About a year ago, I wrote an article called Business Crack. It was about how many companies get hooked on credit card receipts. This type of business knowledge usually falls on deaf ears because small business owners think they Know It All. They believe that checks are in the distant past, and only credit cards are the guaranteed way forward.
They will ignore the fact that nearly every Fortune 500 company accepts checks for payment. They don't even think about why banks sell credit card processing but only accept check payments on their products.
But I'm not going to go too deep into that same old article I linked to above. Today, I want to talk to you about information and trust. In business, you must learn whom to trust and who not to trust. Let's call those White and Black Lists. If you are ever going to make it big like me, writing blog articles from your Caribbean mansion, you must learn to label your customers. You need to know the big and small, the short and tall. You need to know who has money and who doesn't. Most importantly, know whom you can trust to write a check and whom to require payment via credit card. Know who to Black List, so they can only pay via methods that cannot be charged back, like Western Union, ACH Credit, Wire Transfer, or CryptoCurrency.
As you grow, get to know the people with whom you are doing business. If you are smart, you will build a list of those you trust (your White List), those you don't (your Black List), and everyone in-between. And before anyone comes after me for using the words White and Black, the term "Black List" comes from an English dramatist named Philip Massinger in 1639. It has nothing to do with race and everything to do with revenge.
Although you should never use blacklists for revenge in a business setting, they are an excellent form of keeping your money safe. In our business model, if we feel someone is going to bounce a payment or has already done so more than once, we may ask them to pay via credit card. If we trust them even less, we may ask them to prepay for services. There is nothing personal about it. It just makes dollars and sense. And if it makes sense, it makes cents.
Finally, don't ignore payment types. Be open to any payment method. Just be smart about it. Accept credit cards if you can. Accept checks, cash, gold and diamonds, and even cryptocurrency. Even try and join a local barter company and trade for goods and services. Just be responsible in how you accept currencies and from whom. Never point your finger at a processor or bank if something goes wrong with a client. Just put them on one of those lists and move on with your life.
If you have any questions about how your company can save money, or if you need help with anything business-related (especially payments and collections), feel free to message me. Sign up and reply to this article. I am more than happy to discuss things with you. My success is only useful if it can be shared.
Thanks for reading. If you like this or any other articles, please make sure and share them on social media. Also, check out my favorite company at Green.Money.
-Lonnie Passoff
Founder and President
Green Payment Processing
About the Author:
Lonnie Passoff started the first-ever internet-only electronic check processing firm in 2008. It has grown to be the largest e-check processor on the planet. A veteran of the United States Army, he has become a multi-millionaire through honest, smart business practices. He frequently speaks at business conventions and is a paid advisor to multiple corporations. He also holds a seat on the board of breast cancer non-profit, as well as a clean ocean initiative in the Caribbean.