To get paid, just like you would figure is essentially the point to your business because if you are not paid, why are you in business?

You would be laughing at the heaps of business people who let their customers to pay up when and if they get on with it. I am acquainted with one trader who always collects bad debts like accolades. Why, do you think? Very possibly because he can’t bring himself to demand the cash and people use him.

If you let a customer credit, only do it when they proved consistency to you by paying cash on delivery (COD) for a while. Also, you should see whether they have the cash to pay you – if not then do not do business with them. Don’t push yourself into thinking “I need the work” or “I need the sales”. It’s ultimately doing the service or providing the goods for free if you are not paid.

If you are the kind of person who can’t ask for the fee even when the work has been finished, try these tips:
Tell your client that when the job is done with, you require cash or cheque. They should probably have it there at the transacation and you do not have to request your money.

When you send out the quote, make sure your payment terms are visible.

Do up an invoice that has the terms of payment plainly stated and send the customer the invoice when the job is completed. They will see the invoice and simply understand they need to pay you for it now without you needing to say a thing. Fabricate a “cruel boss” who may skin you alive if you don’t bring back the fee for the work.

Arrange with your bank to set you up with Merchant facilities so you can take credit cards like Mastercard and Visa. The large part of people utilize credit cards and it would stop the difficulty of the client not owning a cheque account or not having the right cash in their wallet.

As another option, don’t be afraid to hold onto the goods until after they have been paid for. Remember, until they’re paid for, the goods remain to be yours.

If you plan to give a client credit, make sure you get the following details about them a week 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

Once you possess all this information, telephone the banking institution and make for sure that they have an account there. Then, ring all of the trade reference and inquire if they pay their bills on time or if they have 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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