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. The customer then told you that they will be paying you in the coming days. But then, after a month from that phone call, you have not gotten the payment from the customer again. In order for you to steer clear from this type of customers, it is best that you take the following tips by heart as advised by the Merrick Ventures Board of Directors.
Based on the studies conducted by Merrick Ventures, choosing of customers must be done wisely. 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. You can identify if a customer is deadbeat if they are vague, cannot be compromised, and are very demanding. If your gut instinct tells you to never make deals with this kind of customer, then you should follow your gut instincts. Having a new business may make it hard for you to decline transacting with certain customers for your business. 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.
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. Even so, when you get your payment from your customers first, gone are the days of having to remind them that you will collect their payment and waste a lot 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.