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Recently, I had a promo product sales professional coaching client who was frustrated because some of her clients were taking months to pay their invoices. It was causing her stress-filled days and sleepless nights. Can you relate? Below are seven tips that I shared with her that you too can use to improve cash flow in your business.
- Investigate your client’s paying history before you process an order.
- Set up payment terms, and have your client sign a payment agreement, before you process an order.
- Ask for pre-payment or a deposit on all orders that will, that at the very least, will cover all your costs.
- Follow up with the client the day the order arrives to make sure they are happy with the merchandise. This will eliminate surprises and late payment problems and will give you an additional opportunity to thank the client for their business.
- Offer a small discount for payment in advance or payment within 10 days of the invoice.
- Set up a merchant account to accept credit cards. Many companies will pay faster with a credit card.
- Consider affiliating with a larger promotional products company. They will handle the invoicing and many will pay you when the order is entered.
Have you used any of these strategies? What have you done to get your promo product clients to pay faster? Leave a comment in the box below.
