It is frustrating for any business owner, when their clients drag their feet to pay them, but for you the situation is more complicated, because your entire family depends on the company you run. After all, you will not be able to pay the bills and your bank account will not allow you to both manage your business and care for your family. If you find yourself in this situation, you are in a struggle to keep the cash flow, so you depend on the money your customers owe you. Because you are so busy with running the business, you cannot deal with the debtors by yourself, so you should hire a debt collection company London to do the job for you, because you are aware that only professionals can deal with clients who simply refuse to pay. However, if you do not want to opt for this solution from the beginning, here are some strategies that will help you get paid faster.
Accept different forms of payment
In case you accept only cash, you are the one who tied your own hands. People do not find comfortable to carry a lot of cash money, and if they want to purchase an expensive item, they will not be able to offer you cash. In addition, in case you accept only checks, you will have to wait for the CEO of the buying company to sign the check, and it might take a time until you get paid. It is easier if you accept mobile payment and even credit cards, because in this way the money will get into your account in a few days.
Charge a fee for late payers
People do not like to pay more for their products, so if you inform your clients that you will charge them a late fee, they will make sure to pay you in time. You can establish from the beginning the sum you will charge for late invoices. Make sure that the local regulations allow you take this measure, because some places put restrictions on the late fee charges.
Offer discounts for the clients who pay early
Customers simply love discounts, so you should reward the ones who make sure to pay the invoice in its due time. Even a 2% is enough for them, so you will notice that sooner than you think they will not suffer from loss of profit anymore. These are simple strategies you can use to get your money fast.