Being paid, just like you would imagine is vitally fundamental to your business because if you aren’t being paid, what’s the point in business?

You will be shocked at the amount of business people who allow their clients to make payment when and if they feel like it. I know one trader who habitually collects bad debts like charms. For what reason? Most likely because he won’t bring himself to take the payment and people just use him.

If you allow a client credit, only do it if they cleared themselves to you by paying cash on delivery (COD) for some period. Furthermore, you should find whether they have the resources to pay you – otherwise you shouldn’t do business with them. Don’t kid yourself into saying “I need the work” or “I need the sales”. It’s pointless to do the service or providing the goods for zero if you do not get paid.

If you are the kind of person who can’t request the payment even when the job has been finished, try these cheats:
Tell your client that when all the work is finished, you will require cash or cheque. They should be likely to have it on them at the point of sale and you do not need to demand your money.

When you send the quote, be sure your payment terms are simple.

Complete an invoice including your terms of payment evidently stated and give the customer the invoice when the job is finished. They can look at the invoice and immediately know they can pay the money now without you needing to say anything. Create a “cruel boss” who will torture you alive if you can not return with the cash for the job.

Set up your banking to hook you up with Merchant facilities so you can use credit cards including Mastercard and Visa. The large majority of people have credit cards and it can prevent the problem of the customer not holding a cheque account or not having enough cash at the time.

As another option, don’t be afraid to hold onto the promised goods till the payment is made. Remember, until they’re paid for, the goods still remain yours.

If you choose to give someone credit, make sure you have got the following details of them at a point PREVIOUSLY you give them credit.

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

After you have all this information, call the banking institution and make certain that they use an account then. Then, contact all of the trade reference and inquire if they pay their bills correctly or if there have been any difficulties 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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