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8 ways to get paid on time

You are losing money for every delinquent payer
By Entrepreneur Staff |

Getting your clients to pay on time is a challenge that a lot of entrepreneurs experience when running a business. Sometimes the check bounces, or the client is nowhere to be found, or something happens during collection day.

Entrepreneur.com.ph listed down 8 ways on how you can make your clients pay on time the next time you transact business with them:

1. Once the goods are shipped, send the invoices immediately, not a day or a week later.

2. Indicate clearly in the invoice the due date and any late payment penalties.

3. Ensure that past due bills are paid by the customer before granting him another credit transaction.

4. Deposit customer checks promptly every day.

5. Always ask the customer to give a down payment.

6. Beware of telltale signs that a problematic customer may be about to declare bankruptcy.

7. Monitor the status of your outstanding accounts receivable weekly.

8. Enforcing a stricter credit and collection policy.

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