We’ve all been there: Having to hunt down the monthly fees from our clients. Ugh. Most of the time it’s a doable process but sometimes it’s just not.
The problem is that the clients have their excuses ready:
I thought it was due the end of the month.
I didn’t receive the invoice.
My email program went down.
I was out of town so I’m late paying everything.
Huh, I didn’t pay that yet? I thought I did. I’ll put the check in the mail today.
And my personal “favorite”: The holidays are coming.
When you have a small business, missing or late payments can bring your business to a full stop. We assume that every business has enough put away to bring them through the slow times but the truth is that many small businesses and start-ups do NOT have enough funds to last past a month or two. If your clients aren’t paying you, you aren’t paying your employees, your employees leave and you are stuck doing everything with still no pay. Hmmm… not seeing a happy holiday there for you.
Besides bettering cash flow, adding a savings plan and building up a fuller bank account for your business, which is an article for another time, there are automatic and recurring payment processes. Granted, this is not for every business but it does work for those that offer recurring services.
You can search online but PayPal offers it, your bank may offer it and there are a myriad of other online services available to you to set this up. Price them out and read the reviews… and make sure that they are legitimate.
Just imagine, every month on the same date your client gets an invoice and it is automatically charged to their credit card! They don’t have to worry about missing that payment and, more importantly, neither do you!
You will never have to hunt down payments again. Your income will become a steady stream instead of this stop and go ebb and flow. After all, you deserve to have good holidays too!