Sometimes the hardest part of your job isn’t the work itself, it is getting your client or customer to pay for what they have purchased. If you don’t have a great invoicing system set up, or if you are making a common invoicing mistake, you could be wasting lots of time and energy trying to collect money — and your business could begin to suffer from cash flow issues. Below, we’ve shared our best tips on how to get paid faster simply by taking a close look at how and when you ask for money.
- Invoice quickly. It seems so obvious to bill for your products and services quickly and yet many businesses, especially small businesses, often procrastinate the task until they realize they need money for operations or payroll. Your clients and customers simply can’t pay an invoice that they haven’t received.
- Invoice regularly and often. There are three good reasons to invoice in regular intervals. First, it helps you keep track of who was invoiced for what. Secondly, it prevents you from sending frighteningly large invoices to clients who may have difficulty with big bills. Lastly, it prevents you from putting invoicing off until a later date.
- Itemize carefully and be specific about charges. A client may not pay a bill right away if they have questions about the items listed or if something just doesn’t seem right. In the same way, a client will be more likely to pay a bill if they have a clear idea of when transactions took place and what they were. The more clear and thorough you are, the more likely you will get a quick response.
- Set deadlines and follow up. Do you put a deadline on your invoice? Everyone needs motivation to pay, and a deadline provides a good nudge. A deadline also gives you good reason to call and follow up if an invoice is overdue.
- Pick up the phone. If a client hasn’t paid an invoice and ignored a second or third notice, don’t continue to just send letters. Give them a call and let them know that you are concerned. Be friendly, not threatening, and give them an opportunity to pay even part of their bill.
- Offer options. Invoices get paid faster if there are a lot of different options regarding payment. For example, if a person can mail a check, mail in their credit card information, or pay online, they will be far more likely to pay than someone who only has the option of writing a check.
How Towne Mailer Can Help Your Cash Flow
We specialize in printing and mailing invoices. This doesn’t just mean that we blindly print out your documents and put them in the mail. Every day, we help our clients devise systems that help streamline their invoicing system, get them paid faster, and improve their cash flow. We also have a 24-hour turnaround guarantee for regular mailing jobs, which means that your clients and customers will get their invoices faster – which means you can get paid faster.
To learn more or to request a free quote, please contact us today by filling out the form on the right side of this page.