By On Sep 30, 2018 Invoice Templates
Firstly, if you’re addressing your invoice to your contact on the customer side but you’re constantly experiencing late payments, you might want to check with them about who’s in charge of paying you within your customer’s company. There’s a likelihood that your contact diligently forwards your invoice to the finance team, but it could be lying lost and forgotten in the latter’s inbox. Secondly, if you’re sending your invoice to more than one person, you’re also running the risk of everyone leaving it on the backburner, as everyone assumes that someone else will be taking care of it.
If incentivizing early payments is a carrot to encourage prompt payment, charging for late payments would be the stick. By adding late fees to your invoices, you’ll add a sense of urgency to your invoices. However, by doing this, you need to be prepared for vocal feedback from your customers -- especially those with the bad habit of paying late.
Once the due-date has passed, it’s time to follow up with your clients before you begin implementing late charges. After all, it’s possible that your invoice has slipped their mind, or it’s been lost in the mail. For a start, you can send out reminders like a personalized email, a text, or a phone call. Sending these reminders lets you remind your client about the money they owe you, and that you are serious about getting your invoice paid. If you’re sending your invoices through email, start using software that updates you once the recipient opens the message.
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