If you are running an online business or working as a freelancer, then be mindful of using invoices and quotations to help you get paid for the agreed services you offer to the client. But the painful fact can be that quite often invoices can take days or a month to be paid off. Fortunately, it does not have to be this way, provided if you follow up on invoices sternly.
The follow-up procedures can be nerve-wracking, but if you follow the tips it can be an easy job to do with a happy ending of getting paid faster than you thought.
1. Payment terms should be established clearly
Right from the start when you are planning the work, be clear with the client about terms and conditions related to the payment and the work details. Send them the quote that provides the outlines of your work or services you offer, the payment charges or the fees, and the dates. This will definitely make the client pay you on time.
You can create a well-drafted quotation using a free business quote generator, which is a web-based tool. You just have to copy and paste the required information to the quote templates and you will receive a promising quote in no time. Read more about Paypal Alternatives for High-Risk Business in 2021.
2. Offer installments method
If your project is not a small one and the client has to pay you a hefty sum then you can offer your client to pay you in installments within a set duration of time. This strategy will help you earn not only the customer’s trust and favor but an increased cash flow. The client will also be less worried to pay you a big amount in a set number of installments.
3. Send invoices quickly
Make sure that you do not delay a bit in sending the invoices on time if you wish to get paid faster. Though, it seems easy to send the invoices quickly but not when you are still using manual invoices or obsolete invoicing ways then forget about getting paid on time. The sooner the invoice is sent, the faster the payment will be.
4. Make payment methods easy
Be very cautious about your payment methods. It is not as if the client is reluctant to pay you, it might be the payment methods are not easily accessible or not clearly defined.
To ensure quick payments, choose an online invoice solution that offers several and clearly instructed payment options to the clients. They just have to click on the option and pay you online just like a breeze.
Engage with your clients to discuss the payment options with them. Facebook Messenger chatbots are extremely popular nowadays as they can provide the answers to your customers without the need to wait for customer support agents to log in or answer their questions via phone or email.
5. Convert quotes to invoices
If you are using online invoicing, you can automatically convert quotations to invoices. When you send a business quotation to a client through email, if it is accepted then that quote is automatically converted into an invoice.
The client can then click on the invoice to pay instantly. Online invoicing and quotations integrated into your business ensure that it is operated smoothly and effectively.
Conclusion
The effective way to get yourself paid quickly is to integrate automated invoicing and generating quotations and estimates, sending reminders, notifying for on-time payment, dispatch delivery notes, and following up on everything.
