TCAM

Getting paid, just like you would figure is fundamentally important at your business because if you are not paid, what’s the point in business?

You would be shocked at the heaps of business people who only get their clients to simply pay when and if they feel like it. I know one trader who repeatedly makes bad debts like weeds. How is that? Very possibly because he doesn’t bring himself to request the cash and people can just intimidate him.

If you allow a customer credit, do it only after they have proven consistency to you by paying cash on delivery (COD) for a period. Moreover, you need to find whether they have the means to pay you - if they don’t then do not do business with them. Don’t fool 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 zip if you don’t get paid.

If you are the sort of person who can’t request the payment even after the job has been done, try these tips:
Tell your customer that when all the work is completed, you need cash or cheque. They should likely have it to hand over at the point of sale and you don’t need to demand your fee.

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

Form an invoice with the terms of payment clearly printed and hand the customer the invoice when the job is completed. They will see the invoice and immediately assume they need to pay you now without you having to say a word. Invent a “nasty boss” who may flay you alive if you can not return with the fee for the service.

Set up your bank to set you up with Merchant facilities so you can take credit cards such as Mastercard and Visa. The large majority of people have credit cards and it would fix the difficulty of the client not holding a cheque book or not having the right amount of cash in their wallet.

Otherwise, don’t be frightened to hold onto the goods until they have been paid for. Don’t forget, until they have been paid for, the goods are still yours.

If you choose to allow someone credit, be sure you have the following information about 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 possess all this information, call the bank and make for certain that they use an account with them. Then, call every trade reference and request if they pay their bills consistently or if there have been 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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