Getting paid, you would realise is essentially the point to your business because if you are not getting paid, what’s the point in business?

You may be laughing at the loads of business people who have their customer base to make payment when and if they get on with it. I know such a business owner who continuously holds bad debts like accolades. For what reason? Most likely because he doesn’t bring himself to request the money and lets people use him.

If you let a customer credit, do it only after they cleared consistency to you by paying cash on delivery (COD) for a while. Also, you must check whether they have the cash to pay you – otherwise you shouldn’t do business with them. Don’t trick yourself into saying “I need the work” or “I need the sales”. It’s pointless in doing the work or providing the goods for free if you aren’t paid.

If you are the sort of person who can’t demand the payment when the work has been finished, try these ideas:
Tell your client that when the work is finished, you will need cash or cheque. They should probably have it there at completion and you will not need to demand your pay.

When giving out an initial quote, be sure your payment terms are understandable.

Complete an invoice with your terms of payment plainly listed and hand the client the invoice when the service is done. They can look at the invoice and simply assume they can pay you now without you going to say a word. Create a “nasty boss” who might flay you alive if you don’t go back with the pay for the job.

Arrange with your banking to provide you with Merchant facilities so you can have credit cards like Mastercard and Visa. The large part of people utilize credit cards and it should fix the problem of the client not having a cheque account or not having the right amount of cash on hand.

As another option, don’t be persuaded against to hold onto the promised goods until the payment has been made. Understand, until the goods are paid for, they still are yours.

If you choose to allow somebody credit, make sure you have taken the following contact details off them at a point 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, contact the bank branch and make for sure that they do operate an account then. Then, telephone every trade reference and request if they pay their bills correctly or if there have been 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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