To get paid, just as you would understand is vitally fundamental to your business because if you are not getting paid, what are you doing in business?
You would be shocked at the heaps of business people who only have their clientele to simply pay when and if they get on with it. I know such a business owner who continuously gets bad debts like accolades. Why? Just because he won’t bring himself to take the money and lets people take advantage of him.
If you permit a customer credit, only do it if they have cleared their integrity to you by paying cash on delivery (COD) for a period. Also, you must check whether they have the means to pay you - if not then 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 pointless to do the work or providing the goods for zip if you don’t get paid.
If you are the type of person who can’t ask for the cash when the work has been finished, try these tips:
Tell your customer that when the service is finished up, you will require cash or cheque. They should more than likely have it there at completion and you will not need to demand your fee.
When sending out a quote, make sure your payment terms are simple.
Do up an invoice with the terms of payment evidently printed and hand the customer the invoice when the job is done. They should review the invoice and immediately realise they need to pay you the fee now without you being required to say anything. Create a “vicious boss” who will torture you alive if you can’t bring back the payment for the job.
Arrange with your banking institution to have you running with Merchant facilities so you can have credit cards including Mastercard and Visa. The large majority of people own credit cards and it could fix the problem of the client not operating a cheque book or not having the right cash on hand.
As another option, don’t be asked not to hand over the promised goods till you have been paid. Remember, until the goods are paid for, they remain yours.
If you choose to let a client credit, make sure you have got the following details off them at a time BEFORE you give 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 bank branch and make certain that they do have an account at there. Then, call all of the trade reference and request if they pay their bills correctly or if they have 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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