Guide to Offering Quick Payment Incentives

Offer discounts

Many customers who pay within 30 days will gladly pay earlier if offered a discount. As a rule of thumb, offer a discount of 1 to 2 percent for paying quickly, such as 10 days of billing.

I recommend: Download customizable invoice templates from Microsoft.com and add your discount offer for early payment.

Offer gift certificates

The lure of a gift certificate for products or services that appeal to your customers can be a mighty incentive to send in payments promptly. A simple lunch for two at a nearby café or a 15-minute massage at a spa could do the trick.

I recommend: Purchase gift certificates good for hundreds of merchants from GiftCertificates.com.

Offer store credit

Reward customers for making early payments with store credit. Send customers a loyalty card that's redeemable on their next visit.

I recommend: Order custom loyalty cards for your customers from Arthur Blank & Company or Duracard.

Offer free merchandise

Consider stocking promotional merchandise, such as caps and T-shirts that you can offer to customers who make quick payments. Keep in mind that the promotional item has to be desirable enough to make a customer take action.

I recommend: Check out the wide array of promotional products offered by Branders.com and ePromos.com.

Offer a percentage off on future shopping

Entice customers to pay up fast with the promise of a discount on their next purchase. Not only does this prompt fast payment, but it also compels customers to shop with you again. Send customers a postcard with a percentage off offer they can use the next time they buy your products or services.

I recommend: Get ideas for basic postcard designs by downloading free templates from the USPS.