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money / payment up front


matt.leung

Question

matt.leung

Hi,

Does anyone anymore ask for money up-front when ordering and buying materials. I dont mean if it is a special order but just in general....?

matty

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7 answers to this question

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In general know, specials or large jobs yes - cash flow can kill ypour business.

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Theorysparky

Rewires 30% upfront

New build 30% upfront 30% first fix remainder on completion

if the customer is unhappy with this then beware

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Evans Electric

No, for commercial work the standard terms are 30 days, couple of trusted customers its 60 days. Also have 60 day accounts at the wholesalers or it would not work.

Domestic work is payment on completion but do not ask for money up front.

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No, for commercial work the standard terms are 30 days, couple of trusted customers its 60 days. Also have 60 day accounts at the wholesalers or it would not work.

Domestic work is payment on completion but do not ask for money up front.

yes on big jobs and cctv installs due to outlay of cost of materials but small jobs no i dont like additional sockets etc

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I ask for staged payments when its a med to large job, at intervals agreed between us mostly for cash flow as some jobs I have done have taken ages due to planning,builders etc. never had a complaint or refusal

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green-hornet

For domestic work I would normaly work a payment on completion of first fix.

This serves two purposes, a, it shows I have taken the risk and paid up front

b, satisfies me that no further losses could be incurred at a later date. Final payment within 7 days or 14 days from completion.

For all comercial and industrial work everything is on 30 days from invoice.

However some larger projects would require interim payments, this has to be set out at the time of quote and done by a solicitor to make it binding.

Interim payments can be a bugger to control, which is what you will need to maintain cash flow and pay all employees or subby's.

I have lost

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Andy™

Usually payment on completion, but if first fix is seperate from second fix, then parp payment is due on completion for first fix. If anyone has a problem with this, chances are they are the type of people you dont want to work for

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