To get paid, like you would understand is fundamentally important in your business because if you do not get paid, what’s the point in business?
You would be surprised at the heaps of business people who only have their customer base to pay them when and if they get on with it. I am acquainted with a business owner who habitually holds bad debts like awards. Why, do you think? Very possibly because he cannot bring himself to take the money and allows people to use him.
If you allow a customer credit, do so only because they have proved consistency to you by paying cash on delivery (COD) for a period. Also, you must find whether they have the funds to pay you – otherwise you shouldn’t do business with them. Don’t fool yourself into the line of “I need the work” or “I need the sales”. It’s damaging when you do the work or providing the goods for zero if you don’t get paid.
If you are the sort of person who can’t ask for the payment even after the job has been done, try these cheats:
Tell your client that when the service is finished, you require cash or cheque. They should probably have it to hand over at the point of sale and you do not need to request your fee.
When giving out your quote, make sure your payment terms are evident.
Do up an invoice including the terms of payment plainly printed and send the client the invoice when the task is finished. They will review the invoice and simply understand they will pay you the fee now without you needing to say a thing. Make up a “cruel boss” who will flay you alive if you do not bring back the payment for the work.
Ask your bank branch to hook you up with Merchant facilities so you can have credit cards like Mastercard and Visa. The large part of people utilize credit cards and it should prevent the problem of the customer not owning a cheque book or not having enough cash in their wallet.
Alternatively, don’t be afraid to hold the promised goods until after they have been paid for. Understand, until they have been paid for, they remain yours.
If you plan to allow somebody credit, be sure you have taken the following details about them at a time PREVIOUSLY you allow them credit.
- Name
- Address
- Phone number
- Bank name and address
- Account no.
- 3 trade references with their names, addresses and phone numbers
When you have all this information, ring the banking institution and make for sure that they have an account with them. Then, call each trade reference and inquire if they pay their bills on time or if there are any issues with them.
Most people will be willing to tell you if the person is troublesome. If everything is OK, allow them a moderate level of debt, say no more than $500 (depending on your business). Monitor the operation of the account for a few months before allowing this amount to be exceeded.
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