Tips for Choosing an Online Bank and How to Get Paid on Time – Small Business Show Episode 142

Ever have problems getting paid by your clients in a timely manner? We’ve all been there – that’s why it’s worth joining us today on the Small Business Show for tips and tricks that can improve your cash-flow by getting you paid on-time and in full.

Oh, and there’s also another rant from Shannon about online banking and restrictions – you’ve heard these before, but he’s got a bit of a different take on it this time. Specifically, the inefficiency of banks when it comes to sending wire transfers on a regular basis.

We then jump into the best way to bill for your product or service and how to make it so easy for your customers that they won’t have any excuse but to get you paid quickly. Of course, there will be those that still have problems and those folks require some special attention. Dave makes the case that an unpaid invoice is a customer service opportunity (or a disaster) and if you handle the payment collection correctly, you can solidify a customer relationship for a lifetime.

We close the show with our thoughts on when to stop providing products or services to a company that has one or more past due invoices and some ways to negotiate a payment plan.

Listen in and then send us your tips for getting paid on time! And if you’re looking for some cool Small Business folks to hang out with, jump over to our Facebook Small Business Support Group to learn more and to share your knowledge.

Chapters/Timestamps:

• 00:00:00 The Small Business Show #142 for October 25, 2017
• 00:00:36 Dave The Nerd’s Consulting Business… Kicks Back Into Gear!
• 00:03:17 Finding the right bank
  • Online bank
  • “High yield” savings
  • Money Market Accounts and The Regulation D 6-Transaction Limit
• 00:06:16 Then the Roadblocks start
• 00:09:28 Approving your transactions
• 00:11:55 Wire transfer efficiency
  • SWIFT Code
• 00:13:56 Contact your two favorite business geeks
• 00:15:37 Set yourself up to be paid easily!
• 00:21:28 What to do when they’re not paying
• 00:22:43 Keep emotions out of the process
• 00:25:30 An unpaid invoice is a customer service opportunity
• 00:26:42 What to do when someone doesn’t pay?
• 00:31:31 Radio silence is easy… and painful!
• 00:31:59 SBS Outtro
  • The Small Business Support Group

Podcast: Play in new window | Download (Duration: 32:39 — 15.1MB) | Embed

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