Consider offering incentives, using automation, and requesting deposits to encourage prompt payment.

Assess Pricing Model To encourage timely payments, consider offering customers credit and adding payment terms which incentivize on-time payments.

Require either a partial or full upfront payment. Offer discounts for prompt payments, regardless of the payment method used. Provide various payment methods, including digital payments. Reward customers with a coupon for a free product or service after a specified amount of on-time or early payments. Establish a late fee to be charged if payment is not received the allotted time. All customers must agree to contract or terms and conditions containing the outlined factors. If you acquire a large customer base before introducing any terms, you can request they agree to them at a later date.

Study Incentives and Payment Flexibility How can you help reduce late payments? Offer incentives to customers to encourage prompt invoice payments.

Let your customers know they have several payment methods. For instance, they may not know that PayPal is an option, or that they now have a corporate credit card they can use.

Offer customers payment plans to maintain their business. Consider a “pause” option too, if you offer services, to allow customers to resume their account once they are able to pay.

Consider Your Invoicing Software To successfully reduce late payments, your invoicing platform must support various pricing structures. Automating this process will spare your staff from doing manual labour. Pricefic eliminates the hassles of invoicing.

Track Customer Habits Continuously If you're not seeing the results you want from implementing new strategies, analyze your invoicing data and analytics. Look for patterns - for example, are longer past-due invoices associated with larger purchase amounts? Consider offering payment plans for customers with payment issues, and for future purchases, require a credit card for any purchases over a certain amount.

Make past due invoice emails more efficient with Pricefic. Sending overdue invoice emails may be a necessary but unpleasant part of doing business. Hard times and cash flow trouble may make them essential to your bottom line.

Follow the above templates for effective past-due invoice emails. To recover your revenue, Pricefic accounts receivable management software is a great solution.

It offers fast, easy payment methods setup, live invoices, painless integration, and more. Schedule a demo or sign-up today to learn how Pricefic can help you get paid faster.