Home – New Forums Money matters Draft Terms of Sales etc

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  • #964493
    ellissac
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    Hi my name is Ellissa, I’m a first time user of the forums here and am finding it very informative.

    I’ve just taken over a canvas repair business and I’m in the process of drafting a terms and condition of sale (I think this is the right term?) for credit/account applications to hand out to companies etc. I was wondering how many people offer a discount on full payment, say less than 10 days, on invoices and what peoples views are on inserting something like this??

    #1006154
    Past-Member
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    Dear Elissa, welcome to the forums.

    Each business is different, but a search for sample contracts comes up with examples like this one …
    http://smallbusiness.findlaw.com/business-forms-contracts/be8_9_1.html

    You could also do a search on ‘terms of sale’ and see what other people have written in their contracts.

    Also, you need to revise your terms and adjust them as time goes on and as experience dictates.

    You should also have a good accountant/solicitor that you can discuss these things with.

    There’s also loads of info at http://www.ato.gov.au

    and Flying Solo has links from the left hand menu at
    http://www.flyingsolo.com.au – look for business.gov.au

    Forgot to add: I don’t accept credit because I have been burned badly before.
    I accept Visa/MasterCard/Cheque/Direct Deposit/PayPal
    Large jobs have progressive payments issued regularly and due immediately.

    #1006155
    BrightSpark
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    It depends upon where you want to position your business. If you are looking for work from other businesses you need to work out the costs to you in offering the credit in the first place. Cash now is a lot better than some money in the future. You may also look at a deposit when a item is dropped off for repair with the remainder when it is collected. I would suggest getting an EFTPOS terminal and accepting cards taking into account the fee that you are charged per transaction and the fact that most cards have something like 55 days to be paid off they are getting the benefits of providing credit but without you having to fund it.

    #1006156
    @HeatherSmithAU
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    I don’t offer a discount – I would try and ask fpr payment upfront – try it it does work 80% of the time.

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