Your 4 step guide to getting paid on time

Making sure you get paid for outstanding invoices isn’t easy, but there are things you can do on your end to make the process faster. For instance, if you use a digital payment system, you can easily check who owes you money by filtering your invoices based on the payment status. And then you can follow these simple steps to collect payments quickly.

Step 1. Make the terms clear

Be sure to set clear and understandable expectations up front. So when you’re sending an invoice, make sure you specify the date that the payment is due in the field provided. Think about how you’re conveying this message to the customer, and try to be clear but polite — write something along the lines of ‘Payment within the week would be appreciated.’

Step 2. Send a friendly reminder

Email overload is common for many business owners these days, so it’s entirely possible that your invoice will get lost in the recipient’s inbox the first time around. If payment on an invoice is overdue, it's a good time to log in to your payments dashboard and hit the Resend button to gently remind your customer. 

Step 3. Schedule in advance

If your customer knows when your invoice is likely to arrive, they are more likely to remember to pay you on time as well. So build a regular invoicing cycle with your customers which will help them budget for when your payments are likely to fall due.

Step 4. Follow up with a paper invoice

Digital invoices are extremely efficient - but sometimes clients prefer a physical invoice, sent directly to their mailbox. If email isn’t getting through and payment is overdue, it might be time to use good old snail mail.

If you're looking for more tips on effective billing, check out this step-by-step guide on creating the perfect invoice.  

 

This article was originally published on Town Square, Square's official small business blog

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1 comments

user
  • user
    The information you convey is very good in accordance with the theme, thanks for that very helpful especially for me personally. Business Law Assignment Help
    • Edward Wilson
    • 31 Aug 2017
    • 02:17 PM
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