My Open Book

Getting paid, like you would figure is essentially fundamental in your business because if you aren’t being paid, what are you doing in business?

You may be astounded at the amount of business people who have their clients to pay them when and if they get around to it. I know of such a tradesman who habitually makes bad debts like charms. How is that? Very possibly because he doesn’t bring himself to ask for the money and people use him.

If you give a customer credit, only do it if they have proved themselves to you by paying cash on delivery (COD) for some period. Secondly, you should gauge whether they have the resources to pay you – if not do not do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s pointless in doing the service or providing the goods for nada if you aren’t getting paid.

If you are the kind of person who can’t request the payment when the job has been done, try these ideas:

Tell your client that when the service is completed, you will need cash or cheque. They should likely have it there at the transacation and you will not need to ask for your fee.

When you send the initial quote, be sure your payment terms are clear.

Do up an invoice that has the terms of payment simply printed and give the customer the invoice when the work is finished. They can take the invoice and simply know they can pay you for it now without you going to say anything. Create a “nasty boss” who may skin you alive if you can not leave with the money for the service.

Ask your banking to have you running with Merchant facilities so you can accept credit cards for example Mastercard and Visa. The large part of people have credit cards and it will stop the difficulty of the customer not having a cheque account or not having enough cash on hand.

As another option, don’t be asked not to keep hold on the goods until payment is paid. Know, until the goods have been paid for, the goods remain to be yours.

If you decide you’re going to permit a customer credit, make sure you have got the following contact information from them some time 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

Once you possess all this information, contact the bank and make for certain that they have an account then. Then, contact all of the trade reference and find out if they pay their debts correctly or if there are 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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