Late payment kills businesses, it’s a fact.

Latest research shows that British SMEs are having to wait an average of 41 days longer than their original agreed payment terms before invoices are paid. (source: BACS)

So what can you do to get paid faster?

1. Get payment upfront – It might sound obvious but do you ask for payment with order? or deposits? or to be paid on delivery?
2. Get Stage Payments – on projects agree stages and collect payment before you do the next stage
3. Raise the Invoice quickly – as soon as you can bill the client send out the invoice
4. Agree Terms of Business and Payment Terms before you start any work
5. Make sure you know who to bill and who to chase for payment
6. Make your invoice stand out, use bright colours and send a copy by Post and E Mail
7. Offer multiple payment methods – Credit Card, BACS, Cheques, PayPal – make it easy for your client to pay you
8. Offer a discount for prompt payment
9. Charge interest for late payment
10. Deal with any disputes quickly

steve@bicknells.net