You have already provided the service or sold your product to a customer of yours. The next step must be your receiving their payment. It is already past the deadline of payment for invoice. You found it necessary to give your customer a call after not hearing from them pass their due date. The customer then tells you that you are paying them for the week. Even so, a month has passed and still, the customer did not give you any of his or her payment as discussed. If you have experienced something like this in your business, then you better look at the following tips as told by Merrick Ventures to not have this kind of customers.
The first thing that you have to remember as per advised by Merrick Ventures is to be sure to think carefully about the customers that you will have your business transactions with. It will be safe if you institute finding out some identifying characteristics of customers that you must never make deals with before you even start letting any customer avail of the services or products that you are offering them. Some telltale signs that will tell you that the customer is deadbeat is if they are uncompromising, demanding, and very vague. When you get that feeling that this particular person is no one you want to have to deal with in terms of your payment conditions, then you better not strike a deal with them. Having a new business may make it hard for you to decline transacting with certain customers for your business. Having this kind of person go first to you might just end up with your thinking about the ways in which you will be able to get more customers to make business with you. Even if this can be all too tempting to disregard, you know sooner or later that dealing with this kind of customers will just get your business nowhere as per studies done by Merrick Ventures.
Another tip to ponder from Merrick Ventures is you having to receive your payments from the customer upfront. This is most probably the most obvious pointer that every business establishment must know. But then, you can see that there are still a lot of companies out there who are hesitant to be applying this particular rule. The fear of not getting more customers for their business and just their preference are the top two reasons for most establishments making this mistake based on Merrick Ventures research. However, it is better that you get paid before you render your service or send your product to not have to face any hassle in collecting their payment and saving your time. If you happen to be selling your products online or offering your services online as well, then you better provide for them through cash on delivery basis.