You have already provided the service or sold your product to a customer of yours. What happens next will be you receiving their payment. The payment deadline for the invoice has already passed. You found it necessary to give your customer a call after not hearing from them pass their due date. 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. 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. Some telltale signs that will tell you that the customer is deadbeat is if they are uncompromising, demanding, and very vague. If your gut instinct tells you to never make deals with this kind of customer, then you should follow your gut instincts. When this is your first time doing business, you might not find it very easy to be declining any deal with any customer that comes your way. 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. 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. You can see that this is the most practical tip to ever be given to your business in one way or another. But then, you can see that there are still a lot of companies out there who are hesitant to be applying this particular rule. 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. 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.