1% 10 / Net 30

[Derek]

anyone use this or something similar for Comm clients to get paid within 10 days (or even 7 days?)

 

[Willy P]

Don't bother. They date the cheque and send it out after 30.

 

[Ken Snow]

No but we take advantage of discount terms from our vendors. I would doubt 1% is going to move the needle on your collections. Have to be more like 2-5% esp if trying to gt 10 days.

 

[J Scott W]

We did 2% 10 / net 30. Only moved a few of our clients to pay sooner.

For many of our monthly accounts, we billed at the end of the month for the month completed (Billed for June work on July 1st for example) and then gave them 30 days to pay. So, they were really getting 60 days. Decided to start billing for June work on June 15th and terms due by 10th of following month. (Bill for June on June 15th, paid by July 10th.) This change in the billing date helped much more than offering 2% terms.

 

[Desk Jockey]

It depends on the size of your bill.

We had a school district scrambling to save 3% on a $100,000.00 loss, we've also had lots and lots of 5-K jobs that went 30-days

 

[Shane Deubell]

5th of the month for contract work- 30 day

15 days on 1x time service or casual like quarterly

No discount

No, not everyone pays in 15 days. Our biggest headaches are medical related offices.

 

[Derek]

we have the same clients who repeatedly are late, i don't mind too much but the missus does the bills and she gets on my back about it, which is understandable. the longest we seem to wait lately is around 60-70 days for 1 particular Quarterly client. the most frustrating part is me having to nag them, play phone tag and leave messages...have to *67 them or try them from another phone number. ... stupid games yet i continue to schedule with them...need the dough.

 

[Desk Jockey]

My AR sucks right now too, just waiting on some big money to come through.

Lots of people owe me so at least it's in the pipeline but still makes it tough to operate when only the small ones pay you.