So, I usually get 50% deposits for all time that's booked.  I have a client that's booked Saturday/Sunday/Monday and he's waiting for taxes to come in.  He booked this like 3 weeks ago.  
 
Do I still do the session?  He's a first time client.  Seems like a really nice guy, but you all know how that goes!  Hahah!
 
I just ask because it's quite a chunk of change that would be great to have.  Murphy's law predicts that as soon as I cancel the session, he gets the money by Friday.  ;)
 
Anyway, that's all for now.  THANKS!

Does he have references (has he screwed somebody else)?

57Gregy
Does he have references (has he screwed somebody else)?

I haven't asked him for references.  As a studio owner, I'm usually providing them, and not needing to ask for them for clients.  

So the easy answer is "I don't know." 

I'm thinking this, and correct me if this sounds "hairbrained".  I keep options open until Friday, and have him re-confirm on that day.  If somebody calls to book time, I take it, and then fit him in around it or then re-schedule.  Chances are, somebody isn't going to call between now and then to book the entire time he wants.  Of course, until he's paid in full - he gets nothing from me.

Thoughts?

I don't have a commercial studio and wouldn't but if I did I'd have a booking contract which addressed issues such as yours.
It's not lunch and I'm already hungry...I'll gladly pay you Friday for a hamburger right now. :)

It's always nice to be nice, but you don't want someone else's money problems to become your money problems!
 
 

Tell him he'll have to leave some gear as collateral. Business is business and you haven't had a chance to build a rapport with the guy. He might be trying to pull a fast one and it's a little suspicious he booked the date without knowing he'd have the cash in hand. That would raise a red flag for me even if it only means he may not be super responsible instead of a scammer. Business is business.

Gah! Stupid filter. lulz
 

spindlebox
he's waiting for taxes to come in. 

Obama ??

Welp...I've run a commercial broadcast studio for nigh on to 25 years now and we've been skint, burned and downright screwed many a time in all those years.  We...mostly due to being business to business...are on a net 30 basis.  Which usually means net 90...180...whenever sometimes.  We do charge rather hefty late fees.  Which some a-holes (I mean, valued clients) just ignore...bastids.  And in all those years I've never sic'ed a collection agency on anyone.  Dumbass me.  We take every new client that walks in the door and just hope for the best.  One reason we can do this is most of the time our bookings are for just an hour or two and the chance that we could re-fill those times on short notice is negligible.  Another is that all we're really out is an hour or so of learning how to do our job better...i.e. engineering. 
 
You, on the other hand are booking days at a time and 50% up front is very reasonable.  Does this guy not have a credit card??  If you don't take em...get a square pronto.  It's easy.
 
Just as an aside:  One client, a local advertising agency, went bust about 15 years ago and left owing me over three thousand semolians.  That was a bitter pill.  But about three years ago the principals in that agency finally got refunded and restarted a new agency and brought all their business to me because I never beat them up over their debt.  A goodly chunk of business I might add...steady...for three years and counting.  Plus they are slowly paying their old debt off as well. What goes around does occasionally come around:-)
 

I still have the ADAT tapes (x3) for a group I recorded in 1999. They were going to be back in two weeks to pay me for them.
 
And, they were friends of my son.
 
True story.