Being paid, just as you would understand is essentially crucial to your business because if you aren’t paid, what’s the point in business?

You would be surprised at the number of business people who allow their customers to make payment when and if they feel like it. I know of a trader who repetitively makes bad debts like accolades. How is that possible? Just because he won’t bring himself to take the payment and people overpower him.

If you give someone credit, only do so after they have cleared themselves to you by paying cash on delivery (COD) for a period. Also, you should see whether they have the cash to pay you - otherwise don’t do business with them. Don’t trick yourself into saying “I need the work” or “I need the sales”. It’s ultimately when you do the work or providing the goods for nothing if you do not get paid.

If you are the kind of person who can’t ask for the fee when the job has been completed, try these tips:
Tell your customer that when the work is done with, you require cash or cheque. They will be likely to have it to hand over at completion and you will not need to demand your payment.

When sending out the quote, be sure your payment terms are understandable.

Complete an invoice with the terms of payment clearly printed and send the client the invoice when the service is completed. They will review the invoice and reactively understand they have to pay you for it now without you having to say anything. Fabricate a “vicious boss” who will burn you alive if you can’t return with the cash for the work.

Set up your banking to hook you up with Merchant facilities so you can have credit cards including Mastercard and Visa. The large majority of people own credit cards and it could fix the problem of the customer not holding a cheque book or not having enough cash in their wallet.

As another option, don’t be afraid to hold the promised goods til after you have been paid. Know, until the goods have been paid for, the goods still are yours.

If you decide to allow a client credit, be sure you have taken the following information off them at a time BEFORE you permit them credit.

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

Once you record all this information, ring the bank and make sure that they do use an account at there. Then, phone each trade reference and request if they pay their debts consistently or if there are 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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