Business Podcasting Blog

Being paid, as you would imagine is essentially fundamental in your business because if you are not being paid, what’s the point in business?

You may be astounded at the amount of business people who allow their clientele to make payment when and if they get around to it. I know one tradesman who repetitively collects bad debts like awards. For what reason? Most likely because he won’t bring himself to demand the cash and people take advantage of him.

If you let a client credit, only do so after they have proved themselves to you by paying cash on delivery (COD) for a time. Secondly, you must gauge whether they have the money to pay you - if not then you shouldn’t do business with them. Don’t fool yourself into the line of “I need the work” or “I need the sales”. It’s damaging when you do the job or providing the goods for zip if you aren’t getting paid.

If you are the sort of person who can’t demand the payment even after the job has been finished, try these ideas:
Tell your client that when the service is completed, you will need cash or cheque. They should probably have it ready at the point of sale and you will not have to request your money.

When you send out the quote, be sure your payment terms are plain.

Do up an invoice including your terms of payment plainly stated and give the client the invoice when the work is finished up. They can take the invoice and simply know they can pay you the fee now without you having to say a thing. Make up a “vicious boss” who would flay you alive if you can not return with the payment for the job.

Ask your bank branch to have you running with Merchant facilities so you can take credit cards like Mastercard and Visa. Many people have credit cards and it would solve the dilemma of the client not holding a cheque account or not having the right amount of cash at the time.

Likewise, don’t be frightened to hand over any goods till you have been paid. Know, until they have been paid for, the goods still remain yours.

If you plan to give a customer credit, be sure you have the following contact details from them at a time PREVIOUSLY you permit them credit.

• Name
• Address
• Phone number
• Bank name and address
• Account no.
• 3 trade references with their names, addresses and phone numbers

After you know all this information, telephone the branch and make sure that they do have an account there. Then, telephone all of the trade reference and ask if they pay their invoices punctually 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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