5 Awesome tips for billing customer to get paid faster

Posted Date : 21-Nov-2018
tips to get paid faster

Finance is the most significant component of every organization. A regular flow of cash can keep the business thriving. However, most of the businesses waste their time collecting cash from clients. Furthermore, prolong delay in payments hampers both the productivity and the operations of the organization. Thus, every organization needs to make certain provisions to ensure that they get paid faster in order to have a regular cash flow.

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From entrepreneurs, small businesses to the big business, everyone struggles to get paid on time due to problems in invoicing. If you are also struggling to get paid on time, then we are providing you with five awesome tips that you can follow.
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Tips to get paid faster

  • Offer more payment methods:

  • As a business owner, it is significant to understand that clients and customers may have different ways of making payments. Therefore, you need to ensure that many payment options are offered to the customers.
    “How Would You like to Pay for That?” is a question that is commonly asked at the retail counter of large stores. But, most businesses never ask this question as they have already set their billing process, regardless of the fact whether the process is preferred by their customers. However, if you offer more payment methods to the customers, then there are better chances of getting paid faster.

    The payment options include:
    • The payment type you accept like cash, credit card, check, bank transfer, etc.
    • The timing of the payment (pay when the service is received, pay after receiving the service, pay through invoice and pay over the phone.)
    • Flexible payment ( paying on a periodical basis, or an automatic payment plan)
  • Reduce the extra effort on the customer’s part in the payment process

  • Any step that requires the customer to perform extra effort is the major source of delay. In case of paper invoice, the process is quite tedious as explained below:
    • You’ll create an invoice, get it printed and put your company’s stamp before sending it by post. Then you’ll post it.
    • The postal company will take a few days to deliver the invoice to the customer.
    • Then the customer will go through the invoice. The invoice might not reach the right person directly, so there is another delay.
    • ‌Now, the customer has to find the chequebook and pen to fill out the details.
    • Then, they have to arrange an envelope and stamp to send it back to you.
    • The customer has to go to the mailbox to send the invoice back to you.
    • ‌Again, you will have to wait for few more days for the postal service to deliver the invoice to you.

    It is an exhausting process. So, you must find an alternative way to get the payment.

  • Automate your billing

  • As you know sending invoices through mail takes a long time and is very inconvenient for you and your customers. Furthermore, the invoice is at the risk of getting lost. Automating the invoice process is more convenient. The customers can access and check the invoice in real-time.
    Automating billing is a process in which the invoicing for the goods and services is done automatically in real-time, without the need to prepare the invoice by hand. Many billing software provides the ability to send and receive electronic invoices. The use of this type of software makes it possible to manage the invoicing efficiently and save both time and money.
    There are several features in the billing software which makes it easy for the businesses. These include the creation of customer profiles containing all the data needed to prepare the invoice. This data include customer's name, contact number, billing address and email if the invoice is to be sent electronically.
    The use of effective billing software is common with companies of all sizes and saves the company's time and resources. The businesses are able to keep their expenses lower and thus remain more competitive.

  • Collect the payment when the customer is receiving the service

  • Collect the payment from the customer at the time of the service, rather than sending the invoice to your customer after the task is done. There are better chances of receiving the payments promptly by the customers while the task is in progress. If not all, then at least you can request 50% of the amount as advance. This ensures a regular flow of cash.
    • If you are dealing outside the company with the customer, then use a mobile phone for the payment.
    • Take the customer's credit card number, if you are taking an order over the phone.
    • Collect payment online if you are working online.

  • Payment plans

  • Sometimes, the customers are unable to pay the complete payment at the time of service and the entire payment becomes due. However, rather than battling with the customers for the full payment, you can offer them a payment plan. You can ask for the payments in 2-3 installments so that it is better for both you and your customer. The best way is to automate the payment plan so that you can charge the customer's credit card or bank account as and when needed and every payment is not a battle.

Final Words

So, these were 5 awesome strategies to ensure that you are getting paid on time. You can implement any or all of these five tips to get paid faster. If you follow these tips properly, then you can concentrate on growing your business instead of collecting payments.

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