Hi everyone. Today we had 4 different COD-only businesses ring us for debt collection- a mechanic who allowed the customer to drive off to the ATM to get the cash and didn’t come back, an electrician who handed the invoice to the customer and told them to fix it up when they could, a web designer who released the completed website before anything had been paid, and a dog walker who was told they could collect cash next time. Sense the common theme here? Each business was simply too trusting. Luckily we managed to get 3 of 4 paid today as each were quite small amounts, but guys I implore you- look after number 1 first. I cannot stress this enough. I am all for looking after customers and building goodwill, but compromising your expectations and company policies is fraught with danger. Please, guys, if you choose to be COD, then PLEASE don’t let the customer go without paying
COD invoice terms = guaranteed payment right? WRONG!