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Tips for Getting Paid Faster

You know that collecting receivables promptly can help improve cash flow. But how can you get customers to pay faster? Pay attention to how you word the “terms” section of your invoice, says a study from FreshBooks, which offers cloud accounting for small businesses.

Be polite. In a study of its data, FreshBooks determined that invoices with a phrase that included “please” or “thank you” were paid more often, and more quickly, than those without those terms. Consider using “Please pay your invoice within …” or “Thank you for your business.”

Be direct. Using the word “days” instead of “net” also resulted in invoices being paid more often and more quickly. The terminology may be clearer to less business-savvy customers. Try “Please pay within 21 days” rather than “Payment terms: net 21.”

Ask for payment within 21 days.
Interestingly, FreshBooks invoices that asked for payment within 21 days were paid faster than those that asked for payment within 7, 14 or 15 days or upon receipt. (They were also paid faster than invoices that requested payment within 28, 30 or 60 days.)

Ask our business banking experts about cash management services that can help you control costs, increase profitability and maximize liquidity.