5 Useful Ways To Get Your Clients To Pay Their Invoices
There is nothing as frustrating as when clients refuse to pay their bills within the allocated time frame. It affects one’s business and in some cases, cause a total stand still because inadequate funds result in the slow death of a business. We all know how important it is to get paid on time for products sold or services rendered. The issue is what is the secret to getting clients pay their invoices? Lets have a look at a few ways to effectively motivate timely payment.
Invoice your clients as soon as possible- really, you are not running a charity organization, and even if you were, you’d still need cash. Don’t delay in preparing your client’s invoice. Have it ready to serve as soon as all details have been ironed out and an agreement made. Make sure to demand an upfront payment or at least a deposit.
Carefully outline your terms and conditions for payment- everything needs to be spelled out in detail, to avoid miscommunication. The due date for payment needs to pointed out, so also, penalty for late payment. That would really make your client think twice about paying late.
Propose suitable payment plans or use a retainer based service- you can offer to have your client pay in installments, mighty generous of you, in case the bill is quite bulky. You could also use a retainer based service, so that your client is issued a particular amount to be paid after a stipulated period of time. It could be monthly, quarterly or yearly. Choose a plan that works well for both you and your client(s).
Send regular reminders- automated reminders should be planned and sent at intervals to your clients so that they do not easily forget the due date and can themselves plan towards paying their bills.
Make use of the internet and cloud based services – there are software that are designed and customized and can be used by clients for online shopping and payment. Clients can use e-transfer to pay their bills too. Especially now that invoicing your client through the post office mail seem a little outdated and more time consuming, why not take hold of what the internet offers and have your money paid on time?
Be assured that if you do as we have discussed above, you will constantly find yourself smiling to the bank. Here is an extra tip, always maintain a good client relationship. Whether you are face to face or communicating via the internet or phone, keep a smile in your voice and be personable. Treat each client special and they will always come back to you.