Getting paid faster: payment workflows for Ottawa businesses

Choose a payment path the customer can use

For recurring professional work, agree on the billing date and whether the customer wants an authorized recurring card payment or an invoice link. For a contractor, specify the deposit and milestone terms before the job starts. For a restaurant, daily point-of-sale and delivery-platform reports matter more than an individual invoice reminder.

A payment link can reduce the steps between an invoice and a payment, but it does not resolve a disputed scope, missing purchase-order number or invoice sent to the wrong person. Record the customer’s billing contact and approval requirements at setup.

A payout is not the sales figure

Illustrative example: an Ottawa consultant invoices $1,000 plus $130 HST. The customer pays $1,130 by card and the processor deducts a $30 fee, depositing $1,100. The books still show $1,000 service revenue, $130 HST collected and the $30 processing cost. Posting the $1,100 deposit directly to sales loses the invoice and tax trail.

Keep processor clearing balances until the settlement arrives. Refunds, disputes and held reserves need their own explanation; a fee should not be used to make an unexplained difference disappear.

Set up one collection routine

• Put the due date, accepted payment methods and required reference on each invoice.
• Obtain customer authorization for recurring charges and use the processor’s tokenized card tools; do not collect card details in an ordinary email or bookkeeping note.
• Match Interac and EFT receipts to customer invoices, including payments that cover several jobs.
• Review overdue balances weekly and separate a missing payment from a disputed invoice.
• Reconcile fees, refunds, holds and deposits to the processor statement at month-end.

Measure the improvement without overstating it

Start with invoices actually outstanding and the average time customers take to pay. The receivables calculator lets you compare a planning target with the current position. A lower days-to-payment figure can release working capital, but the result depends on customers paying sooner rather than on simply changing an assumption.

Agree on who sends reminders, handles disputes and approves write-offs. Keep that responsibility distinct from the person reconciling bank deposits.

Put this into practice

• Receivables and payment support →
• Bookkeeping for professional firms →
• Compare a receivables scenario →