To get paid, as you would realise is essentially crucial in your business because if you aren’t being paid, what are you doing in business?
You will be surprised at the amount of business people who only get their customers to make payment when and if they remember it. I am acquainted with one businessman who repetitively gets bad debts like accolades. How is that possible? Simply because he can’t bring himself to ask for the money and people just use him.
If you permit somebody credit, do it only if they cleared their worth to you by paying cash on delivery (COD) for some time. Furthermore, you need to gauge whether they have the resources to pay you – if they don’t then why do business with them. Don’t push yourself into saying “I need the work” or “I need the sales”. It’s ultimately when you do the service or providing the goods for free if you are not getting paid.
If you are the kind of person who can’t demand the fee even when the service has been finished, try these cheats:
Tell your client that when all the work is done with, you require cash or cheque. They will likely have it ready at completion and you won’t have to ask for your pay.
When you give out your quote, make sure your payment terms are evident.
Create an invoice with the terms of payment simply printed and hand the customer the invoice when the service is done. They will look at the invoice and simply understand they should pay you the money now without you going to say a thing. Make up a “nasty boss” who would flay you alive if you do not return with the cash for the job.
Ask your bank branch to have you running with Merchant facilities so you can have credit cards such as Mastercard and Visa. The large part of people use credit cards and it should solve the difficulty of the client not owning a cheque account or not having enough cash at the time.
Alternatively, don’t be afraid to hold your goods until you have been paid. Remember, until the goods are paid for, the goods still remain yours.
If you plan to let somebody credit, make sure you have taken the following details from them at a point 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
After you have all this detail, ring the banking institution and make for certain that they do use an account there. Then, contact each of the trade reference and ask if they pay their debts consistently or if they have any difficulties 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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