Comments on: Getting Paid On Time http://www.businessopportunitiesandideas.co.uk/302/getting-paid-on-time Inspiration, ideas and opportunities for your business! Thu, 04 Dec 2008 03:09:10 +0000 http://wordpress.org/?v=2.5.1 By: David Toohey http://www.businessopportunitiesandideas.co.uk/302/getting-paid-on-time#comment-23352 David Toohey Thu, 11 Sep 2008 10:12:00 +0000 http://www.businessopportunitiesandideas.co.uk/302/getting-paid-on-time#comment-23352 I do agree with everything said here but would like to add a little too. It is not always necessary to give full credit, or extend full 30 day terms. Be prepared to request deposits or COD, after all - costs are being incurred and a good or service has been delivered! When chasing, also be open to the cash flow situation of others. Be prepared to negotiate a payment plan and be firm that this has to be met. Sometimes demanding payment in full when it just can't be done may mean getting nothing rather than something. Lastly, be prepared to stop credit. It's a two-way street and unless it's easy for them to go elsewhere there is a reason they are buying from you. You can still provide to them, just don't open yourself to greater risk by continuing to extend credit! I do agree with everything said here but would like to add a little too.

It is not always necessary to give full credit, or extend full 30 day terms. Be prepared to request deposits or COD, after all - costs are being incurred and a good or service has been delivered!

When chasing, also be open to the cash flow situation of others. Be prepared to negotiate a payment plan and be firm that this has to be met. Sometimes demanding payment in full when it just can’t be done may mean getting nothing rather than something.

Lastly, be prepared to stop credit. It’s a two-way street and unless it’s easy for them to go elsewhere there is a reason they are buying from you. You can still provide to them, just don’t open yourself to greater risk by continuing to extend credit!

]]>