Getting paid, just as you would understand is fundamentally the point to your business because if you do not get paid, what’s the point in business?

You would be astounded at the number of business people who only get their customers to pay up when and if they feel like it. I know one trader who always holds bad debts like trophies. Why is that? Most likely because he cannot bring himself to take the cash and people use him.

If you permit a client credit, do so only after they have proved their worth to you by paying cash on delivery (COD) for a period. Moreover, you need to see whether they have the money to pay you – otherwise why do business with them. Don’t fool yourself into the pattern of “I need the work” or “I need the sales”. It’s ultimately to do the service or providing the goods for nada if you do not get paid.

If you are the kind of person who can’t ask for the payment when the work has been done, try these tips:
Tell your client that when the work is done, you need cash or cheque. They should be likely to have it ready at the transacation and you do not need to ask for your pay.

When you give out the initial quote, be sure your payment terms are understandable.

Create an invoice including your terms of payment plainly stated and send the client the invoice when the service is finished up. They can review the invoice and simply understand they should pay you the money now without you needing to say anything. Invent a “nasty boss” who would flay you alive if you can’t go back with the payment for the job.

Ask your branch to hook you up with Merchant facilities so you can take credit cards such as Mastercard and Visa. The large majority of people possess credit cards and it would prevent the dilemma of the client not having a cheque account or not having the right cash on hand.

As another option, don’t be frightened to keep hold on any goods until the payment is made. Know, until they’re paid for, the goods are still yours.

If you decide to give a client credit, make sure you have got the following details about them at a time BEFORE you give 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, telephone the bank branch and make certain that they use an account then. Then, ring each of the trade reference and request if they pay their invoices on time or if there have been 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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