From Invoice to Paid: Speeding Up Your Payment Cycle

Nothing slows down a service business more than waiting to get paid. Positive cash flow is essential for covering payroll, buying materials, and investing in growth. If your billing process is slow and manual, you're hindering your own success. Here are proven strategies to speed up your payment cycle, all of which can be implemented with a platform like TradeCraft.

1. Invoice Immediately

The single most effective way to get paid faster is to invoice faster. Don't wait until the end of the week or month to do your billing. With a mobile-friendly FSM, your technician can generate and send an invoice directly from their device the moment a job is completed. The details are fresh, the customer is happy with the work, and they are most likely to pay right away.

2. Offer Online Payments

"The check is in the mail" is a phrase that should be retired. By offering online payments via credit card, debit card, or services like Apple Pay, you make it incredibly convenient for customers to pay you. TradeCraft's integration with Stripe allows you to add a secure payment link directly to your invoices. Customers click, pay, and the funds are on their way to your account.

3. Automate Payment Reminders

Chasing down overdue invoices is time-consuming and awkward. Set up automated reminders for outstanding invoices. A polite email sent 7 or 14 days after the due date can often prompt payment without requiring a phone call from your team.

4. Track Invoice Status

You can't manage what you can't see. Your software should give you a clear view of all your invoices and their status:

• Draft: Not yet sent.
• Pending: Sent but not yet paid.
• Paid: Paid in full.
• Overdue: Past the due date.

This allows you to quickly identify which accounts need attention and provides a clear picture of your accounts receivable.

5. Keep Records Clean

A good payment system doesn't just process payments; it records them. When a customer pays online, the payment should be automatically recorded against the invoice, updating its status to "Paid." For manual payments like cash or check, your system should make it easy to record the payment, so your financial records are always accurate and up-to-date.

By implementing these strategies, you can take control of your cash flow, reduce administrative headaches, and focus on what you do best: providing excellent service.