Gone are the days when invoicing clients began by sorting through a stack of paperwork. Today, technology allows business owners to get paid quickly online.
If you are waiting too long to get paid after invoicing your clients, there are several ways you can maximize the use of online payments to get paid even faster.
Set up an invoice template, and stick to it
There are several online platforms you can use to create an invoice that you can then copy for future invoicing purposes. You can customize your invoice to contain all the essential invoice information while maintaining a professional design. Continue to use the same template for consistency. This way, when clients receive your next invoice, they already know what to expect and won’t have to spend as much time scrutinizing it before sending payment.
Send your invoice as soon as you complete work
With online invoicing being easier and faster than ever, you can invoice your client once the work is complete as opposed to waiting for a designated billing cycle.
Use a provider with options
Most online payment platforms have a few payment options that clients can choose from, and more options for payment means more convenience for clients. When payment options are convenient, your clients are more likely to pay you in a timely manner. Most online payment platforms have the option to display a “Pay Now” button on your invoice, which makes it easy for your customers to send payment instantly.
Use a PAD agreement
A Pre-Authorized Debit Agreement (PAD) is a type of contract that allows you to withdraw funds from a specified account automatically. It eliminates the need to send a payment, which speeds up the process significantly. This type of agreement is most useful for clients or customers with whom you have an ongoing relationship. The most efficient way to use a PAD agreement is with an online payment provider - this way, you can manage the agreement and automatic debit in one convenient online tool.
Set up automatic reminders
With online invoicing and payment systems, you can set up automatic reminders that will be sent to your clients before or after an invoice is due. This means you no longer have to keep track of who has paid you and when – once the invoice due date approaches or has just passed, a reminder will automatically hit their inbox.
Less time spent invoicing and worrying about payments means more time spent on your business. Online payment platforms are not only a fast and efficient way to process your invoices, but they are also customizable. Set up a system that works best for you and your business, and take advantage of the versatility that online payment offers to make sure you get paid for your work faster.