Rule One of Business: Get Paid
Getting paid, as you would imagine is vitally important in your business because if you are not getting paid, why are you in business?
You will be astounded at the loads of business people who allow their customers to make payment when and if they get around to it. I know of such a business owner who always gets bad debts like weeds. How is that possible? Probably because he won’t bring himself to request the payment and people just use him.
If you allow a client credit, only do so if they have cleared their integrity to you by paying cash on delivery (COD) for some period. Secondly, you should check whether they have the funds to pay you - if not then you shouldn’t do business with them. Don’t trick yourself into thinking “I need the work” or “I need the sales”. It’s ultimately in doing the job or providing the goods for zip if you do not get paid.
If you are the type of person who can’t request the payment even after the work has been completed, try these cheats:
Tell your client that when the job is finished up, you need cash or cheque. They should more than likely have it to hand over at completion and you won’t have to demand your payment.
When you hand out an initial quote, be sure your payment terms are simple.
Complete an invoice with the terms of payment evidently stated and send the client the invoice when the service is finished. They can see the invoice and reactively realise they need to pay for it now without you being required to say a word. Create a “cruel boss” who might flay you alive if you don’t go back with the pay for the job.
Organise your banking institution to have you running with Merchant facilities so you can take credit cards such as Mastercard and Visa. The majority of people use credit cards and it can solve the problem of the client not operating a cheque book or not having the right amount of cash at the time.
Moreover, don’t be asked not to hand over the promised goods til payment is paid. Don’t forget, until the goods are paid for, the goods remain to be yours.
If you decide you’re going to permit someone credit, be sure you have taken the following information of them at a point 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
After you possess all this detail, telephone the branch and make certain that they do use an account with them. Then, telephone every trade reference and ask if they pay their invoices correctly or if there have been 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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