Printer Service Business Tips for Service Company Owners

Does your company provide printer service to small businesses?

And if so, would you like to build a recurring service stream from more long-term clients, rather than constantly chasing down one-shot-deal customers?

Many owners of printer service companies cringe when they think about the complexities of setting up payment policies, terms and credit/collections. However, it doesn’t have to be difficult. Just make sure you take into account your own unique business model and the types of clients you serve when you are determining how to set up important items like credit and payment plans.

The following 3 pieces of advice will help you establish sound printer service payment terms.

1. Seek Help from Your Accountant to Set Up Credit Policies. Your accountant will be in a great position to help you set up a system to evaluate completed credit applications and credit reference letters. Make sure you have credit policies in place so you can safely extend credit to your clients and ensure that you get paid. In addition, be sure to discuss how you’ll arrive at, monitor and enforce established credit limits with your important clients. Writing off debt can be extremely painful, both financially and psychologically. So you really need to spend serious time discussing important credit issues with your accountant and setting up procedures and controls. Because credit and collections can also cross over into legal issues, you should also consult with your attorney before finalizing procedures.

2. Know How You Will Get Paid. Regardless of how you set up and communicate your payment policies for long-term printer service contracts, you must have a firm grasp on how you will get paid by your clients. Those in the computer business are literally all over the map when it comes to payment terms, credit policies and billing procedures. Some insist on cash-on-delivery (COD). Others trust their gut feel or a handshake and just assume all the financial risk. You need to have a really good plan for ensuring you get paid ... or you’re not going to last long.

3. Explain Your Payment Terms and Retainer Deposits. You’ll do fairly well with printer service contracts if you explain your payment terms and require up-front retainer deposits. Attach firm due dates to payments and make sure your clients understand that your policies and expectations are not just suggestions. Don’t even think about granting any substantial amount of credit to a client without first securing and processing a completed credit application. Your payment policies and retainer deposits need to be worked clearly into your contracts and discussed before you agree to work with any client.

In this brief article, we presented 3 tips to help you establish payment policies with your clients so you ensure you get paid on time and in full. Learn more ways to improve each printer service contract and attract great, steady, high-paying clients now at the attached link.

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