Being paid, like you would imagine is fundamentally important at your business because if you don’t get paid, what are you doing in business?
You would be surprised at the number of business people who let their clients to pay them when and if they get on with it. I am acquainted with one business owner who persistently collects bad debts like trophies. How is that possible? Just because he doesn’t bring himself to demand the payment and people just use him.
If you give somebody credit, do it only after they have proven themselves to you by paying cash on delivery (COD) for a period. Furthermore, you should find whether they have the resources to pay you – if they don’t then you shouldn’t do business with them. Don’t push yourself into the pattern of “I need the work” or “I need the sales”. It’s pointless to do the job or providing the goods for zero if you aren’t getting paid.
If you are the type of person who can’t request the money even after the job has been completed, try these cheats:
Tell your client that when all the work is done with, you require cash or cheque. They should be likely to have it on them at at the finish date and you don’t need to ask for your pay.
When sending out your quote, make sure your payment terms are clear.
Complete an invoice with your terms of payment evidently printed and hand the client the invoice when the service is completed. They will see the invoice and reactively realise they will pay it off now without you having to say anything. Make up a “cruel boss” who might skin you alive if you can not return with the fee for the job.
Arrange with your branch to set you up with Merchant facilities so you can accept credit cards like Mastercard and Visa. Most people possess credit cards and it can cease the issue of the customer not operating a cheque account or not having enough cash in their pocket.
Moreover, don’t be asked not to hand over your goods till the payment is made. Know, until the goods are paid for, they remain to be yours.
If you plan to let someone credit, be sure you have the following contact information off them a week PREVIOUSLY you permit them credit.
- Name
- Address
- Phone number
- Bank name and address
- Account no.
- 3 trade references with their names, addresses and phone numbers
Once you know all this information, call the branch and make for certain that they do use an account at there. Then, telephone each of the trade reference and request if they pay their debts correctly or if they have had 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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