By Sandra HolzOn Jul 13, 2018 Invoice Templates
Once you’ve delivered your side of the agreement, it’s time to send your customers an invoice. Invoicing them as quickly as possible helps to encourage them to pay faster. After all, if you’ve delivered your products on Monday, why wait until Friday to send your customers an invoice? If you’re billing your clients for services rendered, sending invoices upon the completion of a project serves another purpose: it encourages them to pay while the value of your work is still fresh in their minds.
However, setting Net-30 payment terms doesn’t mean that you’ll definitely get paid on time. Most debtors pay 2 weeks late regardless of whether payment terms are due immediately or due in 30 days. In light of this, if getting paid in 30 days is critical for your business cash flow, decreasing your payment terms could be a great way to ensure you get paid in time. After all, if you’ve tried your best to provide your customers with goods and services according to their deadlines, it’s only fair for them to pay you promptly as well.
How do you accept payments from your customers? For example, do you only accept cheques sent in the mail, or through PayPal? If you do, it may be time to rethink your policy on payment methods. By setting up more payment options for customers to choose from, you’re making it easier for them to pay you. This way, instead of having to make a special trip to the post office, they’ll be able to pay you in a way they’re comfortable and familiar with.
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