Leapers.
Little Guide to Late Payments
 
Back to Leapers →

TL;DR

Don't have time to read the whole ebook? Here's the summary.
  • Dealing with Late Payments is something we all unfortunately face when self-employed - and if not managed well, can negatively impact our mental health.
  • Remember, providing you have delivered what you promised, you are entitled to be paid on time, and have legal and moral rights to charge a penalty and interest if an invoice is overdue.
  • You are not responsible for your clients' internal accounting processes or poor business behaviours, so should not feel guilty or awkward asking to be paid on time - it is a business relationship first and foremost, so keep it transactional.
  • Aim to prevent it from happening upfront with clear communication around payment terms, scopes of work, acceptance criteria, and confirmation of receipt of invoices.
  • Have a process in place for handling issuing invoices and dealing with payment reminders, and automate it as much as possible to reduce the workload.
  • Start with positive communication, but be willing to escalate if it isn't working - and remember there is always another option to explore - don't just write it off, and chalk it up to 'experience'.
  • Debt and financial worry can lead to poorer mental health - don't bury your head in the sand when it comes to tackling money related issues.
  • Stay aware of what influences your mental health, and don't struggle in silence - build up supportive networks of other freelancers, and seek advice when you need help.

Now, let's dive into the detail...

Made by Foxlark.