At Saltare our number one focus is to eradicate late payments. In fact, we want to replace the negative late payment conversation with a positive early payment conversation. We have built a platform that gives reasons for both buyer and supplier to benefit from early payments. However, we know that at the moment not every business uses our platform. Therefore we want to provide a list of simple tips that will help you get paid sooner.
Here are some tips for businesses to ensure they get paid on time:
- Set clear payment terms: Clearly define payment terms in your contracts or agreements with customers to avoid confusion or misunderstandings.
- Send timely invoices: Send invoices promptly after completing work or delivering products, and ensure they contain all necessary information, including payment due date and payment methods.
- Offer convenient payment methods: Provide customers with convenient payment options, such as online payment platforms or automatic payment options, to make it easy for them to pay.
- Follow up on overdue payments: Have a system in place for following up on overdue payments, such as reminders and escalation procedures.
- Communicate with customers: Regularly communicate with customers to ensure they are aware of payment deadlines and to address any issues or concerns.
- Use early payment programmes: Consider using early payment programmes, such as Saltare’s platform. Ask your customers to implement Saltare to pay early and improve cash flow.
- Conduct credit checks: Conduct credit checks on new customers to assess their creditworthiness and minimise the risk of payment delays or non-payment.
By following these tips, businesses can improve their chances of getting paid on time and reduce the risk of payment delays or non-payment.