Get paid on time

If you’re struggling with late payments, and around half small businesses are, here are some simple strategies to use.

Have a plan

Don't leave getting paid to chance. Do whatever you can to automate and systemise your processes around invoicing and getting paid. There are also options like factoring or upfront payments to consider.

‍Invoice immediately

Your customers can’t pay until you've invoiced them, so make sure you send your bill as soon as possible. Customers are also more open to paying when they've just received the goods or services.

Remove the back-and-forth

Communicate your payment terms up front with customers and make sure your invoice has all the information they need to sign off and pay your bill. Some customers have very specific requirements so ask what they need to see on the invoice but it's still good practice to include a description of the work or product, the date it was delivered and a clear due date.

Ask for prompt payment

More than a third of businesses now request payment within a week. Consider reducing the credit period. You know your customers and how much you can reduce the credit period.

Make it easy to pay

Customers will pay faster if they can use their preferred method to pay. Offer a variety of options from credit cards, to Stripe payment plans or installments.

Follow up

Have a clear calendar for making sure you get paid. This may include an email prior to the due date confirming the invoice is in their system, sending a follow up email the day after the due date, and calling the customer if the invoice hasn't been paid within a week of the due date.

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Talk to us about your payment plan and how we can help you get paid faster.

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