Australian Content Blog

To get paid, like you would imagine is vitally important at your business because if you aren’t being paid, what are you doing in business?

You would be shocked at the loads of business people who only have their clientele to make payment when and if they feel like it. I know of such a business owner who repetitively holds bad debts like accolades. Why is that? Probably because he doesn’t bring himself to demand the money and people just intimidate him.

If you allow a client credit, do it only if they have proved their integrity to you by paying cash on delivery (COD) for a time. Also, you must gauge whether they have the funds to pay you - if not 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 ultimately in doing the work or providing the goods for nothing if you don’t get paid.

If you are the sort of person who can’t request the money after the job has been completed, try these cheats:
Tell your client that when all the work is done with, you will require cash or cheque. They will likely have it there at completion and you don’t have to demand your money.

When you give out your quote, make sure your payment terms are clear.

Do up an invoice that has the terms of payment clearly stated and hand the client the invoice when the service is finished up. They should take the invoice and immediately know they will pay it off now without you being required to say a word. Create an “evil boss” who would torture you alive if you do not bring back the cash for the service.

Set up your bank to have you running with Merchant facilities so you can have credit cards like Mastercard and Visa. Most people own credit cards and it would stop the dilemma of the customer not owning a cheque book or not having the cash at the time.

Otherwise, don’t be afraid to keep the promised goods until after the payment is made. Don’t forget, until the goods are paid for, they still remain yours.

If you decide to permit a customer credit, make sure you have taken the following information of 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

Once you know all this information, ring the bank and make sure that they do use an account at there. Then, contact each of the trade reference and request if they pay their fees correctly 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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