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NONE: ALAN RICHMOND'S QUESTION ON GETTING PAID...
ALAN RICHMOND'S QUESTION ON GETTING PAID...
yacht50_at_aloha.net
Wed, 26 Jun 1996 10:27:42 -1000 (HST)
> My first advertiser paid us on time, at first, and then got
>later and later. Eventually I pulled their ad, and their last payment to
>us was about $400 short for the amount of time it had been up. Most of
>our advertisers since have been reasonably timely, but now we are
>waiting on a cheque from an agency, for $2,860. It's 3 months late.
>We've called them many times, and each time there was an excuse like
>"our client hasn't paid us yet", "we're being audited and can't cut any
>cheques at the moment", "they cut the wrong cheque", "the person who
>signs the cheques is away", or "our New York office's computers have a
>virus", etc. We're getting the run-around. As a mom & pop operation,
>this amount of money is critical - our mortgage payment is overdue, we
>can't afford various living expenses, our children can't have any new
>toys or clothes, etc. [I meant checks, of course.. :*]
>
> I've left actual names out of this story. I would have preferred
>not to, but I'm not sure if that would have created problems. Would it?
My experience over the past 25 years in the market/advertising/promotions
business has taught me some valuable lessons about getting paid.
First--always get a minimum of 50% up-front. If possible get 100% upfront.
It's not unusual in the advertising arena to require 100% advance payment
before an ad runs. You might give a few days grace period for customer
relations sake...but if the payment isn't in your hands with seven days of
putting the ad on-line...pull it until the payment does arrive. Make this
policy clear in printed or on-line rate cards.
Second: Use credit cards to accept payment. This puts the credit burden on
someone else and believe me it's worth the discount rate.
Third: Agencies should be held to the same credit/payment terms as anyone
else. I have found them among the worst at prompt payment. Your agency
advertising contract should clearly state that if payment is not made
according to your agreed upon terms that they will not be allowed any agency
discounts. Only do business with agencies that are listed in the
Advertising Agency "Red Book" available at most large libraries. These tend
to be older and more established agencies and are usually better risks.
Fourth: Always use a written advertising contract which outlines your
payment terms in crystal clear language and fully protects your interests as
a publisher. Get an attorney to assist you if necessary.
Fifth: Always run a credit check on large orders that are asking for
credit/billing terms, and make your decision on a solid history of timely
payments. Credit report sketchy? Put them on payment-with-order.
Sixth: Use a printed rate card...make everything clear...and vary from it at
your own risk.
Seventh: Clearly document all collection efforts. You'll need them in court.
Thom Reece
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