To be paid, just as you would imagine is vitally crucial in your business because if you aren’t getting paid, what are you doing in business?

You may be surprised at the loads of business people who only have their customers to simply pay when and if they get around to it. I am acquainted with one tradesman who repeatedly makes bad debts like accolades. How is that? Very possibly because he cannot bring himself to take the payment and lets people overpower him.

If you allow somebody credit, only do so because they have proved their worth to you by paying cash on delivery (COD) for a time. Moreover, you must find whether they have the money to pay you – otherwise why do business with them. Don’t push yourself into the pattern of “I need the work” or “I need the sales”. It’s damaging in doing the service or providing the goods for zip if you aren’t paid.

If you are the sort of person who can’t ask for the cash after the job has been done, try these ideas:
Tell your client that when the work is finished up, you will need cash or cheque. They will likely have it on them at the transacation and you won’t have to demand your fee.

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

Form an invoice including the terms of payment simply listed and hand the customer the invoice when the task is finished. They should review the invoice and generally understand they will pay you the fee now without you having to say a word. Invent an “evil boss” who will skin you alive if you can’t go back with the money for the job.

Arrange with your banking to hook you up with Merchant facilities so you can take credit cards such as Mastercard and Visa. Most people utilize credit cards and it should solve the difficulty of the customer not holding a cheque account or not having the right cash at the time.

Moreover, don’t be frightened to keep hold on any goods until they have been paid for. Remember, until the goods have been paid for, they remain to be yours.

If you decide you’re going to allow someone credit, make sure you have the following details off them some time BEFORE you allow 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, ring the banking institution and make certain that they do operate an account there. Then, call each of the trade reference and find out if they pay their invoices on time or if there are any problems 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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