This post is written by Wave developer and data expert Tommy Guy.
So you've learned your craft, you've found customers, you've finished the job. All that's left is the hard part: You've got to get paid. At Wave, we're always searching for ways to help our customers get paid faster. We've found two ways to increase the odds that not only will you get paid, but you'll get paid on time.
Emails: Don't get lost below the fold
Research shows that small business owners can only handle 50 emails a day. Even the most well-meaning person might forget to respond to your invoice once it falls off that first screen of emails. Our Wave Insights team has found two ways to ensure your invoice gets paid.
Send email when it's being read
We looked at data from thousands of invoices that Wave customers sent by email, and we measured how long it took for the invoice to get paid. It turns out that most people send invoices in the middle of the day, but invoices sent over breakfast or in the early afternoon get paid 3 days faster on average than invoices sent between 10 a.m. and 4 p.m. That means night owls are adding 4 days on average to the time it takes to get paid. So set yourself up for success: Plan to send your invoices when your customers have time to respond to your email. A lot of people have time to respond to email either before their family gets up or in the early evening (between 7-9, a.m. or p.m.).
Payment by Wave: Get Paid Faster!
Our customers that use Payments by Wave get paid almost 2 weeks faster on average than users that require payment by other methods. That's a full pay cycle! With Payments by Wave, you get a "Pay now" button right on the invoice. That means that when your customer opens their invoice over her morning coffee, they can pull out their credit card and pay right away. Your customer gets the convenience of paying with a card and you get the peace of mind of knowing that your invoice has been paid instead of landing in your customers "To-do" pile.
Payments offers many other benefits as well: You send less payment reminders, which frees you up to find new business. No more trips to the bank, checks in the mail, or chasing down customers.