Via Christopher Hawkins, I found this post on firing 11 different kinds of clients. I especially liked his advice about the "Slow Pay" client who doesn’t pay on time.
As I’ve mentioned before, I don’t tolerate clients who miss payment deadlines. I have a pretty strict process that I follow when a client doesn’t pay. I really think far too many consultants are generous with payment terms. It doesn’t make sense. When you go to McDonald’s, can you walk away with a $3.99 combo without paying? No. And the kind of stuff they serve up at McDonald’s require very little materials input or time. So what’s with all the consultants who shrug off clients who are slow to pay on projects that involve tens or hundreds of hours and even thousands of dollars in consulting fees?
Don’t tolerage late-paying clients. Sure, you might get the odd client who’s gone into labour unexpectedly, had a death in the family or otherwise suffered a trauma. You can use your discretion then. But don’t, as a general rule, put up with late-paying clients. Don’t be a chump.