Small Business Invoices – How to Get Paid Fast

Are your clients a little (or a lot) slow when it comes to paying their invoices? ๐Ÿ˜ฌ

While you canโ€™t pull out their credit card for them, thereโ€™s some things you can do in your invoicing process to increase your chances of getting paid โ€“ and even increase the speed of the payment!

Here are 5 simple tips on how to do it:

(๐Ÿญ) ๐— ๐—”๐—ž๐—˜ ๐—ฌ๐—ข๐—จ๐—ฅ ๐—œ๐—ก๐—ฉ๐—ข๐—œ๐—–๐—˜ ๐—ง๐—˜๐—ฅ๐— ๐—ฆ ๐—˜๐—”๐—ฆ๐—ฌ ๐—ง๐—ข ๐—จ๐—ก๐——๐—˜๐—ฅ๐—ฆ๐—ง๐—”๐—ก๐——

You may know that putting โ€œCIAโ€ on your invoices means โ€œcash in advanceโ€ โ€ฆ but your client may read that and think โ€œโ€ฆ Central Intelligence Agencyโ€ฆ??โ€

Make sure your terms โ€“ both for payment period AND late fees! โ€“ are (literally) spelled out on every invoice

(๐Ÿฎ) ๐—ฆ๐—›๐—ข๐—ฅ๐—ง๐—˜๐—ก ๐—ฌ๐—ข๐—จ๐—ฅ ๐—ฃ๐—”๐—ฌ๐— ๐—˜๐—ก๐—ง ๐—ฃ๐—˜๐—ฅ๐—œ๐—ข๐——

Stats show that if you give more clients more time to pay โ€“ like 30 or 90 days – theyโ€™ll take it!  So, logically, if you ask for payment sooner, youโ€™ll receive payment faster. 

You can do this by starting to ask your client for deposits or shortening the payment period to 14 days or even โ€œdue on receipt of invoiceโ€.

(๐Ÿฏ) ๐—•๐—˜ ๐—ฃ๐—ข๐—Ÿ๐—œ๐—ง๐—˜

Research shows that adding a simple โ€œpleaseโ€ or โ€œthank youโ€ to your invoice results in faster payments!

(๐Ÿฐ) ๐— ๐—”๐—ž๐—˜ ๐—ฃ๐—”๐—ฌ๐— ๐—˜๐—ก๐—ง ๐—˜๐—”๐—ฆ๐—ฌ

You want to remove as much friction as possible when it comes to the payment process.  Emailing them an invoice to pay online is MUCH easier and faster than mailing an invoice and waiting for a check in the mail.

(๐Ÿฑ) ๐—›๐—”๐—ฉ๐—˜ ๐—–๐—Ÿ๐—˜๐—”๐—ฅ ๐—Ÿ๐—”๐—ง๐—˜ ๐—™๐—˜๐—˜๐—ฆ + ๐—˜๐—ก๐—™๐—ข๐—ฅ๐—–๐—˜ ๐—ง๐—›๐—˜๐— 

Just having a line about late fees on your invoice statistically increases your odds of getting paid on time!

And even if that doesnโ€™t get payment by the due date, you can do other things to incentivize (late) payment, like scheduling automated reminders in your billing software, charging the late fee, or withholding the final product until final payment.

(Want more invoicing tips? We also included an article below ๐Ÿ‘‡ with more helpful advice on upgrading your invoicing process!)

โ€œHow to speed up payments: 20 tips to get clients to pay their bills and invoices fasterโ€

What about you? What are the payments terms on your invoices? Is there any way you think you could improve them?

Or โ€ฆ maybe youโ€™re not exactly the type of person who gets excited at the idea of spending time reading about invoicing strategies โ€ฆ   ๐Ÿ˜œ

If thatโ€™s you โ€“ donโ€™t you worry.ย  We help all our clients with their invoicing, and related cash flow strategies, so they donโ€™t have to spend their limited time reading about it.ย  And weโ€™d love to help you, too!ย 

Kerry Postel โ€“ Founder CEO Principal

Abacus Business Solutions

Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.

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