Getting paid, like you would imagine is essentially the point in your business because if you are not being paid, what are you doing in business?
You will be astounded at the number of business people who only get their clients to pay up when and if they get on with it. I know of such a trader who always gets bad debts like awards. Why is that? Probably because he doesn’t bring himself to demand the cash and people just use him.
If you allow a client credit, only do it if they have proved their worth to you by paying cash on delivery (COD) for some time. Secondly, you should see whether they have the resources to pay you – if not then don’t do business with them. Don’t fool yourself into the line of “I need the work” or “I need the sales”. It’s pointless to do the service or providing the goods for nothing if you aren’t paid.
If you are the type of person who can’t ask for the cash after the work has been done, try these hints:
Tell your client that when the work is completed, you need cash or cheque. They should probably have it on them at at the finish date and you do not have to demand your payment.
When sending out the quote, make sure your payment terms are evident.
Complete an invoice with the terms of payment plainly listed and send the client the invoice when the work is done. They can see the invoice and generally understand they have to pay the money now without you going to say anything. Invent an “evil boss” who will torture you alive if you can not return with the pay for the job.
Arrange with your bank branch to provide you with Merchant facilities so you can accept credit cards for example Mastercard and Visa. The large part of people possess credit cards and it could prevent the issue of the customer not holding a cheque account or not having enough cash on hand.
As another option, don’t be afraid to hold the promised goods till after they have been paid for. Know, until the goods are paid for, the goods remain to be yours.
If you plan to allow someone credit, make sure you take the following contact information from them a week BEFORE you let them credit.
After you know all this detail, contact the branch and make for sure that they do use an account with them. Then, contact every trade reference and inquire if they pay their fees punctually or if they have any dilemmas 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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