I just set up my Paypal account yesterday, and the standard merchant account does not have a monthly fee, they charge a very low percentage of the funds that go through the account plus $0.30. You can do your invoicing through them also. There are a lot of other features that you should check out at their website.
Here is a paragrah from my service agreement and terms of service:
• 2% late fee of any unpaid balance;
• Payment is due upon receipt of an invoice. In most cases it the 15th and 30th of every month after the first two weeks – first two weeks you will receive an invoice on Friday, payment due by Monday.
PAYMENT TERMS
Client will receive an invoice for services rendered and an expense report (if applies) at the time of completion of services. Client hereby agrees to pay the invoice in full at the time of delivery. HAT"S Virtual Assistant Paralegal/Secretarial Services reserve the right not to release any final projects until full payment has been received. All projects and/or assignments are due upon receipt of an invoice unless you are placed on COD for billing issues.
ENTIRE AGREEMENT
This agreement and HAT Virtual Assistant Paralegal/ Secretarial Services Terms and Conditions of Service contain the entire understand of all parties. The Service Terms and Conditions of Service are hereby restated and in full force and effect in this document.
If someone would to see my entire welcome pak let me know. However I must tell you that I have 3 clients and 2 of which are 45 days past due I broke my own rules by giving them the work FIRST!! How stupid was that !!
Hi Teel03,
I would like to see your entire welcome pack to help me establish my policies. Thank you in advance for sharing!
I'd suggest adding an actual monetary amount to your policy - otherwise, it's too arbitrary if the time comes to charge one and the client may balk...
I've actually just updated my own policy to read:
Invoices are due on net 14 terms and are payable via Paypal plus 3.5%.
Invoices not reconciled within 15 days incur a $XX or 5% of balance, whichever is greater, late payment penalty.
Invoices not reconciled within 30 days incur an additional $XX or 10% of balance, whichever is greater, per month until reconciled.
Please feel free to contact us with any questions or concerns regarding your invoice or payment.
Because I realized it did NOTHING to protect me on really large invoices and didn't really cover post-30 accurately enough to be legitmately enforceable...one of those 'duh!' moments
Hi! Can I copy this information for my own TOS page? Please, its perfectly written!
Thanks! Steph
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I would charge a return-check fee. Find out what your bank would charge you if a check came back unpaid and then charge that amount to the customer for the returned check (if you get one).
Re: What are your late payment policies?
Kristen Voss
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