Small businesses have a hard time and often struggle. It’s even harder when they have customers who do not pay promptly. There are 4 major mistakes that the majority of small businesses make when sending out invoices for services or products rendered. Taking a while to send the invoice. Send the invoice promptly while the product or fresh merchandise is fresh in the consumer’s mind. Not including all important details. This includes any small notes, extra charges, copies of any receipts; and please use regular language, no professional terms a consumer doesn’t know. Third, the ability to take credit or debit cards. Do you offer any benefits or discounts for consumers who pay with their credit or debit card? Would you consider it, since that means you would be getting your money immediately? Last but certainly not least, the non enforcement of late payment or returned check fees.
Key Takeaways:
- Details are very important; do not surprise customers with hidden fees after the fact.
- Do not delay in sending bills or invoices; people like to be able to pay them promptly.
- card payments are actually more beneficial and you should educate customers on this.
“As the business owner and provider of a service, it’s totally acceptable to enforce policies around late payments, to ensure your customers understand the importance of prompt and full payments.”
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