How can I get paid faster?
FreshBooks has a lot of tools and tips that will help you get paid faster. Try some of the suggestions below:
Set your Default Terms
Simply click on any Invoice (or create a new Invoice) and select Set Default Terms at the bottom left corner of your screen.
FreshBooks compared different Invoice Terms to see what impact they had on likelihood and time to get paid. Here is what we found:
- Be polite - Please and thank you can give you a 5% boost in payment time
- Specific terms encourage payment. Also, not every Client will understand net, so try days.
- Interest - Late Payment Fees may help to encourage your Clients to prioritize your Invoices
Turn on Online Payments
Online payments give you the ability to accept credit cards directly from your Invoices. What does this mean? Your clients can now pay you quickly with a credit card and the money is in your bank much faster.
All US and Canadian FreshBooks accounts automatically come with the ability to accept credit cards online. FreshBooks also connects to many different Payment Gateways and once a Payment Gateway is set up, you can sit back and watch money flow into your account.
To learn more about Payments Supported by FreshBooks, checkout our overview here: Payments Supported by FreshBooks - Overview
You can also learn more about which Payment Gateways FreshBooks connects with here: Which Payment Gateway should I choose?
Set up Late Payment Reminders
Late Payment Reminders will automatically send a Reminder email to your customers if an Invoice remains unpaid after a certain amount of time. These simple nudges have proven to be one of the best things you can use to get paid faster.
To set up Late Payment Reminders, follow these steps:
- Click the Settings link in the top right of your account
- Select the Emails sub-tab
- Click edit next to Late Payment Reminders
- Click Enable for the Reminder you wish to activate (You can have up to 3 Reminders)
- Adjust the number of days after the Invoice date for the Reminder to be sent. You can also change the body of the email here as well.
- Click Save
That’s it! FreshBooks will automatically send these Reminders out for you.
Turn on Late Payment Fees
Late Fees allows you to add a percentage or flat fee amount to an Invoice if it remains unpaid after a set date.
To use Late Payment Fees, simply click follow these steps:
- Make sure you are either creating a new Invoice or editing an existing Invoice.
- Click Set Default Terms
- Click the Late Payment Fees tab.
- Check the box beside Enable Late Payment Fees for all Invoices
- From here, you can select various options such as: percentage on Invoice value or flat fee, the days after the Invoice date, if there are applicable taxes, and if the Late Fees compound.
- Click Save.