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5 Tips to Getting Paid Faster

5 Tips to Getting Paid Faster

Getting paid on time is an ongoing challenge that can make or break your small business.Often even your best customers may be slow to pay due to bureaucracy or other issues. Here are 5 steps you can take to help speed up payment and maintain smoother, more predictable cash flow for your business.

  1.  Design your invoices with professional flair

    How your invoices look really matters. If your invoices look less than professional, that can reflect on how customers perceive your business. Some clients might feel they can push your payments to the back of the line.

    In addition, the design of your invoice can encourage faster payment by directing the recipients’ attention to critical information, such as the amount due and due date, where and how to pay, what the invoice is for, and whom to contact with questions. 

  2. Clarify payment terms upfront

    Your clients should never be surprised by anything on your invoices. Be sure that deliverables, payment amounts, and payment terms are all agreed upon at the beginning of the project or when the order is placed, and that you have a signed agreement confirming this information.

  3. Send invoices ASAP

    It is all too common for business owners to finish their work for a customer and neglect to submit a bill. The faster you invoice, the faster you will get paid. Make it a habit to invoice clients immediately upon delivery of your product or service.  An on-time delivery of a project deserves an early payment of invoice, but giving the freedom to the client, to pay up late, naturally delays the payment. It gives the client, time to overlook the invoice. 

  4. Go digital with online invoices and payments

    If you’re still mailing out paper invoices and waiting for checks to come in, stop. Instead, start invoicing customers online and accepting payments electronically. For example, if you use an accounting system like Waveapp or Paystack .it’s easy to send online invoices. Many customers actually prefer this method, since it saves them from writing checks and spending money on postage.

    With an online invoicing software,  you have the options to get paid on time. Check all the features :

    • – Accept credit cards to get paid faster.
    • – Auto bill profiles can be created for easily receiving automatic payments on a monthly invoices.
    • – Track income and expenses effortlessly
    • – Create and send professional invoices
    • – Pay your team effortlessly, with guaranteed accuracy
    • – Automate late fee and payment reminders to get paid quicker.
  5. Make a personal connection.

    “We spend a lot of time in sales schmoozing the person who signs the purchase order, but absolutely no time getting to know the person who is going to cut the check,We suggests sending a handwritten thank-you note on a fairly regular basis. The next time there is a bottleneck in the payment schedule at your client, the accountant will remember you. “When they see your invoice come through, you are not just another vendor,” she says. In fact, offering a “please” or “thank you” when you send your invoice can increase your chances of being paid by as much as 5%.

There you have it: 5 solid tips for getting paid faster. I also encourage you to never, ever underestimate the power of maintaining harmonious professional relationships with your clients. Regardless of how frustrated you may be, keep your cool and remain respectful when checking on invoices that have gone overdue. 
 

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