How to Make Sure You Get Paid on Time
Making Sure You Get Paid when Your Supposed To
1. Create payment terms and stick to them, make sure everyone you deal with adheres to these terms be it 30 days, or 90 days, have it in writing and give it to anyone you do business with, so they have it there in front of them in black and white.
2. Have in place a letter of credit (Documentary credit).
3. Communicate with both your staff and your customers. Keeping in contact with customers and staff will allow you to be the first to know what goes on, for example if a customer is a week late paying you will know why because you would have contacted them well before this date.
5. Why not have a reward system in place for those customers or clients that pay you early. It could be something like a discount off the next order, or perhaps even a longer credit term - choose something to suit you and the needs of your business.
6. Draft up and get written out terms and conditions of payment, and make sure you give a copy of these to everyone you deal with. In these terms and conditions include information about charging interest on overdue payments, taking legal action if no payment is received within a certain period of time and so on.
7. Ensure your customers and clients know how to pay you. Make it as easy and as hassle free for them as possible. Set out your payment methods on your website, in any communication you make and make sure it is written into your credit/payment terms and conditions.
8. Only deal with reputable businesses/customers/clients. If you know someone you are doing business with is in financial trouble then its best to avoid them as and where possible, or they could end up taking your business down with them.
9. Keep accurate records of who you deal with and who owes you what and when, send them a courtesy letter or reminder in advance/before the payment is due.
10. Always check your clients and customers credit rating or similar before handing them credit.
I hope you have found this article useful and helpful, and I hope it helps you to get paid on time.
Published by L J Pearce
Entrepreneur, Personal finance writer and business owner who has over 10 years business experience. Interested in and always working on creating multiple online and offline income streams. Certificate in B... View profile
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1 Comments
Post a CommentGood tips, LJ!