Getting paid, just like you would understand is essentially fundamental in your business because if you aren’t being paid, what’s the point in business?
You will be shocked at the heaps of business people who only get their clientele to pay them when and if they get around to it. I know one trader who repetitively collects bad debts like charms. How is that possible? Probably because he can’t bring himself to take the money and allows people to use him.
If you give someone credit, do so only when they have cleared their integrity to you by paying cash on delivery (COD) for a time. Furthermore, you must see whether they have the funds to pay you – otherwise you should not do business with them. Don’t push yourself into the pattern of “I need the work” or “I need the sales”. It’s damaging in doing the service or providing the goods for nada if you are not getting paid.
If you are the sort of person who can’t ask for the payment even when the service has been done, try these cheats:
Tell your customer that when the work is finished up, you need cash or cheque. They should be likely to have it on them at the transacation and you do not have to ask for your fee.
When you hand out the initial quote, be sure your payment terms are clear.
Form an invoice with your terms of payment clearly listed and send the client the invoice when the task is done. They can look at the invoice and generally know they have to pay the fee now without you being required to say anything. Make up a “vicious boss” who may flay you alive if you don’t leave with the pay for the job.
Ask your banking institution to set you up with Merchant facilities so you can take credit cards including Mastercard and Visa. The large part of people utilize credit cards and it will cease the dilemma of the client not holding a cheque book or not having the cash in their pocket.
Otherwise, don’t be asked not to hold onto your goods until after payment is paid. Know, until the goods have been paid for, they still are yours.
If you decide to give somebody credit, make sure you take the following details about them some time PREVIOUSLY you allow 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 detail, call the bank and make for sure that they operate an account at there. Then, telephone each trade reference and find out if they pay their bills on time or if they have had 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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