Rule One of Business: Get Paid
Getting paid, you would imagine is fundamentally important to your business because if you aren’t getting paid, what are you doing in business?
You will be shocked at the loads of business people who have their clients to pay up when and if they get on with it. I know such a businessman who habitually collects bad debts like awards. For what reason? Just because he won’t bring himself to request the cash and people use him.
If you let somebody credit, do so only if they cleared themselves to you by paying cash on delivery (COD) for a time. Also, you must see whether they have the cash to pay you - if they don’t then you shouldn’t do business with them. Don’t kid yourself into the pattern of “I need the work” or “I need the sales”. It’s ultimately in doing the work or providing the goods for zero if you are not getting paid.
If you are the sort of person who can’t ask for the payment when the service has been completed, try these cheats:
Tell your client that when the service is done with, you will need cash or cheque. They should more than likely have it there at at the finish date and you will not need to demand your payment.
When you send out a quote, make sure your payment terms are visible.
Create an invoice that has your terms of payment simply stated and hand the client the invoice when the task is completed. They should look at the invoice and reactively understand they will pay it off now without you needing to say a word. Invent a “vicious boss” who may flay you alive if you do not bring back the fee for the work.
Ask your banking institution to hook you up with Merchant facilities so you can take credit cards such as Mastercard and Visa. Most people utilize credit cards and it should fix the dilemma of the client not having a cheque account or not having enough cash in their wallet.
Moreover, don’t be frightened to keep the promised goods until after payment has been made. Know, until they have been paid for, they remain yours.
If you decide you’re going to let a client credit, be sure you have the following information from them some time BEFORE you permit them credit.
- Name
- Address
- Phone number
- Bank name and address
- Account no.
- 3 trade references with their names, addresses and phone numbers
When you record all this information, contact the branch and make sure that they use an account there. Then, contact all of the trade reference and find out if they pay their fees correctly or if there are 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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