Featured Coaching Training: 6 Thunder Moves for Collecting Accounts Receivable
Struggling with cash flow and collecting accounts receivable? In this series, we'll teach you super moves that will improve your business' collection practices and ability to ensure that money is coming into the business for everything you sell.
Featured Coaching Excerpt - Notes & Transcript, Part 1
Collecting Accounts Receivable: Thunder Move #4 - Add in a financing charge into your agreements and contracts
Editor's Note: To obtain sample template documents, email us at:
- Okay, Thunder Move #4: Add in a financing charge into your agreements and contracts.
- Like we talked about earlier, and just talking about putting it officially on the paperwork. Put it on there, "failure to pay in full upon completion "or rendering of services shall result in "a finance charge of, or of a penalty of, or a charge of." You can work with your attorney to do this, but just put it right there in the contract, put it in the agreement, put it in there. Otherwise you're gonna end up living in a van down by the river.
- And so a lot of Thrivers might be asking, hey, how do I begin putting that together? Do they go to their attorney, what's the right way to go about doing that?
- We have template documents that Thrivers, they just email email@example.com, and our elite team, it's almost like the Marines of customer service, we shall get that back to you with an unbelievable alacrity, and a vivaciousness, and alacrity is like an excitement to learn, we're gonna bring a vivaciousness and alacrity and excitement and a joy to getting you this document that you're not gonna believe, it's gonna blow your mind.
- Okay, so adding in the financing charge, and so when we talk about this financing charge that's the penalty, or "hey, if you want to use us "as a bank, we're going to charge you "the highest bank fees known to man."
- I mean banks, credit cards do it, they charge you 27%, 28% if you don't pay. There's somebody watching right now who's like, "I know, that didn't happen to me but it happened "to a friend of mine, a friend of mine, he, "a friend of mine wants to know, what happens "when you don't make your credit card payments?" You know what I'm talking about, you've done it before. So the thing is, they're gonna hit you with a finance fee, okay, don't feel bad, or the IRS, the IRS, the guys "irs" from the government? Do they sit there and go, "hey, we just wanna let 'cha know "that you're a little behind in your taxes, "and it's okay, 'cause it's okay, because just it is okay." No, they whack you with late fees and penalties and all that, 'cause they don't want you to do it. So you gotta get serious, man. They're after me Lucky Charms, can I get the air horn? Kinda like two different voices mixed together, I'm not really sure what's happening but I know it's kinda that unicorn, that kinda tune --
- [Voiceover] Yeah, the white mist.
- Yeah, they're after me Lucky Charms.