6 ways to get paid faster - Deepstash
6 ways to get paid faster

6 ways to get paid faster

blog.freelancersunion.org

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Getting paid on time

Getting paid on time

Chasing clients for late payments can get uncomfortable. It can also have a huge impact on freelancers' cash flow, as freelancers work from project to project.

Some tips can help to ensure getting paid faster without engaging in awkward conversations with your clients.

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Set up automatic invoice reminders

Some customers will intentionally delay payments indefinitely, but others just forget.

Some invoicing tools can help to automate payment reminders. You could also write a personalised reminder message when creating an invoice and define when it should be sent to your clients.

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Use expense automation solutions

As a subcontractor, you may have expenses that your clients will reimburse after you finish the project, such as a freelance editor hiring a graphic designer for visual content or a proofreader to improve on its grammar. Expense automation solutions can ensure that you get paid faster.

It works like this:

  • You spend the money on a product or service
  • Then log it in the expense automation tool and submit a copy of a receipt.
  • The financial controller is notified and can proceed with reimbursement.

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Sign documents online

You can use online signature software to sign your contract.

  • The quicker the document is signed, the faster clients can make an upfront payment for your services.
  • Online signature software often connects with Apple Pay or other payment services. After clients sign a contract, they are automatically redirected to the payment gateway.

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Ask for a late fee

Instead of encouraging early payments with a discount, use a late fee for creating an incentive. Clients who intend to pay on time won't mind signing a contract with a late fee.

How to include late payments in your contract:

  • The amount should not exceed 1.5% of the project fee unless you can justify it.
  • Set a due date on your invoice.
  • If a client does not pay, send an invoice reflecting the change in the final sum.

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Choose clients wisely

Try to prevent late payments by examining a customer's profile and avoid working with clients similar to that one. If a new client is too similar to that client profile, it's better to pass on such projects.

If you have a personal webpage or social media profile, select and add video testimonials of your ideal customers, thereby turning away companies that you don't consider ideal.

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Build your personal brand

By building your brand, you can get more gigs and become selective in who you work with. As a result, you can stand out and win more respect.

With a solid personal brand, you can stop selling your time and invest in more scalable ways of earning money, such as launching an online course or blogging.

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CURATED BY

jacomichae

Scientific laboratory technician

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