INVOICING TIPS: 5 WAYS TO GET PAID FASTER
Pay day is always the best day for every worker irrespective of the profession or service provider institution. Sometimes you will notice that your boss or client has delayed your payment maybe because you did not send an invoice or probably because your invoice was not sent correctly. This article will highlight some basic yet effective tips in getting your client or boss to pay your salary or stipends faster.
First, let’s have a brief understanding of what an invoice is. An invoice or bill is a source document used in accounting for the purpose of recording sales transactions and to account for payment requests and receipts. It is provided by the seller or service provider to the buyer or client. Here are 5 effective tips that will help you in getting your money faster.
POLITENESS IS KEY
In business transactions, messages or even emails the words ‘please’ and ‘Thank you’ have been seen to really create impact on the receivers end. Polite comments here and there can even get you tips if you are lucky. The chances of getting paid are increased by almost five percent when polite comments are included in an invoice.
GO STRAIGHT TO THE POINT
The use of specific and non-cumbersome terms like ‘please renew payment’ or ‘please vacate within 30 days’ is always preferred to ‘pay upon receipt’ or ‘terms: net 30’. These cumbersome statements and phrases are usually misunderstood and as such lead to delayed payments or inexistent ones. Being able to provide a specific window of time for payment is more relatable than cryptic messages.
LIST MULTIPLE METHODS OF PAYMENT
Choices should be provided by the service provider to the client on multiple methods of payments to increase the chances in which the client would pay. Choices like bank transfers, using PayPal or Paystack, VISA or even Cheque options should be made known to the client and information regarding these methods should be made known.
DO NOT WORK UNTIL PAID
If you were a car dealer, would you permit a customer to take a car home without providing a proof of guaranteed payment or instant payment. I guess not. In the same vein you should not render any additional service to the buyer until all previous payments have been completed. Be sure to let the client know why you are holding off on you services in a very polite yet specific way.
SEND YOUR INVOICE PROMPTLY
Do not delay when sending your invoice. Immediately when the agreed term is close (5 days or 21 days depending on the term) send it to your client. Companies and individuals who are not prompt in sending their invoices always risk late payments.
With the use of these few tips, you will definitely be receiving that Cheque soon.