Cash flow is the lifeblood of freelancing. Nothing is more frustrating than completing the work and then waiting 60 days to get paid. Here are 5 psychological and practical hacks to speed up your payments.
1. Invoice Immediately
Don't wait until the "end of the month." Send the invoice the moment the work is delivered or the milestone is reached. The value of your work is fresh in the client's mind, making them more likely to approve it quickly.
2. Be Specific with Payment Terms
Avoid ambiguous terms like "Net 30" or "Payment due upon receipt." Instead, write: "Please pay by December 20th". Specific dates create a mental deadline for the accounts payable team.
3. Offer Multiple Payment Methods
Friction kills payment speed. If a client has to write a cheque or manually enter BSB/Account numbers, they'll put it off. Offering one-click payments via Credit Card (Stripe) or PayPal can significantly reduce time-to-pay. InvoiceBuddy integrates these automatically.
4. Use Polite but Firm Reminders
Automate your follow-ups. A friendly "Just a quick nudge" email 3 days before the due date, and a firmer reminder 1 day overdue, prevents invoices from getting lost in the inbox. You don't have to be the bad guy—let the software do it.
5. Charge a Late Fee (and say so)
Include a clause for late fees in your initial contract and on the invoice. Even if you never enforce it, the presence of a "5% monthly late fee" acts as a strong deterrent against procrastination.