How long do you wait to be paid? - Virtual Assistant Forums

#1 (**permalink**) 01-14-2009

I have occassionally had problems getting paid,not often but sometimes. How long do you wait for your money before you begin to get concerned?

#2 (**permalink**) 01-14-2009

My terms are net 30. I start charging interest after that time period. Try doing a forum search for payment terms. I think you will find several interesting threads on this very subject.

#3 (**permalink**) 01-14-2009

Do you let them know that they are overdue? Did you tell them in advance that you charge interest after a certain point? I would make sure you do that in the future and that should help to get paid faster.

Good Luck

#4 (**permalink**) 01-14-2009

I have payment terms spelled out in detail in my service agreement. My current terms are Net 15 and then I do charge late fees (luckily, haven't had to enforce the late fees as of yet).

Here is a good thread about late payment policies:
What are your late payment policies?

#5 (**permalink**) 01-14-2009

I have a Net15 then charge interest for the next 15. If payment isn't received in 30 days, the contract is null and work will cease with that client until all payments are paid. That's just me though. I've been taken before and my time is valuable.

#6 (**permalink**) 01-14-2009

I'm lucky that I have never had to impose late fees yet! I too have it written into all of my contracts that pament terms are Net 15. I've had one client that I had to remind at the 14 day mark, but it has never gone further than that.

I love contracts!

#7 (**permalink**) 01-14-2009

Nearly all my clients are prepaid package clients so I never have to worry about that. All my clients have paid me in a timely manner. Since I used to work in collections, I know how to make sure to get paid promptly. It helps if you require a deposit up front for any project work.

#8 (**permalink**) 01-25-2009

The beauty of being the bookkeeper for my clients is that I invoice them and then I write myself a check. No worries about not getting paid!

#9 (**permalink**) 01-25-2009

I'm with Sue..everyone pays me for a block of hours upfront, so once that runs out, all work ceases until I receive another payment.

#10 (**permalink**) 01-28-2009

It is important to have all your biling terms spelled out for clients. From experience most clients are on a 30-day cycle. I have worked with a few that on on a 15 but mostly it is 30.