• Lionel Pavey

How to get paid on time (hopefully)

Updated: Jan 3, 2018

1) Take time and care designing your professional invoice - this should include your company logo, contact details, invoice number, concise details of services/products provided, your payment instructions and settlement date.

2) Create terms and conditions - this will determine how and when you will be paid. Also understand your clients' position. If they have a preferred method for payment and it is acceptable to you, adopt it for them.

3) Invoice accurately and correctly - ensure that there are no mistakes and that you invoice on time.

4) Follow up - do not wait till your invoice has reached the settlement date. Contact your client before to ensure that your invoice has been received and accepted.

5) Reward and penalize - offer a discount for early payment or a penalty for late payment. Offer alternatives - if your client is encountering difficulties consider offering temporary monthly payments.

6) Be polite and professional - this is business and there will be times when your patience will be tested. At the same time you are also engaging in building relationships - preferably for the long term.

7) Outside help - this could be a legal process or hiring external professionals to handle the workflow.

8) Keep your records up to date - this also refers to the static data of your clients. Ensure you have their correct address, email, phone number, contact name etc.

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