Starting your own business or becoming a freelancer is a great way to achieve your dreams while also being able to fit your schedule around family life, but one of the major drawbacks is the lack of a consistent salary. This means that you need to sort out payments yourself, which is especially difficult if your customer or client is taking a long time to send you your money. So, if you’re self-employed and want to avoid payment issues, here’s how you can ensure you get paid faster.
Use an invoice template
Perhaps you’re not getting paid quickly because you’re struggling to create and send invoices quickly. Another possibility is that you keep making mistakes on your invoices or they’re not easy to read, which can lead to disputes over your payment.
To solve these potential problems, you need a simple invoice tool that can help you create clear and professional invoices in no time. Freshbooks offers a Free Invoice Template that allows you to quickly input your information into a premade template, removing all of the hassle of creating an invoice from scratch. This will help you get paid faster and make your business look more efficient and professional!
Make sure you agree on payments
One way to disrupt and slow down the payment process is to not make prices clear from the start. This confusion can lead to disputes once the invoice has been sent.
To avoid this issue, you should make sure your prices are clear and consistent, and you should ensure your customer or client understands and agrees to your prices from the start. This means your customer won’t face any hidden costs and you won’t have to deal with disagreements.
Sort out issues quickly
If there are errors on your invoice, you need to correct them as quickly as possible to ensure you still get paid in a timely manner. This will also display your professionalism to your customers, which will encourage them to continue buying from you despite the mistake. Of course, if you’re using a simple invoice template, the likelihood of you making a mistake will be reduced.
Accept multiple payment methods
Another way you can get paid faster is to accept multiple payment options, as this will make it easier for a range of customers or clients to use their preferred payment method. For example, you could accept credit cards or online/mobile payments, and this will allow customers to pay you in the quickest and most convenient way for them.
Know the law
If you’re having a lot of trouble with a particular customer, then you should know the law regarding unpaid invoices. You have the right to impose late payment penalties if someone isn’t paying you on time, and if they still don’t pay, you could pursue legal action after a certain period.
Running your own business can be difficult if you have to chase payments, but overall, the independence you gain from being self-employed will be very fulfilling. If you want to get paid faster and avoid payment disputes, just follow the advice listed above!