5 Easy Tips For Getting Your Invoices Paid Faster
Late or non-existent payments are the easiest ways to decrease your cash flow. We all know that cash flow is crucial to the success of any business. We’ve put together some simple tips that will help you get paid one-time, every time.
1. Be Polite
Sometimes it’s the simplest things that can make the most impact. Using phrases such as ‘please pay your invoice’ or even ‘thank you for your business’ can make a huge difference. So, being polite will help you get paid faster, more often, and by more of your clients. So, try to keep this in mind when communicating with your clients about their invoices.
2. Be specific
You should always try to be specific with your invoices. The client should know exactly what the invoice is for and when it’s due. Using specific phrases such as due within 20 days or net 30 payment terms will help you eliminate unpaid and overdue invoices.
3. Use interest on late payment
If you threaten your clients with interest for being late, they’ll probably pay you at a slower rate. However, when you threaten to add interest, a higher percentage of your invoices will get paid. Let’s face it; no one wants to deal with interest unless it’s interest return on their money.
4. Offer incentives
Instead of charging interest, you could offer your clients an incentive. For example, offer discounts to clients who are signed up for automatic billing. Additionally, if clients pay their invoices within a set time, you could offer them a 3% discount, etc.
5. Get into a routine
Get into a routine of sending your clients their invoices on-time, every time. In doing this, they’ll be able to pay you much faster. You have to understand that the faster they receive the invoice, the faster you’ll get paid. Getting paid on-time will help improve the cash flow of your business.
Do you need help with your invoices? The invoice printing and mailing experts at LetterHub can help. Get in touch with us today to learn more about our services.
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