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Settling Your Payment With Your Client

Your client is very interested in a product of yours and wants to purchase it. You are understandably delighted. You’ve pushed this sale for what seems an eternity and finally you are reaping your rewards. But don’t pay the price of resting on your laurels. Get the payment sorted and move on.

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So you’ve agreed a fee. A fee that works on both fronts and you’re both more than happy with the overall outcome. The contract is signed and sealed and you’ve both shaken hands. You have decided to receive the money through Account Receivable Financing rather than through hard cash. Now comes the discussion of when to settle the financial side of things. Well as the receiver of the money, you get to call the overall shots. You can either ask for the whole money up front. This is slightly uncommon however as the client has not yet received the goods and won’t want to pay all upfront as they’ve not tested the viability of the product.

Alternatively, you can ask for part of the money as a deposit as a sign of your binding contract and when the goods arrive and are fully examined, then the client pays you the rest of the outstanding money. This is a mutually beneficial arrangement and one that is common in business negotiations. It shows the trust between the two parties and is an arrangement between you both that could push to more business in the future. However don’t be stung. The customer must adhere to all terms in the contract. If you’ve not mentioned a date for the rest of the payment to be owed (and you really should have), then they are legally obliged to pay you after 30 days of when the invoice arrives. Keep on their heels. Don’t be a soft touch in business. If there is still no word from the other side, you can use a statutory demand to formally request payment.

However try your best to make it a smooth deal your side too. Make sure the product arrives at its destination. Trust your handlers with your life and maybe track their location to ensure the package is in the client’s arms at the right time on the right day. Be prompt. Your company will get itself a negative name if you’re not and bad news spreads like wildfire in business. You must also ensure, if it’s an online sale rather than face to face, that the product is how it’s described or you could be entitled to send the money back. This is called a chargeback and is a major embarrassment for all those involved. If this happens, do you really honestly believe that the client will use your business again? I’m not so sure.

Now you see, how important it is to settle your payment quickly and efficiently with your client. A mutual trust is key and goes a long way in business. Don’t be inept. Don’t fall behind.

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