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A recent survey by WorldPay has identified that plumbers are the worst affected tradespeople by late payers. They on average have to wait up to 27 weeks to receive payment and are owed £799 a year in late payments. As you will know, there is always the worry of damaging customer relationships when continuously chasing payments, so here are some tips to help speed the process up for you whilst protecting those key relationships. (phpionline.co.uk)
Get paid at the point of sale by offering your customers a wider variety of payment methods. Out of the plumbers who have been paid late in the last 12 months, 73% said that automated payments (e.g. card payments) are important for maintaining a smooth cash flow.
Check your customers’ credit history. Subject to payment of a small fee, this will often provide further useful information.
Where appropriate, visit customers’ premises and ensure you have the name of the person responsible for paying accounts.
Ensure that you have properly agreed contract terms. Spending a little time and money to get legal advice about how to do this at the outset can save a fortune in the long-term.
Consider charging interest on late payments. Before starting a job, communicate your interest policy to your customers as this should deter them from paying late.