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4 Easy Ways to Get Paid Faster

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Question: do you want to get paid faster? The answer is: of course you do! Late payments are still a huge problem for Aussie small businesses and waiting for your customers to pay you can quickly sink a business. So what can you do about it? This month I’ve got 4 easy tips to speed up the payment process and increase the likelihood that you get paid. Read on to find out how.

Invoice straight away

Invoicing your customer straight away while the work is still fresh in their mind can lead to them paying you sooner. This is even easier with QuickBooks Online - you could even have the invoice in your customer’s inbox before you’ve even left the job! So don’t wait a few days or weeks - email that invoice as soon as the work is completed and watch the payments roll in.

Provide more payment methods

Give your customers more options to pay - including online payment (like PayPal), which can make it easier for your customer to pay instantly. Make it as easy as possible for them to pay you and they will!

Offer a discount for paying on time

It costs you more the longer an invoice is left unpaid so why not try and encourage on-time payments by offering a small discount if your customer pays the invoice on or before the due date. The discount will pay for itself if the customer pays on time, saving you the stress of chasing late payments.

Set up auto email reminders

This one is a game changer. You just use your accounting software (like our personal favourite, QuickBooks Online) to set up auto reminders for late invoices. An email reminder will be sent for any unpaid invoices, with a copy of the invoice attached (so they can’t say they haven’t received it). You’ll be able to remind your customers that they need to pay their invoices without even thinking about it. Which means you’ve got more time to focus on other things - and what small business owner doesn’t need more time??

Want to start doing this stuff in your business? Connect with us today and we can help you get started - we are the QBO and Xero experts!