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How to Get Paid Quickly

Last updated June 22, 2012

Closing the sale is not good enough. All businesses know that the 'sale' is not complete until the money is in your bank account. But with everyone pushing credit to the limit these days, how do you get your money, and fast? One of your top priorities should be to get paid quickly. Try the following suggestions.

1. Ask for the money upfront; it is that simple. You may need to incentivise them with a range of offers such as a:

  • Discount off their next purchase
  • Discount on this invoice
  • A cash back offer
  • A credit to their account against future purchases

2. Ask for a deposit, or a larger than normal deposit - you never know they may just pay

3. Use early payment incentives as part of a negotiation to get paid quickly

4. Ensure that all invoices raised are 100% accurate - don’t give the client an excuse to delay payment - you want to get paid quickly

5. Look at recurring income models. Can you put your clients on monthly DDMs? What could you offer on a regular payment basis?

6. Make sure that accounts team know what you have agreed.

Of course you should only be giving credit if you've credit checked those customers in the first place! However secure you think they are you should still check them out. Whatever you do don't give credit and an early payment discount - now that would be a recipe for disaster !

What’s your most successful tactic to get paid quickly?

shirley-mansfield-CoachSME
Shirley Mansfield
Master Business Problem Solver

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