Payment Arrangements

• 1Who is the person primarily responsible for maintaining your business’s financial records?
• 2Who is the person primarily responsible for billing and collections?
• 3Do customers pay you at the time of sale?
• 4Do customers pay you by invoices or statements?
• 5Once you have invoiced a customer, on average, how many days is it before you get paid?
• 6Do you charge a late fee, interest, or both a late fee and interest for late payment?
• 7Do customers pay you by invoice through a third-party, such as an insurance company?
• 8Once you have invoiced a third-party payer, on average, how many days is it before you get paid?
• 9Do you charge a late fee, interest, or both a late fee and interest for late payment?
• 10Do customers pay you through credit-type arrangements or special terms that you extend?
• 11On average, how many days is it before you get paid?
• 12Do you charge a late fee, interest, or both a late fee and interest for late payment?
• 13Do customers pay you on-line, such as paying through PayPal?
• 14Do customers pay you by phone?
• 15Do you accept personal or business checks for payment?
• 16Approximately what percent of your total sales are from personal or business checks?
• 17Do you expect this percentage to increase, decrease or remain the same over the next 3 years?
• 18Do you accept cash for payment?
• 19Approximately what percent of your total sales are paid for with cash?
• 20Do you expect this percentage to increase, decrease or remain the same over the next 3 years?
• 21Do you accept credit and debit cards for payment?
• 22Approximately what percent of your total sales are from credit and debit card sales?
• 23Do you expect this percentage to increase, decrease or remain the same over the next 3 years?
• 24Payment cards improve cash flow?
• 25Payment cards enlarge your market by making payment from a distance easier?
• 26Payment cards reduce the need to keep large amounts of cash on the premises?
• 27Payment cards end up costing less than other forms of payment?
• 28What is the primary reason that you do not accept credit and debit cards?
• 29What is the most significant problem you face getting paid?
• 30Do you prepay before receipt of good and services?
• 31When prepaying, do you generally pay by?
• 32Do you pay at the time of sale?
• 33When paying at the time of sale do you generally pay by?
• 34Do you pay by invoices or statements that are due upon receipt?
• 35When paying an invoice or statement, do you generally pay by?
• 36Which of the following best describes your use of a credit card account related to your business?
• 37Which of the following best describes your use of a debit card account related to your business?
• 38Which one of the following financial issues is the greatest concern for your company?

Volume 13, Issue 1, 2016
ISSN 1534-8326

Holly S. Wade
NFIB Research Foundation