TCAM

To get paid, just as you would realise is vitally important in your business because if you aren’t paid, what’s the point in business?

You may be astounded at the heaps of business people who permit their clientele to pay them when and if they get around to it. I am acquainted with one trader who habitually makes bad debts like weeds. How? Probably because he doesn’t bring himself to demand the money and people take advantage of him.

If you let a client credit, do it only after they have cleared consistency to you by paying cash on delivery (COD) for some period of time. Moreover, you need to see whether they have the funds to pay you - otherwise do not do business with them. Don’t push yourself into the line of “I need the work” or “I need the sales”. It’s fruitless to do the service or providing the goods for zero if you do not get paid.

If you are the sort of person who can’t request the cash even when the work has been finished, try these cheats:
Tell your customer that when all the work is done, you will need cash or cheque. They will more than likely have it ready at the transacation and you do not need to ask for your pay.

When handing out your quote, make sure your payment terms are evident.

Complete an invoice including your terms of payment simply stated and give the client the invoice when the service is completed. They will look at the invoice and simply realise they will pay you now without you needing to say anything. Invent an “evil boss” who would skin you alive if you can not go back with the cash for the work.

Set up your banking institution to have you running with Merchant facilities so you can take credit cards for example Mastercard and Visa. Most people use credit cards and it could solve the problem of the client not holding a cheque account or not having the right amount of cash in their pocket.

Likewise, don’t be persuaded against to keep your goods till the payment has been made. Understand, until the goods have been paid for, the goods still are yours.

If you choose to allow a customer credit, make sure you take the following details about them at a point 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 possess all this detail, call the bank branch and make sure that they operate an account at there. Then, contact all of the trade reference and request if they pay their fees consistently or if there are 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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