4 Easy Tips for Getting Your Account Receivables Paid On Time

Getting paid on time can be tricky. Every business that has accounts receivable has horror stories. These tips will help increase the percentage of your accounts paid on time.

1. Send out an almost due reminder.

A polite reminder that one of your clients has a due date coming up is a great way to push paying the balance to the top of their to-do list. Clients have a variety of reasons why they may pay late, but a gentle reminder is enough for most people.

2. Be consistent.

The more consistent you are the easier it is for your clients to get into the habit of paying on time. On top of sending the reminder in tip 1, make the reminder the same day every month. If you can, sending the reminder at the same time every month is even better. When you remind your clients like clockwork, they know you are consistent and follow up. Your account will go to the top of their to-do list.

3. Offer multiple payment options.

There will always be clients who, for whatever reason, cannot seem to pay on time. Many of your problem customers can be turned into reliable customers with varying payment options.

4. Send a thank you note or small gift.

When you customers show good behavior, it never hurts to reinforce it by showing gratitude and appreciation. A simple handwritten thank you note is a great way to make your clients feel appreciated. If they have a high-value account, a small thoughtful gift goes a long way. Don’t mistake this for bribing good behavior. It needs to be authentic, thoughtful and relevant.

If you have experienced success with other methods of getting your accounts receivable paid on time, please share in the comments. We would be delighted to hear from you.