Dear
Inspector,
This
month we will discuss increasing cash flow. Sure, I know
most of us get paid at the time of the inspection. This
is certainly the preferred method. There are times, though,
when the client is delayed, forgets the checkbook, can't
be at the site, etc.
Here
are some suggestions for increasing the likelihood of quick
payment:
Establish
a merchant account with a bank and accept credit cards.
Problem here is the bank fee. Expect to pay 1 to 3 percent
of the sale in bank fees, plus sometimes a monthly maintenance
fee. Many clients will find the credit card feature convenient.
Raise your fees to cover the extra expense.
Client
forgets the checkbook and you don't take credit cards. One
option is to follow the client to a cash machine. I find
this to be somewhat untrusting and time consuming. A close
second is to retain the report until payment is received.
Better (but not as much as sure payment method) is to carry
self addressed stamped envelopes. I would give one to him
or her and ask him or her to place a check in the mail that
evening. If I did not receive payment within a week (extremely
rare) I would call them and ask "did you forget."
I have also found
including
a sase in with invoices for inspections or consulting work
where I agreed to bill would reduce wait time significantly.
People just do not like to fill out and stamp envelopes.
In
fact, we seem to expect it since most of our bills come
with return envelopes.
Mike
Casey
Kaplan Professional Schools
Now You're Ready For Business!