The Minimum Price field can be used to set a minimum amount for your matboard retail prices.
You can ensure that the retail price of your matboard never falls below the wholesale cost you pay. A value in this field ensures a minimum price regardless of the size.
Access: Price Codes file > Matboard group > Matboard Pricing tab > Min Price tab
WHY USE A MINIMUM PRICE?
Too often a matboard is ordered for a 9 x 12 frame and the retail price is lower than your wholesale cost. In this example, the cost is $15.66 and you have charged the customer only $12.85; which means that you are ‘out of pocket’ $2.81.
Of course, the hope is that you will be able to sell the rest of the matboard and recoup the cost and maybe make some profit. In the meantime, the matboard may become dented, dog-eared, or faded waiting for the next person who wants ‘Congo Green’.
Now with the minimum cost entered at $15.66 you will cover your wholesale cost.
HOW TO USE:
The Minimum Price field should be used with the Markup and Set Price fields. It can also be used in conjunction with the combined formula pricing of Markup + Set Price + Code table.
To cover the entire cost of the matboard, enter the word Cost into the Minimum Price field.
To cover a portion of the cost, use a formula.
Eg. To cover 75% of the cost, enter: Cost * .75
Eg. To cover the cost plus $1, enter: Cost + 1
Tip: Be sure to use the Min Price tab in the Pricing Options and Default to have the Minimum Price applied to all new matboards when you perform your vendor pricing updates.