Require Advance Payments for New Clients

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PMF Bancorp recently published a financial tip for business owners to ask for new clients to provide advance payments. They go on to add the following:

Whether the advance payment is partial or full, your fear remains that such tactics will scare off potential clients. Considering the size and nature of the contract at hand, however, PMF Bancorp thinks such a request makes sense. In addition, you should have more confidence in the value of the services or products your business offers.

What is important is not to ask for advance payments with inconsistent criteria. Instead, you should develop specific criteria when it comes to new contracts in terms of amounts and track records. When such criteria are met, advance payments should be requested. PMF Bancorp always provides a credit check service for our clients, and, without question, a routine credit check should be performed before a significant transaction, whether sales or services, is entered into with a new client.

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PMF Bancorp was founded in 1985 and has offices in Los Angeles, Arizona, China and London.

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