Getting paid, you would imagine is essentially important in your business because if you are not being paid, what’s the point in business?
You will be shocked at the number of business people who have their customers to simply pay when and if they get on with it. I know such a tradesman who continuously holds bad debts like weeds. How? Most likely because he doesn’t bring himself to ask for the cash and people can just overpower him.
If you let somebody credit, do it only after they proved themselves to you by paying cash on delivery (COD) for a while. Secondly, you must see whether they have the money to pay you – if not then you should not do business with them. Don’t kid yourself into thinking “I need the work” or “I need the sales”. It’s damaging doing the job or providing the goods for zero if you aren’t paid.
If you are the kind of person who can’t demand the fee after the work has been finished, try these cheats:
Tell your customer that when all the work is done with, you will need cash or cheque. They should probably have it there at completion and you will not need to ask for your pay.
When sending out the quote, make sure your payment terms are evident.
Do up an invoice including the terms of payment evidently printed and send the client the invoice when the task is finished. They should look at the invoice and reactively know they need to pay you for it now without you needing to say a word. Fabricate a “nasty boss” who will torture you alive if you don’t bring back the fee for the work.
Arrange with your bank branch to provide you with Merchant facilities so you can use credit cards for example Mastercard and Visa. Most people utilize credit cards and it would fix the dilemma of the customer not having a cheque book or not having the right cash at the time.
Likewise, don’t be frightened to keep hold on the goods till the payment is made. Don’t forget, until the goods are paid for, the goods are still yours.
If you decide to let a client credit, make sure you have taken the following information of 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 possess all this information, telephone the bank branch and make certain that they do operate an account then. Then, contact all of the trade reference and find out if they pay their fees on time or if they have had 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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