To get paid, just as you would figure is fundamentally important at your business because if you are not paid, why are you in business?

You may be shocked at the number of business people who allow their clients to pay up when and if they get around to it. I know such a businessman who continuously gets bad debts like awards. How? Most likely because he doesn’t bring himself to request the payment and people use him.

If you give someone credit, do it only when they have proved their integrity to you by paying cash on delivery (COD) for a while. Furthermore, you can check whether they have the funds to pay you – if they don’t then don’t do business with them. Don’t fool yourself into the pattern of “I need the work” or “I need the sales”. It’s fruitless doing the work or providing the goods for free if you are not paid.

If you are the type of person who can’t demand the fee even when the work has been finished, try these ideas:

Tell your customer that when the work is finished up, you will require cash or cheque. They should probably have it on them at the point of sale and you do not have to request your money.

When you hand out your quote, make sure your payment terms are simple.

Do up an invoice with your terms of payment simply listed and hand the customer the invoice when the job is finished up. They can see the invoice and simply realise they need to pay you for it now without you needing to say anything. Make up a “cruel boss” who may flay you alive if you do not leave with the pay for the work.

Ask your banking institution to set you up with Merchant facilities so you can have credit cards for example Mastercard and Visa. The majority of people possess credit cards and it could prevent the issue of the customer not owning a cheque account or not having the right amount of cash on hand.

Otherwise, don’t be persuaded against to keep hold on the goods til after the payment has been made. Remember, until they have been paid for, the goods remain yours.

If you decide you’re going to let a client credit, be sure you have the following contact information of them a week 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

After you possess all this detail, telephone the branch and make for sure that they operate an account there. Then, phone all of the trade reference and request if they pay their invoices punctually or if there have been 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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