How to Get Paid Faster

The biggest issue affecting your bottom line might be the most obvious: not getting paid fast enough. The invoicing process will probably never be 100 percent headache-free, but with these strategies, you can make it as seamless as possible.

A succesfully sent invoice displayed with iPhone

Tell them what you want (nicely).

When you send invoices, don’t leave any room for interpretation. That is, add due dates and reinforce them with a friendly message thanking your customers for their business and reiterating the deadline. This way, it’s clear that you want the payment next week, not when they get to it.

Cast a wide net.

Sometimes the reason you’re not getting paid on time is that you’re sending the invoice to the wrong person. For example, your contact might not be the person who does the books, and it could take several rounds of phone calls and email to figure that out, further delaying your payment. With Square Invoices, you can send the invoice to multiple recipients, making sure it lands in the hands of the person who can take care of it the fastest.

Pay attention to timing.

Like so many situations in life, timing is everything. So while you might not think it matters when you send your invoices, it does. Square’s research shows that when you send invoices to clients on Thursdays, you’re most likely to be paid within two days. But when you send invoices on Sunday, you’re out of luck — paying bills is not high on anyone’s Sunday Funday agenda.

Follow up.

If your payment deadline has come and gone, resend the invoice with a gentle reminder email. And if that doesn’t work, print the invoice and mail it. Keep checking in every week until the issue is resolved.

Streamline the process.

Sending a bill via email is faster than mailing a paper copy, but you’re still wasting time unless you have a simple means of tracking the invoice, altering the contents, and sending reminders. You can send invoices through the Square app or from your Dashboard; you can also track paid and unpaid invoices from your Dashboard. Customers can pay online with a credit card; you can also record payments made by cash or cheque.

Incentivize early payment.

Clients who pay on time are great. But the early birds? Invaluable. Show your gratitude for pre-deadline payments by offering clients a bonus, like a slight discount for paying a certain amount of time in advance, or by offering a discount on future purchases. Once they experience the benefits of early payments, they’ll never settle for being just on time again.

Related articles:
Five Ways Invoicing Apps Help You Get Paid Faster
Invoice Examples for Every Kind of Business
What is a Pro forma Invoice and When Should You Use One?
How to Create an Invoice to Get Paid Faster
How to Find the Best Invoicing Software

Read more in:

Get your money faster than ever.

Square Instant Deposit gives you access to your funds when you need it.

Get started

Learn More

Get the latest business tips and advice delivered straight to your inbox.

Each issue will feature articles and advice on how to grow sales, improve your marketing, simplify accounting and much more.