Business Alert at 9:00am With CVA – Upfront Deposits
When working with large or unique product, you should require an upfront 50% deposit before you start the work. One-of-a-kind products have a limited sales value, usually only to the person or company making the order, so without a deposit, you are subjecting your business to risk of either not receiving your money at the time of delivery or having to accept a reduced payment.
Having a deposit reduces the likelihood of a financial loss in the worst of circumstances. Be sure that your policy is understood from the very beginning and that no work will commence without their commitment.