Invoice

Invoice Designing Tips That Can Accelerate Payments

Maintaining an inbound-outbound cash stream is crucial for any business. More often than not, a business’s outgoing cash flow is more frequent than the incoming. In other words, on a regular basis, any business has a recurring expense of employee’s salary, purchase inventory and other miscellaneous expenditure all of which requires money. Now, in the eyes of books your business might be making profits, business is growing, but when you don’t get paid on time, your business suffers. This remains a problem to be considered for the work which has been finished and delivered.

 

One might be thinking what more could be done beyond sending professional invoices on time? How to increase your chances of getting paid on time? There is a very simple solution for your business to get paid promptly. Design your invoices in a way that it leaves no loopholes for your client or customer to escape or delay the payment. Your invoices should consider including the following three key elements:

 

1) Build Rapport

 

What we mean by developing a rapport is all about the details of work submitted, a payment amount owed and the payment terms that bind the customer to pay. Ensure to mention the work and/or services rendered in detail and also refer to the payment conditions and agreement that is signed regarding the payment committed. The verbiage conveyed in the payment agreement plays a major role in getting paid on time. With payments overdue, businesses often refer the notice with legal commitment and penalty. Middle-aged small & medium business owners respond well to formal payment language while the young millennials running startup enterprise are turned off with the same language and sees it as threatening. Hence, it utmost necessary to adopt the verbiage that will meet your customer’s expectation as well as get you paid faster.

 

2) Follow A Process

 

Customers frequently miss out to pay by the due date. Can’t say for sure whether it is done in error or deliberately. A general rule of thumb indicates that any payment that’s more than a few days out is often going to be forgotten. Hence, it is recommended to send regular payment notice before the payment is due and frequent follow-ups in short time frames. In other words, following the short cycles is beneficial. You can start with such notices with 3 days prior to the payment due date which is considered to be ideal. However, if the customer is past-due then, your demand payment notice should ensure to have a deadline for the payment. Of course, following a strict follow-up and stringent payment process is necessary to maintain the cash flow of your business.

 

3) Remove Challenges

 

Overdue invoices from customers will often result in argument and disputing charges for the services and work long after it has been delivered. This is nothing but an attempt to revise the final amount. This could happen even long after the payment is due. Beware, that the customer might come up with excuses regarding the work and/or service but your invoices should be clear with the pre-defined counter-argumentative solution for those excuses in condition statements.

 

Even if the customer wishes to put up with dispute then be ready with the process. However, keep in mind that it is better to give away a 5% discount over a small disputable item rather than to lose the future business from the customer.

 

Using a suitable language in your invoices would definitely increase your chances of getting paid quickly. Your tone and verbiage in the invoices will set a positive connection, define the clear process and eliminate any challenges that might block the payment.

 

Summary:

If you are unsure and are looking for on-the-go available & free invoice generator then look no further than Moon Invoice. You can go with a free trial period and check for yourself how seriously your clients take you and your work so that you get paid quickly. Moon Invoice is the best invoice app maker that has proven to be boon for solopreneurs, entrepreneurs and business owners.

Moon Invoice

Moon Invoice App - delivers the wave of innovation to the small business owners by introducing the simplest way to invoice, accept payments and run business on the go with the help of Moon Invoice App.