To get paid, you would realise is fundamentally fundamental at your business because if you are not being paid, why are you in business?
You will be shocked at the amount of business people who permit their customer base to pay them when and if they get on with it. I am acquainted with a business owner who repetitively collects bad debts like charms. For what reason? Just because he doesn’t bring himself to ask for the money and lets people use him.
If you give someone credit, only do it when they cleared their integrity to you by paying cash on delivery (COD) for some time. Furthermore, you can gauge whether they have the money to pay you – otherwise you shouldn’t do business with them. Don’t kid yourself into the pattern of “I need the work” or “I need the sales”. It’s damaging to do the work or providing the goods for nada if you don’t get paid.
If you are the sort of person who can’t request the cash after the job has been done, try these cheats:
Tell your customer that when the service is finished up, you require cash or cheque. They will be likely to have it there at the point of sale and you do not have to request your pay.
When you hand out your quote, make sure your payment terms are clear.
Form an invoice with your terms of payment evidently listed and hand the customer the invoice when the work is finished. They can look at the invoice and reactively assume they will pay you now without you needing to say a thing. Invent an “evil boss” who might torture you alive if you don’t bring back the payment for the service.
Ask your banking institution to have you running with Merchant facilities so you can use credit cards such as Mastercard and Visa. Most people utilize credit cards and it would solve the problem of the customer not holding a cheque account or not having the cash at the time.
Otherwise, don’t be afraid to keep any goods until they have been paid for. Remember, until they have been paid for, the goods are still yours.
If you decide to permit someone credit, make sure you have the following details about 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
Once you record all this information, contact the bank and make certain that they have an account at there. Then, telephone every trade reference and find out if they pay their bills punctually or if there have been 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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