To get paid, you would imagine is fundamentally important in your business because if you don’t get paid, what are you doing in business?

You will be astounded at the number of business people who only have their clientele to pay them when and if they get around to it. I am acquainted with one trader who persistently collects bad debts like awards. Why is that? Most likely because he doesn’t bring himself to demand the cash and allows people to take advantage of him.

If you permit someone credit, only do it after they have proved their worth to you by paying cash on delivery (COD) for a period. Furthermore, you should find whether they have the funds to pay you – if they don’t then do not do business with them. Don’t fool yourself into saying “I need the work” or “I need the sales”. It’s fruitless in doing the job or providing the goods for nothing if you don’t get paid.

If you are the kind of person who can’t request the payment when the job has been done, try these hints:

Tell your customer that when all the work is finished, you will require cash or cheque. They should probably have it to hand over at the point of sale and you don’t need to demand your pay.

When you hand out an initial quote, be sure your payment terms are evident.

Create an invoice with the terms of payment clearly printed and send the client the invoice when the work is completed. They will take the invoice and generally understand they have to pay it off now without you needing to say a word. Create an “evil boss” who may torture you alive if you can not bring back the money for the work.

Set up your bank to hook you up with Merchant facilities so you can have credit cards including Mastercard and Visa. Many people utilize credit cards and it should cease the difficulty of the customer not having a cheque account or not having the cash in their wallet.

Likewise, don’t be persuaded against to keep the goods till after payment has been made. Understand, until they have been paid for, the goods remain to be yours.

If you decide you’re going to allow somebody credit, be sure you have got the following information of them at a 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

When you know all this detail, call the bank and make for sure that they do operate an account there. Then, contact every trade reference and request if they pay their debts 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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