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It would be nice if
every person that you did business with honestly
paid you on time without a problem, but that is in a
perfect world. There may be a time down the road
where you will have to send your customers to
collections. If at all possible, you want to try
and prevent this from happening. Here are 3 ways
you can make sure that you are paid in a timely
manner.
1. Early payment
discounts
By offering an early
payment discount, you can increase the amount of
people that pay before their payment is due. You do
not want to offer a ridiculous discount, but a two
to three percent discount is sufficient enough.
This way you do not lose that much money, but you
can still intrigue customers to pay early. It is a
great way to cut back on overdue payments.
2.
Require deposits
When you require deposits, you are ensuring yourself
of a way to get your money. Some small businesses
do well to ask for 50% upfront before the job is
done and then the remaining 50% after the work is
complete. This will make sure you are at least paid
something for your work.
3.
Accept credit cards with Dial Pay service
In
today’s day and age, there are millions of people
that rely solely on making payments with their
credit cards. The easier you make it for your
customers to pay, the better chance you have of
collecting all of you earnings from customers. It
is becoming increasingly important that even a small
business accept credit cards. This will give the
customer another option for payment and allow them
to choose which method will work for them.
Your ultimate goal is to collect your payment
without having to send your customers to
collections. Therefore, the more options you give
your customers the better chance you have of
receiving the payment. Simply having a credit card
merchant account on your website or in your place of
business may not even be enough. You may want to
consider broadening your horizon and accept credit
cards by phone.
If
you do decide to have mobile credit card processing,
you will have a powerful tool in collecting late
payments from your customers or clients. More than
likely they do not have cash to pay you for your
service. No problem, simply pull out your cell
phone and do the transaction right there with their
credit card and get back to business. When you
accept credit cards over the phone in this manner,
you also add flexibility and convenience to your
customers and they will love you for it.
Having to deal with collections is the last thing
you want to be doing with your business and
customers. Therefore, giving them options can
assure you that you receive every penny owed.
Whether it is offering early payment discounts,
requiring upfront deposits, or starting to accept
credit card processing, giving options will help
make sure you are paid on time every time. |
