[ Business Visibility & Decision Making ]

6 ways to get paid sooner

Cash flow gets tighter when completed work remains unpaid. These six steps can reduce the gap between doing the work and receiving payment.

By Sam Beverley· Published · 3 min read
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[ The decision this helps you make ]

These six steps can reduce the gap between doing the work and receiving payment.

[ Key takeaways ]

  • 01Invoice promptly
  • 02Ask for part payments
  • 03Make payment easy
  • 04Automate reminders
  • 05Review payment terms
  • 06Consider late-payment fees

1. Invoice promptly

Send invoices within one or two days of completion. Automated invoicing can help when you regularly bill the same clients.

2. Ask for part payments

Consider deposits, upfront payments or staged payments as the work progresses. Whether this is suitable will depend on your industry and clients.

3. Make payment easy

Show all available payment options clearly on the invoice. Payment links make it easier for customers to pay immediately.

4. Automate reminders

Clients sometimes forget. Use automatic reminders to follow up after an invoice has been outstanding for an agreed period.

5. Review payment terms

Consider shortening long payment windows. Trial changes with new clients and give existing clients notice before changing their terms.

6. Consider late-payment fees

Reasonable late-payment fees may encourage prompt payment and establish clear expectations. Include them in your contracts and ensure they comply with relevant laws.

Need help with cash flow?

Faster payment is one way to improve working capital. For help understanding your financial position, speak with our team.

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