What are the Top 10 ways to get my customers to pay on a more timely basis?

1. Use the carrot and the stick method or reward your customers who pay on time. Using a clause in your billing that offers those who pay within 10 days of receipt of the bill a 2% discount is a small incentive for them to pay on time and could increase their desire to do so.

2. Use a punishment and consequence method. Use a clause in your billing that states the consequence of 1.5% added to their bill each month that the account goes unpaid.

3. Make it easy for your customers to pay. Give them many options of methods of payment and don't charge them for paying with credit card or over the phone. Make it easy to pay you by having more hours available for customers to pay and phone methods available for them to pay.

4. Make it easy for your customers to pay when they are called by your collections department. Have your collections department trained to take payments immediately over the phone.
5. Have a drop box outside of your business for customers to drop after hours payments. This is an expensive way to make payments more easy for your customer if they come all the way to your business only to find you closed it is very frustrating to them and makes paying you harder for them. Having a drop box is a simple way to give them 24 hour payment options.

6. Make sure you state your expectation of when your customers should pay both at the time of service or delivery of product as well as with the billing statement. Don't leave them any doubt as to when you want them to pay. Make it clear that 10 days is the grace period and after that they are late.

7. Establish and build a relationship with your customers so they want to keep your business available to them. They don't want to be cut off from your business and will make their payments in a timely manner to be able to do business with you again.

8. It is easy to overlook bills. Everyone is busy make your bill stand out by enclosing a coupon or magnet for greater rememberablity. If your hanging on their fridge when payday comes and not at the bottom of the stack of bills you will get paid more readily

9. Keep your collection notices kind and upbeat- assume the best of your customers for as long as possible. If you have an account that is 10 days past due and immediately start aggressive collection proceedings you could offend those who simply forgot or were waiting for payday. It is important to assume that your customers are honest and trying to pay you as quickly as possible

10. Do not use a computer to call your customers it is rude especially to have a computer call and put them on hold. These do not have the ability to collect the money for you anyway and just annoy and irritate your customers. If you need to call them use a real person who can accept payments and is friendly and upbeat with them about payment arrangements.

Getting your money in a timely manner can really help your cash flow and keep your business a float. The longer accounts go unpaid the less likely you will collect on them at all. These 10 ways can really help you get your customers to pay in a more timely basis and help your business succeed.