HOW TO GET YOUR BUSINESS PAID ON TIME IN CONSTRUCTION
If you own a construction business, you likely are aware of the hardships involved in getting your payments on time. Learn these tips for how to get paid faster.
Have Clear Payment Schedules
When you initially work on the contracts for a project, it's in your best interest to
communicate your payment schedule clearly so that your client knows exactly where
and when you expect to get paid. Make sure that you also spend time explaining where
and how payments should be delivered to you and what the penalties are if they pay
One of the largest reasons that clients will claim that they can't pay you on time is that they were unaware of when payment was dueâ€”so, to avoid this, make your payment schedule clear to the customer. Add those dates into whatever contract you have the client sign so that you have actionable, legal proof to point to if they try to eel their way out of paying you.
This might seem obvious, but if you don't send your invoices to the customer on time,
they won't pay you on time. This is why you should outline a schedule in your contract
that the client signs, and then make sure that you stick to that schedule. If you get your
invoices out on time, you'll have a much higher chance of getting paid on time. Make
sure that every invoice that you send to your clients offers detailed information and
documentation so that the client has proof of what work you've done and what they're
paying you for.
Consider using automated software that will send out the invoices for you so that you can forget about them. These services can also typically be used to automatically notify clients of upcoming payments, remind them of overdue payments, generate due dates, and allow clients access to previous invoices.
Incentives Are Your Friends
Another great way to guarantee that you're paid for your work on time is to add
incentives into the payment situation. This way, your clients will be more likely to pay
you earlier than the payment due date. These offers should also be detailed in the
client's contracts and also noted in obvious ways on the invoice that the client receives.
It also helps if you balance these incentives with clear penalties for being late on the
Offer Multiple Payment Methods for Ease of Payment
A great way to make sure that your construction business is paid on time is to make it
easy for your clients to pay you. Some clients might want to pay by checks, some might
prefer cash, and some might like electronic payment methodsâ€¦ the more methods that
you accept, the more that clients will be able to pay you in whatever way is best for
Nationwide Notice, Inc.
If you decide to work with Nationwide Notice, Inc. you'll gain access to our lien and
preliminary notice services. We have a team of professional employees who can help
you determine your lien rights and figure out how to receive required payments on your
schedule. Our professionals have years of experience dealing with missed payment
notices, contracts, liens, and more. 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.