This week, I challenged you to think about where you placed your paygates in your business. Usually you’ll ask for money before, during, or after delivery of your product or service and I suggested that you experiment with a different placement of the paygate.
How did you do? This one is a risky one and I wouldn’t be surprised if far fewer readers did this challenge. But I hope you did participate because it can be helpful. I recently tried this exact thing and found I reduced my accounts receivables by asking for some money up-front and some throughout the service delivery, in stages.
Even if you don’t completely switch over your paygates to a different method, I’m sure you’ll have found this exercise helpful to know why you are using your specific paygates.