Getting paid, just as you would figure is vitally crucial in your business because if you aren’t being paid, what’s the point in business?

You will be laughing at the number of business people who only have their customer base to make payment when and if they remember it. I am acquainted with one business owner who repetitively makes bad debts like trophies. Why, do you think? Simply because he won’t bring himself to demand the money and people just intimidate him.

If you allow a customer credit, do so only when they cleared themselves to you by paying cash on delivery (COD) for some period. Furthermore, you must see whether they have the resources to pay you – if not then you shouldn’t do business with them. Don’t fool yourself into the line of “I need the work” or “I need the sales”. It’s pointless to do the job or providing the goods for zero if you are not paid.

If you are the kind of person who can’t request the payment after the work has been done, try these tips:
Tell your customer that when the service is finished, you require cash or cheque. They should likely have it on them at the transacation and you don’t have to demand your fee.

When giving out your quote, make sure your payment terms are visible.

Do up an invoice that has your terms of payment plainly stated and give the customer the invoice when the service is completed. They can look at the invoice and immediately realise they need to pay for it now without you needing to say a word. Invent a “vicious boss” who will burn you alive if you can not go back with the money for the work.

Ask your banking to provide you with Merchant facilities so you can use credit cards including Mastercard and Visa. The large majority of people possess credit cards and it would fix the dilemma of the customer not operating a cheque book or not having enough cash in their pocket.

Alternatively, don’t be persuaded against to hand over the goods till after you have been paid. Understand, until they have been paid for, they still are yours.

If you plan to permit a customer credit, make sure you take 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 know all this information, ring the branch and make sure that they use an account at there. Then, ring each of the trade reference and inquire if they pay their invoices punctually or if there are any dilemmas 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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