Being paid, just as you would imagine is vitally the point at your business because if you aren’t paid, what’s the point in business?

You might be astounded at the loads of business people who only get their clients to make payment when and if they remember it. I am acquainted with one trader who habitually gets bad debts like charms. How? Most likely because he cannot bring himself to take the payment and people overpower him.

If you let somebody credit, do so only if they have proved their worth to you by paying cash on delivery (COD) for a time. Moreover, you need to find whether they have the means 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 ultimately to do the work or providing the goods for zip if you aren’t paid.

If you are the sort of person who can’t demand the cash after the work has been finished, try these ideas:
Tell your client that when the job is done, you will need cash or cheque. They should likely have it to hand over at the point of sale and you won’t need to request your payment.

When handing out an initial quote, be sure your payment terms are visible.

Complete an invoice including your terms of payment plainly stated and give the client the invoice when the job is finished. They can take the invoice and simply understand they can pay you for it now without you going to say a thing. Make up a “cruel boss” who will skin you alive if you don’t leave with the fee for the service.

Arrange with your bank branch to set you up with Merchant facilities so you can take credit cards like Mastercard and Visa. The large part of people own credit cards and it could fix the difficulty of the client not owning a cheque account or not having the right cash in their pocket.

As another option, don’t be frightened to hold the promised goods until payment has been made. Don’t forget, until the goods are paid for, the goods are still yours.

If you choose to permit a customer credit, be sure you have got the following information of them a week BEFORE you allow them credit.

• Name
• Address
• Phone number
• Bank name and address
• Account no.
• 3 trade references with their names, addresses and phone numbers

Once you have all this detail, call the bank and make for sure that they do have an account at there. Then, ring all of the trade reference and inquire if they pay their bills on time or if they have 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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