How Do You Get Clients To Pay Invoices Promptly?
• Make your payment policies clear at the time your services are retained. However your business is approved, whether it’s by a client meeting, or by you submitting a bid, at some point, your client must agree to your estimated price for the work they want done. If your payment policies are stated clearly on your contract, bid, or whatever document you use to bind the contract, you are ahead of the game. • Accept all forms of payment and encourage credit card payment. If possible, take credit cards. In this way, you are sure to be paid in timely fashion even if the client doesn’t have the funds at the current moment. Shop for a merchant account provider and set up credit card processing for your business • Get a deposit in advance. Unless you have a relationship of long standing with the client, get money in advance, and then plan to collect some more midway through the job. Usually, this is 30/30/40 – 30% in advance (to bind you, and to enable you to purchase materials), 30% upon comp
