Comments on: Getting your cash in a slow-pay economy http://www.businessbrief.com/getting-your-cash-in-a-slow-pay-economy/ Just another WordPress weblog Fri, 30 Jul 2010 18:11:26 -0400 http://wordpress.org/?v=abc hourly 1 By: Eric Morgan http://www.businessbrief.com/getting-your-cash-in-a-slow-pay-economy/comment-page-1/#comment-5981 Eric Morgan Fri, 12 Mar 2010 00:20:51 +0000 http://www.businessbrief.com/?p=2930#comment-5981 I have found that offering your clients/customers a 2.0% discount on the invoice total (for payment received within 10 days of the invoice date) works well. We calculate the subtotal on the invoice, subtract the discounted amount (showing the amount on the invoice), and give the discounted amount as the total amount due. We have included a blurb on the invoice that states for all payments received after the invoice due date please remit the listed subtotal amount. In several years of operation I have only had one client go past the discounted due date (due to an oversight) and given their payment history I authorized them to pay the discounted amount anyway. Their payment was received the very next day. A 2.0% discount on services is a small amount to keep your customers happy and keep the all important cash flow. This also can be used in the form of promotions and your customers will love the little surprise; just make sure that you highlight the cost saving so that they do not overlook the sudden change/s. I have found that offering your clients/customers a 2.0% discount on the invoice total (for payment received within 10 days of the invoice date) works well. We calculate the subtotal on the invoice, subtract the discounted amount (showing the amount on the invoice), and give the discounted amount as the total amount due. We have included a blurb on the invoice that states for all payments received after the invoice due date please remit the listed subtotal amount. In several years of operation I have only had one client go past the discounted due date (due to an oversight) and given their payment history I authorized them to pay the discounted amount anyway. Their payment was received the very next day.

A 2.0% discount on services is a small amount to keep your customers happy and keep the all important cash flow. This also can be used in the form of promotions and your customers will love the little surprise; just make sure that you highlight the cost saving so that they do not overlook the sudden change/s.

]]> By: Jeffrey http://www.businessbrief.com/getting-your-cash-in-a-slow-pay-economy/comment-page-1/#comment-825 Jeffrey Tue, 08 Sep 2009 01:55:39 +0000 http://www.businessbrief.com/?p=2930#comment-825 You really need to be able to create a system-ized approach to this problem to make it tangible enough for a client to take it seriously. You also need to be ready to walk away from doing business with the client if they do not pay the penalties. You really need to be able to create a system-ized approach to this problem to make it tangible enough for a client to take it seriously. You also need to be ready to walk away from doing business with the client if they do not pay the penalties.

]]> By: Ramona http://www.businessbrief.com/getting-your-cash-in-a-slow-pay-economy/comment-page-1/#comment-807 Ramona Wed, 02 Sep 2009 15:59:08 +0000 http://www.businessbrief.com/?p=2930#comment-807 Unfortunately most of them won't pay the late charge assessed anyway when they finally do get around to paying the invoice. They also realize you aren't going to file a lawsuite for minimal late charges - the legal fees would be more than it's worth. Unfortunately most of them won’t pay the late charge assessed anyway when they finally do get around to paying the invoice. They also realize you aren’t going to file a lawsuite for minimal late charges – the legal fees would be more than it’s worth.

]]> By: kendall http://www.businessbrief.com/getting-your-cash-in-a-slow-pay-economy/comment-page-1/#comment-800 kendall Tue, 01 Sep 2009 19:42:08 +0000 http://www.businessbrief.com/?p=2930#comment-800 lol...You must be a rookie!....You treat customers like that and you soon won't have any customers! lol…You must be a rookie!….You treat customers like that and you soon won’t have any customers!

]]> By: David http://www.businessbrief.com/getting-your-cash-in-a-slow-pay-economy/comment-page-1/#comment-796 David Tue, 01 Sep 2009 17:31:25 +0000 http://www.businessbrief.com/?p=2930#comment-796 Thanks for the good advice. Thanks for the good advice.

]]> By: Richard http://www.businessbrief.com/getting-your-cash-in-a-slow-pay-economy/comment-page-1/#comment-795 Richard Tue, 01 Sep 2009 17:22:12 +0000 http://www.businessbrief.com/?p=2930#comment-795 THANK YOU!! This email-newsletter was not expected- but was well received by us. It was well crafted, informative and useful. We look forward to the future mailings. THANK YOU!!

This email-newsletter was not expected- but was well received by us. It was well crafted, informative and useful.

We look forward to the future mailings.

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