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pay merchant hands credit card flat vector illustration paymentWhen you work with clients or other businesses and provide products or services, there are fairly substantial amounts of money that may be involved. Most businesses are run by honest, ethical people that appreciate the product or services you provide, so malice is usually not involved when payments don’t come in on time. But if you don’t want to be the “bad guy” and hound people for payments, what can you do? By using some kind of electronic payment system, you actually have a few options at your disposal for increasing your odds of getting paid on time.

Use Recurring Payments

Sometimes people just forget, and this is a simple honest mistake, even when it happens on a regular basis. One way to avoid this is use a “recurring billing” system which can automatically deduct a payment at regular intervals, as specified by you and your client.

If you know someone has the funds to pay you sufficiently every time but is simply forgetful about remembering to send a check, or make the payment, then simply automate the process. That way, neither you nor the client has to worry about repeating this incident.

Incentivize Early Payment

Most people don’t think much of making a payment on time. But if you are willing, one way to ensure your payments come in a timely fashion is to throw in a discount. Some businesses actually offer a 10% discount to clients if paid within a certain “early bird window.” Another tack is the opposite strategy of attaching a late fee for payments that go beyond a certain window for payment premarin tablet. Obviously in most cases, a carrot will work better than a stick, but much of this depends on the type of business you have and clients you service.

Use Electronic Invoices

If you’re using electronic payment systems, you may as well adopt an electronic invoicing system as well. This can often speed up payments as it takes a while for regular mail to get through and, unfortunately, mail can sometimes get lost.

At least with an electronic invoice system, the client not only gets the invoice instantly, it’s free to resend should the invoice get accidentally deleted. You can even make it possible for clients to pay their bills through the invoice itself, by directing to your preferred payment system.

Most of the time when payments are late, it’s an honest mistake. Electronic payments, however, can reduce the chance of mistakes occurring.

Posted in EFT, electronic fund transfers, Payment Processing, Recurring Payments on Mar 15, 2016