How to Get Paid in Construction on Time Every Time
One of the most critical parts of being successful in the construction industry is being paid on time. However, this can also be a major challenge. Clients don't always want to pay on your schedule, especially if they aren't used to working with companies in the construction sector. That doesn't mean you have no options, though.
We've compiled a set of tips designed to help you get paid on time every single time you take on a job. Use these tips to streamline your payment process and make sure you aren't sitting around waiting for late payments.
Provide a Payment Schedule
Before you take on a project, build a payment schedule. You want this sent out
before any labor, effort, or time is invested into the project. In the payment schedule,
you want to outline when payments are due and what amount is owed. This helps
you (and your clients) stay organized and can make it easier to be paid on time.
It's essential to communicate well when you want to be sure your payments come in.
Clearly communicate the process when you share the payment schedule with a
client. However, you also want to check in from time to time. This is an excellent way
to be sure they understand when payments are due.
Follow Up as Needed
If a payment is late, don't let it slip through the cracks. You should always follow up
with the client. This can be as simple as making a short call or sending a polite email
letting them know that their payment is overdue.
Utilize Construction Contracts
Construction contracts can be used to protect your interests and make it more likely
that clients pay you on time. Your contracts need to share all the details about the
project. This includes when payments are scheduled and what the penalties are for
being late on a payment.
Take Different Forms of Payments
Companies that take only one form of payment are likely to have more late payments
than those who are versatile about how they are paid. Open up your options so it's
easier for clients to pay their bills. Allowing credit cards, debit cards, checks, and
more can help you get the payments you need on time and in full.
Making sure you're partnered with the right organizations can also help you ensure
you're paid on time. At Nationwide Notice, Inc, we offer access to preliminary notice
and lien services. We have a team of professional employees who can help you
determine your lien rights and figure out how to receive the required payments on
your schedule. Our professionals have years of experience dealing with missed
payment notices, contracts, liens, and more.
Our team is composed of workers with years of experience in liens, contracts, missed payment notices, and more. We partner with construction companies of all sizes and use lien laws to ensure you're paid. You can learn more about our services here or get insight into what makes us the right choice here. Nationwide Notice, Inc. partners with all types of construction companies of all sizes to work with you by using lien laws to ensure payment. We also secure lien rights to get the money that you deserve - all based on the legal documents required by your state to protect your lien rights, a crucial tool that assists with your receivables. Learn more about what we do on this page, or what sets us apart from our competitors here.