S4E13: New Trail Brewery I Love My State Parks | Buy Now, Pay Later: The Good, the Bad, & the Truth

Disclaimer: The information in this video does not constitute Financial Advice. Consult with a Financial Advisor before making any decisions regarding your finances.

Welcome to another episode of the Cash Flow Podcast! I'm Pam Prior, your host, ready to dive into some juicy topics with you. First up, let's talk beer. I'm starting things off with a hazy IPA from New Trail Brewery. It’s got those citrusy, hoppy notes that make it a must-try for craft beer lovers. Trust me, it’s a sip worth savoring.

Next, we're shifting gears to something you’ve probably seen everywhere: "Buy Now, Pay Later" plans. They’re tempting, but are they worth it? I’ll break down the perks and pitfalls, plus, watch out for those sneaky late fees! And for all you business owners, especially those in service industries, offering payment plans can be a double-edged sword. I'll share tips on how to protect your business while still giving your clients the flexibility they crave. So, grab a cold one and tune in. We’re about to make finance fun! 

✨ 5 Key Lessons:

Buy now, pay later plans can be tempting for buyers due to interest-free payment options, but borrowers should beware of the negative impact on credit scores and hefty late fees. Monitoring payment plans in service-based businesses is crucial to avoid cash flow risks, especially during uncertain economic times.  Collecting most of the payment before delivering a service can protect businesses from financial instability caused by client non-payments.  Avoid paying commissions based on client contracts until the cash is collected to prevent financial losses for salespeople and businesses.  Disputes arising from payment plans can negatively impact businesses by leading to red flags with payment processors, affecting cash flow and business operations.

📰 On this week's What's News: https://www.morningbrew.com/daily/issues/phantom-debt

Today's Brew🍺: New Trail Brewery's "I Love My State Parks"

About the Brewery:

Craft beer enthusiasts and nature lovers, rejoice! Nestled in Pennsylvania's scenic landscapes, New Trail Brewing Company offers a unique blend of award-winning beers and a deep commitment to the outdoors. Founded with the goal of enhancing your adventures, New Trail beckons you to explore new terrains and create unforgettable experiences, all while enjoying a delicious craft brew. But their passion goes beyond the perfect pint.

They actively partner with local organizations to preserve Pennsylvania's natural beauty and implement sustainable brewing practices to minimize their environmental impact. Led by the experienced Mike LaRosa, New Trail Brewing isn't just about crafting exceptional beers; it's about fostering a community that celebrates both craft beer excellence and outdoor exploration. 

Learn more about New Trail Brewery: https://newtrailbrewing.com/

Support Pennsylvania's Parks and Forests: https://paparksandforests.org/

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✨ About Pam:

A friend in the foxhole, finance wrangler who guides you on the path to confident control of your money mindset and business cash flow. I know what you need to understand, and cut out the rest. You don’t need to BE a bookkeeper, you need to understand a specific set of numbers and how they shape your business.

Learn more about Pam at: www.PamPrior.com

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Produced by Francis Plata