Getting paid, just like you would figure is fundamentally the point in your business because if you are not paid, what’s the point in business?
You will be surprised at the heaps of business people who allow their customers to pay up when and if they get around to it. I know of such a tradesman who continuously holds bad debts like charms. Why, do you think? Probably because he can’t bring himself to demand the money and people just intimidate him.
If you let someone credit, do so only when they cleared consistency to you by paying cash on delivery (COD) for a while. Secondly, you must see whether they have the cash to pay you – if not don’t do business with them. Don’t trick yourself into the line of “I need the work” or “I need the sales”. It’s ultimately when you do the job or providing the goods for zero if you are not getting paid.
If you are the type of person who can’t request the fee even when the job has been done, try these hints:
Tell your client that when all the work is done with, you will require cash or cheque. They will be likely to have it ready at the transacation and you will not need to request your pay.
When you send a quote, be sure your payment terms are simple.
Do up an invoice with your terms of payment plainly listed and hand the customer the invoice when the job is completed. They will see the invoice and simply understand they will pay you the money now without you having to say anything. Fabricate an “evil boss” who might torture you alive if you can’t leave with the money for the job.
Arrange with your bank branch to set you up with Merchant facilities so you can use credit cards including Mastercard and Visa. The majority of people have credit cards and it can cease the dilemma of the client not having a cheque book or not having the right cash in their pocket.
Moreover, don’t be asked not to keep any goods till after you’ve been paid. Understand, until they have been paid for, they still remain yours.
If you plan to permit somebody credit, make sure you have the following details about them a week 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 take all this detail, ring the branch and make certain that they do use an account then. Then, telephone every trade reference and ask if they pay their invoices punctually 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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