Get Paid Fast How To Make Sure You Get Paid On Time Everytime

Get Paid Fast How To Make Sure You Get Paid On Time Everytime Are you having trouble with your invoiced payments? You cant run a business if you cant get paid fast. Heres what to do to get paid on time everytime. On paper, the premise of freelance work is simple. You provide a job or service, and you receive a fixed payment for it. Right? However, if youre among the 57 million freelancers working in America, the formula may not be so simple. From unpaid invoices to late payments to miscommunication issues with your clients, its frustrating to chase down your funds. If you run a business, you need to get paid fast- on time, every time. Lets get into the top tips for success. Understand Why The Payments Are Late To identify a solution, you first need to target the problem. In other words, what exactly is going on? There could be a couple of scenarios at play here. On the one hand, a long-time client may make a one-time mistake. This is normal, as were all busy humans with full schedules. On the other hand, if youre working with someone new and a late payment happens, theres a very good chance of this history repeating itself. Its also important to identify if you are part of the problem. For example, are you being too nonchalant with how you expect payments? Are you sending invoices weeks after completing the work? Identify and Specify Your Payment Requirements When you work as an independent contractor or freelancer, its usually up to you to determine what the payment calendar and schedule looks like. This means you need to identify the cost of time and labor and specify how and when you expect to get paid. You need to specify these requirements and expectations from the beginning of your working relationship. Dont expect your clients to read your mind. After all, its usually not their top concern to think about when their contractors receive payment. Get It In Writing Before you even begin any contract work with a company, its best to have both a verbal and written understanding about the work, payment, and communication. This is where many people start with upfront deposits. Its not uncommon to request a 50$ deposit prior to beginning work. This provides both the freelancer and the company to put some skin in the game. Furthermore, a legal contract protects you in the event of your client skipping out or underpaying you. Setting up a contract may require consulting with a lawyer, but this is usually worth the financial peace of mind. Encourage Incentives Some freelancers incentivize their customers by offering small discounts for paying in full or even making early payments. This is, of course, at your discretion, but it can serve two purposes. On the one hand, you establish a protocol for increasing your chance of getting paid on time (or even early). For two, youre rewarding customer loyalty, and that can improve your reputation and overall business structure. However, dont assume that clients will know about these incentives. Make sure that you show the price differences, send out flyers or make a note when drafting out your invoices. You want the incentives to be obvious and enticing! Finally, you can also offer incentives for different modes of payment (such as using an electric check instead of a credit card). Automate Your Payments If you truly want to eliminate late payments, its worth considering whether you should automate your billing system. In doing this, you automatically process your payments without the hassle of manually invoicing and sending out reminders. Fortunately, the process of how to use automation software is fairly straightforward. You will input the vendors name, contact information, and tax ID number. From there, you can verify payments, monitor changes, create audits, and essentially streamline your accounts. This is usually advantageous if you work with clients in providing recurring services. If you have many clients on the books, its easy for you to get overwhelmed or even forgetful about the services your render. Automating will help you save time- and it could help you earn faster money without all the headaches of reminding your clients. Have Protocol For Late Payment Management Payment still not received? You need to establish authority and ownership by taking action. Once the invoice or payment is overdue, you need to send out a reminder within 48 hours to the company. Still no word? Send out another. At that point, you need to remind your customer that you do retain the legal rights to charge interest on their debts. Yes, you may hear excuses, and youll need to learn how to deal with those. Customers will blame other colleagues. Theyll tell you about their financial problems. They may even try to coerce you into a lower rate. If needed, you may have to locate a reputable debt collection agency and tell your consumer that to establish your intentions. In other words? Dont just ignore the problem and hope that it goes away on its own. While some customers occasionally forget to make a payment, this shouldnt be a pattern. Its normal for first-time entrepreneurs to doubt their work or skills, but that doesnt mean you should overlook your worth. After all, you have expenses to pay and a business to run. Dont feel nervous to take further action for those who disregard your business practices. Final Thoughts On How To Get Paid Fast No matter how amazing your business is, its not worth any of the work if you arent receiving the compensation you deserve. You deserve to get paid fast and on time without questions or concerns. You and your business are both valuable, and you need customers who can and will validate you for that! Interested in learning more about improving your career or creating the business of your dreams? Contact me today!