To get paid, just as you would imagine is vitally the point at your business because if you are not paid, what are you doing in business?

You may be surprised at the amount of business people who have their customers to make payment when and if they get on with it. I am acquainted with a tradesman who always makes bad debts like trophies. How is that? Most likely because he won’t bring himself to request the cash and lets people take advantage of him.

If you allow somebody credit, only do it when they have proved consistency to you by paying cash on delivery (COD) for some period of time. Moreover, you must check whether they have the funds to pay you – otherwise do not do business with them. Don’t push yourself into thinking “I need the work” or “I need the sales”. It’s pointless to do the work or providing the goods for nada if you do not get paid.

If you are the sort of person who can’t ask for the payment even when the service has been finished, try these ideas:
Tell your customer that when the service is done, you will need cash or cheque. They should likely have it on them at the point of sale and you don’t need to demand your payment.

When you send out the initial quote, be sure your payment terms are visible.

Do up an invoice including your terms of payment plainly listed and give the customer the invoice when the service is done. They should take the invoice and reactively realise they can pay you now without you being required to say a word. Make up an “evil boss” who may torture you alive if you don’t go back with the money for the service.

Arrange with your bank branch to set you up with Merchant facilities so you can have credit cards such as Mastercard and Visa. Most people utilize credit cards and it should prevent the problem of the customer not having a cheque account or not having the right cash on hand.

Otherwise, don’t be afraid to hand over the promised goods till you’ve been paid. Remember, until they’re paid for, they remain to be yours.

If you choose to allow somebody credit, make sure you take the following contact 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

When you know all this information, contact the bank and make for certain that they do have an account with them. Then, call every trade reference and find out if they pay their fees on time 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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