Top Tips to Avoid Deadbeat Customers for Your Business
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. The payment deadline for the invoice has already passed. 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. And yet, another month has passed since you made that call and you still have not received any payment. 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. 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. 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. It might be challenging to stay away from customers that approach you if you are still new on the whole business thing. 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. 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.
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. And yet, up until now, omitting this rule seems to be very common among a lot of companies big or small. According to Merrick Ventures, the most common reasons for this include the preference of the business as well as the fear of not getting enough customers to buy from them. 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.