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How to Increase Your Chances of Being Paid Quickly

<p><em>One of the biggest fears of freelancers and self-employed people is not being paid. Some hold their breath until they receive the payment, especially when it is a new business relationship. Momenteo&rsquo;s team then decided to find you some tips to increase your chances of getting paid quickly. It will not solve all issues; however, it will help you avoid some problematic situations.</em></p> <p></p> <h3>Have a complete contract of services</h3> <p>If you want to increase your chances of being paid quickly, have in hand a contract of services signed by both parties. Indeed, <a href="https://www.momenteo.com/blog/the-importance-of-having-a-good-contract-of-services" target="_blank">a contract of services</a> is a document that must be read and approved by your client. It includes questions about the service delivery, the conduct of the service delivery, the terms of payment, the intellectual property, and the termination of the contract. Besides proving the business relationship, it indicates your conditions regarding your fees and payment terms.</p> <p>If you do not know how to write a complete contract of services, do not hesitate to contact a business lawyer. This specialist can surely help you avoid mistakes and misunderstandings that could cost you a lot of time and money.</p> <h3>Add your payment terms on your invoices</h3> <p>Since your clients may not have your contract of service close at hand, adding your payment terms directly on your invoices or on your payment email could be relevant. This will be a reminder, and you will then increase your chances of being paid quickly. Do not hesitate to contact your clients if they are near the due date. Most of the time, is it a mere oversight.</p> <p>When you create an invoice on Momenteo, you can add your terms and notes that will appear directly on your invoices at the second step. You can save different texts if needed.</p> <h3>Know who to send your invoices to</h3> <p>Here is a tip: send your invoice to a person instead of a department. Indeed, by knowing who is the person in charge of paying invoices, you have better chances not to be forgotten. Also, if there is a problem, it will be easier to talk to someone. When you have a new client, ask who your billing contact will be, and keep this information.</p> <p>Did you know that you can send your invoice to different people if needed? When you click on Send the invoice, you can manually add email addresses at the third step. It could be clever to add all relevant contacts just in case!</p> <h3>Send your invoices quickly</h3> <p>Important: Do not wait to send your invoice when you finish a project. Indeed, it is often better to send the invoice at the same time you send the final documents, for instance. The quicker your client receives its invoices, the faster you should be paid. Moreover, sending your invoices right away will allow you to avoid oversights.</p> <p>Here is another tip regarding <a href="https://www.momenteo.com/blog/6-tips-to-better-manage-your-billing" target="_blank">managing your billing</a>: schedule a moment in your week or month to manage everything related to your invoices. It can be to create new invoices and contact your clients. When you have a specific moment for administrative tasks, you avoid forgetting to send your invoices!</p> <h3>Allow online payment</h3> <p>Another way to increase your chances of being paid quickly when you are a freelancer or a self-employed worker is to allow online payment. Your clients will then be able to pay in one click, which is more straightforward than creating and sending a check. Moreover, you will not hear the excuse that your money must be lost in the mail again by using online payment.</p> <p>If you choose one of Momenteo&rsquo;s premium plans, you can link your Stripe or PayPal account to your invoices. Your clients will then be able to pay easily when they receive your invoices.</p> <h3><strong>Mention the late fees</strong></h3> <p>How can you encourage your clients to pay your invoices quickly? Why not add late fees if the invoice is not paid on time? This could be an interesting incentive, especially if your clients monitor their money closely.</p> <p>Nonetheless, there are rules to follow regarding late fees. First, it needs to be mentioned in a contract of services. In other words, if you do not have a contract or if it was not noted, you cannot add late fees even if the invoice is past due. There is also a maximum you can add to an invoice.&nbsp;</p> <h3><strong>Quick reminder: why not ask for a down payment?</strong></h3> <p>As we mentioned earlier, not being paid stays one of the most important fears of freelancers and self-employed workers. If it is your case, why not <a href="https://www.momenteo.com/blog/freelancers-should-you-ask-for-a-down-payment" target="_blank">ask for a down payment</a> before starting working?</p> <p>Down payments have many benefits and are frequently used in the freelance world. First, it allows you to see the seriousness of your client regarding your business relationship. If this person refuses to give a down payment, be suspicious. Moreover, down payments can help you better divide your revenues during the project. You can decide to ask 50% at the beginning and 50% at the end or ask for payments according to the work you need to do.</p> <p></p> <p>In conclusion, we hope that these little tips will help you be paid quickly. Nothing is more frustrating than waiting for your money. And what happens if your client does not pay? Regarding this, we suggest you contact our partner <a href="https://www.legalhood.com/" target="_blank">Legalhood</a> to send a formal notice quickly and easily. Good luck with your invoices!</p> <p></p>

Ariane