How to Create Invoices that Speed Up Payment

In this article we will help you determine what creates action and inaction in your customer’s pay behavior as well as give you tips to create invoices that speed up your customer’s payments.

First, review your current invoice statements. Many people rarely take the time to examine what they are saying to their customers. Does your invoice say “Payable upon receipt?” or does it list the age of the account, "current, 30 days, 60 days, 90 days and over 90 days?”

These are both very common statements on bills, but what are they really saying to your customers? “Payable upon receipt” says “Pay when it's convenient.” And listing the age of the over due account says “We are a creditor.”

Instead of sending invoices that encourage inaction alter your verbiage and speed up your customer’s slow pay behavior by using the following tips:

• List a due date on all of your invoices: "Due on January 31, 2007.” People are much more likely to pay attention to a specific payment date, and you eliminate the possibility of any misunderstanding.
• Offer an incentive to pay on time. Many businesses, offer a discount for paying within 10 days of an invoice date. Note: 2% is typical for payments within ten days.

Using invoices that list a due date and offering incentives for fast payment promotes action and frees up your cash flow so you can continue to grow and care for your business.

If you find yourself in a situation where none of these options can help and you need immediate cash, please visit us at www.universalfundingmain.com or call for immediate assistance 1-800-781-3978.