Invoice Collection Program
The average contractor has $28,000 in unpaid invoices at any given time. Automated reminders and online payments cut that number in half.
The Cash Flow Problem
The average contractor waits 28 days to get paid after completing a job. For a business doing $30,000/month in revenue, that means $28,000 is sitting in unpaid invoices at any given time. Late payments force you to float payroll, materials, and fuel costs out of pocket. The solution is not working more jobs. It is collecting faster on the jobs you have already completed. Reducing average payment time from 28 days to 14 days frees up $14,000 in working capital immediately.
Automated Payment Reminders
Business Genie sends payment reminders automatically at intervals you set. Recommended sequence: Day 1 (invoice sent with online payment link), Day 7 (friendly reminder), Day 14 (second reminder with late fee warning), Day 30 (final notice with late fee applied). Each reminder includes a one-tap payment link. Contractors using automated reminders get paid an average of 8-14 days faster than those who chase payments manually.
Online Payments
The single biggest improvement to payment speed is making it easy to pay. Business Genie invoices include a "Pay Now" button that lets customers pay by credit card or ACH bank transfer from their phone. No checks to write, no stamps, no "I will pay when I get around to it." Contractors who accept online payments see 65% of invoices paid within 48 hours of sending. Average collection time drops from 28 days to 5 days for online-enabled invoices.
Late Fee Enforcement
Stating late fee terms on every invoice and estimate signals professionalism and motivates timely payment. Business Genie adds your late fee policy automatically and can apply fees when invoices become overdue. The presence of a late fee policy reduces late payments by 30% even when the fee is never actually charged. When fees are charged, the standard is 1.5% per month (18% annual) applied after a 30-day grace period.
Frequently Asked Questions
How much does payment processing cost?
Standard credit card processing is 2.9% + $0.30 per transaction through Business Genie. ACH bank transfers are 1% (capped at $10). On a $500 invoice, that is $14.80 by credit card or $5.00 by ACH. Most contractors absorb this cost because faster payment more than covers the processing fee. Some pass it to the customer as a "convenience fee" or offer a cash/check discount.
What if a customer still does not pay?
After the automated reminder sequence, Business Genie flags the invoice for manual follow-up. At that point, you have options: call the customer directly (the system logs all reminder history), send to a collections agency (provide the full invoice and communication history), file in small claims court (for amounts under $5,000-$10,000 depending on state), or write it off. The key is that automated reminders handle 90% of collection so you only spend time on the 10% that need personal attention.
Can I require payment before completing the job?
Yes. Business Genie supports deposits (require 25-50% upfront before scheduling), progress payments (invoice at milestones for larger projects), and payment on completion (collect before leaving the job site via mobile payment). For service calls under $500, many contractors collect 100% on-site before leaving. For projects over $1,000, a deposit plus final payment on completion is standard.
Get paid faster starting this week
Online payments, automated reminders, and late fee enforcement. Free 1-month trial.
No credit card required