Retailers Forum Magazine Nov. 2020 EMAG

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forumworkshop Starting Your Own STARTING YOUR OWN BUSINESS Credit & Collection Business Don’t Give Credit Unless You Know You’ll Be Paid The rule for retailers is: Donʼt let it out of the store until it is paid for. Donʼt listen to stories. Get identification for checks and double check signatures. In service, supply, or wholesale business, you can expect to deal with time payments. Why canʼt you just ask for cash up front? You can, but in many industries, credit has become the norm. You will be able to increase your clientele if you do extend credit. Retailers have the benefit of charge-card companies to extend credit and take the risks. Other businesses have to extend their own credit and do their own collections. Typically, the customer will receive the product before you receive payment in full. Extending credit is dangerous; be careful how you do it. Both Fred and Edna decided they didnʼt want to “do collections.” They said they didnʼt want to offend anyone, or lose customers or friends. People who donʼt pay their bills arenʼt customers, certainly not friends. Theyʼve gotten what they came for – something for nothing – and they wonʼt be back unless you allow them to take more for the same price. Make certain you collect the money your customers owe you. Page 32 NOVEMBER 2020 | RETAILERS FORUM MAGAZINE My rule, as owner of Midnight Oil Typesetting, was simple: I never gave credit to anyone unless I could personally walk to their office and sit there until I collected payment. In five years of doing business, I was the victim of two criminals (one spent time in jail; the other is under investigation by the SEC for fraud), one bounced check, and two walk-aways. A walk-away is someone who places the order and never returns to pick up the “custom made” merchandise. In a service business this is a danger because you canʼt, for example, take stationery apart and put the paper back on the shelf for another customer to buy. Detecting The Non-Payers Some people who own new businesses get so focused on getting a signature on a sales agreement that they forget to ascertain their chances of getting paid at a future date. There are ways to tell if someone doesnʼt intend to pay you. You canʼt always tell. But here are some guidelines for businesses that extend credit to their customers in the normal course of doing business. continued...
February 28 - March 3, 2021 RETAILERS FORUM MAGAZINE | NOVEMBER 2020 Page 33
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Retailers Forum Magazine Nov. 2020 EMAG

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