FreshBooks is the #1 accounting software in the cloud for self-employed professionals and their teams. Our new series Paid in Full uses big data to help small business owners earn their worth and run a successful business. We’re sharing proprietary data to demystify the uncertainties that surround working for yourself.
If you work for yourself, chances are getting paid faster is always top of mind. Below are two simple ways business owners can speed up payment times:
Use Please and Thank You
Etiquette matters. Small business owners who include ‘please and thank you’ on their invoice, get paid an average of two days faster than those who don’t. That’s quite the ROI for simply being polite.
- Accept Payments Online
Make IOUs a thing of the past by allowing your clients to pay online using a payment gateway. FreshBooks data indicates small business owners who receive online payments get paid up to twice as fast than those that don’t. Nowadays, most people expect the ability to pay for a service or product online, so in addition to receiving payments faster, allowing your clients to pay online makes your business look more professional.
Note that accepting payments online means you’ll incur a small transaction fee, but depending on where your business is located, you may be able to recoup these fees come year end. Be sure to discuss this with a tax advisor in your area.
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