White Label Networks

To be paid, like you would understand is fundamentally fundamental at your business because if you don’t get paid, what’s the point in business?

You would be astounded at the loads of business people who permit their clients to pay up when and if they feel like it. I know of such a tradesman who repetitively collects bad debts like weeds. For what reason? Simply because he can’t bring himself to ask for the payment and people just use him.

If you let somebody credit, do so only if they proved themselves to you by paying cash on delivery (COD) for some period of time. Moreover, you need to gauge whether they have the resources to pay you - if not why do business with them. Don’t trick yourself into the line of “I need the work” or “I need the sales”. It’s pointless to do the service or providing the goods for zero if you do not get paid.

If you are the type of person who can’t ask for the payment when the work has been completed, try these cheats:
Tell your client that when all the work is completed, you will need cash or cheque. They should likely have it on them at at the finish date and you do not need to demand your payment.

When you hand out a quote, make sure your payment terms are evident.

Create an invoice that has the terms of payment clearly printed and give the customer the invoice when the service is done. They will see the invoice and reactively understand they will pay you now without you being required to say anything. Manufacture a “nasty boss” who will skin you alive if you do not leave with the cash for the job.

Organise your branch to provide you with Merchant facilities so you can take credit cards for example Mastercard and Visa. Many people have credit cards and it can cease the dilemma of the client not operating a cheque book or not having enough cash on hand.

Moreover, don’t be afraid to keep the promised goods til you have been paid. Don’t forget, until the goods are paid for, they remain yours.

If you choose to permit somebody credit, make sure you have taken the following information off them some time 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

Once you take all this detail, ring the bank branch and make for sure that they do have an account with them. Then, call each trade reference and inquire if they pay their bills correctly or if they have had any dilemmas 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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