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Being paid, like you would understand is vitally crucial to your business because if you are not getting paid, what’s the point in business?

You would be laughing at the heaps of business people who only have their clients to simply pay when and if they feel like it. I know such a trader who habitually holds bad debts like accolades. How is that possible? Most likely because he doesn’t bring himself to ask for the money and people just intimidate him.

If you let a customer credit, only do so after they cleared their worth to you by paying cash on delivery (COD) for a period. Secondly, you can see whether they have the cash to pay you - otherwise why do business with them. Don’t trick yourself into saying “I need the work” or “I need the sales”. It’s ultimately when you do the job or providing the goods for nada if you are not getting paid.

If you are the kind of person who can’t ask for the money when the service has been completed, try these hints:
Tell your customer that when the job is done, you will require cash or cheque. They will more than likely have it on them at the transacation and you won’t need to ask for your fee.

When sending out the initial quote, be sure your payment terms are simple.

Complete an invoice with the terms of payment plainly printed and hand the customer the invoice when the job is finished up. They should review the invoice and immediately understand they have to pay the fee now without you having to say anything. Fabricate a “vicious boss” who may flay you alive if you don’t go back with the money for the work.

Arrange with your banking to have you running with Merchant facilities so you can accept credit cards for example Mastercard and Visa. The large majority of people possess credit cards and it should solve the difficulty of the customer not operating a cheque account or not having the right amount of cash on hand.

Otherwise, don’t be afraid to keep the goods till after payment is paid. Don’t forget, until they have been paid for, the goods still are yours.

If you plan to let someone credit, make sure you have got the following details off them a week 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

Once you record all this information, telephone the banking institution and make for certain that they do use an account then. Then, phone every trade reference and request if they pay their bills on time 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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