I used to always batch my invoices on the last Friday of each month. Kept waiting 30+ days for payments from my landscaping clients in Austin. Last month I switched to sending them out every Wednesday at 9am local time. Got 3 checks in the mail within 5 business days instead of the usual 3 weeks. Something about catching people midweek when they're actually looking at their books instead of scrambling on a Friday. Has anyone else tried timing their sends to a specific day and seen a difference?
I stopped into this place called Brew & Board near 6th Street last Saturday and the owner was talking about how he uses a discount code for early bird orders instead of nagging people. He said offering 5% off for paying within 5 days cut his overdue invoices by half in just one month. Has anyone else tried a small discount like that to speed up payments without getting pushy?
After a client sat on a $320 invoice for 45 days, I finally added a 5% late fee to my next invoice instead of sending another polite reminder. It got paid in 3 days flat. Has anyone else seen late fees actually backfire on them?
I overheard a freelancer at Strange Brew talking about how she offers a 3% discount for paying within 5 days, and I ran the numbers on my own invoices - turns out I lost over $4,200 last year just waiting 60 days for people to pay.