What payment timeframe do you use on your invoices? Many of us are tempted to choose payment timeframes arbitrarily, on the basis of what sounds good the first time we send an invoice, and stick with it as a sort of default. But this set-and-forget attitude can be a problem if the value of your invoices varies, or you work for a range of different client types. While I have a “default” payment timeframe, I try to consider the timeframes I put on every invoice I send to make sure they work for me and for my clients.
Invoice payment timeframes matter to freelancers because they can affect:
- your cashflow and ability to fund work
- the progress of the project (if subsequent phases are only started once prior phases have been fully paid for)
- your client and contractor relationships
- your invoicing approach for each new project or contract.
