Australian Content Blog

To be paid, just like you would figure is vitally fundamental to your business because if you aren’t getting paid, what’s the point in business?

You may be surprised at the loads of business people who only get their clientele to simply pay when and if they feel like it. I know of one businessman who repeatedly holds bad debts like weeds. Why is that? Most likely because he cannot bring himself to demand the money and people can just overpower him.

If you permit a customer credit, only do so because they have proven their worth to you by paying cash on delivery (COD) for a time. Secondly, you can see whether they have the funds to pay you - if not then do not do business with them. Don’t fool yourself into the pattern of “I need the work” or “I need the sales”. It’s pointless when you do the service or providing the goods for nada if you do not get paid.

If you are the sort of person who can’t request the cash even after the work has been finished, try these tips:
Tell your client that when the job is finished up, you will require cash or cheque. They will be likely to have it ready at the point of sale and you won’t need to ask for your pay.

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

Form an invoice with the terms of payment clearly printed and give the customer the invoice when the service is finished up. They will take the invoice and generally assume they need to pay for it now without you needing to say anything. Create a “cruel boss” who may burn you alive if you can’t return with the payment for the service.

Organise your banking institution to hook you up with Merchant facilities so you can accept credit cards like Mastercard and Visa. The majority of people use credit cards and it can prevent the issue of the customer not having a cheque book or not having enough cash at the time.

Likewise, don’t be afraid to hold onto the goods till after the payment is made. Understand, until the goods are paid for, they still are yours.

If you decide you’re going to permit a client credit, be sure you have got the following contact information about them some time BEFORE you permit 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 detail, contact the bank branch and make for certain that they do operate an account with them. Then, call every trade reference and request if they pay their fees punctually or if they have had any issues 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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