When you invoice a client or customer for work, you want to make sure that they pay you quickly. Receiving payment fast doesn’t only help you with cash flow, it also helps ensure that you maintain strong relationships with clients and that you can focus on the important work and not the distracting administrative tasks. Here are some invoice payment terms tips that can help ensure that you get paid fast once you send an invoice.
Discuss payment terms before you get started
Make sure that your client is completely aware of all payment terms before you ever get started with the work. That way, there will be no debate or confusion that will delay the process when it comes time to collect payment.
Keep detailed records of inventory and time
When you send an invoice, you need to charge for all of the inventory you used, as well as for the time you worked. Keep detailed records of both of these things, so that you can be very clear about what you are owed for.
Make the invoice clear and easy to understand
When you send an invoice to a client, make sure it is very easy to read and understand. Use an invoice template that has a clear layout and straightforward formatting, and don’t include too many numbers or too much jargon. The less time it takes a client to understand your invoice, the quicker they’ll pay it.
Address the invoice to the person paying
You don’t want an invoice floating around a company and remaining unpaid only because it hasn’t gotten into the right hands yet. Address your invoices to the person who’s actually doing the paying, so there’s no lag time or red tape to get through in the payment process.
Invoice as soon as possible
When you’re done with the work for a client, send them an invoice as soon as possible. Don’t wait several days (or weeks) to send the invoice, then expect to get paid right away. The faster you are about sending an invoice, the faster your client will be able to be about getting you the money you’re owed.
Use IntegraPay + Xero to capture payment
Technology can help expedite and simplify the invoicing and payment process. Rely on IntegraPay + Xero to automate the invoicing process and make it easier for customers and clients to pay you online. By using the pay now button, your clients can make a one-off payment via credit card, bank debit or via BPay. For repeating invoices, you can schedule direct debit payments via the invoice’s due date. With our auto-reconciliation feature, we can reconcile the payments back to the invoice via a click of button. Saving you time and money on processing your invoices. Speak to a payment solutions specialist today to learn more.