Flipping customers.....ggrrrrrrr

[Theocus]

I stand in front of my clients with a credit card machine... they have no excuses then. 99% will pay you instantly that way and its straight in the bank.

[skyhuck]

I stand in front of my clients with a credit card machine... they have no excuses then. 99% will pay you instantly that way and its straight in the bank.

 

But very expensive.

[Stephen Blair]

But very expensive.

 

Not in the grand scale of things .

I reduced my prices by 17% earlier this year but asked for cash on completion with Vat receipt in return.

I paid all my bills that weren't DD in cash including fuel and wages and at the end of the week I knew what was mine, banked it and was financially a lot better off.

But this won't affect you Huck as you have no issues in payments

[skyhuck]

Not in the grand scale of things .

I reduced my prices by 17% earlier this year but asked for cash on completion with Vat receipt in return.

I paid all my bills that weren't DD in cash including fuel and wages and at the end of the week I knew what was mine, banked it and was financially a lot better off.

But this won't affect you Huck as you have no issues in payments

 

But you are loosing 17%

 

Do you mean your paying cash to avoid VAT???

[Theocus]

The credit card machine costs are actually the same as my quaterly bank charges for the cheques i was putting in to the bank. some of the machines are outrageous in price especially from the banks and a few other suppliers but i managed to find one that was equal in my banking costs.

[skyhuck]

I have free banking.

[Theocus]

I used to, barclays only gave me 18 months free so..... i tried to find a better solution as 1 cheque is approximately £1.10 to process!!!!

But back to the thread context, card payments happen quickly!

[likeitorlumpit]

In 30 years I have had only one non payment- and that was because we walked off site- customer upset the guy I was working with.

Everyone eventually pays- some even phone to ask when the invoice will be coming.

I really believe that if you are too pushy with expecting payment then customers will resist- and this can sour a relationship.

Turnover last year was 250K - no bad debts

Fingers crossed it's the same this year

[Stephen Blair]

But you are loosing 17%

 

Do you mean your paying cash to avoid VAT???

 

Read it again:)

[skyhuck]

Read it again:)

 

I have read it several times, you reduced your price by 17% in exchange for fast payment, unless you are always in an overdraft costing 17%, you are losing 17%.

 

I really don't get why being paid super fast makes any one better off

 

90% of my customers pay me as soon as I compete the job, the ones I invoice usually pay in under 30 days, I don't see getting money in as any real issue.