Finally closed the deal on one customer and sold them your product or given your service to them. Receiving their payment must be something that happens next. It is already past the deadline of payment for invoice. You then decided to call this customer of yours since you have never received their payment or heard anything from them. Within a week, the customer told you that they will pay you. 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.
Based on the studies conducted by Merrick Ventures, choosing of customers must be done wisely. Before any customer will order some services or goods from you, you must first find out what kind of person you will be potentially doing business with. 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. You might come to wonder if you can get more customers such as this if this is the kind of person that will approach your business first. You have to learn from the experts such as Merrick Ventures that no matter how great these customers might look like on the outside and at first purchase, you will just end up losing more of your money in the long term.
The second tip from Merrick Ventures that you must learn for your business is to receive your payments on the spot. 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. But then, you will get more benefits when you have your customers pay you first such as not getting caught in the hassle of collecting the payment from them and saving most of 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.