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How Tradesmen Can Get Paid Faster
Kelly Ohlmus

How Tradesmen Can Get Paid Faster

Are late payments causing cash flow issues for your business? Don't let it stress you out! Learn 6 strategies to get paid faster, including prompt and online invoicing, clear communication, and escrow accounts.

As a self-employed trade professional, getting paid on time is vital to the success of your business. Unfortunately, late payments can be a significant source of stress and can lead to cash flow problems. To help you get paid faster, we've compiled six effective strategies that are sure to do the trick.

 

1. Invoice Promptly.

One of the most important things you can do to get paid faster is to invoice promptly. Send out invoices as soon as the job is completed, or at the very least, within a day or two. This will give your customer a sense of urgency to pay the bill.

 

 

2. Use Online Invoicing.

In today's digital age, there are many online invoicing tools that tradesmen can use to invoice their customers. Onlinetradesmen's Everything App includes features such as on-the-go quoting, invoicing and automatic payment reminders. By using online invoicing, you can make it easier for your customers to pay you quickly.

 

3. Offer Discounts for Early Payment.

Another way to encourage customers to pay you quickly is to offer a discount for early payment. This can be an effective way to incentivise customers to pay their invoices as soon as possible.

 

4. Communicate Effectively.

Keeping in touch with your customer throughout the job is important. Let them know when you expect payment and address any concerns about payment as soon as possible. Good communication can help avoid misunderstandings and ensure that everyone is on the same page.

 

5. Use Escrow.

In an "escrow" system, clients pay money in advance to a holding account in the tradesman's name. This allows you to start the project with the assurance that the money will be released upon completion, eliminating the need to wait for payment.

Read: What are the benefits of Escrow for Tradespeople?

 

6. Have a Clear Contract or Agreement in Place.

Having a clear contract or agreement in place that outlines the payment terms is important. This helps avoid any misunderstandings about when and how payment should be made.

 

Get Paid Faster with Onlinetradesmen.

Onlinetradesmen's Everything App is perfect for tradesmen who want to ensure faster payments. With features such as online invoicing, auto payment reminders, and Tradeypay Escrow (zero-fee), the app can help tradesmen streamline their invoicing process and stay on top of their payments. The App will help you reduce the time and effort required to manage your finances and focus on what you do best - delivering high-quality work to your clients.

Are you looking to get paid faster? Schedule a call with our team to discover how the Onlinetradesmen Everything App can help your business grow.

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