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# Secure Your Cash Flow: 8 Ways to Prevent Late Payments
by  | Dec 19, 2024 | 
Getting paid late can be extremely frustrating for small business owners. Your client agrees to the payment terms, you deliver your part, and then — crickets. Even though late payors may eventually follow through, you deal with the stress, follow-up attempts, and missing cash flow in the meantime. But you don’t have to be a sitting duck. Here are 8 ways you can take action to prevent late payments.
## 1. Set clear payment terms upfront
When working with a client, communicate and gain agreement for the  upfront. You can do so by drafting a contract that outlines the key aspects of the payment agreement, including:
* **Amounts owed:** The amount the client owes you for a defined deliverable.
* **Payment due dates:** The date the payment is due.
* **Accepted payment methods:** The different ways the client can pay you, such as check, credit card, debit card, or ACH.
* **Consequences for unpaid amounts:** What happens if the payment goes unpaid beyond a certain amount of days such as penalties, collection attempts, and taking them to court.
Review the terms with clients and get their signatures before you start any work. Being proactive can help to set a professional precedent, reduce misunderstandings, and hold both parties accountable. Your terms can also help to scare off unscrupulous clients from the get-go.
## 2. Invoice promptly and accurately
When you finish work and it’s time to invoice a client, don’t delay sending it over. For example, suppose you have an agreement where you invoice a client by the end of each month and the client pays you within  of the invoice date. If you finish the work on the 15th and invoice immediately, you’ll get paid by the 15th of the following month. However, if you wait until the end of the month, your payment can come as late as the 30th of the following month. No need to let your money sit with clients longer than is necessary. Additionally, ensure everything on your invoices is accurate. If you make a mistake, your client may deny your invoice and require you to send a corrected version, which could restart the payment timeline.
## 3. Offer multiple payment methods
By offering clients the ability to pay you through various payment methods, you improve your chances of getting paid sooner. For example, if you only accept ACH payments and checks but a customer doesn’t have the money in their checking account yet, they’ll need to delay the payment. However, with a service like Lili, which accepts Debit and Credit Cards (Visa, Mastercard, Amex), ACH, Venmo, Cash App, PayPal, checks, and cash, your client could pay immediately. A variety of options makes it easier to get paid promptly.
## 4. Provide early payment incentives and late payment penalties
You know the saying you can catch more flies with honey than vinegar? Well, that can also be true when it comes to getting paid on time. In addition to penalizing clients for paying late, you can also incentivize them to pay early by offering a small discount. For example, your payment terms could include:
* 5% off for paying within 7 days
* Invoice cost for paying from 8 to 30 days
* 5% penalty for paying 1 to 7 days late
* 10% penalty for paying 8 to 14 days late
* 15% fee for paying 15 to 30 days late
* Formal collection attempts begin at 30 days unpaid
* Court filings begin at 90 days unpaid
Clients who can pay early will likely want to take advantage of the savings which can help you stay cash flow positive. As for those who pay late, you’ll also get compensated for the inconvenience.
## 5. Send payment reminders
While clients may have the best intentions, most are juggling a laundry list of responsibilities so tasks can occasionally fall through the cracks. You can prevent your invoices from getting lost in the shuffle by setting up automatic payment reminders. For example, Lili’s  automatically sends reminders leading up to payment due dates so you don’t have to worry about it. Additionally, if your client doesn’t pay on time, you don’t have to craft those payment request emails. Lili will handle that part for you, too.
## 6. Set up milestones for larger projects
When working on large projects, the timelines can be long and the invoices can be large. Instead of carrying all the risk and waiting on one big payment at the end, consider breaking up the project into smaller milestones. For example, if you have a $20,000 job that’s going to take eight weeks, you could break it down into smaller parts with payments of $5,000 due every two weeks. This approach prevents you from getting heavily invested without pay and will reveal clients who don’t pay on time much earlier.
## 7. Build strong client relationships
Some people don’t manage their money or business in a way that allows them to make payments on time. It’s not personal, it’s just how they operate. However, those aren’t the clients you typically want to keep around long-term. Strong, healthy businesses are built on mutually respectful and beneficial relationships. You want clients who value your work and pay you promptly as a sign of respect for you and your business. When you find them, prioritize them and their work. In time, your entire business can be built on those kinds of relationships and late payments can become a thing of the past.
## 8. Request deposits
Requiring deposits can be a great way to improve your cash flow and weed out problem clients. Doing so can be especially helpful when a client has paid late in the past, given you reason to doubt they will pay, or is requesting a project that will require an upfront investment from you. Additionally, if you want to split the risk evenly with a client, you can do so by requesting half of the payment upfront and half when the project is done.
## Simplify cash flow management with Lili
Cash flow can make or break a small business, but gaining control over it can be as simple as making a few tweaks to your contract. Lili’s all-in-one financial platform for small business owners makes it easy to implement these changes. From robust invoicing that accepts multiple payment methods to advanced bill pay, and financial insights that optimize cash flow, Lili helps streamline operations. By giving you control over payment processing, reminders, and more, Lili allows you to maintain a healthy cash flow, ensuring your business stays on track for growth and success.
 *about Lili and how it can benefit your business’s cash flow.*
Accounting, tax preparation and invoicing software is available to Lili Smart and Lili Premium account holders only; applicable monthly account fees apply. For details, please refer to the . *Lili is a financial technology company, not a bank. Banking services are provided by Sunrise Banks, N.A., Member FDIC.*
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# AI-Ready Data: How Enterprises Must Prepare Proprietary Data to Power Agentic AI Systems
by  | Dec 18, 2024 | 
As enterprises integrate artificial intelligence into their business operations, the focus is shifting from automating routine tasks to enabling *agentic AI*—AI systems that can act autonomously, make decisions, and drive business outcomes. However, achieving this transformation depends on a critical but often overlooked resource: *AI-ready data*. Proprietary data isn’t just a supporting element in the AI ecosystem—it’s a strategic asset that determines how effectively agentic AI systems can operate.
### **Why Data Quality is the Foundation of Agentic AI**
Unlike traditional AI applications, which may operate on general datasets, agentic AI thrives on enterprise-specific, contextual data. According to the recent CIO article , foundational models (FMs) trained on broad, public datasets are excellent for general-purpose tasks but often fall short when applied to enterprise-specific workflows. “To benefit from this wider range of [retrieval-augmented generation] services, organizations need to ensure their data is AI-ready,” the article notes.
AI-ready data requires robust information management practices such as:
* **Data Cleaning & Validation**: Ensuring that enterprise data is accurate, relevant, and free from duplicates.
* **Data Structuring & Enrichment**: Organizing data into formats that AI systems can easily understand and enriching datasets with contextual metadata.
* **Data Ownership & Compliance**: Clearly defining who owns the data and ensuring compliance with privacy and governance standards.
Not sure where to start? Check out this  for creating AI-friendly documents.
### **From Data Silos to Competitive Advantage**
Enterprises that treat their proprietary data as a competitive differentiator will be well-positioned in the coming years. As *AI in the Enterprise in 2025* explains, “The sooner enterprises identify data assets from across the business, adopt a creative approach to how they might be used, and get them in an AI-ready state, the sooner they’ll be able to take advantage of new RAG services coming down the line in 2025.”
This preparation enables businesses to generate deeper insights, unlock previously untapped opportunities, and create a sustainable competitive advantage through AI-powered innovations.
### **Data Strategy: The CIO’s Next Business Imperative**
While CIOs have long recognized the value of data, many still struggle with aligning data strategies to tangible business outcomes. The CIO article  highlights how forward-thinking enterprises are linking data quality initiatives directly to revenue-generating outcomes:
* **Sales Enablement**: AI-powered CRM tools that provide predictive insights by analyzing customer interaction data.
* **Marketing Personalization**: Gen AI-driven marketing platforms that generate tailored content based on enriched customer data.
* **Service Optimization**: AI-driven service teams that resolve customer issues faster by leveraging structured service records.
“Improving data quality and integrating new data sources…are vital for applying AI in marketing and sales,” said Jacqueline Woods, CMO of Teradata, in the article. She emphasized how combining structured and unstructured data can unlock new opportunities for customer engagement and retention.
### **Looking Ahead: AI-Ready Data as a Long-Term Asset**
Preparing proprietary data isn’t a one-time project—it’s an ongoing strategic investment. Forrester predicts that AI governance software spending will quadruple by 2030, reaching nearly $16 billion. This surge underscores the growing recognition that high-quality enterprise data is essential for building advanced AI capabilities.
As businesses face intensifying competition and rising customer expectations, agentic AI fueled by proprietary data will be the defining factor between market leaders and laggards. The enterprises that invest today in making their data AI-ready will unlock capabilities that extend far beyond automation—enabling AI systems that drive innovation, enhance decision-making, and transform entire industries.
Is your enterprise ready to harness the full potential of its proprietary data?
#### About the Author
Assaf Melochna****, President and CoFounder, Aquant**
Assaf Melochna is the President and co-founder of Aquant, where his blend of decisive leadership and technical expertise drives the company’s mission. An expert in service and enterprise software, Assaf’s comprehensive business and technical insight has been instrumental in shaping Aquant.
# Silverstein Introduces Resident Keys in Apple Wallet
## **Silverstein Introduces Resident Keys in Apple Wallet**
All residents at 606 West 42nd Street, a multi-family housing location in New York City, are able to access the building, their units, and amenities with a simple tap of an iPhone or Apple Watch
**NEW YORK, NY, December 18, 2024** – Silverstein Properties, a leading real estate development, investment, and management firm, and its partners SwiftConnect, Allegion, and Kastle, today announced they are live with resident keys in Apple Wallet for all apartment units at a multi-family housing location: Silverstein’s Silver Towers residential property at 606 West 42nd Street in New York City.
Silverstein’s residential tenants now have an easy and secure way to add a resident key to Apple Wallet to access the apartment building and unlock their homes with a simple tap of an iPhone or Apple Watch—thus eliminating the need to use a traditional, physical key.
“We’re excited to make it easy for our residents to use their resident key in Apple Wallet to get into their buildings, homes, and common areas, which builds upon our previous offering to office tenants who use their employee badge in Apple Wallet to access offices and shared spaces including lounges, cafes, conference facilities, and yoga studios,” said Tal Kerret, President of Silverstein Properties.
The rollout of keys in Apple Wallet marks an important milestone for the U.S. real estate industry, as property owners and employers reimagine the home and workplace experience for residents, office tenants, and employees.
> “The Silver Towers project builds on SwiftConnect’s success in delivering seamless access via NFC wallets across the most iconic commercial real estate properties in New York and beyond,” said Matt Kopel, co-CEO and President of SwiftConnect. “We are excited to once again partner with Silverstein Properties and to extend our leadership into the multi-family housing market. Now, residents can easily access their personal spaces with their iPhone and Apple Watch, and property teams are able to enhance security for their residents—while also automating the process of managing keys and access.”
>
> To provide residential tenants with this experience, SwiftConnect integrates with the Kastle Access Control platform; Schlage® mobile credentials; and access control devices from Allegion™, as well as all other necessary business platforms and systems to create a unified digital network for hassle-free mobile access.
> “Kastle is thrilled to be a partner on the Silver Tower project, leveraging Kastle’s robust and proven access-control products to create a modern access-control solution that delivers an unparalleled experience both property owners and residents can trust,” said Haniel Lynn, CEO of Kastle.
> “We are excited to work with SwiftConnect and play an important role in Silver Tower’s resident key in Apple Wallet multifamily housing deployment,” said Mark Casey, Vice President National Electronic Sales of Allegion. “Resident Keys in Apple Wallet—alongside our Schlage mobile credentials and Schlage mobile-enabled wireless locks—not only enhances security and convenience for residents, but also exemplifies our commitment to driving the future of seamless access and smart apartment technology.”
How seamless access works at Silver Towers:
* Tenants can add their resident key to Apple Wallet after an initial set-up through Silverstein’s Inspire app, using SwiftConnect’s AccessCloud platform. Once added, tenants can hold their iPhone or Apple Watch near a door reader or smart lock for seamless access to the apartment building, their home, and shared fitness and amenity spaces.
* With Express Mode, tenants don’t need to wake or unlock their device to use their resident key—they can simply hold their device near a reader and go. If an iPhone needs to be charged, they can still use their device to access their apartment and amenity spaces with Power Reserve.
* Resident key in Apple Wallet takes full advantage of the privacy and security features already built into iPhone and Apple Watch. Data is encrypted and protected against tampering and theft, and Apple cannot see when and where a resident uses a home key in Wallet.
The new offering falls under Inspire, Silverstein’s holistic customer experience program that reshapes how, when, and where the company’s customers live and work. Inspire brings hospitality services, social and wellness programming, data-driven workplace technology, and a flexible workspace solution under one umbrella.
Since its inception 67 years ago, Silverstein Properties has been recognized for driving innovative technology adoption to enhance tenant experience. The company has built a reputation for developing exceptional projects, enhancing local communities, providing outstanding services to customers and partners, and driving innovation within the industry.
# # #
About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company has developed, owned, and managed more than 40 million square feet of commercial, residential, retail, and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006); 4 World Trade Center (2013); Four Seasons Walt Disney Resort (2014); the Four Seasons Downtown and 30 Park Place (2016); One West End (2017); and 3 World Trade Center (2018). For further information on Silverstein Properties, please visit www.silversteinproperties.com and www.inspireyourday.com.
About SwiftConnect
SwiftConnect is the leading provider of connected access enablement. We delight users with elegant ways to interact with places, spaces, and things by ensuring your digital pass is on your phone, watch, or anywhere it needs to be. Powering connected access experiences for commercial real estate owners and enterprises across financial and professional services, life sciences, technology, and other leading organizations, our platform integrates with existing mobile platforms, credential technologies, and business systems to provide authorized access to everything, everywhere through centralized access management. We provide a street-to-seat journey that users love, automation that redefines operational efficiency, and a foundation of security and privacy that administrators trust so you can navigate your world better. For more information, visit. www.swiftconnect.com and follow us on LinkedIn.
About Allegion
Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and institutions. For more, visit www.allegion.com.
About Kastle
Kastle has been leading the property technology industry since 1972 with advanced solutions and services, protecting commercial real estate, multifamily residential, global enterprises, educational institutions, and critical government facilities from design and installation to ongoing monitoring and maintenance. Kastle delivers state-of-the-art solutions that include access control, video surveillance, visitor management, and identity management, as well as a suite of mobile security applications, all integrated on an open, standards-based platform and supported by a team of experts 24×7. Headquartered in Falls Church, Virginia, Kastle is a 2023 CREtech Real Estate Technology Award (RETAS) Grand Prize recipient.