Financial Clarity for Entrepreneurs

15 Things You Can Do To Get Paid Faster – Part 6

If you’re jumping in mid-stream, Part 1 (with the complete list) can be found here.

12) Accept Payments Electronically

The most common methods of electronic payment available to small businesses will be credit cards, PayPal and check-by-phone/check-on-line.  All of these methods have costs involved, but having the cash in your checking account sooner can make it worthwhile.

For larger payments wire transfers can make sense.  Again, there are costs, but for larger payments – several thousand dollars and higher – the costs are generally lower than credit cards, PayPal and check-by-phone.

13) Send Thank-you’s

A quick email to your client’s A/P person thanking them for timely payment goes a long way toward developing a friendly business relationship.  Remember, people like doing business with people they like.  Be likable.

And, for going above and beyond the call of duty, send a hand written note.  You will be remembered favorably.

14) Deposit Checks Right Away

It makes no sense to go through all the effort to get paid promptly and then sit on the check for several days before depositing it into your checking account.  A check is just a piece of paper until your bank makes the funds available to you.

Something else to keep in mind.  Except for the largest companies, the person who pays invoices and the person who reconciles  the checking account are in physical proximity and talk to each other.  If you develop a reputation as someone who holds checks for deposit, they’ll be less likely to pay you quickly.  After all, you must not need the money that badly if you can afford to hold checks.

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