You have sold your product or rendered your service to one of your customers. The next step must be your receiving their payment. It is already past the deadline of payment for invoice. After not hearing anything from your customer, you then made the decision that you better get in touch with them via phone. The customer then told you that they will be paying you in the coming days. Even so, a month has passed and still, the customer did not give you any of his or her payment as discussed. Having this kind of customers will never do your business any good; below are some points to consider as recommended by the Merrick Ventures Board of Directors to avoid making business with these customers.
According to the Merrick Ventures Board of Directors, you must be sure to choose the customers to get for your business wisely. You have to find out as much as you can about a certain kind of customer that you must avoid even right before they still have not bought any of your services or products. You can identify if a customer is deadbeat if they are vague, cannot be compromised, and are very demanding. 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. When this is your first time doing business, you might not find it very easy to be declining any deal with any customer that comes your way. You will most likely come to the point of wondering where you will be able to find more customers for your company when this kind of person is the first to approach you. Though it seems that you can benefit from this kind of customer at first, take it from the Merrick Ventures Board of Directors, you will just end up losing more of your money in the future.
What you can learn from the Merrick Ventures Board of Directors will be that it will be better on your part to be getting your payments upfront. You can see that this is the most practical tip to ever be given to your business in one way or another. And yet, up until now, omitting this rule seems to be very common among a lot of companies big or small. You can still see a lot of companies being too hard-headed to follow this practical rule for the reasons of losing more of potential customers and just simply it being their preference as found out by the Merrick Ventures Board of Directors. 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.