The July issue of Entrepreneur included a helpful article addressing how to get paid. Timely payment or payment at all is an ongoing problem for many small business owners and likely to continue for the foreseeable future.

The article discusses the various scenarios we’ve all probably heard and how to counter them to collect what is due you.  For instance:

• A customer now wants to pay in installments, the author recommends the first installment be due right now.
• A customer claims personal matters are preventing payment from occurring.  Remind the customer that creating credit issues will only compound the personal problems.
• A customer is a friend who is using the relationship to extend the payment time.  Remind this friend of the perils of impairing his credit rating and what can’t happen with future rush orders.

The article also discusses how your business systems maybe setting you up to be paid late.

I recommend reading the article even if you’re fortunate and have no late paying customers.  You just never know…