5 Hacks To Get Your Clients To Pay You Faster
Some people feel setting up a business is the real stress in doing business or running a service driven company, but the real hassle is getting paid by your clients. After a sale has been done, it’s quite easy to think the job has been done and move on to other things but it’s not really done until you have gotten your payment.
Not being paid on time can be a cause of concern to the business especially if the money is needed within a time frame. It is therefore important to look for ways to get paid on time. Here are 5 ways to achieve this target;
Early payment expectations and gentle reminders
It is very important to make sure from the onset of every business deal, the client knows the cost of their goods and the expected time of payment. There should not be given any room for confusion or mix up with details of payment to avoid the excuse of not being paid. Gently reminding them of their outstanding debts can keep their mind updated about the dealings between both parties.
Sending the invoice to the right personnel
In most organizations and big companies, it is essential to make sure the invoice gets to the right individual. Make sure the clients know the mode of payment and time frame.
Establish a personal connection with your clients
Knowing your clients personally has its great advantages for business as it makes collecting of payments easier and hassle-free. Asking for payment from someone you know would be very comfortable and it would be easy to get reminders to someone you know than when you must be formal about it.
Be polite and do follow up
We were taught being polite when asking or when receiving stuff as kids, learning to say “thank you” or adding please t when making a request for payment can enhance the time you get paid. Having and showing good manners to your client can increase the chances of getting paid. After the invoice has been sent, do not delay with follow up as clients can be very busy people and payment slip can be forgotten about and overlooked. A gentle reminder of outstanding payment shows our clients our ability to act professionally.
Introduce the electronic system
When an invoice is written manually, it adds more time to you getting paid. Accepting online payments such as transfers, and credit card payment would enhance your chances of getting paid within the expected time frame.