How To Get Paid Faster – 5 Quick Tips

Working with businesses daily, we know how important getting paid for your hard work is. Because of this, we want to share tips on getting paid faster, reducing outstanding invoices, and increasing revenue.
Below we have explored five simple things you can do to get paid faster today. 

5 Quick ways how to get paid faster

1) Enable credit card payments

It seems a simple option, but we see many business owners over-cater to their clients, providing them a list of options for paying but no credit card option. By simplifying the accepted payment types and offering digital payments, you increase the rate of being paid faster. Clients in the past may object to providing card details over the phone. However, providing secure online bookings with seamless payments is no longer a concern and an expected offering. If you are still calling your clients to get their credit card details, consider allowing clients to enter their details themselves. The rate of card entries will likely increase.

2) Charge upfront deposits

Another simple way to get paid faster is by asking clients for a deposit to secure their booking. Upfront payments tend to formalize a booking, the commitment of depositing money holds people to appointments and reduces last-minute cancellations. Secondly, upfront payments protect you if a client does cancel your booked time has already been paid for. 
Similarly to enabling credit card payments online when your clients’ book, an upfront deposit or full pre-payment is a rather common requirement to secure an appointment. 

 

3) Have a firm cancellation policy

Do not be afraid to state your cancellation policy. Being upfront and transparent sets expectations from the start

4) Reduce reliance on invoices

Clients will often pay with the methods you provide, and an invoice is the most common way for payment to be delayed. Given that regular terms of invoices are 30 days, that’s a long period you are not paid for your hard work. Many business owners chase outstanding invoices long after the work is completed. Slowing down how quickly you get paid.
For some industries, invoices are a required payment option. In these instances, try reducing how often you need to issue an invoice and reducing the invoice terms from 30 days to 14 or 7 to get paid sooner.

5) Incentivize Early Payments

Incentivize clients who pay early before the due date. Giving clients a discount code or free service added to their next booking is a great way to get paid faster. Clients love to know they are getting something back, and not only will you get paid sooner, you indirectly are creating a loyal repeat client base.

How to get paid faster
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