How to speed up customer payments

Step 1 — invoice immediately and accurately

The clock only starts when you invoice, so invoice the moment work is complete, not at month-end. Get every detail right — correct amount, PO number, bank details, due date — because a single error gives a slow payer a reason to delay. Prompt, accurate invoicing alone can shave days off your debtor days. Automate it if you can.

Step 2 — make paying you effortless

Every bit of friction is an excuse to pay later. Offer multiple payment methods, put a clear "pay now" link or your bank details prominently on the invoice, and consider direct debit for recurring customers so payment is automatic. The easier you make it to pay, the sooner the money lands. See how to set clear payment terms.

Step 3 — set expectations up front

Agree payment terms before you start work, in writing, and make sure the customer has acknowledged them. Shorter terms — 14 days rather than 30 — are worth asking for. State any late-payment interest right in your terms as a gentle deterrent. Customers pay to expectations, so set them clearly and early rather than hoping.

Step 4 — chase from day one

A polite reminder the day an invoice falls overdue is far more effective than a stern letter a month later, and it trains customers to put you near the top of their payment run. Build a simple chase sequence — reminder on day one, follow-up call at a week, firmer notice at two — and apply it consistently. Consistency, not aggression, is what works. See how to chase overdue invoices.

Step 5 — release cash you can't wait for

Where good customers simply pay slowly and you cannot wait, invoice finance releases most of an invoice's value immediately and settles as the customer pays.

Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.