We’ve all had customers who are late on payments.
If you want to prevent this and speed up payments from your clients, you need to do one thing:
Make it easy for your customers to do what you want them to do – pay you.
Here are 4 simple keys to doing just that:
- Accept Visa and PayPal
- Send bills on the 15th of the month instead of the 1st
- Charge interest
- Offer an incentive, such as a prompt payment discount
Getting paid now (even with a discount) is vastly preferable to chasing payment later.
Just remember, the more you do up front to make it easier for your customers, the likely it is that you can avoid having to take further measures. And we all know that chasing down payment can be expensive – not only in time spent and potential legal fees or payment chain back up, but also in plain old stress.
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Eliot Wagonheim shares business insights that help companies stay on course. Get our latest blog posts sent right to your inbox. Click here to subscribe.