The Simplest Way to Get Started
Our research indicates an uplift of 88% more invoices are paid on time if a 3rd party sends the reminder. Receiving faster payments is beneficial for your cashflow and prevents you from wasting time chasing customers up.
Add the text below to your invoices so that your client is aware each time they receive an invoice that payment performance is being monitored.
This will encourage better payment behaviour from the start.
We suggest the below for maximum impact:
We share invoice payment data with Payment Check to encourage payment on time and to try and fix the UK’s late payment problem.
Add the text to the footer of the invoice template in your accounting software and make clients aware that their payment behaviour will soon be monitored by a 3rd party.
This encourages faster payment because the client knows that this becomes a late payment record for Payment Check users to find in future.
Persistent bad behaviour will, in the end, cause suppliers to be stricter on terms and to go legal faster. We believe being able to share the data of past payment behaviour is the best way to drive future good behaviour.
FAQ: Encouraging Faster Payment
What can I do to encourage faster payment from my clients?
There are a few things you can do to encourage your clients to pay you more quickly:
- Make sure your payment terms are clear and easy to understand
- Offer incentives for early payment, such as a discount or a small gift
- Follow up with clients regularly to remind them of outstanding payments
- Consider implementing an automated payment system to make it easier for clients to pay you quickly
How can I make sure my payment terms are clear and easy to understand?
Here are a few tips:
- Use simple language that is easy to understand
- Be specific about payment due dates and late fees
- Include payment instructions, such as the types of payment you accept and how to make a payment
- Make sure your payment terms are easy to find on your website, invoices, and other materials
What kind of incentives can I offer for early payment?
Here are a few ideas:
- Offer a small discount, such as 2-3% off the total amount due
- Give clients a small gift, such as a branded keychain or pen, for paying early
- Enter clients into a contest for a chance to win a bigger prize, such as a gift card or a free service
How often should I follow up with clients about outstanding payments?
It’s a good idea to follow up with clients regularly, but not so often that you become a nuisance. Here are a few guidelines:
- Send a reminder email a few days before the payment is due
- If the payment is late, send a polite email or make a phone call to inquire about the status of the payment
- If the payment is significantly overdue, consider sending a certified letter or hiring a collections agency
What are the benefits of implementing an automated payment system?
Here are a few benefits:
- It makes it easier for clients to pay you, which can lead to faster payment
- It can reduce the amount of time you spend managing payments and following up with clients
- It can help you keep better track of payments and outstanding balances
