Just picture this. You sealed a deal and sent the invoice. Now you’re just waiting for a notification on your smartphone telling you that the payment is credited to your account.
Except it doesn’t – it has been over three days, and you still haven’t heard from the client. You call to check and find out that they’ll wait until they’ve tested the product before sending payment.
As much as you want to say something about it, you can’t because you might end up losing what would have been a loyal client.
The whole idea is enough to make you want to pull your hair in frustration.
How do you avoid that, then? How can you make your clients pay faster without having to follow up repeatedly over the phone? Black Business Global, one of the best platforms that support black-owned businesses, shares some tips:
1. Offer an Early Bird Promo
This is the easiest way to encourage your clients to pay faster. Basically, you add an added incentive such as a discount to your owed amount if they pay within a certain period.
This works, especially if you’re a service provider. Just apply a discount to the owed amount if your clients pay within seven days, for instance. This is effective because all customers are looking for ways to pay less for the products or services they use.
2. Send Client Their Receipt via Email
Instead of sending your client the invoice via email, you can also add the payment slip as an attachment. This will save you time from having to follow up with them to know the payment status. You’ll most likely get paid faster too.
3. Accept Multiple Payment Methods
You’re more likely to get paid fast if you accept multiple payment methods. Not only does it encourage clients to pay faster, but it also makes it easier for them to pay you. Most tech-savvy clients will appreciate the convenience of paying via their mobile device or online.
4. Establish a Reputation as a Fast Payer
Clients will most likely mimic your payment behavior if you’re known to be a fast payer. If you’re notorious for paying after a long time, expect that your clients will also take their time before sending payment.
On the other hand, if you’re known to pay immediately after an invoice has been sent, then you’ll most likely get paid faster.
5. Use an Invoicing Platform That Automatically Sends Reminders
If you’re using a paper-based system for invoicing, then you’ll most likely miss the reminder that the payment is due. This is where an online invoicing platform comes in.
The best ones automatically send you email reminders when an invoice is past due. It also shows who hasn’t paid and the amount they owe you.
An automated system also makes it easy for you to send reminders. That way, you can take the necessary actions to get your payment.
Payment speed is one of the factors that can make or break the relationship between you and your client. The faster you get paid, the faster you can move on to the next thing. Use the tips mentioned above to improve the payment speed of your clients. Of course, it is equally important to support black-owned businesses by ensuring that they are paid promptly, too.
If you’re looking to support black-owned businesses, Black Business Global serves as a small business directory that can help you find exactly what you need. Check out all the businesses in our directory today!