Posted by John_NorCal on 8/8/08 12:54pm
Msg #259317
Credit Checks and Reporting
With all the talk on this forum of dead beat companies and with all the calls to report them to the BBB, the FTC and any other initialed entity, I think we are all missing a valuable resource, Dun & Bradstreet. We should all start asking for credit information from our hiring entities, such as signing companies. It doesn't have to be real formal, a full name and a EIN would go a long way. Then start reporting the dead beats to D&B, look on their site, they have a lot of resources that can be used, such as a free A&R reporting service with free credit reports. Check them out at
https://tradexchange.dnb.com/trade/learnMore.do
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Reply by sue_pa on 8/8/08 2:23pm
Msg #259341
great way to lose clients
...You contact people two weeks before the 30th day as a "REMINDER" On the 29th Day you Call Them!!!!...
I notice you have a full time job in a completely different area. All industries do not adhere to the same standards for purchasing and payments. Perhaps a 'better' approach would be to know what your client's payment schedule is and then go from there. A 'reminder' 2 weeks out? Get real. Call on the 29th day? If they pay in 30, how about giving the mailman a few days to do his job? I understand you are probably one who says YOU run your business, YOU set the terms, etc., but in reality, if they pay in 30 or 45 days, that's what they'll do and you'll either accept it or you won't work for them ... they are not going to change their payment schedules for one individual just because they 'remind' them 2 weeks prior to payment.
Again, I just don't think payment issues are that big of a deal. It becomes a big deal when a company folds or bounces checks (especially someone big like Express and now Lenders), it becomes a big deal when a decent company starts lying and stalling. If someone were to know the actual number of witness closings performed monthly and then be able to determine what number of those resulted in 'real' payment issues, I'm betting the percentage is VERY small.
EVERY BUSINESS IN EVERY INDUSTRY has payment issues at some point in some. That's why we have small claims court, 'large' claims court (different names for every jurisdiction), collection agencies, collection attorneys, collection departments for almost every business out there, etc.
When you get a new client, find out what they expect, let them know what you expect, and SELDOM will there be surprises or issues - you'll accept their terms, they'll accept your terms or you'll compromise and both parties will know where the other stands. When there are, problems, certainly let your peers know although many fail to take the advice given and choose to 'believe' the one with the bad reputation ...
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