Creditors Should Provide Incentives for Prompt Payment

Creditors Should Provide Incentives for Prompt PaymentGetting clients and customers to pay you is essential to your business. Providing reasons or incentives to pay their invoices promptly can make all the difference. A few options are:

Accept credit card payments. Allowing a client to pay by credit card often gives them the ability to pay their entire invoice. Obviously you will have to pay a small percentage to the credit card company for each transaction, but this is minimal compared to not being paid at all.

Offer a discount for payments made promptly. By offering a 5-10% discount for clients who pay their invoice promptly, you may be surprised at the response. Everyone is looking for ways to save money, and receiving your customer’s payments quickly is great for your business.

Charge interest on overdue accounts. Even negative incentives can motivate your clients to make timely payments. Consider charging a higher interest rate on the unpaid balance if payment is not made within 30 days of your invoice.

There are other ways to motivate your clients do make timely payments. Get creative and see what works. If you need legal assistance, contact Windtberg & Zdancewicz, PLC, to schedule an appointment.

The attorneys at Windtberg & Zdancewicz, PLC, provide clients with experienced legal representation. Our attorneys handle cases from pre-litigation negotiations through litigation, obtaining and enforcing judgments to collect what our clients are owed.  If you need assistance, or are interested in learning more, please contact us at (480) 584-5660.


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