5 Mistakes Businesses Make Billing Their Customers
Invoicing or billing your customers may seem pretty straightforward, but there are some mistakes you can make that can potentially cost you a lot of money – and a lot of time. Invoice and bill smart
Don’t make these 5 big billing and invoicing mistakes!
- Skip Having a Formal Contract or Agreement
Whether you’re a freelancer, small business owner, or primary owner of a large corporation, you need to set up formal contracts or agreements for your billing and payment terms. You don’t want to be left surprised about due dates, payment methods, or other specifics related to getting paid. It’s important to set up clear instructions and outlines for payments to avoid problems.
- Forget to Create Payment Terms
Part of your formal contract or agreement needs to include the ways you expect to be paid. You might want to offer a variety of options for payments, but it’s essential that you lay out these options in writing so there’s no ambiguity that could waste your time and cut your cash flow short.
- Disregard Special Arrangements You’ve Made with Customers
Always remember to keep track of special arrangements you’ve made with customers, because if you fail to offer them even once, your customers could get angry and cease doing business with you. Electronic billing systems make it easy for you to program discounts or other arrangements into your billing routine for a particular customer.
- Leave Out Pertinent Details from Bills
You must provide your customers with all of the instructions they need to properly pay you. If you don’t, you can’t complain later if they’ve made a mistake or become so confused that they don’t pay. Again, an electronic billing system allows you to program all of the necessary details into an online invoice, which will be sent to the customer every time.
- Forget to Track Your Time
You may not realize the time it takes from your day, and the money it costs you, to manually prepare and send out physical invoices. You could track your time spent, and money lost, to see what these outdated methods are costing you. Or, you can simply switch to online payments and invoicing today.Merchant Account Solutions Offers Mobile Payment Solutions with Smarter BillingIt’s easy to integrate mobile payment solutions and customer billing so that you can be more efficient in your invoicing and payment collection. Contact Merchant Account Solutions today to find out how. In addition to offering great options for online billing, we can set you up with a portable swipe machine if you need physical payment options. If you’ve ever wondered about the
price of a credit card machine