TCAM

Being paid, just like you would figure is essentially crucial at your business because if you don’t get paid, what’s the point in business?

You may be laughing at the number of business people who allow their customer base to pay them when and if they get on with it. I know a businessman who repeatedly collects bad debts like accolades. Why, do you think? Simply because he can’t bring himself to demand the money and allows people to intimidate him.

If you let somebody credit, do it only because they have cleared themselves to you by paying cash on delivery (COD) for some period. Furthermore, you must find whether they have the cash to pay you - if not then you shouldn’t do business with them. Don’t kid yourself into thinking “I need the work” or “I need the sales”. It’s pointless when you do the job or providing the goods for free if you aren’t getting paid.

If you are the type of person who can’t request the cash when the service has been completed, try these tips:
Tell your customer that when the service is completed, you will need cash or cheque. They should likely have it to hand over at at the finish date and you do not need to request your fee.

When handing out your quote, be sure your payment terms are visible.

Create an invoice including your terms of payment plainly stated and send the client the invoice when the task is done. They can take the invoice and reactively understand they will pay the money now without you going to say a word. Make up a “vicious boss” who would flay you alive if you do not leave with the cash for the work.

Set up your banking institution to have you running with Merchant facilities so you can use credit cards such as Mastercard and Visa. The majority of people use credit cards and it can stop the issue of the client not operating a cheque book or not having the cash on hand.

Likewise, don’t be asked not to hold the goods till after you have been paid. Know, until they have been paid for, the goods remain yours.

If you choose to give a customer credit, make sure you have taken the following information of them at a time PREVIOUSLY you let them credit.

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

Once you take all this information, contact the bank branch and make certain that they use an account then. Then, telephone each trade reference and inquire if they pay their invoices correctly or if they have any difficulties 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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