Waiting on Payments: The Impact of Unpaid Invoices
Running a field service company comes with many challenges. You have customers to keep happy, team members you need to schedule and organize, and of course you need to get paid! Waiting on payments from customers is not something any business owner wants to deal with, but often that is the nature of business.
Our friends at Fundbox pulled some eye-opening statistics about field service companies and how these businesses are paid. In their data, field service companies typically waited more than 25 days to be paid. Invoices issued by these companies were, on average, more than 9 days overdue before receiving payment.
As a business owner, how can you reduce your cash flow gaps? There are a number of strategies you can implement to reduce cash flow gaps.
- Jobber customers are paid nearly 3 times faster when they are paid through ePayments
- Put yourself in your customer’s shoes when sending invoices
- Jobber customers can have their invoices advanced with our Fundbox integration
Check out the rest of the data from Fundbox’s study on the Economic Impact of Unpaid Invoices: