If you own your own home-based business, you are responsible for every detail of how your business is run. While this can be overwhelming at times, at other times is it wonderfully empowering – especially when you find ways to differentiate yourself from your competitors by doing things a little bit differently. In today’s economy, consumers are very conscious of all things money-related. As a business owner, you can win major points with your customers by structuring your payment options in a budget-friendly way.
I’m certainly not suggesting that you let your customers walk all over you when it comes to paying for what they have received from you. I have learned my lesson in that department and I get so mad whenever I think about the two clients that used my services and never paid their bills. That said, I will not let my bad experience with those two people prevent me from offering payment options that keep my current clients happy – and paying.
There are many ways that you can accept payment from customers, but not every payment method is a viable option for every home-based business. Some types of payment options that you may be able to accept include credit cards, debit cards, checks, money orders, online payments, cashiers’ checks, and, of course, cash. There are also payment terms to consider. Payment terms refer to when payment is due. For example, when you go to a store and buy something, payment is due right then and there at the point of sale. If you go to a service provider and they send you a bill, the terms stated on the bill may ask that you pay in full within thirty days or something like that.
It is always a good idea to have a standard payment policy that applies to all customers. If a customer indicates that they may have difficulty paying you according to your standard policy, then it is your time to shine by offering them something that is more doable. The first step in arranging a flexible payment option with a customer is to let them know that you understand that each person’s situation is different. Ask them for input as far as how much they think they could pay and how often. Make sure that the customer understands that they are still responsible for paying the full amount owed, just not all at once. It is also important that you write up the payment terms that you negotiate with your customer, and have them sign the payment agreement to indicate that they understand the terms by which they will pay you.
While I have had bad experiences with clients that do not pay their bills, I have also had good experiences with clients that want to pay their bills but can not pay the full amount due all at once. By arranging payment plans with these clients, I have shown them that I respect their financial situation and they have in turn shown me appreciation for being flexible. They have also paid their bills. The extent to which you will be able to offer flexible payment options to your customers depends upon your situation. It is up to you to decide whether it is something that you can do and something that you want to do.
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