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Just realized my payment terms were way too loose on a $3,200 project
I used to give net 60 on invoices because I thought it helped win gigs, but after waiting 73 days for a check from a Nashville studio last fall I switched to net 15 with a 2% late fee. Has anyone else tightened their terms and seen clients push back?
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abby_fisher11d ago
That 73 day wait is brutal. Net 60 is basically asking to be an unpaid bank for clients. Did the Nashville studio actually pay up without a fight, or did you have to chase them for every single dollar past that 60 day mark? I'm curious how much pushback you got after you tightened things up. Was it just the flaky clients who complained, or did some solid regulars give you grief too?
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cora81311d ago
Funny you mention that... I had a friend who ran a small design shop in Portland, and she tried switching to net 30 after getting burned on a 90 day invoice. Her regulars were mostly fine with it, but one client who always paid on time actually got weirdly defensive about it, said it made her look like she didn't trust them. The flaky ones just disappeared, which was honestly a relief for her, but the real headache was chasing the Nashville types who'd nod along then drag their feet anyway. She ended up going back to net 60 for the reliable folks and just factoring the invoices to get cash faster, but it's still messy no matter how you slice it.
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