Are you facing slow paying customers? Maybe some of them simply are forgetful, aren’t able to pay, or they are waiting for future payments. However, reminding your customers to pay is one of the most uncomfortable situations in business relations.
To avoid situations like this, here are some advice (from our experience too) how to provide an incentive for your customers to pay.
Create and send online invoices by e-mail. Compare the time and effort lost in creating the invoice, printing it and folding to envelop to time spent in creating and sending the invoice my e-mail. Is it incomparable right? By sending the invoice by e-mail, not only you save your time and effort but you can be surer that the invoice is delivered. With printed invoices, you can never know if the invoice is lost by way of arrival or it’s somewhere on your client’s desk.
Invoice Meister has a pretty simple form of creating and sending online invoices by e-mail. You can try it for free here.
State the payment terms. How can your customer know when they need to pay if you haven’t stated it clearly? By specifying the payment terms, for example, one week or five days you give your customer a deadline. After the specific date, the invoice will be due which affect your customer in a psychological way. With Invoice Meister this is done with one click – chose the payments terms and Invoice Mister will automatically set the due date of your invoice.
Track your payments. We might forget whether a certain invoice has been paid or not, but Invoice Meister never forgets. J By setting automatic notification Invoice Meister will notify you of every due invoice so you can send a gentle reminder to your customers. Plus if you enter your invoice payments on time, IM will color the ones that are paid with green and the ones that are not with red. Color-coded rules!
Provide a small discount for early or on-time payment. This can be a percentage of a total invoice amount which adds up to a client like a cost advantage. Knowing that the customer can save even 1% of the total invoice amount is a great incentive for them to pat. You can include this discount under “Notes” or “Terms” when creating invoices in Invoice Meister.
Last but not least, never estimate the power of maintaining a professional relationship with your customers. Regardless of how upset you might be, keep your cool and remain respectful when checking invoices that have gone overdue.