According to this report, more than half of freelancers have over 50K in unpaid/late invoices. If you’re one of the clients whose invoice is showing up in the red, you are going to lose favor with your workers. To a big company, that amount may seem like small potatoes, but to smaller businesses, it can be the difference between thriving and staying in business. If you’re quick to pay, you solve one of your workers’ most consistent challenges: cash flow.
No matter what, being a freelancer is hard. Especially at the beginning, when many freelancers operate like a one-man band. They pound the pavement to get work, they do the work, and then sometimes, they have to pound the pavement to actually get paid.
Among the other discouraging statistics, survey respondents reported the following:
- 74% are not getting paid on time
- 72% have outstanding, unpaid invoices
- 59% are owed $50,000+
Here’s How You Can be a Hero to Your Workers
1. Pay a Down Payment
When it makes sense for the type of work, a down payment goes a long way for workers.
2. Guarantee Prompt Payment
Guaranteeing payment in 30 days max can be a game changer. Partnering with PayReel means your employees will be paid on time every single time. Not having to worry about whether your employees are taken care of means you remain in good favor and also that you don’t have to have a whole team to make sure it’s getting done. You already know it is! Make sure you are not the company contributing to someone’s $50K of lost or late payment and by extension, that people are ready to answer your call when you need them.