White Label Networks

Being paid, as you would imagine is essentially important in your business because if you aren’t getting paid, why are you in business?

You would be astounded at the amount of business people who permit their customers to make payment when and if they get on with it. I am acquainted with one trader who continuously makes bad debts like trophies. Why, do you think? Simply because he cannot bring himself to demand the cash and lets people overpower him.

If you give somebody credit, do so only because they proved their integrity to you by paying cash on delivery (COD) for some period of time. Moreover, you need to gauge whether they have the means to pay you - if they don’t then you shouldn’t do business with them. Don’t push yourself into thinking “I need the work” or “I need the sales”. It’s fruitless to do the work or providing the goods for zip if you are not paid.

If you are the type of person who can’t demand the money after the service has been done, try these hints:
Tell your customer that when the service is completed, you need cash or cheque. They will more than likely have it on them at at the finish date and you will not need to ask for your pay.

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

Create an invoice including the terms of payment evidently printed and hand the customer the invoice when the job is done. They can review the invoice and simply assume they have to pay the money now without you having to say a word. Create a “cruel boss” who will skin you alive if you can not leave with the payment for the service.

Organise your branch to provide you with Merchant facilities so you can have credit cards including Mastercard and Visa. Many people use credit cards and it could solve the issue of the client not owning a cheque book or not having the cash on hand.

Likewise, don’t be asked not to hand over any goods until the payment is made. Know, until the goods have been paid for, they are still yours.

If you choose to give somebody credit, be sure you have the following details from them at a time BEFORE 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 detail, contact the banking institution and make certain that they do use an account with them. Then, call every trade reference and find out if they pay their debts punctually or if there are 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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