Everyone wants to get paid, but what if you could get paid even faster? Better invoicing practices can help your company do just that. Here are four quick invoicing strategies that can assist in quicker payments.
1. Assess Your Back-Log of Overdue Invoices
No matter what size your company, you likely have a list of overdue invoices. Stay on top of these by assessing them regularly and evaluating what the problems with payment might be. Are there any additional details that your clients may need to expedite payment? Some of the aspects to look for include:
- Purchase order numbers
- Contract numbers
- Tax IDs
- Account numbers
2. Use Better Invoicing Templates to Provide Clearer Expectations
While you’re assessing the overdue invoices, consider taking what you’ve learned and creating an invoice template. Using an automatic process like a template means you’re less likely to forget important information that can get you paid faster. Be sure to include payment terms and dates of service for clear expectations.
Including contact information for your client as well as your own contact information will help your accounts payable department reach the correct people when contacting your client. Include a place to attach work orders, statements of work, contracts and any other documents that provide clear expectations of both parties.
3. Give Your Customers More Options to Pay
This is the digital age, and most people want plenty of options for payment. If your system only allows payment by check, you’ve already lost the game. Choose a payment system that lets your customers pay invoices in a way that’s easiest for them. Payment innovations like the solutions offered by IntegraPay let customers choose a payment that’s right for them, which means you’ll get paid faster.
4. Follow-up Early and Often
While these strategies will hopefully reduce the number of unpaid invoices your company deals with, you may still have a few stragglers. When a customer doesn’t pay within your stated payment terms, follow-up as quickly as possible. Keep things professional and polite while letting the customer know that the invoice is due. If you extend the payment terms, give clear, concise instructions with a specific date. Keep contacting them often until the invoice is paid.
Tired of dealing with unpaid invoices? Contact IntegraPay today and speak with a business payments specialist to see how you can get paid faster with one of our innovative payment solutions.