Invoicing a client, whether they’re new or existing, can be a challenge for marketing agencies. Billing your hours and waiting for payments is a tedious process, and late payments can stop work in its tracks.
Luckily, integrated payment technology has taken a lot of the hassle out of chasing payments. Streamline your entire pipeline and make project management easier with integrated payment features. Best of all, you’ll get paid faster! Here are four ways to invoice more efficiently at your agency.
Attach Assets to Invoices for Quick Payment
If a particular client often delays paying their invoice, releasing assets upon payment can incentivize them to pay faster. For example, you could attach a logo you designed to a client’s invoice as a file. The client receives the invoice with a notification their files will be available once they submit payment. Once the invoice is paid, the assets are released to the client. You’ll get paid faster and they’ll get the files they need instantly.
Use ACH for Monthly Retainers
ACH will save you money when billing large amounts, such as for monthly retainer fees and project deposits.. ACH payments are free for clients to use, and businesses usually receive the funds within a few days. For business owners, ACH costs less than $1 per transaction no matter the size of the payment.
ACH costs much less than paying with a credit card, which can incur fees of over 3% per transaction. The varying interchange rates make certain card brands more expensive to accept, including corporate cards. ACH payments are more secure, as you’ll have fewer incidents of fraud and chargebacks.
Discuss the Project’s Needs First
Discussing the scope of a project is a common part of any initial client meeting. But discussing the needs of the project itself can take different forms. Beyond the tangible deliverables, projects could need more revisions than you thought or more hours per month. While some roadblocks are inevitable, discussing the project’s needs with the client sets expectations early on.
Be sure to include clauses in your client agreement to set the number of revisions you’ll include, how you’ll manage client communication, and how you expect to be given feedback. Also, decide ahead of time how you want to handle a cancellation in terms of deposits and work completed.
Most importantly, set your expectations for payment including invoice frequency, pay schedules, and which payment types you will accept. You can even set your invoicing platform to only accept ACH payments and no credit cards so that you get paid how you want.
Set Up an Online Payment Link
Online payment pages, especially if they’re linked to your agency’s website, speed up the payment process. Hosted payment pages let your clients pay their invoices when they are received as opposed to sending a check through the mail. You can choose if clients can pay using ACH or with a credit card, add custom fields for notes, and customize the page itself for a unified, branded experience.
Best of all, clients can access your payment page through a link you send them through email or text or by clicking a pre-built button on your website. Make it easy for clients to pay you by sending invoices directly to their phone. It’s quick, efficient, and easy to set up through a virtual terminal.
Collecting payment from clients can be a time-consuming task, but it doesn’t have to be. With some coordination and the right tools, sending and tracking invoices can be a straightforward and painless part of your agency’s processes.
Ready to simplify invoicing? Check out how Fattmerchant can help your agency!