Did you know that the average small business owner takes around 25 days to process a single invoice?
Depending on your workflow, this could be a perfectly acceptable amount of time. On the other hand, if money is tight, you may not have the luxury of waiting 25 days to get paid.
If you’re constantly chasing customers in order to get paid on time, it might be time to rethink your business invoice. A few small adjustments could make a world of difference in your invoice turnaround time.
Here are some expert tips to help you create a more professional invoice (and get paid faster).
Ditch the Paper
We’re two decades into the 21st century. If you’re still sending out hard copy invoices, you’re light years behind the curve.
Bring your business into the 2020s with a branded electronic invoice. It’s easy to create a beautiful, eye-catching invoice with an online invoice template. Simply choose the style you like, upload your logo and brand colors, and fill in the details.
When your customers receive your invoice in their email inbox, they can pay you with just a few clicks. You’re sure to notice much faster turnaround times from this one simple change.
Offer Multiple Payment Options
Cash and checks still work, but there are much faster and more efficient ways to move money around. Make it as easy as possible for your customers to pay you by offering an array of payment options.
Sign up for an online payment gateway like Stripe or Square so you can process credit card payments. PayPal is another popular option, although its processing fees are a bit of a drawback.
If you deal with international clients, consider setting up a Wise account. This platform lets your customers pay you in their local currency at very little cost to them (and no extra cost to you).
Prep Them for Receipt
You’re more likely to get paid in a timely manner when your customers know what’s coming. Many business owners have had success with this simple trick: a short note sent just ahead of the invoice.
You could send a separate email that says something like, “I hope you’ve had a chance to look over the report I sent last week. Let me know if you have any questions. In the meantime, I’m going to send you an invoice to review.”
If your customer isn’t yet ready to pay, you can still expect a fast response to your email. And if they are happy with the deliverables, you can expect to receive a prompt payment.
Create a Better Business Invoice Today
There are endless types of invoices out there, but they don’t all produce the same reaction from your customers.
If you want to be a successful small business owner, you need to have a professional business invoice. Use the tips above to create an invoice your customers can’t overlook.
Looking for more great business advice? Stick around and keep browsing our website for other helpful articles like this one.