Asking for Payment to Recover Your Money

money management tips

Regardless of the person who owes you money, whether it’s a friend, a family member, or your employer, if you’re reading this article, you must know that nothing is more disturbing than trying to recover your money without success. As the holiday season is already upon us, certainly you could use some extra cash to buy some presents for your dear ones, right? So, it is time you pluck up your courage and do something to obtain your payment. The following tips might come in handy in aiding you to accomplish that.

Asking Payment

#1 – Ask for your payment

While you might assume that asking for your money is pretty obvious, sometimes, asking is all it takes to obtain payment. Some people are actually forgetful, and they might have forgotten that they owe you money.

If you wish to speed up receiving payment from your employer, you could consider sending an invoice using software specially created for this purpose. This will make your message appear more professional, compared to a regular text from the phone. Also, remember to be polite and friendly. Research points that a friendly attitude and a message accompanied by a simple “thank you” can increase the chances of getting payment by 5 percent.

#2 – Make it effortless to pay

A lot of people might try to get out of paying you by constantly saying things such as “I don’t have cash on me now” or “I don’t have your bank account details”. It’s time you send the people that owe you money your bank account details or consider setting up PayPal. Make it effortless for people to give your money back.

#3 – Demand penalties

Now, if you provide services as a freelancer, there’s nothing more annoying than not getting paid. In this situation, a suggestion might be demanding penalties for payments made late. You should consider this as a clause in your agreement, as you cannot keep on asking for your money after providing a service. Another tip might be growing the fees to your services by five percent, and for those who make the payment on time, you could offer a five percent discount. Sneaky but it could work!

#4 – Don’t give up

Believe it or not, a lot of people are unwilling to pay, and if you give up easily on your payment, you are the only one who ends up losing. That’s because, due to common sense, a lot of people don’t want to cause unnecessary drama, and this is why there are so many individuals who keep on avoiding making payments. It’s important that you have a face to face discussion with the person in order to clarify the situation. The bottom line is that you shouldn’t give up. After all, it’s your money. Good luck!

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