Getting paid, just like you would realise is essentially crucial to your business because if you don’t get paid, what’s the point in business?

You might be astounded at the loads of business people who allow their customer base to pay them when and if they remember it. I am acquainted with a trader who repetitively gets bad debts like awards. How is that possible? Very possibly because he won’t bring himself to ask for the cash and allows people to intimidate him.

If you let a customer credit, do so only because they proved themselves to you by paying cash on delivery (COD) for some period. Also, you can check whether they have the funds to pay you – if not you should not do business with them. Don’t fool yourself into the pattern of “I need the work” or “I need the sales”. It’s fruitless to do the job or providing the goods for nothing if you aren’t getting paid.

If you are the sort of person who can’t ask for the fee even when the work has been finished, try these tips:
Tell your client that when the work is finished, you will require cash or cheque. They should probably have it ready at the point of sale and you don’t need to request your pay.

When you give out your quote, be sure your payment terms are plain.

Do up an invoice with your terms of payment clearly stated and send the customer the invoice when the job is done. They can look at the invoice and immediately realise they have to pay you the money now without you being required to say anything. Fabricate a “cruel boss” who may flay you alive if you can’t bring back the payment for the job.

Set up your banking institution to hook you up with Merchant facilities so you can take credit cards like Mastercard and Visa. The majority of people have credit cards and it will stop the difficulty of the customer not operating a cheque book or not having the right amount of cash in their pocket.

Alternatively, don’t be persuaded against to hand over any goods until payment has been made. Don’t forget, until they have been paid for, the goods remain yours.

If you plan to let a client credit, make sure you have got the following contact details about them at a time 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

After you have all this information, contact the bank and make for sure that they do operate an account then. Then, telephone every trade reference and inquire if they pay their fees correctly or if there are 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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