How do you guys make sure you get paid?

[Dan Shafer]

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.

dan