3 Ways To Encourage Your Customers Or Clients To Pay Their Bills On Time
If you have a business that allows your customers or clients to delay payment from the time of service, it can be a real challenge to ensure that you get paid in a timely manner. When you don’t get paid as you should, it can have a very negative impact on your cash flow, so getting paid as quickly as possible should be a top priority for your business.
To help ensure that you’re able to get paid for the work you’ve done, here are three ways you can encourage your customers or clients to pay their bills on time.
Get Invoices Out Quickly
The first thing you should focus on doing to ensure that you’re able to get paid, according to John Rampton, a contributor to Intuit QuickBooks, is to get your invoices out as quickly as possible.
The sooner you’re able to get your invoices sent out for outstanding accounts, the sooner you should be able to collect on those payments. If your customers or clients don’t have their invoice, it can be very easy for them to forget that they have a balance due. So if you’ve been behind on sending out your invoices, consider how you can make some changes and get those documents sent out sooner rather than later.
Use Recurring Payments
For your customers or clients that seem to always have some kind of balance due, what can streamline the process of getting their payments in is to institute a recurring payment system.
By using a system that informs your customers or clients on a regular basis of the payments they have due, you may be able to get paid quicker since these payment reminders will be sent out each and every month. With their balance now always in the forefront of their minds, it should be easier for your customers or clients to pay their bills on time.
Give Small Incentives For Timely Payments
If you’ve been having a real problem with your customers or clients paying their bills on time, you might want to consider offering some type of small incentive for those who are able to pay their bills in a timely manner.
According to John Rampton, a contributor to Entrepreneur.com, the incentive you offer doesn’t even have to be anything big. But if your customers or clients feel that there’s any kind of incentive for them to pay their bill immediately upon getting it, there is a higher chance that they will pay it and continue to work with your business as well.
If you’re needing to find a way to get your customers or clients to pay you on time, consider using the tips mentioned above to help you accomplish this.