How to handle a client if He/she is not ready for upfront payment?
In every business, we have to maintain a positive relationship with our clients. But unfortunately, many vendors are there who deals with several problems with their clients regarding payments, like some clients delay to pay off, or many clients don’t pay at all. And sometimes vendor requests for the upfront payments and clients make excuses.
So, now you are going to see some tips and tricks to handle such types of clients who do not agree to do the advance payment.
Make an Agreement-
We should keep in mind that upfront payment is probably best suits for large projects. So, if you are working or going to work on larger projects you can do an agreement between you and your client that either half of the payment or 30% of the payment at the onset of the project and the other half of the payment after the completion of the project.
Make long-term clients-
If you are willing for upfront payment you should maintain of healthy and trustworthy relationship with your clients and do his small projects also so that he can give you a larger project, at once he starts trusting on you then it will be easy for the vendor to convince your client for upfront payment. This helps them manage their budget more effectively, and it may get you paid quicker.
Deliver your work on time-
Always try to deliver your work on time or within the given date. Having good work could be the reason for getting paid earlier or not.
Negotiate clear payment terms-
It’s important to have an agreement with your client where the vendor and the client decide that clearly outlines terms, deadline, upfront payment, and other essentials.
Be polite to your client-
It may sound unimportant saying lines like, “Thank you” and “We Appreciate your payment” but these words make a good impression. Be polite and appreciate, in return, they just may pay on time or pay upfront.
Provide discounts to clients-
Provide a small discount on advance payment or upfront payment like- 2% discount on upfront payment may entice the client.
Penalize late payments-
Penalize late payment or if they are unstable with their words regarding upfront payment like- 2% fee if not paid on given time.
Don’t hesitate to ask for payment and regularly follow up-
Hold on to work until you get paid.
Thanks for reading this article, do share with your colleagues and put comments if you need any help related to business hassles