Overdue Payment Continuum #collections #getpaid #smallbusiness

When it comes to overdue invoices and collecting on payments for jobs that you've already completed, I think of it as a continuum. It's from really, really good to really, really bad. Over here, prepayment is the best, which means I get the cash. I get the money before the job even is started, before I have to pay employees, buy materials, anything. Over here. On the other end of the spectrum is I actually end of the month or end of the quarter, like down the road, I invoice them and then I accept a payment method of a check. Now there's a continuum in between this. So for example, same day credit card, not as good as getting prepayment, but way better to be able to get that cash in the bank as fast as possible. Then there's like weekly credit card and there's end a month credit card. But again, the worst is that after the work has been done far into the future, I send an invoice and ask for payment in the mail.