Being paid, like you would imagine is essentially important in your business because if you aren’t paid, why are you in business?

You will be shocked at the loads of business people who only have their clientele to pay them when and if they remember it. I am acquainted with a tradesman who repeatedly makes bad debts like trophies. Why? Very possibly because he cannot bring himself to take the payment and lets people take advantage of him.

If you give a client credit, only do so if they have proven consistency to you by paying cash on delivery (COD) for some period. Furthermore, you need to find whether they have the means to pay you – otherwise you shouldn’t do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s fruitless when you do the job or providing the goods for zero if you do not get paid.

If you are the type of person who can’t ask for the cash when the work has been finished, try these hints:
Tell your customer that when the job is finished up, you will need cash or cheque. They should likely have it to hand over at the point of sale and you will not need to request your payment.

When you hand out the quote, make sure your payment terms are clear.

Form an invoice that has the terms of payment evidently stated and give the client the invoice when the work is done. They should take the invoice and immediately understand they have to pay the fee now without you being required to say a word. Fabricate a “cruel boss” who would torture you alive if you do not bring back the cash for the service.

Set up your banking to set you up with Merchant facilities so you can accept credit cards including Mastercard and Visa. The majority of people have credit cards and it will stop the difficulty of the client not owning a cheque book or not having the cash in their wallet.

Likewise, don’t be afraid to hold onto any goods until after the payment is made. Know, until they’re paid for, the goods are still yours.

If you choose to allow a client credit, be sure you get the following details off them at a time 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

When you take all this detail, ring the banking institution and make for sure that they use an account with them. Then, ring every trade reference and inquire if they pay their debts correctly or if they have had 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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