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Encourage direct payments to your bank account

Many business owners get annoyed when invoices are received without bank payment details. That means they need to write a cheque, write an envelope, find a stamp and put it in the mail. Often they just park the invoice until they get around to it later.

If a customer is having cashflow problems themselves they may send you a cheque knowing that they’ve bought themselves a few days to find the cash.

Always put your bank account details on your invoices so that your customers can pay you easily and quickly.

Your non-productive administration time and cost will be reduced if money comes straight into your bank account and appears in your accounting system. Cheques that you receive cost you time and money to process as well.

1 comment

andrew
1 May 2014 #

I see a real difference between countries on this, especially in North America, USA/Canada where bank account details are treated as a closely guarded secret. Any reason for this? Is it “business culture” differences, or is there something real behind this (e.g. bank details can be used for fraud in some countries)?

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