BRX Pro Tip: The 2 Best Ways to Get Paid on Time
Stone Payton : [00:00:00] And we are back with Business RadioX Pro Tips. Lee Kantor and Stone Payton here with you. Lee, let’s talk a little bit about ensuring that we get paid on time.
Lee Kantor: [00:00:10] Yeah. I think that as – especially in the professional services, one of the things you have to understand really early on when you go into business is that you are not a bank. And I think that people forget this and that because of that, they’re not really being mindful about the ways to get paid on time. And in professional services, you should always try and get paid upfront before you do any meaningful work. Because once you’ve done the work, you’ve lost any type of leverage you had of getting paid on time.
Lee Kantor: [00:00:45] So, the first thing to do is to be crystal clear about your payment terms early in your conversations, so there’s no misunderstandings. Tell your prospective client that in order to begin the work that they agreed for you to perform, they’re going to have to make payment of some kind.
Lee Kantor: [00:01:03] And secondly, I highly recommend that you make it as easy as possible for someone to pay you. Give them multiple payment options like ACH or credit card, Venmo, whatever electronic payment they would like to make. Make it very easy for them to pay you.
Lee Kantor: [00:01:18] So if you do these two things, you’re going to get paid either upfront or on time, and you’re going to be happier about it. Because the worst thing and the biggest waste of your time is chasing people for money that they owe you.
