Unless you’re a cash upfront business, you probably have customers with past due balances on their account. These balances set you back.
And that money you don’t have? You can’t use it.
As a business owner, you might even be wondering if you’ll ever get paid by past due customers.
These balances can be a frustrating, but common, aspect of business.
But wait, what happens if the funds don’t come through?
You can use barter. Ask yourself a few questions:
What does that member provide that you could use in your business or personal life?
- Does that member provide a product or service that is needed by one of your vendors?
- Does that member provide a product or service that you could give to your employees as a reward or incentive?
- Does that member provide a product or service that you could give as a present or gift for your paying customers?
This system of replacing past due balances with barter can even be applied in other situations. For example, the member who utilized your services paid cash.
Often times, most services and products are available on trade, but not always. Sometimes due to the cost, materials, or differing factors you may not be able to offer it on barter. If a loyal Tradebank member who’s utilized your services before wants to use you again, they might opt to still pay cash.
If you run into an issue with a past due cash balance with that client, trade can still be utilized. Through the Tradebank system, you have a sure fire way to prevent you from losing money. Cash is King, but barter is better than zero.
Offering a barter option to your collection strategy might be a great way to clear up those past due balances. Working with through Tradebank can help you find creative ways to work with your customers and get paid.