top of page

How can I get paid faster?

Imagine you are sick. Really sick. Throat is on fire, have the chills, and you just want to feel better! What do you do? 99% of people would see a doctor. If you are in the 1% who won't, you are tougher than us!

Now imagine you tell the doctor your symptoms and tell him you plan to pay after you feel better. No doctor would ever let this happen.

And yet, this happens with small business owners ALL THE TIME. They allow customers to pay days or weeks after the job is done.

Highly profitable owners treat their business as a doctor's office. A customer must follow their rules and pay immediately. No exceptions. Here's how they do it.

Doctor examining an X-ray emphasizing the importance of expertise and professionalism.

Act Like a Doctor

Highly profitable owners and doctors have many similar traits. The main trait of both is a standard of professionalism. With this standard, prompt payment is a normal part of their business practice. Highly profitable owners do things the easy way! Copying another business is certainly easy and using a doctor's business has proven to be very lucrative. Here are the reasons why these profitable owners can easily copy a doctor's fast payment model.

  1. They have specialized knowledge. Doctors spend years acquiring specialized medical knowledge. Owners spend years gaining in-depth knowledge of their industry, products, and services.

  2. They diagnose and treat. Doctors diagnose and create personalized treatment plans. Owners diagnose the customers' problems and present a customized plan.

  3. They problem solve. Doctors use critical thinking to find the best solutions for the patient's health. Owners use critical thinking to overcome challenges and enhance customer satisfaction.

  4. They have trust and credibility. Patients trust doctors with their well-being, relying on their expertise and judgement. Customers trust profitable owners to provide quality products and services based on their knowledge and experience.

  5. They are adaptable. Doctors stay updated with the latest medical advancements. Owners stay informed with the latest industry trends.

  6. They give personalized solutions. Doctors provide personalized care tailored to each patient. Owners offer personalized solutions that cater to the specific needs of their customers.

  7. They have long term relationships. Doctors build long term relationships with their patients understanding their medical history and proving ongoing care. Owners cultivate long term relationships with their customers fostering loyalty and trust over time.

  8. Leadership and guidance. Doctors lead medical teams and guide patients through treatment plans. Owners lead their teams and guide their customers through the entire process.

Get Paid Faster

Do you sign any documents when you go to a doctor's office? Of course. Do you give them your insurance card? Of course. But why?

The doctor requires a form of payment to be on file AND your signature that says you will pay the fees. In the case of copays, you pay the copay before the doctor sees you. This is their standard of professionalism.

Highly profitable owners do the same thing. They require all customers to sign a contract and have a payment method on file. In the event customers push back on signing a contract, owners shift the payment responsibility onto the company. They tell customers that getting the payment method before work starts is company policy.

Highly profitable owners talk about this shift in mindset being a major turning point in their business. They also said many customers were fine with signing a contract that had the payment method. Once owners stopped chasing payments, they had free time to grow the business.

We understand contracts can be intimidating and costly if using a lawyer. There's no need to make it complicated. You can download an example contract HERE and modify any part. It's a simple, two-page contract that allows you to process payments immediately.

Here's a trick that highly profitable owners use. They use instant payments like credit cards, mobile payment apps, online gateways, or automated clearing house (ACH). Checks are rarely used because they can bounce. By far the easiest and cheapest way for you to receive money is using ACH. QuickBooks provides a standard form that complies with federal laws. We've modified that form for you. Access it HERE.

The Honest Truth (with Compassion)

We are not suggesting you demand full payment up front before all the work has been done. We are suggesting you have a way to get the full amount (or phased payments) immediately.

Chasing money is awful. It takes time, effort, and no one likes to be hounded continuously for payment. Yet, a ton of small business owners hesitate to change.

We've heard many reasons not to change...

"My customers are used to flexible payments and if I change, they will leave."

This is the most common reason we hear. Here is the reason why your customers will NOT leave. People want transparency. Let's turn this around to prove the point.

Think about being the customer and purchasing something. You want pricing transparency, speed, and a smooth experience. Think about buying a product on Amazon. It has pricing transparency, speed, and a smooth experience. Amazon also has you store your credit card on file.

On the other hand, ever got your truck repaired from a bad shop? What makes them bad? No pricing transparency, not fast, and definitely not smooth.

"It's normal in my industry and if I switch, I become less competitive."

It's actually the opposite. In the vast sea of small business owners who all act the same, you'll be different. You'll have clear payment terms, will be faster, and have a smoother experience. Those A+ customers you want, will respect your process and be happy to conform. Doing business with you becomes easy

"My business needs flexible payments for customers that are in financial hardships."

If you were a doctor and took the oath, we would have sympathy for those customers who have real medical issues and could not pay. That's an awful situation to be in and we empathize with those folks. However, if you are installing a pool or creating a landscape oasis and the customer cannot afford to do so, that is not your problem. You are not on the hook to create a specialized payment plan.

"It's too hard to invoice immediately."

Seriously? We bet you have a smart phone and figured out how to switch from your flip phone. You can certainly learn to invoice immediately. And guess what? We help with this. Call us and we'll give you some options.

Bottom line: We know you want to change but the fear of the unknown stops you. We get it and sometimes all it takes is to talk it out to reduce that anxiety. We've taken so many calls from owners who just want to chat. We are happy to talk. Give us a call. You got this.


Die Kommentarfunktion wurde abgeschaltet.
bottom of page