After investing time, energy and resources into a client, you want to get paid for your efforts. Far too often business owners have to chase unpaid invoices and waste time in the process. Getting paid faster should be on the top of every business owners priority list.
With a few simple processes in place, you can protect your cash-flow. Rest in the knowledge that you will have money coming in to your business on time.
The importance of getting paid on time cannot be underestimated, so what can you do to get paid more quickly?
Get Your Invoices Paid Faster
- Send a digital invoice – In addition to a physical invoice, it’s a good idea to send a digital one as well. A digital invoice can be sent and paid within minutes & increases the chances of getting paid faster. These days lawyers will accept digital signatures just as much as a written one in a court of law.
- Invoice Right Away – Don’t delay in sending your invoices, it’s an easy way of speeding up the process. The quicker you send your invoice, the quicker you can get paid, simple!
- Consider mobile payment processing – Mobile payments are a quick & convenient to get paid, wherever you are. Services such as Paypal Mobile Payments make it easy to accept credit card or mobile payments.
- Offer Multiple Payment Options – Make it easy for your debtors to pay you, the more options the better. Consider multiple card types, mobile payments, checks, cash, flexible payment terms, financing etc..
- Give incentives for early payments – Give customers an incentive to paying early, such as a discount on their invoice, or a discount on a future purchase. On the flip side, you can charge a penalty to discourage late payments as well.
- Set Regular Payment Deadlines – If you have regular clients, give them consistent payment dates each month. This will make it easier for them to plan their payments & that way everyone knows where they stand.
- Make Clients Feel Appreciated – Make communications personal, let your customers know how much you appreciate them. A simple thank you is a small way to make a difference.
- Let an expert handle your invoices – Putting your accounts in the hands of a reputable bookkeeper will give you more time to spend on your business. An experienced bookkeeper can handle your invoices, making sure you are paid on time.