Create written proof of transaction
Written formal request for payment
Send a reminder that payment is overdue
Collect payment for an outstanding debt
Notify your payer of a bounced check
Keep track of goods or services provided
Send a final demand for payment
Send a second demand for money owed
Establish credit and loan terms in writing
Provide for repayment of debt in installments
Set terms for temporary suspension of payments
Get permission to deposit or withdraw funds
Advise a borrower that their loan is in default
Collect payments FAQs
Many companies offer online payment processing. Payment processing fees can add up quickly, so it's important to carefully research processing companies before you make a choice. Certain companies offer the same flat-rate to everyone whereas others may offer you lower rates depending on your situation.
Your rate may be affected by:
To find the best rate:
Don't allow yourself to feel pressured from the sales representative. Try to stay on track by asking them specific questions about how much they would charge you for processing, including all types of fees. Do not sign anything or give out your Social Security number or EIN until you are ready to make a decision.
Getting paid quickly is often influenced by the payment options you offer. You'll be paid more quickly if it is convenient for your client or vendor. Some ways to speed up payments include:
Luckily it is rather easy these days to create professional-looking invoices and accept payments from clients. If you use an online accounting service, they likely provide a way for you to create invoices with a way for your customers to pay directly from the invoice.
Here are a few freelancer billing tips:
Nowadays, you can process payments nearly anywhere. You can process payments using a mobile or Wi-Fi connection using your mobile phone or tablet. Usually, the card reader is provided for free as part of a payment processing agreement. Using this technology, you can accept payments anywhere and clients can sign on your screen to approve credit card payments. Some mobile processing services offer flat rates whereas others may offer negotiable terms.
If you can, why not? Many offer a few percentages off the total for early payment. A common situation would be you'd offer two percent off the total if they pay you within ten days rather than 30. You write this into your invoice as 2/10 Net 30. You should explain the discount to your customer when you make the sale to help entice them to pay early. If your profit margin is slim, offering a discount may not be worth it.