Waiting 30, 60, or even 90 days to get paid can cripple your cash flow. Use these proven strategies to get paid faster and keep your business running smoothly.
1. Send Invoices Immediately
Don't wait days or weeks to invoice after completing work. Send invoices the same day or within 24 hours. The sooner you invoice, the sooner you get paid.
2. Offer Online Payment Options
Make it easy for clients to pay by offering credit cards, debit cards, and ACH transfers. Adding a "Pay Now" button to your invoice can reduce payment time by 50%.
3. Set Clear Payment Terms
Be explicit about when payment is due. "Net 15" or "Due upon receipt" leaves no ambiguity. Include late fees to incentivize on-time payment.
4. Require Deposits
For larger projects, require 25-50% upfront. This ensures you're not funding the entire project out of pocket and reduces risk.
5. Send Payment Reminders
Automate friendly payment reminders:
- 7 days before due date: Friendly reminder
- On due date: Payment due today
- 3 days after: Overdue notice
- 7 days after: Final notice with late fees
6. Make Invoices Crystal Clear
Detailed, professional invoices get paid faster. Break down charges, include project details, and make the total obvious.
7. Build Strong Client Relationships
Clients who trust and value you pay faster. Communicate clearly, deliver quality work, and be responsive.
8. Offer Early Payment Discounts
Incentivize fast payment with a 2-5% discount for paying within 10 days. This can significantly improve cash flow.
9. Use Recurring Invoices
For ongoing services, set up recurring invoices that automatically send monthly. Consider auto-charging saved payment methods.
10. Follow Up on Late Payments
Don't be afraid to follow up. A polite phone call or email often gets faster results than waiting.
Getting paid faster is about systems, not luck. Implement these strategies, use modern invoicing tools, and watch your average payment time drop significantly.