To get paid, you would imagine is fundamentally crucial at your business because if you aren’t getting paid, what are you doing in business?
You would be shocked at the amount of business people who permit their clients to pay up when and if they feel like it. I know of one businessman who habitually makes bad debts like charms. Why, do you think? Just because he won’t bring himself to request the payment and lets people use him.
If you let someone credit, only do it when they have proven consistency to you by paying cash on delivery (COD) for a time. Moreover, you can see whether they have the resources to pay you – otherwise don’t do business with them. Don’t fool yourself into saying “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 are not paid.
If you are the kind of person who can’t request the payment even after the service has been finished, try these tips:
Tell your client that when the work is finished up, you require cash or cheque. They will be likely to have it to hand over at at the finish date and you don’t have to ask for your money.
When giving out an initial quote, be sure your payment terms are clear.
Do up an invoice including your terms of payment evidently printed and give the customer the invoice when the job is finished up. They should take the invoice and generally know they will pay the fee now without you going to say a thing. Make up an “evil boss” who will flay you alive if you can’t return with the pay for the work.
Arrange with your bank branch to provide you with Merchant facilities so you can take credit cards for example Mastercard and Visa. The large part of people utilize credit cards and it should fix the difficulty of the client not holding a cheque account or not having enough cash in their pocket.
Moreover, don’t be asked not to hold your goods until after payment is paid. Understand, until the goods have been paid for, the goods remain to be yours.
If you decide you’re going to give someone credit, be sure you have got the following contact details about them a week BEFORE you let them credit.
- Name
- Address
- Phone number
- Bank name and address
- Account no.
- 3 trade references with their names, addresses and phone numbers
After you have all this detail, contact the bank branch and make sure that they use an account there. Then, telephone all of the trade reference and find out if they pay their debts on time or if they have any problems 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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