5 Easy Ways to Get Paid Faster
| Posted in Bank Blogs
When you’re a business owner, you do it all – from serving the needs of your customers to overseeing your staff to managing your finances. With so much on your plate, you shouldn’t have to wait weeks or even months to get paid.
But for many business owners, that’s a harsh reality.
Being paid on time is critical to the success of your company; it helps you build cash flow, preserve relationships with customers, and meet your expenses.
The good news is that there are steps you can take to help you get paid faster and save valuable time that you can use to focus on other aspects of your business. Let’s take a look at them:
- Automate accounts receivable. Software and payment platforms help automate your invoicing and payment collection and save you time. Invoices are sent automatically on time, eliminating error-prone, manual entry. Customers can easily pay electronically with a single click and will receive automatic reminders to alert them that payment is due.
- Offer a variety of payment options. To increase the likelihood of getting paid and build strong relationships with your customers, offer multiple ways to pay, including checks, ACH, and debit and credit cards. Accepting credit and debit card payments offers several benefits – customers can earn valuable rewards, and you get paid faster, helping build your cash flow.
- Provide incentives for early payment. Offering your customers discounts for paying early is a great way to collect early payments and enhance your relationship.
- Request partial payments. Larger jobs can take a longer time and slow down collections. Consider requesting up-front or partial payments on these jobs to help ensure you have the cash flow to meet your expenses. Be sure to spell out your payment terms in your contract, so your customers know exactly what’s expected.
- Offer subscriptions. If you want a steady source of revenue, offer repeat customers subscription services. Your customers enroll in your service using a payment method, such as a credit card or ACH that’s automatically charged on a set schedule, eliminating the need for you to send manual invoices and track down payments.
You deserve to be paid for your hard work.
Your cash flow is the lifeblood of your business. Taking these steps to expedite collections can help enhance cash flow, reduce time spent on manual processes, and build strong relationships with your customers. What’s not to love about that?