment and reimbursement.
One client currently is late at paying the MSC. It's a huge client (think Marriott, etc). I am waiting on $1500 from September, $2000 from October and $1500 from November. I spent $3800 in August, but they (the client) paid the hotel bill ($2200) in 3 days. Not sure why, but it was nice.
@Niner wrote:
How many people mystery shop who spend $300 for dinner and take 10k vacations? I definitely don't. They apparently are somewhere.
@Niner wrote:
Any idea why it takes two months to get paid? If you complete a shop on November 1st, you will get paid on December 31st, for example.
This month was my real first month foray into fine dining. I had a credit card bill with around 1k of dining costs. I pay my bill in full every month, and one credit card bill was huge.
I have a full-time job. How can MSC companies expect you to lay out this much?
It has not hit me until now.
We went to an aquarium, that was about $120, then $200 at a museum.
Or, we just do not take these kind of jobs!
@Niner wrote:
I think I am not used to seeing credit card bills this high and it's unsettling. I am not one to spend a lot of money on things, so there is some shock involved.
You are correct. I shop lifestyle shops mostly. I will take higher paying fee jobs, like the $50 phone shop last weekend or $75 car shop yesterday. Today it's $45 at another dealer. I throw this money into the market- currently BMW, Darden, and Ferrari, as a result of the mystery shops. These companies have their acts together.
@ceasesmith wrote:
I am deeply in debt, have no credit cards, and my FICO is 511.
Some of us CANNOT wait 8 weeks for payment.
Some of us don't have a "shop kitty" (I did; but it all went to fixing my car!).
So, yes, I'll take that $13 job that pays in 48 hours, and use that $13 to do many, many more shops in the next 8 weeks.
Or I could use it for a week's worth of groceries (yes, that's right; my grocery budget is $13 a week, and I haven't had even that much the last 3 months!).
@Niner wrote:
@SoCalMama wrote:
This opinion will not be popular, but here goes.
Clients prefer shoppers who fit their typical demographic. If you cannot normally afford to go out a $300 dinner, a $2000 hotel weekend or a week long cruise, then you are not their typical consumer.
So, if you can't float the money for 2 months, you need to be doing different shops. We already know in advance how long we'll be waiting for payment and reimbursement.
One client currently is late at paying the MSC. It's a huge client (think Marriott, etc). I am waiting on $1500 from September, $2000 from October and $1500 from November. I spent $3800 in August, but they (the client) paid the hotel bill ($2200) in 3 days. Not sure why, but it was nice.
I see where you are coming from. I could afford to lay out the money. I had no idea why they took so long to pay, but this makes sense now. Even though I could get by, I do not think I would want to lay out that much.
How many people mystery shop who spend $300 for dinner and take 10k vacations? I definitely don't. They apparently are somewhere.