Late payments

Initially, many people do not emphasize on payment collaboration moment while having business to run. It seems naturally to obtain check just after dispatching a bill.

In fact, that pattern rarely works. Getting paid for fulfilled work turns out to be a real challenge. Resolution of this issue requires some efforts. Aiming to handle the accounting in much easier way, it is necessary to develop a creative and rational approach.

So, how to catch cash-flow wave?

Put aside all worries about money and take a look at some effective ideas to bear in mind while considering your own approach to collect payments.

Send invoice before client can think about it

Notwithstanding this suggestion may seem to be evident, invoice should be dispatched right after the order is made. Often, due to poor planning, this aspect can be missed. Customers, in their turn, may interpret such behavior as “You made an order? Ok, You can pay whenever You like”. And then the payment could be waited forever.

To avoid misunderstanding just implement invoice sending practice upon completed order. To speed things up You may try invoice templates, that will help to compile it quicker.

Be accurate with information

While sending invoices make sure You have verified contacts. Don’t do the extra-work. Before directing any message, just be convinced You have found out the right person or department, which is responsible for accounting. If You are doing business with a large corporation, wrong directed letter there can be left unattended.

In addition, if You are intended to proceed with certain client, it will be a great idea to inquire, which invoice format or what payment option would be preferable for him. Attentive attitude to business partners turns into their guaranteed good graces.

Pay attention on details

While designing invoice form, all elements should be considered precisely. The desirable effect is to inspire trust towards the company and thus to eliminate all concerns for order delivery.

Thus, invoice should be made up in formal design, include the company’s logo and seal. All main details should be underlined wisely, but not excessively. It must be simple and clear.

And, of course, all have to be done digital, advanced technologies allow to provide such service.

Some motivation can work

bonus motivation

Offer a little discount for early payers. Such proposition will not affect the cash-flow significantly, but will boost payment process.

Besides, the availability of various payment options might be crucial factor to accelerate payments.

Post-paid condition

In case the relations between deal participants have just commenced, the best way to conduct payments would be with post-paid clause. Thus, each side will be ensured, that obligations of the both will be completed. No one will be at risk.

Be on the wave with Your customers

It’s well-known, that there is no escape from the developing world. By now everyone follows the last innovations trends. So, You shouldn’t be an exception. If your business hasn’t been optimized to a mobile form, don’t trail far behind, handle it immediately. This option concerns the payment process as well. Imposing the mobile technology in business won’t leave You waiting long for effect!

Don’t forget about monitoring

All ideas are implemented, strategy starts to work.. Can You feel relax and enjoy the process? No. Every action needs control. Nowadays there are a lot of special software to manage all things go right. Just implement the one in your business and check the cash-flow is running successfully.

Be on the look out

Don’t roll over late payments. Keep an eye on them by sending tactful reminds. Another variant is to contact the client’s representative in order to wonder if they have all necessary information to conduct transfer.

While realizing all the ideas, be sure You have specified payment details on your web. Also, it would be great to develop a polite manner of communication with customers by mailing as well as by phone and through web.

Try these uncomplicated ideas and, thus, enhance Your business success.