Checks In The Mail
For some reason, there is nothing more rewarding than getting a check in the mail. When I receive emails saying you’ve got cash, it doesn’t float my boat as much as receiving a check in the mail. I don’t know if others feel this way or not, but for me it’s hard not to kiss the checks as they arrive.
When you sell products business to business you end up in the love hate relationship of purchase orders. Purchase orders (POs) protect the buyer big time because the buyer doesn’t pay anything until the product is received. For sellers, purchase orders can be nice because you save money in credit card processing fees when they pay via check. The hard thing about POs is you float the money until the money comes in. Just recently, we had quite a large amount of cash floating. We just received a couple of checks today that covered atleast half of what was floating. It is such a relief when those come in.
When we first started our online business we didn’t accept POs. I wouldn’t recommend anyone to accept them until they can sustain it. The best case scenario would be to have the money in the bank to cover any POs that are out. If you are doing business to business transactions accepting purchase orders will allow your sells to grow. But again like I said before, don’t accept POs until your business can sustain it.
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Selling on credit is always a scary thing. I try to avoid at any cost.