Four tips for getting paid on time
Create policies
A great way to hold yourself, your employees and your suppliers and customers accountable is by creating policy documents for all aspects of your business’s finance. By making acceptance of your payment policy a condition of doing business with you, you’ve got something in writing to fall back on if necessary.
Offer various payment options
The more payment options you offer, the easier you make it for customers to pay you on time. Examples of payment methods include:
- Direct debit
- Direct deposit to a business savings account
- PayTo
- Credit and debit cards
- BPAY
- EFTPOS
- PayPal
- Afterpay
- Zip Pay
Did you know?
Great Southern Bank Business+ lets you send Business+ Invoices which makes it easier to receive payments from customers quickly.
Set clear payment terms
Displaying payment terms clearly on your invoices will remove all doubt as to when you expect to be paid. The traditional stipulation is 30 days but that stems from the era of cheques in the post. These days, nearly 75 per cent of invoices request payment within two weeks.
Interestingly, it seems that while invoices with shorter payment terms (i.e., one to two weeks) are usually paid late, you’re statistically more likely to get your money sooner than if you allow the traditional 30-day window.
Ask for a deposit
Another option to consider, particularly when it comes to bigger jobs, is asking for a deposit in advance. This should help minimise the possibility of negative cashflow if you are left waiting for final payment.
Create and send invoices with Business+
With Great Southern Bank Business+ Invoices, you can generate invoices from within your business banking profile to send to your customers via email. Payments can be made via Apple Pay or Google Pay (via a Stripe secure link), PayID® or old-school BSB and account number. Plus, we’ll send automated payment reminders, so you don’t have to do any chasing!
Get a Business+ Account online or in-app to get started.
Don’t forget to check out our Business Hub. You’ll find heaps of free resources and plenty of helpful information to keep your business humming.
