To be paid, you would figure is essentially fundamental in your business because if you don’t get paid, what’s the point in business?

You will be surprised at the amount of business people who allow their customer base to simply pay when and if they feel like it. I know of such a business owner who repeatedly gets bad debts like trophies. How is that possible? Simply because he can’t bring himself to request the money and people use him.

If you give someone credit, only do so if they have cleared their worth to you by paying cash on delivery (COD) for some period. Also, you can gauge whether they have the cash to pay you - if they don’t then don’t do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s ultimately doing the service or providing the goods for zero if you are not paid.

If you are the type of person who can’t ask for the fee after the job has been done, try these tips:
Tell your client that when the service is finished, you need cash or cheque. They will probably have it on them at the point of sale and you do not have to request your pay.

When sending out a quote, make sure your payment terms are evident.

Do up an invoice that has the terms of payment simply listed and send the customer the invoice when the job is completed. They will look at the invoice and simply know they will pay for it now without you going to say anything. Invent an “evil boss” who might torture you alive if you can’t go back with the pay for the job.

Ask your banking to hook you up with Merchant facilities so you can accept credit cards such as Mastercard and Visa. Many people have credit cards and it should fix the problem of the customer not having a cheque account or not having the right amount of cash in their wallet.

Likewise, don’t be persuaded against to hold onto your goods till after payment is paid. Don’t forget, until the goods are paid for, the goods still remain yours.

If you plan to allow a client credit, make sure you have the following contact information from 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

When you have all this information, ring the bank and make for certain that they have an account at there. Then, call every trade reference and request if they pay their invoices on time 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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