Journey To $100 Million

In Erik’s most recent episode, he talked about how sending an invoice to a client means you are effectively extending them credit. We realized that this can pose a big risk to the company, and needed to figure out a way to eliminate this risk and receive payment prior to completing client work. In episode 220 of Journey to $100 Million, Erik discusses how we plan to do this at Array Digital. In business, you must complete the work, send an invoice, and then wait on payment. The payment is usually in net terms, such as net 30, meaning the client has 30 days to pay the invoice. Understanding that having to wait on receiving this payment can be risky, we decided to have a goal of net 0 for client payments, or requiring that they must pay immediately. To do this, we either need clients to pay by credit card, or ACH (automated clearing house). ACH means that we would extract money from the client’s checking account and be moved into our account in one to two days. We have been trying to get our existing clients