White Label Networks

Being paid, you would realise is fundamentally important in your business because if you are not getting paid, what’s the point in business?

You would be astounded at the loads of business people who permit their customer base to simply pay when and if they feel like it. I know of one trader who repetitively makes bad debts like weeds. For what reason? Simply because he won’t bring himself to ask for the cash and lets people take advantage of him.

If you allow somebody credit, do it only when they have proven themselves to you by paying cash on delivery (COD) for a time. Also, you should check whether they have the resources to pay you - otherwise you should not do business with them. Don’t kid yourself into the line of “I need the work” or “I need the sales”. It’s damaging to do the service or providing the goods for zero if you aren’t paid.

If you are the type of person who can’t demand the payment when the service has been completed, try these tips:
Tell your client that when the service is done with, you will need cash or cheque. They will more than likely have it to hand over at the point of sale and you will not need to demand your payment.

When you send a quote, make sure your payment terms are plain.

Complete an invoice that has the terms of payment evidently stated and send the client the invoice when the job is finished. They will see the invoice and reactively know they will pay the fee now without you going to say a word. Create a “nasty boss” who would burn you alive if you do not bring back the money for the work.

Set up your bank to provide you with Merchant facilities so you can take credit cards like Mastercard and Visa. The large majority of people own credit cards and it could prevent the issue of the client not operating a cheque book or not having the right cash in their pocket.

Otherwise, don’t be persuaded against to hold the promised goods til you have been paid. Understand, until the goods are paid for, the goods are still yours.

If you choose to permit someone credit, make sure you have taken the following information off them at a time PREVIOUSLY you allow them credit.

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

Once you know all this detail, ring the bank and make for certain that they use an account there. Then, phone every trade reference and inquire if they pay their fees correctly or if there have been 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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