10 Tips for Getting Paid on Time (or At All)

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  • April 21, 2017

 

1. On average, debtors pay two weeks late. If you want to get paid in 30 days, make your standard terms 14 days.

2. Get paid upfront! Even if not your standard terms, never turn down an offer of early payment.

3. Make sure all necessary details are on the invoice, the goods or services provided are detailed and offer a range of payment options.

4. Set out on the invoice the process and deadline for querying or disputing payment.

5. Credit check new customers signing up for large deals.

6. Address invoices to a person, rather than a department.

7. Incentivise early payment and ensure sales or referral incentives are linked to payments, not introductions.

8. If you operate on a pay on collection or delivery basis, remind clients just prior to delivery or collection date to have payment ready.

9. Invoice promptly, follow up with monthly statements.

10. Enforce your terms and follow up promptly.

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