How to ensure your clients pay on time

May 18, 2012
By

Here at Tanto Labels we pride ourselves on our business relationships not only with our clients but also with our suppliers and contractors. We firmly believe that if an organisation is based on fundamental good relationships – going that extra mile –  this can only lead to powerful long term partnerships and business growth. The problem is, it is easier to control your own organisations behaviour than the businesses you are working with. What if they are late payers? How can you deal with clients who may even be putting your business at risk by their retarded payment methods. Just something we all have to put up with? Maybe not anymore.

Late payment can affect cash flow and ultimately put a business at risk.

Every businessmen has had those times when anxiety is raised over late payments and they have ended up juggling money within business accounts   just to deal with a client  who has failed to pay at the agreed time.  Many shake their heads and say – all part of being in business. Par for the course. Well, actually I disagree. The problem is out there but how much it affects your business is dependant upon how much you prepare to ensure minimal damage is done.

Tanto Labels campaigning for better standards

Payontime is a powerful website that I came across only recently and signed Tantolabels  up to without a second thought. As well as offering a mine of information on how you can combat the problem of late payment the site offers   a forum where you can put up questions for advice on process and legislation. Here you can really get down and dirty and talk with others who have been in the same position as you and swop tips and ideas.

The site also has a useful guide on the commercial debts interest act 1998 and encourages businesses to highlight at the beginning of a  business relationship  that payment needs to be paid within a set period of time. From there organisations can also stipulate interest rates for payments outside of a given period.

Now if you are anything like me, percentages were never my strong point. The idea of working out percentages on an ongoing and changing amount is a bit awe inspiring. But this site also offers Interest calculators so you do not have to use your fingers!

When you sign up to the site you are allowed to create a profile which even links to Google places and to show visitors to your site that you support payment on time you can put an icon on your website. Payment on time in any transaction should be a given. Start making changes now.

At Tanto labels we supply everything to do with barcodes labels and barcode label printers. To view all our products and services view our menu on the left or visit our main site.

 

 

 

 

 

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *


*

Recent posts

Recent Comments