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Being paid, like you would understand is vitally important in your business because if you don’t get paid, what are you doing in business?

You would be surprised at the heaps of business people who let their clientele to pay up when and if they feel like it. I know such a business owner who repeatedly makes bad debts like charms. Why? Just because he won’t bring himself to take the cash and people just overpower him.

If you permit a customer credit, do so only because they have proved themselves to you by paying cash on delivery (COD) for some time. Furthermore, you can check whether they have the resources to pay you - if not do not do business with them. Don’t trick yourself into thinking “I need the work” or “I need the sales”. It’s fruitless in doing the service or providing the goods for nothing if you aren’t getting paid.

If you are the sort of person who can’t request the payment even when the work has been finished, try these cheats:
Tell your customer that when the job is completed, you will need cash or cheque. They should probably have it to hand over at the transacation and you do not have to request your fee.

When handing out an initial quote, make sure your payment terms are clear.

Form an invoice with your terms of payment plainly listed and send the client the invoice when the job is finished up. They will take the invoice and simply assume they will pay the fee now without you being required to say a thing. Invent a “nasty boss” who might flay you alive if you do not go back with the payment for the service.

Organise your bank to provide you with Merchant facilities so you can use credit cards like Mastercard and Visa. The large majority of people possess credit cards and it could solve the dilemma of the customer not operating a cheque book or not having enough cash on hand.

Moreover, don’t be afraid to hold the goods until after you’ve been paid. Don’t forget, until they’re paid for, the goods remain to be yours.

If you decide you’re going to allow a client credit, be sure you have the following contact information from them some time PREVIOUSLY you give them credit.

• Name
• Address
• Phone number
• Bank name and address
• Account no.
• 3 trade references with their names, addresses and phone numbers

Once you record all this information, ring the bank and make for sure that they have an account there. Then, telephone all of the trade reference and inquire if they pay their fees on time or if they have had 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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