What is the secret to getting paid on time? You do work, finish, submit to your clients, and send invoices only to wait for payment forever. You now have to wonder what to do with this pressing issue of unpaid invoices. When sending invoices, you should have a plan of what will happen in case the client’s delay in payment. Better yet, let clients know early enough – while still discussing the project – that you expect payments to arrive on time.
Ideas to increase your chances of being paid on time
First, monitor everything. Be in control of the whole situation. Let nothing except your eyes. Find ways of being on top of everything that is due. Know what is outstanding. Know the invoices that have already been settled. It is difficult to store all this information in your mind. You need reliable records to avoid making mistakes such as following up with clients who have already paid what they owe.
Set automatic reminders
Second, develop a habit of setting up automatic reminders. Keeping tabs is not everything. Reminders help you by taking the pain out of the process of following up on unpaid invoices. Setting up reminders helps you to get paid faster. Setting up automatic reminders helps you to reduce the percentage of unpaid invoices that you have to deal with. Feel free to set reminders you are comfortable with, such as:
A few days before the due date
On the due date
A few days after the due date
Automatic reminders save you time while improving your cash flow.
Make phone calls
Use your phone too. The phone is one of the most powerful tools you can use to follow up unpaid invoices. Pick it and use it to call all clients who are yet to pay their invoices. Phone calls may appear old school but they are still as effective as ever. Clients respond well when they hear the actual human voice, which in this case is your voice. Be ready with all the information regarding the particular client you wish to call in front of you before dialing the phone.
Provide more payment options
What do you do with clients who tell you they are waiting for a payday? Obviously, clients also have their own sources of income. Nevertheless, that should not be an issue for you. Let clients know that you understand these issues. Provide them with various payment options including debit and credit cards, PayPal, checks and many others. Let clients understand they can pay for the services rendered in advance when they have money. They can even pay in installments.
Put these tips into practice to eradicate the problem of unpaid invoices for good.
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