A single-payment QR code will also alert you to when the customer has received your invoice, when they’ve opened it and when it’s been paid. Customers then have a variety of ways to pay, including card payments, open banking, Apple Pay/GooglePay or via a platform like PayPal. Swipen’s Virtual Terminal allows you to send pay-by-link URLS and single-payment QR codes, which can be attached to emails or electronic invoices. This can be a great incentive for a customer who otherwise wouldn’t be able to outright afford your product or service, or has been unable to pay your invoice in full as originally agreed. Swipen’s Virtual Terminal allows you to set up recurring payments so customers can pay an agreed amount every week or month until settled. It also gives you a chance to be introduced to the person in charge of paying your invoices, so you can build a rapport with them. It gives you a chance to get to know a customer before you offer credit terms. This works well if your business offers repeatable services or products. For example, a 5% discount if they pay within 7 days may encourage a customer to pay earlier.Īsk all brand new customers to pay upfront for their first order: This is a great option if it suits your business. It’s best to leave no room for misunderstanding. It is important to ensure your invoices are very concise – they should contain the exact and up-to-date information about your payment terms, how much they owe you, when that amount is due, when it will be considered late, and any late payment penalties. Thankfully, Swipen has some helpful hints and tips, and our Virtual Terminal gives you several ways to encourage customers to pay on time, without compromising your relationship with them. Nearly half of all invoices are paid late, which is a staggeringly high figure, and chasing all these overdue accounts can be very time consuming. This is not always an easy task and customers not paying on time can make it even harder. One of the primary challenges of running any business is managing your cash flow effectively.
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