Whether you run a product or a services based company, getting paid on time can be a real pain. We all know the challenges – the accounts team may not have sent the invoice on time or customers simply disappear or you need to make multiple follow-ups to even get a response.
But, the faster your payments, the smoother your business runs. And we know exactly how to make it happen! Read on to know our secrets:
Mark those payment dates:
Working on a big project for a new client? Don’t wait till the end of the project to get paid, break down the project into different milestones of tasks completed. Check if this works with the client and bill them accordingly. Are you shaking your head thinking about the extra work of having to track of all those partial payments every month? With nu,mb,erz invoicing solution, invoices will be sent automatically to your clients every month with the due amount. Now, how easy does that sound?
Set Automatic Reminders:
Follow-ups can take a lot of time and let’s face it, it can be embarrassing too. Don’t be a pest but develop the skill of asking politely and persistently. Building a good rapport will allow you to expect faster payments.
With the automatic reminders from nu,mb,erz invoicing solutions, you can say goodbye to those unwanted follow-ups!
Have a quick payment turnaround:
When the work is complete, send your invoices immediately and don’t let them pile up. Let all your invoices be on top of your to-do list, avoid sending your client a huge total to pay. When your business is paid in small amounts, you can steadily build your payments and in turn pay the invoices that are due to other businesses- so everyone wins!
When your invoices are sent, do you find that you have to explain a lot of the charges? You can say goodbye to all the back and forth by being extremely clear on your first invoice. Adding to that, nu,mb,erz invoicing solutions will help you create just the invoices you are looking for – professional and detailed – so your client won’t be confused by the charges and you won’t have to worry about either an overdone or ill-designed invoice.
Consider charging Interest:
Think your client needs a little push to start paying on time? You could explore the option of charging interest on late payments. While some might think this is an extreme step, you can implement this policy on those serial defaulters that seem to never learn.
But Think of Discounts, too!
Okay, we know how some clients love discounts, who doesn’t? So, offer them some. Set up a dynamic discounting system with nu,mb,erz with which you can offer your clients a 2% discount when they complete the payment by Due Date and a 5% discount if they do so before the Due Date. Oh, did we tell you, you don’t have to worry about crunching a single number for all those dynamic payments? Yep, staring at your accounting books is a thing of the past.
Make Deadlines Matter:
By letting your clients know in advance about the payment deadline, you can reduce confusion and miscommunication. When they sign the work contract, make sure you are both on the same page when it comes to payments. Restate them by printing these deadlines on the invoices and other transport documents.
Let them Consider Instant Payments:
Sounds impossible? Nope, because you can add an option for the client to pay online directly on the invoice itself!
Use nu,mb,erz for this cool option so that your clients are also reminded of their payments every time they see your invoice. Plus, online payments are convenient for many people which help you control your payments even better!
Like all spheres of your business, relationships make a real difference! Building a good rapport with your clients is a great idea but to personally know who is making payments from the client side can be an added advantage too. This can be done by simply sending a handwritten thank-you note regularly or calling every so often for a quick chat.
With value-based pricing, you can get paid faster and work towards getting more business instead of running after payments. Online Invoicing apps and online products enable you to detect payments and share invoices instantly. Tracking, analytics, and reminders can be automated making your life even simpler. Also, have you checked out the “Pay Now” button on nu,mb,erz? It can give your client that extra push to pay to real quick!