Cash account at paint store

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Old 03-23-19, 11:08 AM
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Cash account at paint store

Was in a paint store the other day and the clerk offered to set up a cash account with me so I could get discounts. I was in a rush and declined just to move the transaction along. I'm familiar with credit accounts, i.e. billing and such at the and of the month or so with a single payment but what exactly is a cash account? I got the feeling it's just a way to get your name on promo materials. Depending upon the discount I guess it could be worthwhile.

Put this in the paint forum because that's where it occurred???
 
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Old 03-23-19, 06:17 PM
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You should have the proprietor brief you on the exact details.

IN MY OPINION...... a "cash account" is where you pay strictly cash for what you buy. This cash can be kept off the books and used as unreported income by the store owner and in exchange you get a discount.
 
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Old 03-24-19, 02:56 AM
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Or it could be that the cash account would verify you as a steady customer and afford you a discounted price. I doubt a store would openly participate in an unrecorded untaxed scenario. Is this a name brand paint store?
 
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Old 03-24-19, 06:12 AM
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I have an account with the local SW store and just pay as I go with CC and get the discount. To me they are just keeping track of what I purchase for both of our convenience, like when I don't remember the previous color I purchased. Definitely not an under the table process, ie it is an account with paperwork.

When you see any store working out of an open cash drawer and making change without ringing in the sale, that is probably dodging income and taxes.

Bud
 
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Old 03-24-19, 06:46 AM
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The technical definition for Cash Account: In business practice, cash account refers to a business-to-business or business-to-consumer account which is conducted on an immediate payment basis i.e. no credit is offered.

Unless you're a credit risk, the tech definition does not apply. But I doubt that is what is intended with this store. They want your business and are extending recorded transactions and keeping you in the loop of any specials or promotions that they have.
 
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Old 03-24-19, 09:19 AM
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They want your business and are extending recorded transactions and keeping you in the loop of any specials or promotions that they have.
Or it could be that the cash account would verify you as a steady customer and afford you a discounted price.
To me they are just keeping track of what I purchase for both of our convenience, like when I don't remember the previous color I purchased.
I asked when I went back for a larger purchase. It was what you all indicated. 15% off...sweet!

This is a large regional brand store.
 
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Old 03-24-19, 07:58 PM
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I'm with Bud on this one!
I've had several accounts set up this way and it's always worked out in my favor.
I get emails about sales, volume discounts, and when I go back they know exactly what I bought if I need more for the same item years later.
 
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