This can be a major problem for trade & construction businesses. You have done the work, invoiced fairly and now you need to be paid.
If you have clients that are not paying or they pay late, or clients that argue about the invoice and you end up giving them a discount just to get paid, here are five things that you can do to improve the situation and get paid on time:
- Invoice them as soon as the job is finished and if it is a bigger job, then make sure the invoices for progress payments are at regular intervals (e.g. every two weeks).
- Get a deposit, include this in your quote and terms.
- Have terms and conditions which include your payment and collection terms:
- make them clear at the time they retain your services, and
- then stick to them.
- Make it easy for clients to pay by offering payment options. EFT, Bank Smartphone payment apps, Paypal and credit cards. By providing options you are removing any barriers to payment. And always let the client pay when they offer.
- Follow up anyone who has not paid by the due date. Make it a priority to chase money as soon as it falls overdue.
Do you need a little help getting your clients to pay your invoices?
If you are not getting paid on time and you:
- are too busy working to make the calls,
- simply don’t like making the calls to ask for payment,
- don’t want your relationship with the client to include discussions about unpaid invoices,
- feel a little too emotionally involved when making the call for payment, or
- are a long way behind, the task has got overwhelming and you just need some help getting back on track,
Then contact us. We are experienced with collections for trade and construction businesses. We will follow up on your outstanding invoices, get the money paid and put in place a system which will allow you to keep it under control.