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Printninja | Is it a mistake to drop slow paying clients (even if they're your biggest)? |
I have a client who I've known 16 years. Up till 9 years ago we were close friends, but because of unethical things he was doing in his personal life, we parted ways (my choice.)
About five years ago, he asked if I would sell to him again (I'm a printer) and I said ok, figuring business is business (I don't need to know about his personal life.)
In the the past five years, he's become my biggest client (currently about 12% of my sales) but it's been rough. He has 30 day terms, but routinely goes past 30, and occassionaly past 60. Sometimes when I really need money, he makes up half my receiveables. I've begged him to stay within 30, explaining my need for good cashflow, but he doesn't seem to get it. I've suggested he pay via amex, but he said he doesn't want to.
The past 2 months have been VERY tough, so after much soul searching I decided to can any clients that were slow payers. He is one of them. My thinking is- replace him with a few good paying clients. Am I making a mistake? |
 |
 
Mariah
 |
Some ppl who pay slowly (like me) really don't have the money atm. It sounds like this guy is taking advantage of you and the fact that you used to be friends. What a jerk!
Maybe instead of dropping ppl who are slow paying you could institute a new policy that you will be sending anyone who is a certain amount of days past due to collections, according to state law and if you can afford it. I'd also let anyone know that if they were past due that you'd not be assisting them further until their bills were caught up. Huge late fees always deter me from paying late.
I think a few good paying clients would be good. Maybe some of them will become big clients that you don't have a personal history with, well not a bad one anyway.
You have to eat, pay bills and everything else too just like they do. Good luck. |
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Kaska
|
No not really.
Instead of dropping clients start imposing a $10.00 late fee past thirty days and $15.00 late fee past 60 days. If that doesn't work I'd drop him. |
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Fermat
 |
I would be careful about dropping him. I would first try and replace the work. If you cannot do that then I would move him to a cash and carry. You are giving him a 60 day interest free loan.
If you have some kind of competitive advantage that forces him to use you, use it.
You could also do a hybrid. He can have a receivable balance of say, $1000 at any given time. More than that is cash before delivery. |
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larry n
 |
what are your carrying charges on the slow payments?
how much time/effort/$ do you expend getting your money?
if you don't bug him will he pay eventually anyway?
consider not doing more work for him once 60 days out or some such |
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juicyfruit
|
Start adding late fees to all late payers. It could be the greater of a dollar amount, or a percentage. Since he's such a big client, the percentage could really be an incentive to start paying within 30 days!
He may be about 12% of your sales, but have you tried to calculate the cost of your time, energy, and heartache trying to get him to pay? There's more to life than just the dollar... |
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DANIEL D
 |
Don't spend your valuable time chasing checks. That time could be used chasing new clients. Time is a something you can't get back and it only comes once then passes. Have you got a clause in you contract that states that their is 5% sur-charge over 30 days ( he is renting your money) ? Their should be. Also he should be paying upon pick up. A minimum of 50% on pick-up and 50% within 30 days. Good Luck !
In the Spirit of Success,
Dan |
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Lady G
|
You need to let them know that you expect to be paid in a timely fashion just like they want the service provided in a timely fashion. |
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ryanprasad
 |
I would keep him buisness is buisness but i would tag a latefee onto his bill if he cant pay on time. If he doesnt like it he can go elsewhere. buisness is buisness |
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Drew
|
because of unethical things he was doing in his personal life, you parted ways.
Hum and what do you know it spilled over to his business life and now to you. One thing i have seen over and over if some one screws own his own wife and kids or his own employees they leave you out to hang also.
Now about his late payments, just bust him when he make the next order tell him you need to raise your rates by 15 % when he cries negotiate to leaving them the same but with a 15 day pay form invoice and of they are late the the new rate of 15% increase apples so the choice is his.
if he goes over 30 days just take his order and do not move on it when he wants his stuff tell it were your check is, and hang up on him.
tough love or headache for you, pick one.
one last thing he will go some were Else but let him know when he comes back there is be an increase in your fee.
make a choice and stick with it you'll be OK and good luck |
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chui
|
That is a price of doing business. Take a close look and figure what part of his business is actual profit. If the profit margin is less the other 88% of your business then drop him but with a theory that dont burn your bridges sort of way. Have your lawyer draft a letter of grivance and allow him to respond and this make it a contract base deal where he either pays or the next delivery gets held up and or cancelled and or penelty is forloged and or acess to his acount is authorised based upon his agreement. There are lots of ways to handle issues such as this and your lawyer should be able to advice on this along with your finance controller. i know what i used to do when my accounts were not paid. Remember that people will take advantage if YOU ONLY LET THEM................I could go on with this toppic for the rest of the week but I guess you get the point. |
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INACTIVE
|
Perhaps the reason he's using your service and not your competitiors is that they've had it with his slow pay and he has no place else to go. You can use the time devoted to his work that will generate paying customers. The more debt he acquires to you, the better the chance of bankruptcy so I'd say drop him before you are named as a creditor in bankruptcy and have to write off the work you've done so far. If he wants to continue to work with you, he's got to pay on time or he can go through shopping around elsewhere for a new printer. Enough already. You are not his bank. He's obviously not respecting you or he's got money problem that will eventually affect you. |
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Bighorn
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i used to be in business for myself, retired now, but some of my customers,had their own billing cycles.some where 30 to 120 days.but i knew that up front,.also if they went beyond their due date payment i would charge an extra 1/ 1/2 %. i guess i was lucky everybody always paid on time |
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