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Oh, boy! My book is a textbook! That’s good news, right?
When I wrote about this in 2011, I talked about rights reversion and what that means in an age of ebooks. Today, I’m having more of an issue with the whole way textbooks work. With two kids in college, I’m seeing my share of textbooks selling for hundreds of dollars, but the price increase on my own book was still a shock a few years back when it was picked up as a college text.
My editor was adamant when I was writing the book in 2003: keep it under 400 pages or the price of paper will make the book just too expensive. Their target price was $49.95. The final page count was 404 (snicker), and it did indeed release (in paperback) at that price. I still don’t buy the paper cost argument. My bookstore sells plenty of paperback books with far more than 400 pages for far less than $50.00, but the world of low-volume, highly specialized books is different. I get that.
Prices go up over time, so I wasn’t surprised to see the price go up to $54.95 a couple of years later. But when three colleges adopted The Closed Captioning Handbook as a textbook, I didn’t expect the immediate jump to $71.95. Now, it’s up to $74.95, and it has the dreaded word “NET” in the Ingram distribution database.
Net? What’s net?
In the retail book trade, there are a lot of publishers to deal with, and keeping track of everything would be an insurmountable task for small bookstores. That’s why we have big distributors like Ingram Books and Baker & Taylor. Stores like mine buy the majority of our books from a couple of sources because it’s easy and it consolidates shipping and billing.
Discounts are pretty standard in the book trade. For the most part, retailers get the same discount on every book at the big distributors. Sometimes, though, books are “short-discounted.” Publishers may not offer the standard discount to the distributor, or may have very high minimum purchase quantities. It’s common for print-on-demand books to be offered at only half the normal discount to stores, which is why many bookstores refuse to stock them.
But every now and then, that discount field in the database displays as “NET.” That means that the bookseller pays full list price for the book. If you go into a bookstore and order a copy of The Closed Captioning Handbook, that $74.95 isn’t what you pay, it’s what they pay. This isn’t going to be true for bookstores (especially campus bookstores) that order directly from the publisher, but few stores deal directly with technical and specialty publishers like Focal Press. Also, there are many textbook publishers that simply don’t want to deal with what’s called a “general bookstore.” They only offer trade terms to college bookstores.
Obviously, this is a big turnoff to readers. Stores can’t stay in business without a profit, but nobody wants to pay higher than retail. So what’s an author to do? We can beg readers to buy directly from us. We can find out what stores or websites stock our books at a reasonable price (as much as I hate sending people to Amazon, they do have my book available at a discount right now) and send people to them. We can beg our publishers to offer standard discounting to distributors.
And we can ask our readers: if you’re quoted a really high price on one of our books, please don’t give up on us. Take a few moments to check another source or two. We don’t have the luxury of setting our own prices or terms. Thank you!
A Square credit card update
Last April, I wrote about credit cards from an author/bookseller perspective. Since then, we’ve switched our credit card processing from a major bank to Square running on iPads, and invalidated much of what I said.
To provide a bit of background, my bookstore and tea bar have been doing credit card processing through a special deal negotiated with Bank of America through the American Booksellers Association. Over time, we’ve seen that the actual amount we pay is significantly higher than the quoted rate because of extra fees. The customer uses a reward card? We pay more. The mag stripe is worn so the scan isn’t clean? We pay more. Need to enter the card number manually? We pay more. The ZIP code doesn’t match? We pay more. Add in the monthly fees and it’s a big difference.
After my wife, Kathy, attended a seminar on credit card processing at the World Tea Expo this year, we decided to give Square a try. It’s a flat fee of 2.75% of each transaction. No per-transaction fees. No extra “gotcha” fees. No sign-up fee. No charge for the scanner. No charge for the software. Visa, Mastercard, Discover, and American Express are all the same rate. We decided to give it a shot. It was a perfect opportunity to get myself a new iPad for home and take my old first generation iPad to the store as our new credit card processing system.
Since we set up Square, they’ve completely changed the user interface on the register, which threw us off a bit. The system is designed to operate as a full-blown POS (point of sale) system now, which we don’t need. With the bookstore having thousands of inventory items and direct links to distributor databases, we’re better off with the dedicated Booklog software we use.
For shows, fairs, and other events where we are selling books (like my Who Pooped? series shown in the picture), we tap on the items they want to buy and swipe their card. Processing is generally fast, although it’s sometimes a bit slow and glitchy on the old first-generation iPads we use. When we want to use it offsite, we have to either use it on a phone or arrange for a mobile WiFi hotspot.
As a straight credit card processor in the bookstore, we do the transaction as if we were using one of the old standalone terminals. We scan everything using the POS system, enter the total on the iPad, and swipe the card. If the total is over $25.00, the customer signs on the iPad, and we’re done.
On the plus side, payment is fast, there are no extra fees, it’s easy to use, and we have new capabilities like emailing or texting receipts. We don’t have to pay for extra software (and maintenance contracts) to add another register at the store. Also, the smartphone app that allows customers to open a tab and charge without having the card is convenient for us and the customer.
On the down side, our old receipt printer doesn’t have WiFi, so we can’t print receipts from the iPad. Having to enter the total by hand leaves room for error. When we use Square on an iPhone at an event, the box is too small for many customers to sign in using their finger, so we have to carry a stylus.
Overall, though, it’s a good system, and it has saved us a substantial amount of money since we switched this summer. If you do a lot of credit card transactions, you should look into Square.