Waiting for your hard-earned cash to actually show up in your accounts can be unbearable when you’re broke. In this situation your accounting may indicate that your business is technically thriving but you still feel cash poor. Is this how your business is operating right now? If so, keep reading the following tips. By making just a few simple adjustments to your payment structure, you can start enjoying profits sooner rather than later.

Depending on the nature of your online business, customers may pay you in different ways and on different schedules.

Here are a few suggestions to get you thinking of ways to generate the cash in hand when you need it most.

1. Ask for advance payment. If you are providing a service, like ghostwriting, ask for half of the balance upfront before any work is done. That way you have insurance that the customer won’t disappear without paying, plus you can remain liquid between project assignment and project completion. This works best, obviously with new clients. I wouldn’t recommend implementing this policy with loyal clients that you’ve had for years. (Use an option below with those clients.)

2. Pre-sell your services in a bundle. This is how movie websites do it. When a hot new movie is due for release in a month, they offer a break on the price, if you pre-order. They get the money in advance, and you get the movie as soon as it hits the streets. The same technique can work for your services when you generate enough interest and anticipation.

Example: A Virtual Assistant offers a deal for 10 hours of work for $150, a $100 discount off her normal $25/hour rate, when paid up front.

3. Offer a break on overdue balances. No one wants to have to make collection calls on invoices that are overdue. On outstanding balances of thirty days or more, give the client a five or ten percent discount to pay their entire balance right then. You still recoup 90 to 95 percent of what is owed. It might not be the entire amount, but at least you see some of the money instead of never seeing anything at all.

4. When is the balance due? Instead of giving customers thirty days to pay, shorten it to fifteen. Lay this out specifically in the terms of the contract so even if they don’t read it you are covered. Depending on the price, some will agree to pay the entire amount upfront if that means avoiding a service or finance charge.

5. Invoice at the beginning of the month. For service based businesses where payment dates fall once a month for recurring customers, why wait until the end of the month? Invoice early so that you have more cash to use for whatever may come up during the month.

I asked Nicole Dean of OutsourceWeekly.com for her advice, and she said “I always tell my helpers not to be afraid to remind me if I miss their invoice. I’m human and occasionally slip up. Plus, if I’m running a huge promo, their paypal request can sometimes get lost in an influx of orders. So, don’t be shy in reminding your good clients and certainly don’t assume they’re avoiding you. Also, be very upfront initially when discussing your payment preferences. Don’t expect your clients to guess that you need to be paid within 3 days because you’ve got a trip coming up. Let us know. Usually I’m more than happy to oblige to these requests and I assume most clients are.”

Are you looking for ways to raise cash for your business? You don’t always have to look to outside sources or create new products or services for the answers. Find ways to revamp your payment structure and outstanding invoices to get the money that you are due.

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