Disclaimer: The content of these articles is to be used as a general guide only. Professional advice should be sought before taking any action relating to the points discussed in these articles.

HOW EASY IS IT TO PAY YOU

Most companies send either a statement or an invoice which shows the amount due and the address of the company. There is much more you can do to speed up your payments. Ease of payment can often mean you get paid more quickly. Telephone companies are a great example here. You can pay by credit card over the phone, by mail, by BPay or you can pay by cash over the counter at the post office or at a bank.

We don't all have the luxury of providing all of these services. Sometimes a little thing can make a big difference. A small computer firm which we use lists their company's bank details on their invoices. This payment option is important as a lot of companies like to pay their accounts this way. Another payment option which is likely to become more and more popular is the payment of bills over the internet.

Other companies offer us the option of paying by credit card. As frequent flyer miles are more often related to credit cards, more and more businesses will offer credit card payments. In fact, I write fewer cheques each month.

An old fashioned yet effective method of being paid more quickly is to provide an envelope with your invoice or statement. Mostly, the customer pays the postage. However, a reply paid envelope is also an option.

Always remember that you are competing with other debtors for your customers' money, so you want to make it as easy as possible for your customers to pay you.

This article is reprinted from Rentons' Business Tips No. 11
© Copyright October 2001 ACS