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How to get Clients to pay faster

How to get clients to pay faster

Sometimes, you can get customers / clients who are a nightmare to get your money out of. They either dispute your invoice or ghost you.

Here’s a few tips to try and avoid them sticky situations:

Discuss Payment Terms from the off

Set the expectations with prospective clients / customers. Have the conversation with them regarding payment terms (which are how soon you expect to get paid – normally 7-30 days from invoice date) and be sure to add the terms to your contracts / agreements.

Prompt Invoice = Prompt Payment

Send your invoice out to the customer the day of sale. This way it won’t be forgotten by you and it is fresh in the customers head. Putting off invoicing is just pushing back your payday so don’t get lazy with it.

Boss your invoicing

Make sure your invoice is sent to the right customer, with the right address and right order details. Then check your payment amount, payment terms and bank details are correct and clear on the invoice. This will eliminate disputes.

Automation

If you’re using software, utilise the automation and let the system do the hard work! You can set it up to send the invoice to the customer for you and to send payment reminders too.

Keep ‘em Talking

Payment due date coming up? Send them a payment reminder email or statement of account. Invoice overdue? Give them a friendly reminder email. Customer ignoring your emails? Call them. Don’t give up, it’s your money. But do be understanding. When you speak to the customer, they may have legitimate reasons for not paying, be courteous and work with them.

When you have a slippery customer

If you have a customer who is always paying late or messing you around, think about adding a prompt payment discount, late payment fee or only accepting payment in advance.

If you’re a small company and need help creating a compliant invoicing system or you’re a growing business who needs someone to take on your sales ledger and credit control, contact Balanced Bookkeeping today.

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