You have already provided the service or sold your product to a customer of yours. 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. But then, after a month from that phone call, you have not gotten the payment from the customer again. 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. 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. Never make deals with customers that give a demeanor of being vague, uncompromising, and 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 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. Even if this can be all too tempting to disregard, you know sooner or later that dealing with this kind of customers will just get your business nowhere as per studies done by Merrick Ventures.
The second tip from Merrick Ventures that you must learn for your business is to receive your payments on the spot. This tip can be very obvious for any business. But then, you can see that there are still a lot of companies out there who are hesitant to be applying this particular rule. 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. 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.