Getting Paid

• 1Who is the person primarily responsible for maintaining your business’s financial records? Is it:?
• 1aIs that person also primarily responsible for billing and collections?
• 1bIs that person primarily responsible for most common interactions with your financial institution, such as making deposits or getting change?
• 2A(payment) At the time of sale.
• 2B(payment) By invoices or statements to customers that are due upon receipt.
• 2C(payment) Through third-party payment, such as an insurance company.
• 2D(payment) Through credit-type arrangements or special terms that you extend.
• 2E(payment) At the time of job completion or upon delivery.
• 3When you extend credit or terms, do you extend it to your business customers, individual customers, or both?
• 3aWhat are your customary terms?
• 3bDo you charge a late fee, interest, or both a late fee and interest for late payment?
• 3cHow long before you normally try to collect an overdue bill before you turn it over to a collection agency? Is it:?
• 3dOnce you have invoiced a customer, on average, how many days is it before you get paid?
• 3eOnce you have invoiced a third-party payer, on average, how many days is it before you get paid?
• 4Does your business customarily accept credit card payments?Top 100 question
• 4aDo you accept credit cards on your premises, on-line, or both?
• 4Ab(reason credit cards accepted) Customers expect to be able to pay that way.
• 4Bb(reason credit cards accepted) Credit card payments improve cash flow.
• 4Cb(reason credit cards accepted) Credit cards enlarge your market by making payment from a distance easier.
• 4Db(reason credit cards accepted) Credit cards reduce the need to keep large amounts of cash on the premises.
• 4Eb(reason credit cards accepted) Credit cards end up costing less than other forms of payment.
• 4cHow often in the last year have you experienced a credit card payment approval and later had the credit card company refuse payment?
• 4dWhat is the primary reason that you do not take credit cards?
• 5Do you accept personal checks, business checks, or personal and business checks for payment?Top 100 question
• 5aDo you use a check verification service?
• 6Over the last five years, have you failed to receive payment due to a personal or business bankruptcy?Top 100 question
• 6aWas it a personal bankruptcy, business bankruptcy, or both?
• 6bHow many different bankruptcies were involved?
• 7What is the most significant problem you face getting paid? Is it:?

Volume 1, Issue 7, 2001
ISSN 1534-8326

William J. Dennis, Jr.
NFIB Research Foundation