Starting a Business

3 Steps to Avoiding Late Payments

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Late-paying customers can be the bane of business owners. Attorney Nina Kaufman suggests three effective ways for getting customers to pay a timely and efficient way:

1. Bill regularly and timely. Don't be late sending invoices. Stay top-of-mind.
2. Follow up on invoices sooner rather than later. It's OK to follow up within a week or two of sending an invoice, Kaufman says.
3. Have a written agreement that includes collection terms. If a customer doesn't pay, you want to make sure you have legal grounds to collect the money that you're owed.

 

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