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Tips for getting paid on time

Tips for getting paid on time


The U.S. Small Business Administration has a few tips for dealing with unpaid invoices.
More than 60 percent of invoices are paid late with more than a third paid two weeks late, according to an industry survey. This says all small businesses have a hard time getting paid.
And all those unpaid invoices can cause problems further down the line to affect hiring, investments and even paying your own bills.


There are several ways for businesses to prevent late payments and even non-payment like solid payment policies, using a factoring service or strictly enforcing late fees, but there are other less obvious ways to get paid on time.
First, use clear, well-designed invoices with all the information a client needs to pay on time. Of course you should include standard information, like billing address, phone numbers, date and amount due, but don’t leave off the contract or account number, purchase order and tax ID.


You can also create client-specific invoices by asking new clients what information they need to process payments. It might help them to have a scope of work or other information to expedite payments.
It may sound simple, but send invoices in a timely manner. This can help ensure prompt payments. Getting them out when the work is complete can encourage a steady income stream. If you wait until the end of the month, paid invoices will come in chunks.
Use email, rather than snail mail, to send invoices to clients. This gets the invoice in your client's hands and back to you faster.



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