Seven ways to get customers to pay you faster

Late payments are one of the most common reasons profitable businesses run short of cash.

1. 1Agree terms in writing before you start. Payment period, method and any deposit go in the contract or quotation.
2. 2Invoice immediately. Every day you delay the invoice adds a day to collection.
3. 3Make invoices easy to pay. Correct buyer details, a clear due date and your bank details on every invoice.
4. 4Ask for deposits or milestone payments on large or long projects.
5. 5Follow a reminder schedule: a friendly note before the due date, a call on the day, and escalation after a set number of days.
6. 6Review customer credit limits. Stop new work for accounts far past due.
7. 7Track an aged receivables report weekly — 30, 60, 90 days and over.

Watch the concentration

If one customer owes a large share of your receivables, their delay becomes your crisis. Diversify and agree tighter terms where you can.

Tip

Collections are a sales conversation, not a confrontation. Polite, consistent follow-up works better than occasional pressure.