It’s 2020, and honestly, there’s hardly anyone in the world who doesn’t love money. We all desire that
- Money should keep on coming and coming.
- Money should never go away from us.
And, due to this second reason, a lot of times, our clients’ delay or worse, forget the payments and that’s when it gets on our nerves a lot. If you’re reading this article, I am sure you are facing the same, too!
How do we ensure that our clients pay our money in time and we don’t agitate them, as well? Well, with these 6 easy hacks, you can easily do it.
1. Setting up of Agreed Upon Payment Schedules
When your clients are not paying, it becomes really frustrating. The best way to get away from this frustration is to realize the payment. Hence, it is better if you discuss it with your client and come up with agreeable payment schedules.
With such kinds of schedules, all you have to do is put gentle reminders for payments, and the client will pay their dues. Setting the expectations early is very important considering the big numbers of debt failures. Stats suggest that on average, an American owes $90,460 in debt.
2. Keep following up with the clients
Following up plays a very important role, when it comes to realizing payments from a client. If you want your non-paying clients to pay up, you have to stay in regular touch with them but in a subtle manner.
Start talking to them about the service or the product, for which they owe you, and how that is impacting them in their day to day lives. Also, make sure you talk about how it is helping them and how it is necessary for them to keep going. Start putting ideas in their head and gradually remind them of the money that they owe You.
3. Attractive Discounts for prompt Payments
Discount always attracts customers, especially when it comes to making payments. In this case, if your customer owes you a lot of money, you can set up a lucrative discount to round off the payment into a wholesome amount.
This will surely ensure them taking out their cheque-books to make the payment and you can finally realize that debt, which they owe to You.
Always try to opt for this technique during month-closing as it will help you realizeṣ cash at the earliest. However, please make sure it is communicated to your client in a personalized manner and he feels special about it.
4. Adding the Personal Touch
Well, this actually plays a very important role when it comes to sales and payment. Imagine you have gone out to buy a new TV for your Bedroom, and the store you visit has a smart executive, who not only helps with the features, but also usability, and adds a personal touch with a greeting, nice compliments, trying to know you and making natural conversation. You will be impressed, right?
Similarly, you will have to bond with your client, not to the extent of a business relation, but also a healthy personal relationship. Let your client understand that he can trust you with his business problems and offer empathy.
Trust me, it will make your client guilty of not paying you and he will try his best to realize the due payments.
5. Send the right invoice to the right person
Invoices play an extremely difficult role when it comes to getting money. In a lot of cases, sending the wrong invoice or sending it to the wrong person has terminated the attempts of quick and prompt payments.
Hence, please ensure that you generate the invoices in advance and send them to your clients. This way, they will not be able to excuse your inefficiency or for delayed receival of invoices.
6. Take care of the little details
Last but not the least, you will have to pay closer attention to this. Being mindful of the little details is very important. Always ensure that you follow up at the beginning of the week, delayed follow-ups will get the payment delayed by a Week.
Make sure you send your invoices at the beginning of the day and the payment turnaround time is clearly mentioned in it.
With all these hacks, you must apply them diligently and ensure that the clients, who owe you money feel the importance of the same and pay you. It is all about the worth. If it is worth it, you will definitely get the payments on time and save yourself from going into the debt. Always be in touch with the debt collectors of your area to help you handle these non-paying clients. Every local debt collector be it in San Francisco, Singapore or anywhere in the globe has their own set of rules and the firms are bound by the rules and regulations of that particular area. Hence, showing worth is the key!