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E483 | The Sneaky Credit Card Benefit I Never Thought I'd Use

Mar 10, 2022
cash based physical therapy, danny matta, physical therapy biz, ptbiz, cash-based practice, cash based, physical therapy

Today, we are talking about a sneaky little perk that has to do with credit cards and owning a business. A lot of times, people just get credit cards to buy things they cannot afford, but I wanted to share something that I think can be a bit more useful when using a business credit card. Enjoy!

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Podcast Transcript

Danny: So one of the best ways to improve your customer experience, which we know will dramatically improve your business, is to have clear lines of communication with your clients. And that's something that can be really hard with these multiple channels between email and text. And what you really need is to centralize that in one place.

And that's something that we've been able to do as we switched over to PT everywhere within our client's accounts. We can actually message right back and forth with them. They can manage their home exercise plan within there, and it allows us to really compartmentalize the communi. That we have with those clients, instead of losing an email in the inbox or missing a text and then you're, it's very hard to dig yourself outta that hole because they feel like you're not very responsive, with them.

And for us, it's made a really big difference. It helps make our staff more efficient. It helps us not miss things as much with the volume of people that we're working with. And it's a really smart way of really compartmentalizing your communication with your clients so it doesn't interfere with the rest of the channels.

You have communication with family and friends and things like that. So I think it'd. Huge for your practice to centralize it the way we have. Head over to pt everywhere.com. Check out what our friends are doing over there. I think it's really cool and I think you really. So here's the question. How do physical therapists like us who don't wanna see 30 patients a day, who don't wanna work home health and have real student loans create a career and life for ourselves that we've always dreamed about?

This is the question, and this podcast is the answer. My name's Danny Mate, and welcome to the PT Entrepreneur Podcast.

What's going on guys? Doc Danny here with the PT Entrepreneur Podcast, and today we're talking about a sneaky little business hack. A little perk I guess you could say with owning a business. And that has to do with credit cards Now Many people get themselves into credit card trouble because they buy things that they can't afford.

They don't pay it off. And then the super high interest rates on credit cards just start to compound, and it's a really slippery slope in a lot of ways. But if you own a business, I highly recommend getting a business credit card, the one that we. It was actually through Chase. So it's a Chase Inc.

Preferred card. Specifically. I don't make anything from Chase. I don't have an affiliate link for you, nothing, whatever, like this is just the one that we use. I actually really like it and I'm gonna tell you about a perk that we recently had to use in an unfortunate situation and why you should definitely have one of these in your business.

So I highly recommend that you use a business credit. In your business because a couple things. Number one, it's actually safer, assuming you have the fiscal responsibility to pay off your credit card every single month. But don't put charges on there that you're not gonna put on, your business anyway.

And pay it off every single month. It's easier to do chargebacks if there's fraudulent activity. It's safer than connecting something directly to, your debit card or an ach. So there's a lot of coverages as well for things that happen online associated with credit cards that do not that, that are not there for debit cards.

So I would definitely recommend running everything through your credit. And it makes it's the visibility of your expenses, all in one place. Much easier to track where things are going. We know what expenses you have and in the main cases it'll categorize it for you. So it's really, helpful thing, which is what we do in our businesses.

We basically run everything through our our businesses and then we pay it off, every every month. To get us back to a zero balance. Cause we're gonna run it through the business anyway for these business expenses. You can definitely. Points I'm not gonna talk to you about the points game with credit cards.

This is that could be. Many podcasts in it own right. But you definitely get points, especially with the one that, that that I referenced. The Inc preferred card, you actually get three points per dollar you spend on social media marketing, which actually a big deal because if you run any Google or Facebook ads let's say you do, $500 a month, you would get 1500 points per month.

So 18,000 by the end of the year, just by running that through your card instead of running that. Through your account. So that can add up quite a lot. I imagine if you spend a couple thousand dollars a month it's gonna add up quickly. And you can use that for any number of other things.

As far as travel or cash back or whatever. That's not necessarily what I'm talking about. That's a separate conversation. This has to do with rental car coverage on your card. And this is something that unfortunately I was traveling recently on a trip I was in. I was in Utah and my car was involved in a hidden run.

My rental car was, it was parked in a parking lot and. The, the, one of the mornings when I woke up, I walked out and I realized there was this huge dent in the passenger or the driver's side door. And that the running board on this on this vehicle was also like hanging off a little bit.

So somebody had basically Hit the side of the car, I'm assuming parking. And then they just drove off. And so it was just a little hit and run, but you're talking about a few thousand dollars worth of damage. So when, whenever I rent a car, I always decline the insurance because, These cards have primary rental insurance associated with them.

And I've actually never had to use it before. But I did have to use it with this. So what's interesting about it is it actually is better than even like buying insurance through the the rental car company. Cause number one, you don't have to, you don't have to pay for it. But number two, it's primary versus secondary.

So most rental car companies, the insurance that you get is secondary to your own insurance. So your own insurance will. Some amount of rental cars, but you also have your deductible. So let's say you have a $500 deductible. Let's say it's $2,000 of damage, you're gonna have to pay, $500 plus and then they cover the other 1500.

But in this case, this was not my fault. I just don't know who did it. I'm on the hook. This person just left me high and dry like the asshole that they are hitting somebody's car and driving off. But little do they know that I put it on my credit card and now Chase is gonna cover the whole thing.

So this is crazy. So they become your primary insurance. They cover up to a hundred thousand dollars worth of damage. No deductible on my part. And all I have to do is basically send in the quote that Avis had, let them know what happened. I called them the day that I found out about it, just to, let them know and file a claim.

And then they'll pay the the cost of repairs directly because that's one of the perks of the cards. Super, super sneaky, but very helpful. Perk and especially if you have a business like this is a card that you can get with your, That directly. Anytime you go on a business trip, you can just put your travel on there, put your rental car on there, you don't have to worry about insurance.

It's awesome. And it's something that, again, like I said, I've never had to use, I knew it was a benefit, but I actually didn't know how it worked. It was actually better even then, us getting insurance through Avis in this, in this specific instance where we rented our car. Something to think about.

Nice little perk of owning a business. You should definitely be putting money, that you're spending in your business through a card. It's safer, it's easier to. And you have some really cool perks, like primary rental insurance in case somebody dings up your car and then drives away, which I didn't expect to happen.

It's never really happened to me ever, honestly. Definitely not in a rental car on a trip. And what a stress relief it's been, for us to not have to to worry about that because we knew we were covered by this thing that we just have within the business to begin with. So if you don't have one, I totally recommend it.

Like I said, I don't work for Chase. I don't make any money off of you doing. I'm sure there's other cards that have a similar coverage. I don't know. This is just the one that we use. We like it. And anyway, I hope you look at adding one to your business. I think it's a better option to do that, and I hope that this helps you as well.

What's up, PT Entrepreneurs? We have a new exciting challenge for you guys. It's our five day PT biz part-time to full-time challenge where we help you get crystal clear on how to actually go from a side hustle to a full-time clinic. Even if you haven't started yet. This is a great way to get yourself organized in preparation for eventually going full-time into your business.

So we actually help you get crystal clear on how much money you're actually gonna need. Replace with your business to be able to make a lateral transfer. How many people you're actually gonna need to see based on what you should be charging. We're gonna tell you three different strategies you can take to go from part-time to full-time, and you get to pick the one that seems like the best fit for you for your current situation.

We even show you all the sales and marketing systems that we teach within our Mastermind for people that are scaling to multiple clinicians, past themself that you need to have in your business to be able to go full-time. And the last thing is we help you create a one page business. This is a plan that's gonna help you get very clear on exactly what you need to do and drive action.

That's what this is all about. We want you to win. We want you to take action, and in order to do you have to get really clear on what you need to do next. So go to physical therapy biz.com/challenge. Get signed up for the challenge today. It's totally free. We think this is gonna be a game changer for you and are excited to go through.

Hey, real quick before you go, I just wanna say thank you so much for listening to this podcast, and I would love it if you got involved in the conversation. So this is a one way channel. I'd love to hear back from you. I'd love to get you into the group that we have formed on Facebook. Our PT Entrepreneurs Facebook group has about.

4,000 clinicians in there that are literally changing the face of our profession. I'd love for you to join the conversation, get connected with other clinicians all over the country. I do live trainings in there with Eve Gigi every single week, and we share resources that we don't share anywhere else outside of that group.

So if you're serious about being a PT entrepreneur, a clinical rainmaker, head to that group. Get signed up. Go to facebook.com/groups/ptentrepreneur, or go to Facebook and just search for PT Entrepreneur. And we're gonna be the only group that pops up under that.