How do you guys make sure you get paid?
revdan at danshafer.com
Mon Feb 21 15:26:35 EST 2005
On Feb 21, 2005, at 10:52 AM, Ro Nagey wrote:
> 7. Add a clause that specifies what interest he pays if he is late on
> a payment.
> I had a friend who did design work - he charged 20% interest on late
> payments. This worked well for him.
On the flip side, BTW, I find that putting favorable collection terms
on invoices, particularly where the client has an accounting dept. that
watches such things, greatly accelerates payments. I generally offer a
steep discount (5%) for payment within 7-10 days of my invoice. These
terms are worded, in the U.S. at least, as "5-10, Net 30". Accountants
love that stuff.
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