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5 Tips for Getting Paid Quickly

Managing your Cash Flow

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Unit Video

Unit Summary

5 Tips for Getting Paid Quickly:
  1. Invoice a job as soon as possible
  2. Require down payments or phased payments
  3. Send invoices by email
  4. Accept Credit Card Payments
  5. Offer a discount for early payments

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Transcript

Hi. In this video, you will learn 5 tips that would help you in getting paid quickly
Cash in hand is essential for running of a business, so the more you are able to get paid quickly the more you can have your cash working for you.
Here are 5 Tips for Getting Paid Quickly:
  1. Invoice a job as soon as possible, such as when a job is done or item is shipped instead of waiting till the end of the month
  2. Require down payments or phased payments by not waiting for payments at the end of the entire service or product delivery
  3. Send invoices by email instead of sending by post and if the client requires an original invoice, then send it following the email by express courier
  4. Accept Credit Card Payments which would allow you to collect funds immediately from the client when they purchase your product or service
  5. Offer a discount for early payments instead of giving a discount to the client on the selling price offer the discount if they pay early
Getting cash into your business as soon as possible and holding on it as long as possible are essential elements of good cash flow management.

Case Study

The Right Look - a graphic designer business owned solely by Jennifer was facing some financial problems; not being able to pay her employees & suppliers on time. Her business had a lot of projects, however they were slow payers. When she called her clients, she heard the same thing – “we are waiting a payments to come in”. The cost of taking out an overdraft, or even a personal loan would cost her in the range of 12 – 17%, however she decided to offer her clients a 7.5% discount if they pay within 1 week of the invoice date. She found that many clients took her up on her offer, and she was in a comfortable position to pay most of her expenses at month end.

Quotes

Cash is king, Get every drop of cash you can get and hold onto it. Jack Welk