Rule One of Business: Get Paid
To get paid, you would imagine is fundamentally the point at your business because if you are not getting paid, what are you doing in business?
You will be laughing at the amount of business people who only get their clients to simply pay when and if they get on with it. I am acquainted with such a trader who habitually holds bad debts like charms. Why is that? Most likely because he can’t bring himself to take the cash and people can just intimidate him.
If you give somebody credit, only do it when they proved consistency to you by paying cash on delivery (COD) for a while. Also, you must see whether they have the funds to pay you – if they don’t then why do business with them. Don’t push yourself into thinking “I need the work” or “I need the sales”. It’s damaging when you do the service or providing the goods for nothing if you are not getting paid.
If you are the kind of person who can’t ask for the payment after the service has been finished, try these tips:
Tell your customer that when the work is finished, you will require cash or cheque. They will probably have it there at the transacation and you don’t need to request your payment.
When sending out the initial quote, make sure your payment terms are clear.
Create an invoice with your terms of payment evidently listed and give the customer the invoice when the service is finished up. They will take the invoice and simply realise they should pay it off now without you having to say a word. Fabricate a “vicious boss” who may burn you alive if you can’t bring back the money for the service.
Set up your banking institution to hook you up with Merchant facilities so you can use credit cards such as Mastercard and Visa. Many people possess credit cards and it can fix the issue of the client not having a cheque account or not having the right amount of cash at the time.
Alternatively, don’t be asked not to hand over the promised goods until payment is paid. Don’t forget, until they have been paid for, the goods are still yours.
If you choose to give a client credit, make sure you get the following contact information about them some time BEFORE you let 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, call the banking institution and make for sure that they have an account then. Then, call every trade reference and request 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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