5 Collection Strategy Tips – To Get Invoices Paid Fast and Stronger Cash Flow

Jan Reeves - Collection Strategy | Getting invoices paid fast

These 5 collection strategy tips and techniques will help you get your invoices paid on time without upsetting your customer. Getting angry with customers rarely gets a positive result – it often has the opposite effect.

To avoid having unpaid or overdue invoices, the key is to get customers to like you. Just the same as ‘if people like you they buy from you’, when people like you, they’re much more likely to pay you too. Makes sense really doesn’t it?

Getting customers to like you is one of the best collection strategy tips I can give to a small business owner.

1. People pay people they like

How do you get customers to like and pay you? It’s easier than you might think…

In my business, we found that customers liked us because we gave them a ‘World Class” service. We gave them exactly what they asked for. Not more or less, just exactly what they wanted.

We all love good service, and your customers are no different. You’ll have happy, friendly, satisfied customers. They’ll get to like you and put your invoice at the top of the payment pile.

Next, make it easy for your customer to pay on time. For example, check out your invoices…

2. Why are some invoices more likely to get paid on time?

49% of invoices are incorrect and will never be paid. Perfect invoices are much more likely to get paid on time.

It’s been proven. Queries on invoices are one of the main reasons customers don’t pay on time.

No one will pay an invoice when there’s a query outstanding.

3. Collection strategy tip: Resolve queries super-fast

Even when you check your invoices before you send them out, the odd mistake can still occur.

If your customer does raise a query on an invoice, chances are they will only pay when it’s resolved. Even if it’s not your mistake, make it a priority to rectify the problem super-fast.

As soon as the problem is resolved, you can easily and comfortably ask for payment, especially if you have built a strong rapport with your customer.

4. Hate collection calls? Here’s an insider secret…

Make a call BEFORE the invoice is due for payment

In my business, we made a ‘Courtesy Call’ before the invoice was due for payment. It was a service call just to confirm that the customer had received the invoice and everything on it was correct.

Making this type of call is an insider secret. If you use this collection strategy tip, your customer will like you for making sure they are happy, and they’ll remember you when it’s time to pay invoices.

5. In debt collection, knowledge is power

Whenever you contact your customer, have all the customer’s information in front of you. You’ll look like an expert when you can answer any questions or queries your customer might have.

Being knowledgeable about your customer’s business shows you care – more reason for your customer to like you and pay your invoices first.

If you don’t know the answer, try to get the answer while they are on the phone. It saves time if you resolve a query ‘on-the-spot’.

If you follow these collection strategy tips and make a call before the due date to make sure your customer is fully satisfied, you’ll find that customers will appreciate your good service. They’ll get to like you and pay you on time.

To your business success!

Jan Reeves - Collection Strategy | Getting invoices paid fast

4 thoughts on “5 Collection Strategy Tips – To Get Invoices Paid Fast and Stronger Cash Flow

  1. Nova Cash Flow Finance says:

    Yes, I totally agree with what you said.I think that we should never be angry with our clients – it will not create any good for the business. I also think that it would be great if you know client’s information. Thanks for sharing this article.

  2. Debtor Finance says:

    I also think that it will be faster to grow a business when the business has a good cashflow. These tips will definitely help me to collect the payment from the clients faster. Thanks for sharing this article.

    • Jan Reeves says:

      It’s my pleasure and yes for sure. It would be very hard to grow a business without getting paid on time for invoices. It reduces profit too!

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