SUPER MOVE #14 from the business coach – Don’t wait to bill your customers
Collect your payment at the time that your business provides the service or product. Don’t become poor because you are “in an industry where everyone sends the customer a bill.” Most businesses fail because most people in the world of business don’t know what they are doing. At the absolute minimum, you must give the customers a bill for the services you are providing at the actual time that you provide the services or products.
SUPER MOVE #15 – Charge late paying customers a finance charge
Clearly explain to your customers that if they wish to not pay in full, they will be charged a finance fee or finance charge.
• Put this language into your standard contracts and hold your customers accountable to honoring your payment terms.
• You must make sure that your contracts include a monthly finance charge for all bills that are not paid on time.
• I recommend that you include a clause in your contract stating that the client is responsible for all reasonable fees and costs associated with the collections process.
• Always insist that your customers sign their contracts in their name and not in the name of their business so that they are personally liable for paying you.
SUPER MOVE #16 – Speed up your service and product delivery speed
Many companies I have helped were used to billing a customer for a service or product and then taking a nuclear half-life to deliver the product or service. This is not good. As a general rule, your business will get paid in full when you finish producing or delivering your products and services. Thus, you want to get your work done and delivered ASAP. Also, when you deliver products and services with a quick turn-around time, people assume that you care more and they are many times more likely to refer you more business.
SUPER MOVE #17 – Take every legitimate payment source known to man
I see so many small businesses that refuse to take American Express, Discover Card, or other payment options because of the fees that these companies charge. However, what does it cost you to not gain the business from customers who can only pay using these options? A lot.
Look at the true cost of accepting these forms of payment and then just add it into your normal everyday prices. Literally, just increase your prices by 3% across the board and go on with business as usual while taking the new forms of payment. To make your life easier, I have listed the payment systems that you should accept if possible and we have produced training videos to show you how to get set up with each one of these payment systems.
Cash – As a business coach, I would accept cash unless any of the following statements are true:
• You are selling high-dollar items and you don’t want $106,000 in your register.
• You are selling items in a very high crime area and you are not fond of getting robbed. (You should also get the heck out of there as well.)
• You are a retail business that has a self-service model.
• You are involved in selling enriched uranium to the Iranian government.
To learn how to start accepting cash payments for your business, visit: www.Thrive15.com/how-to-start-accepting-cash-payments-for-your-business
Checks – I would accept checks from your customers unless the following statements are true:
• You don’t like messing with customers who have to write out checks and then dealing with the potential of bounced checks. I personally no longer accept checks from customers for most of my business ventures. If you do accept checks, there are now many websites out there that will allow you to verify that the check will go through even before you take it, websites such as: http://www.achworks.com/
To learn how to start taking check payments for your business, visit: www.Thrive15.com/how-to-set-up-checks-for-your-business
Credit Card – I, as a business coach, would accept credit cards from your customers unless any of the following statements are true:
• You want to live in a van down by the river.
• You want to be homeless.
• You can’t figure out how to raise your prices 3% across the board to cover the cost of taking credit cards as a form of payment.
To learn how to start taking credit card payments for your business, visit: www.Thrive15.com/how-to-set-up-credit-cards-for-your-business
Mobile Payments – I would accept mobile payments from your customers unless any of the following are true:
• You hate money.
• You have too much money.
• You believe in the Illuminati and you believe that the following mobile payment systems are funding the takeover of the world and the creation of “chem trails”:
To learn how to start accepting mobile payments for your business, visit: www.Thrive15.com/how-to-set-up-a-mobile-payment-plan-for-your-business
To learn more about the Illuminati, visit: www.Thrive15.com/learn-everything-there-is-to-know-about-the-illuminati
Money Order – As a business coach, I would accept money orders unless the following is true:
• You don’t want to work with low-income consumers who are unable to qualify for a credit card.
If you do decide to accept money orders, then you must always verify their authenticity. Don’t accept them without first verifying them.
To learn how to verify a money order, watch the training video at: www.Thrive15.com/how-to-verify-a-money-order
Automatic Clearing House (ACH) – I would accept ACH payments unless any of the following statements is true:
• You believe money to be the root of all evil, based on a gross misinterpretation of 1 Timothy 6:10 which actually says, “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” The love of money is evil; not the money itself.
• You enjoy playing the “Let’s See If We Are Going to be Able to Pay the Bills Game” each month.
To learn how to set up an automatic clearing house payment system for your business, visit: www.Thrive15.com/how-to-setup-an-automatic-clearing-house-payment-system-for-your-business
Consumer Financing and Payment Plans – I would work hard to set up third party payment plan options for your customers, if at all possible, unless:
• You cannot strike a deal with third party payment plan providers such as Wells Fargo, Synchrony, or CareCredit (for the Medical Services industry). As a business coach, I would strongly suggest that you not offer in-house consumer financing on products and services because as soon as you do, you shift your company’s focus from your core niche to becoming a collections agency.
To learn how to set up consumer financing for your business, visit: www.Thrive15.com/how-to-setup-consumer-financing-for-your-business