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Your Late Paying Customers Will Pay Faster With These Tips


Late paying customer! These are the people entrepreneurs dislike the most.
Honestly, it can be frustrating to do business with someone and they find it difficult to pay.

Chasing clients to get the money that is rightfully yours is annoying, but how about avoiding the trap of debtor clients in the first place?

Here’s how to get your debtors to pay and eliminate owing clients:

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Research

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Ask questions, do some digging on social media, and talk to people who have done business with the person before. Does the person owe or delay on payment? This will help you decide if you want to do business with the person.

Offer a discount

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People just love deals and discounts. You can offer your customers a discount if they make payment early enough. It’s called an early bird fee and it totally works.

Ask for part payment before commencing the job

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It almost seems like paying after services have rendered makes certain clients feel like they’re shopping for free. Not on our watch! Secure the bag and ask them to make a part payment (or even pay in full) before their purchase can be validated. Just to avoid stories that touch.
Be clear on costs

Send the client an invoice so they know exactly how much they will be paying. And don’t just make this clear verbally, you should have ave emails or WhatsApp chat history that documents the fact that the client was aware of the financial implications of your products/services. This also helps you avoid unnecessary drama later on.

Late payment must come with an extra charge

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Depending on the kind of business you’re into, you could specify in your invoice that late payment attracts an additional fine, e.g an extra 10% fee to invoices not paid in 2 weeks.

Now you know how to avoid debtor clients.

 

Disclaimer: The Post Your Late Paying Customers Will Pay Faster With These Tips was first Published by FAB.NG on www.fab.ng.

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