Slow Paying Clients? 5 Tips On How To Get Paid Faster
It could be most daunting and frustrating to provide services and goods and also have to persuade clients to make payments. Some clients can be very obstinate and may refuse to make payment promptly until several reminders are forwarded to them. The success of every business lies in its finances. Therefore steps should be taken to avoid this embarrassing moment of having to demand payment from unwilling clients.
1. Send invoices promptly
Immediately a service is delivered, or goods are available for pick up, it is advisable that you forward to invoice to the client to avoid unnecessary delays in payments. How you should always have an invoice draft handy and ready to be forwarded once a job is completed.
2. Have a workable routine
It would be great if you and your client can work out a regular payment schedule once contact and trust have been established, you could always send invoices at a specified time and expect payment at a specific time of the month. Having a steady routine of payment could make a world of difference.
3. Include terms in your invoice
In the terms section of the invoice, be clear on the mode and time of the payment that is expected. An invoice is a legal binding document and should be honored.
4. Offer a discount for prompt payments
We all love bonuses and discounts; a little incentive could make your clients willing to pay their invoices promptly, this, in turn, would aid the smooth operation of your business. This discount could be a small percentage off the expected payment. This early payment could entice a client to pay their invoices early.
5. Be friendly with clients
This single tip can work wonders for any business no matter the scope, dealing with clients means you are in a business relationship, this relationship. Could be cordial and formal. You should focus on developing an excellent communication and understanding of each other’s unique needs and maintaining a partnership. If there is a relationship between clients and the service provider, problems can easily be resolved. A healthy relationship can also prevent awkward situations from arising.
Despite following the tips mentioned above, some clients may remain adamant in their refusal to settle their bills. Maintaining a polite tone when demanding for payments and frequent reminders may help solve this poor attitude on the part of the clients.
