How to get paid faster - practical steps for overdue invoices

• Cash flow challenge: Customers are taking too long to pay, leaving my business short of working capital.

• Perfect for: Small business owners who need faster, more reliable payments to keep operations running smoothly.

Novuna helps small businesses tackle overdue payment issues, either through smarter credit control, funding to cover the gap, or both. We compare the market and our own in-house services to find the best solution for your needs.

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Why slow payments are a problem for small businesses

Late payments aren’t just frustrating, they can put real strain on your ability to pay suppliers, cover wages, and invest in growth. For small businesses, even a few overdue invoices can trigger a cash flow crisis.

Steps to get paid faster

1. Set clear payment terms from the start: Include due dates, late payment fees, and accepted payment methods on every contract and invoice. Make sure the customer understands these terms before work begins.

2. Invoice promptly and accurately: Send invoices as soon as work is completed or goods are delivered. Double check details to avoid disputes that can delay payment.

3. Send reminders before the due date: Don’t wait until a payment is late - send a friendly reminder a few days beforehand.
   

4. Offer easy payment options: Make it simple for customers to pay via bank transfer, card, or direct debit. The fewer barriers, the faster you’ll get paid.

5. Follow up immediately on late invoices: If payment is overdue, contact the customer quickly with a clear and professional message outlining the outstanding balance and payment terms.

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When chasing payments isn’t enough

Sometimes, even the best processes won’t speed up slow payers. That’s where funding solutions can help bridge the gap:

• Invoice finance: Unlock cash tied up in unpaid invoices, often within 24 hours.
• Short-term funding: Cover urgent expenses while waiting for payments.
• Credit control services: Outsource collections to professionals who get results.

How Novuna Business Cash Flow can help

We work with small businesses to improve payment speed and strengthen cash flow. Whether that’s helping you chase late invoices or arranging funding so you’re not left waiting, our goal is to keep your business moving forward.