STOP! Why is this little word so powerful in getting you paid?
Why is the STOP the most powerful word for getting an invoice paid?
This is question I regularly get asked and the answer actually, is really simple. Providing you inform your customer that you’re going to place them on STOP, providing you make them aware of what the consequences will be when you do put them on STOP, you can put them on STOP.
What does STOP mean?
Well, if it’s a service you’re providing, you’ll no longer provide that service until your invoice is paid. If you want to continue working with a customer, I would suggest that you change your payment terms with them to get payment up front because if you needed to place them on STOP to get one invoice paid, the chances are you will need to take the same action in the future to get another invoice paid.
If it’s a product and you place them on STOP, you’re no longer going to be giving them any more of that product.
By placing an account on STOP you will find out whether they actually can’t pay, in which case you take the choice of which action to do next or wouldn’t pay. STOP identifies to you, which customers were actually going to pay you, and if there’s a valid reason for them not paying you, which they didn’t feel able to share with you earlier.
By using STOP you can better understand your customer. By using STOP, you can help your customer through a difficult time; maybe look at how you can help them get over this difficult time.
But if you say you’re going to put someone on STOP, do take the action. Don’t make it an empty threat.
Using STOP, you can identify the customers who can pay and the customers who can’t pay. Then, you decide how to progress with this customer.
STOP. The most powerful word in getting you paid.
If you’d like to know more about that or if you have any questions, drop me a comment, don’t forget to subscribe to my YouTube channel so you keep updated every time I record a new video and until next time, stay happy, stay healthy and remember; you’re speaking to a person, not a purse.