You’ve found the perfect candidate and they got the job!
Now you’re waiting to get paid, which could be weeks but more likely months depending on the company you’re working with.
You might feel like you’re not in control of when you get paid, but there are a few ways you can get paid faster.
1) Be Efficient with Invoicing
Invoicing as soon as possible might seem like an obvious piece of advice, but by getting in there straightaway you’re reducing the time you need to wait.
Hanging on a few days or weeks due to disorganisation can mean impacting on the health of your company’s cashflow.
2) Offer Incentives
Offering an early payment reward can be an effective way to get paid faster. It might be a reduction on their fee or a discount on their next placement.
It’s a positive benefit for your client, helps you build a long term relationship and means you’ll have the money in the bank quicker than before!
3) Make it Easy to Pay
It shouldn’t be hard for your customers to make payment, so ensure your invoice carries all the necessary information and offers different ways to pay.
Using an online invoicing tool can be beneficial as it makes payment easy and allows you to track payments you’re waiting for and send reminders quickly and easily.
4) Agree on the Payment Plan
Make sure that your clients know where they stand from the outset by agreeing on a payment plan when fees are signed off.
Consider asking for an upfront payment if appropriate to keep cash flowing into your business.
5) Adjust Your Payment Terms
When onboarding new clients why not consider adjusting your payment terms so you can reduce the amount of time before payments are due.
If you don’t already then add a penalty for late payment to stop companies putting your invoice to the bottom of the pile!
6) Build a Relationship
Depending on the size of the companies you’re working with, chances are the people you’re hiring for, aren’t the people who are processing your invoice.
Get to know the people who pay you so you have a point of contact for reminders and notification of late payment.
7) Consider Recruitment Funding
If you recruit temporary employees then getting paid fast is even more important!
Recruitment funding with New Millennia means you and your temps get paid long before you’re paid by your client.
In fact, we’ll claim the payment directly from your client to save you the hassle of raising invoices.