Video Production Business Tips – Expediting Payments From Video Production Clients

After running your video production business for so long, you’ll soon realize that receiving timely payments from your video business clients can often be a challenge. Here are a few tips I’ve learned over the years that can speed up this process.

1. Make sure your contracts state EXACTLY when you expect to be paid.

If you are working as a freelancer, set your terms so that payment is due no later than 30 days after the shoot date and consider asking for a deposit to secure your equipment and personnel. Getting a deposit will give you some cash to work with immediately and will lessen the blow if/when clients are late with your final payment. If you are providing turn-key video services, request multiple payments at various phases of the project and communicate with the client frequently about your expected payment schedule.

2. Submit your final invoice to the client on or before the closing date of your projects and ask if it’s possible to get your check processed within two weeks.

The key here is to hit them with the invoice while the relationship is still hot. In most cases, they’ll want to help you get paid quickly if they are happy with their experience with your video production business. Waiting a few days or weeks after the project is complete to submit your invoice almost always guarantees that the client has already moved on to other priorities. When their attention has changed to other projects, your invoice will fall to the bottom of the priority list and your payment will be delayed.

3. Email a copy of your invoice directly to the person who managed the project on behalf of your client.

Then, mail a hard copy of the invoice attention to “Accounts Payable.” In both the email copy and hard copy, ask them in bold letters to “call or send a return email to verify that they received your invoice.” Never assume that they received your invoice just because you sent an email. The reason you send a hard copy to accounts payable is because it’s their job to make sure bills get paid for the business. When they receive the invoice, they will contact the project manager in their business to verify the validity of the invoice.

Once the project manager approves the amount your video production business has charged, accounts payable will begin processing your payment immediately. Also, when the accounting department calls you to verify that they received your invoice, ask if it’s possible to expedite payment. Very few people actually communicate directly with accounts payable. They will often be happy to push your invoice through the system. Remember that the squeaky wheel gets the oil!