You’re assigned a project, deliver it on time, and get paid, right? While it may sound easy enough, we’ve all had to deal with those clients who don’t pay right away and require at least three follow-ups to actually send a check. And, when you do get that check, there is always the possibility that it will bounce.
How do you make sure you get paid faster?
Leverage digital payments and billing software, like Keap Payments. You’ll be able to accept American Express, Visa, MasterCard, and Discover directly through the app. You can also take payments over the phone, online, in person, or via the Bluetooth card reader. The major benefit here is the ability to accept credit card as payment. In a 2016 survey conducted by payment processor TSYS comprised of 1,000 consumers, forty percent chose credit cards as the payment method they most prefer. This mean you’ll be able to offer extra convenience to your clients and increase your chances of getting paid on time.
If only there were a surefire way to ensure your clients paid you on time. Unfortunately, there isn’t a one-size-fits-all approach. Your tactics will change from client to client, but there are four things you can do to help get your clients to pay you faster:
If you do need to follow up on late invoices, you’ll probably start by sending an email. While it’s a convenient and easy method of communication, it always runs the risk of getting lost in someone’s inbox. To combat this, your email needs to be direct and concise, including all relevant information and conveying a sense of urgency.
Here’s an email template you can use to ask for payment in an email:
Subject: Invoice [invoice reference number] OVERDUE
Hi [First name],
Invoice [invoice reference number] for [$X] was due on [due date]. Please send payment via check, credit card, or [other method] as soon as possible.
I have reattached the invoice for reference. Please reply to this message and let me know if you have received it.
It’s natural to feel more and more frustrated with every follow-up email you send, but it’s important to remain polite and respectful.
Here are three ways to politely ask clients for payment:
When you’re running a small business, the last thing you want to do is play bill collector. Unfortunately, there will always be clients who make the habit of not paying you on time. The good news? With digital payments and billing software, you can increase the chances of getting paid faster, saving you weeks of headache.