5 Ways to Get Paid On Time

By Stahlman 2 years ago

Late payments can destroy your business. How can you make sure to get paid on time? This article will help you receive timely payment and avoid running out of accessible cash.

Tips to Avoid Late Payments 

According to PYMNTS.com, 47% of U.S. small businesses believe COVID-19 has made payments by large companies worse. Based on a recent study of over 1,200 business owners, about 30% have witnessed a rise in late payment of invoices in the past three months, according to the Federation of Small Businesses (FSB) in the UK. 

Here are five straight-forward solutions you use to ensure you receive timely payments from your clients: 

  1. Prepare a clear and precise contract for your clients by making sure it doesn’t include any misinterpretation.
  1. Ask for a deposit for large orders or orders from new customers. Also, consider requiring an upfront payment to cover the material costs or other expenses associated with the job. For this, you need to take a proportion of the cost before work commences. This is an effective and reasonable way to build boundaries for your customer.
  1. Offer multiple payment options to your clients and customers. For this, you need to work with a reputable payment specialist that can help you with advanced, secure, and cheap payment processing services tailored to your financial needs. 

Many forms of payment will grow the potential to receive timely payments. Specifically, your clients won’t have an excuse to delay what you’re owed. Look for a payment expert that offers an unmatched experience to merchants by allowing you to manage global payments across a single platform and receive timely payment from clients. 

Thanks to an innovative payment specialist, you can enjoy:

  • The highest level of fraud prevention and data security
  • The cheapest rates
  • Integrations
  • A global network
  • Cutting-edge technology 
  • Payment experts 
  1. Don’t agree to deliver new orders from overdue accounts. Refuse to accept orders from clients who aren’t paid up. 
  2. Consider offering incentives to your clients, such as a discount. For example, when requiring prompt payment within 30 days, you could offer a 3% discount to those clients who pay within the first 14 days.

How to Avoid Late Payments

There is more than one way you can use to get paid on time. Offering multiple payment methods to your clients and customers is one of them. Also, make sure to work with a respectful payment professional to get the best deal for your business needs. 

Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously, and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.