Unfortunately, this problem is only made worse by the fact that a large number of freelancers feel awkward and uncomfortable chasing after overdue payments; 57% of respondents worry that their clients may not use their services again if chased for payment.
Late-paying clients are a major problem for most freelancers, as they do harm to you and your business alike.
While you might be able to overlook a few delayed invoices, it gets harder to settle your own bills and manage your cash flow when those invoices start to pile up.
Plus, aside from giving you one more thing to worry about, those late payments can lose value over time.
AskMoney’s article on the time value of money explains that it’s always more profitable to get money now than accept a promise for the same amount in the future.
The sooner you get money, the more it’s worth; otherwise, there is more time for prices to inflate, which quite literally drops the value of the money.
It’s for these reasons though that follow-ups are so crucial.
Discomfort aside, your clients are supposed to pay you on time once you’ve completed your service.
And if reminder emails don’t work, there’s always a more direct means of communication: phone calls, which are also more personal and more difficult to ignore.
To help with any discomfort or awkwardness though, in this article we’ll discuss four tips for how to make a successful follow-up call over late payments.