Rule One of Business: Get Paid
Getting paid, like you would understand is essentially important at your business because if you do not get paid, what’s the point in business?
You will be astounded at the heaps of business people who let their customers to make payment when and if they get around to it. I know of a businessman who always makes bad debts like awards. Why? Just because he cannot bring himself to request the money and people can just use him.
If you permit somebody credit, only do it when they cleared consistency to you by paying cash on delivery (COD) for some time. Furthermore, you need to find whether they have the funds to pay you - if they don’t then you should not do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s fruitless when you do the service or providing the goods for nothing if you are not getting paid.
If you are the type of person who can’t request the payment when the service has been completed, try these hints:
Tell your client that when the job is done with, you will require cash or cheque. They should likely have it to hand over at the transacation and you do not need to ask for your fee.
When sending out the quote, make sure your payment terms are clear.
Complete an invoice including the terms of payment plainly stated and send the client the invoice when the service is completed. They can take the invoice and reactively assume they have to pay the money now without you needing to say a word. Fabricate a “nasty boss” who will torture you alive if you do not go back with the payment for the work.
Ask your bank to set you up with Merchant facilities so you can accept credit cards including Mastercard and Visa. The large majority of people use credit cards and it would stop the difficulty of the client not holding a cheque account or not having enough cash on hand.
Moreover, don’t be frightened to hand over the goods till you have been paid. Understand, until the goods are paid for, they still remain yours.
If you decide to allow someone credit, be sure you have taken the following contact information from them some time PREVIOUSLY 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 possess all this information, telephone the branch and make for sure that they do use an account at there. Then, contact each of the trade reference and inquire if they pay their fees punctually or if they have had 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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