Monday, June 8, 2015

Tips for Getting Paid

Getting paid should be simple. You provide someone with a product or service and send an invoice. Then, it’s the job of the person who received the goods or services to pay for them. Sadly, though, it doesn’t always work that way. When you have clients who aren’t paying up as they should, you sometimes have to “chase down” the money you’re owed. Fortunately, if you time your collection efforts right and go about them correctly, getting your money shouldn’t be all that difficult.

It’s All About Timing

First things first, you need to send your invoices out at the right time. The right time is as soon as
monies are owed! The longer you wait to invoice a client, the more time you leave for something to happen that renders the client unable to pay.

Also, research has shown that the end of the week, like Thursday or Friday, are the most favorable days on which to send payments. On these days, people tend to be more relaxed and at ease and aren’t dealing with the craziness of a new work week so they’re more likely to take the time to pay their bills.

Delivery Method Matters

Both emailed and traditionally-mailed demands for payment can be effective. Since you don’t really know which way will work best for each client, it’s best just to contact all of your clients via both methods. Yes, sending out a bunch of letters can get costly, but it’s less costly than not collecting on money you’re owed! One of the plus sides of emailed payment requests is that you can include a link to pay online so that, hopefully, you can get a payment right away.

Make No Bones About It

Finally, with your payment requests, get right to the point. Make sure it is entirely clear that the purpose of the email or letter is to collect on money owed. The correspondence should clearly state the amount owed and the due date. Clients should know without a doubt that they are receiving an invoice. Surprisingly, many of them can get so lost in flowery language or what they think is a sales letter that they stop reading before they realize they’re holding an invoice. Payment requests are not the place to beat around the bush. Be firm about what you want and follow these other tips, and you should have no problem getting paid.

No comments:

Post a Comment