{"id":7435,"date":"2021-03-15T04:34:10","date_gmt":"2021-03-15T08:34:10","guid":{"rendered":"https:\/\/www.sage.com\/en-ca\/blog\/?p=7435"},"modified":"2026-01-16T04:51:25","modified_gmt":"2026-01-16T09:51:25","slug":"want-to-get-paid-on-time-heres-9-things-you-need-to-do-now","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ca\/blog\/want-to-get-paid-on-time-heres-9-things-you-need-to-do-now\/","title":{"rendered":"Want to get paid on time: Here\u2019s 9 things you need to do now"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tTrends & Insights<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tWant to get paid on time: Here\u2019s 9 things you need to do now\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tOwen Sweeney<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n\n\n

If you want to take control of your business and really boss it, making sure you\u2019re getting paid on time is vital.<\/p>\n\n\n\n

When you sell something in your business, you create credit. The only real exception is in retail premises, where payment is immediate.<\/p>\n\n\n\n

But creating credit means you have to wait for payment. And more likely than not, you\u2019ll be chasing up that payment.<\/p>\n\n\n\n

It can be a pain.<\/p>\n\n\n\n

But life doesn\u2019t have to be like that for your business.<\/p>\n\n\n\n

Want to know how you can make life easier for yourself and make things easier for your clients, especially during these unprecedented times, when money may be a difficult subject to discuss and being sensitive can help?<\/p>\n\n\n\n

Below are nine ways to avoid being in a situation where your business is suffering because money is owed. They\u2019re easy to implement and used by businesses across Canada \u2013 so why not give them a try?
\n1. Use a debit card reader
\n2. Use software to invoice
\n3. Add payment links to your e-invoices
\n4. Make invoices really simple
\n5. Offer discounts for early payments
\n6. Issue weekly statements
\n7. Use direct debit
\n8. Use an invoice-chasing app
\n9. Sell your invoices<\/p>\n\n\n\n

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Download your free guide<\/a><\/div>\n<\/div>\n\n\n\n

1. Use a debit card reader<\/h2>\n\n\n\n

Is visiting a client\u2019s premises part of what your business does? If so, why not require payment when the work is complete, or the goods have been handed over?<\/p>\n\n\n\n

You can do this using a debit and credit card reader. These are available to pretty much anybody who wants one via companies such as Square, SumUp or Lightspeed.<\/p>\n\n\n\n

These devices connect to your mobile phone and authorize the payment immediately.<\/p>\n\n\n\n

Typically, you pay a small amount to buy the card reader and then a percentage (typically around 2% to 3%) for each transaction.<\/p>\n\n\n\n

If you\u2019re concerned about this cost, you could increase what you charge so the fee is absorbed.<\/p>\n\n\n\n

2. Use software to invoice<\/h2>\n\n\n\n

If you use accounting software, not only can you issue and send invoices with just a few clicks but you\u2019ll also be reminded when it\u2019s time to chase them up (that is, when the terms you agreed have expired).<\/p>\n\n\n\n

And chasing up the invoice once you\u2019re notified is again easy if you\u2019re using software.<\/p>\n\n\n\n

Compare this to hand-writing invoices, or printing them off in Microsoft Word or Excel.<\/p>\n\n\n\n

It\u2019s a lot harder to track when the invoices are due. And even if you create a separate list, that will slow you down, leaving you with less time to do what you love \u2013 finding and delighting customers with your products and services.<\/p>\n\n\n\n

Let the software take the strain.<\/p>\n\n\n\n

4. Make invoices really simple<\/h2>\n\n\n\n

This can be an oversight for many businesses. An invoice should be one sheet of A4, and should contain only the details it needs to. This includes a unique invoice number, your name and address, a description and payment terms.<\/p>\n\n\n\n

If you\u2019re registered for GST\/PST, there are some legal requirements \u2013 but, again, things can and should be kept as simple as possible.<\/p>\n\n\n\n

There\u2019s no need to include your terms and conditions on the invoice, although it\u2019s a good idea to provide a link to them if it\u2019s an electronic invoice (or a URL if it\u2019s a printed invoice).<\/p>\n\n\n\n

5. Offer discounts for early payments<\/h2>\n\n\n\n

Here\u2019s a neat little trick you could try. Make it clear to your customer or client that if they pay within 10 days, they\u2019ll receive a 20% discount on the invoice amount.<\/p>\n\n\n\n

This can only encourage prompt payment. And you have two choices as to how to finance this discount:
\nYou take a 20% cut in return for your saved time potentially chasing the payment
\nYou increase the default price by 20%, with the goal that it\u2019s nearly always discounted for this early payment.
\nYes, this is a little like charging interest on late payments. But it doesn\u2019t feel that way to the customer or client.
\nIt\u2019s more carrot-and-stick approach, than chasing and needing to have difficult conversations when you\u2019ve not received your money.<\/p>\n\n\n\n

6. Issue weekly statements<\/h2>\n\n\n\n

Try issuing a weekly statement to your customer or clients detailing how much they owe.
\nYou might find your accounting software has this feature built-in. Issuing a statement like this means clients or customers simply can\u2019t forget what they owe.
\nAnd make it clear in your terms of service or your contract that this is a blanket policy you apply to all clients, and that you aren\u2019t singling out that individual customer or client.
\nHere\u2019s a tip: don\u2019t schedule this task for a Monday or a Friday. You\u2019re likely to be busy doing other things at those times.<\/p>\n\n\n\n

7. Use direct debit<\/h2>\n\n\n\n

If the customer or client uses you regularly, you can ask them to set up a direct debit. This can be facilitated using a payments provider such as GoCardless.
\nYes, direct debits can even be used by businesses to make payments.
\nYou\u2019re probably thinking that this can only be used if your customer or client makes regular payments to you. This is what we\u2019ve been trained to believe by using direct debit for the likes of utility bill payments.
\nIn fact, direct debit can also be set up to collect irregular and on-demand payments. A lot of people use PayPal, for example, and this is exactly how they work in Canada.<\/p>\n\n\n\n

8. Use an invoice-chasing app<\/h2>\n\n\n\n

By using an invoice-chasing app within your accounting software, you can save hours of work every week manually chasing payments.
\nUsing the software, you can create an email template, in the same language you use ordinarily, and then set a schedule when the invoice should be chased (depending on the terms you\u2019ve agreed).
\nWhen the recipient receives the email, it will look like it came from your email account \u2013 but in fact it comes via the software. This helps to keep things looking professional.<\/p>\n\n\n\n

9. Sell your invoices<\/h2>\n\n\n\n

This is a radical idea for many smaller businesses but it\u2019s one regularly employed by larger businesses \u2013 and not just when times are tough.
\nInvoice factoring means you sell your unpaid invoices to another company, so they take on the debt. In return, they pay you around 70% to 90% of the total invoice values.
\nOnce the client has paid the factoring company the full amount, the factoring company then pays you. They\u2019ll charge you a service fee, which is usually around 1% to 5% of the total invoice.
\nIt should be noted that invoice factoring isn\u2019t related to using a debt collection agency. It\u2019s just a method of easing cash flow.<\/p>\n\n\n\n

Final thoughts on getting paid on time<\/h2>\n\n\n\n

Because some people tend to be late making payments, there\u2019s understandably a whole treasure trove of ways businesses have created to get paid on time \u2013 or even ahead of time.
\nWhichever you use depends on your relationship with your client, and how amenable they are.
\nHowever, the key trick is to work closely with your client and mention the methods you use to collect payments as early as possible in your conversations with them.
\nYou definitely shouldn\u2019t spring it on them when you issue your first invoice. Instead, make it part of the terms of doing business with you.
\nPeople are more able to accept things when they\u2019re in the early stages of a relationship, and you should use this to your advantage.<\/p>\n\n\n\n

 <\/p>\n\n\n\n

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5 ways to take control of your business admin<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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Want to know how you can boss it at your business? Read this guide for top tips to help you master your business admin and truly take control.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tGet your free guide<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"boss\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

If you want to take control of your business and really boss it, making sure you\u2019re getting paid on time is vital. When you sell something in your business, you create credit. The only real exception is in retail premises, where payment is immediate. But creating credit means you have to wait for payment. And […]<\/p>\n","protected":false},"author":737,"featured_media":237,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"footnotes":""},"categories":[29],"tags":[],"business_type":[3],"lilypad":[],"context":[],"industry":[],"persona":[73],"imagine_tag":[],"coauthors":[310],"class_list":["post-7435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-insights","business_type-small-business"],"sage_meta":{"region":"en-ca","author_name":"Owen Sweeney","featured_image":"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2019\/01\/GettyImages-187512771.jpg","imagine_tags":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice Canada English","distributor_original_site_url":"https:\/\/www.sage.com\/en-ca\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts\/7435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/users\/737"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/comments?post=7435"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts\/7435\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/media\/237"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/media?parent=7435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/categories?post=7435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/tags?post=7435"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/business_type?post=7435"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/lilypad?post=7435"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/context?post=7435"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/industry?post=7435"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/persona?post=7435"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/imagine_tag?post=7435"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/coauthors?post=7435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}