Ok, trying to work out the payment methods and requirements of my business plan. My question is to those of you who do "retainers".

I know that typically it is a % off the regular hourly rate, but do you require the entire retainer up front or do you ask for 50%?

Next, this is probably a silly question, but I was wondering if you offer a refund for the unused retainer? I was thinking this would be a no, more like a "use it or lose it" type deal? And along with that question, how did you explain it in writing on your website so it doesn't sound mean?

Found the html section yesterday...holy moly~I am having fun! Focus Brandy Focus

Thanks!

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Ferguson & Kurtz Professional Services
"where the virtual meets professional"

Brandy,

I haven't started billing yet but I would say definitely no refund on the retainer. Something else I will suggest is to look at other VA websites and what their rate pages say/look like. It has helped me tremendously.

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-Amanda
www.virtualsolutionsmadesimple.com

I don't provide a refund for the unused portion of the agreement. I think 50% up front is fair although I know some ask for 100% upfront.

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Tamika R. Johnson, MBA, Principal
administrative partners, llc
www.administrativepartners.net | http://adminpartners.blogspot.com

Originally Posted by tamikarjohnson

I don't provide a refund for the unused portion of the agreement. I think 50% up front is fair although I know some ask for 100% upfront.

Tamika,

When do you ask for the other 50?

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Ferguson & Kurtz Professional Services
"where the virtual meets professional"

Personally I don't offer a percentage off for a retainer plan. I think of a retainer as more of an advantage to the client because they get preferential treatment and priority over any hourly client.

I don't offer a refund for unused time either. I feel and others may chime in, that a retainer is paid in full at the beginning of each month. But if you are doing a project then you can use the 50% deposit before you start the project and then the balance upon completion, but make sure that the payment clears before you turn the project over. This is something that you can also put into your contract.

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Gina Murray, MGM Virtual Office Solutions
www.mgmvirtualoffice.com

I have one retainer client, just signed them in April. Their month will be up on April 11th, but I told them today I would extend it to the end of May. They paid 100% up front.

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Julia

Thank you for the input.

I think I am going to do the 100% up front retainer also. I asked about the percentage off because I think I made a pretty tight budget for the first year and need to keep every dollar I earn.

Again, this could be because I am undervaluing my services. Could anyone send me links to where I could get information to show potential clients the value of a VA vs a employee. Links to your pages are welcome too. You can just pm them to me if you want.

Thanks,

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Ferguson & Kurtz Professional Services
"where the virtual meets professional"

Brandy,

Tess has very kindly offered members this one to use.

Hope this is of some help. Good luck with you business.

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Vicky
www.c-vas.eu

Originally Posted by Vicky

Brandy, Tess has very kindly offered members this one to use. Hope this is of some help. Good luck with you business.

Ohhh...that is spiffy!

Thanks for the link Vicky, and thanks for the code Tess!

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Ferguson & Kurtz Professional Services
"where the virtual meets professional"