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    Smile Freelancer Payment Terms??

    Hey everyone! I'm looking to get into freelancing and I wanted to know what payment terms (when you get paid) people have experienced. I have heard of top tier companies making you wait up to 3 months, which is frustrating! What have people seen? And how do you manage cash flow?

    Many thanks in advance!

  2. #2

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    TheCyclingProgrammer is NOT a disguised employee


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    Payment within 14 days as standard, but some clients insist on net 30 which I'm happy to accommodate. Invoice frequency depends on my billing basis (I sometimes charge a daily rate, sometimes a fixed per-sprint rate) but usually fortnightly.

    I have no experience working for big multi-national firms who no doubt have their own excessive payment terms and bully their suppliers into accepting. I don't work for them.

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    Currently invoice weekly and if I get it in with a signed time sheet by 5pm the following Tuesday, I get paid on the Friday.

    Lovely :-)

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    NigelJK has more data than eek


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    Getting rarer those ones tho'.

  5. #5

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    It varies from place to place. I'm currently on monthly invoicing with 60 day terms that usually pay early, but I've also had weekly invoicing with payment the following Wednesday.

    In terms of managing cash flow, that's easier once you've got a few invoices paid - in the early days you may need to lend the company money to pay the bills while you wait, for example. Once you have some retained profit in the company then it's a lot easier, until you have a long stretch with no income. At which point, you revert to lending the company money as necessary.

    Good luck, whatever you decide to do.
    First they ignore you, then they laugh at you, then they fight you, then you win. But Gandhi never had to deal with HMRC

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    My post count is Majestic

    northernladuk is a fount of knowledge

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    Quote Originally Posted by StefPrivate View Post
    And how do you manage cash flow?:
    I have to start paying for everything in 20 notes instead of 50 in lean times...

    HTH

    'CUK forum personality of 2011' - Winner - Yes really!!!!

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    If you mean 'freelancing' rather than contracting, then good luck getting paid in anything like a timely fashion. I have invoices approaching 3 months late with one major international client, which is far from a record.

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    Nervous Newbie

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    Unhappy

    Quote Originally Posted by Adlopa View Post
    If you mean 'freelancing' rather than contracting, then good luck getting paid in anything like a timely fashion. I have invoices approaching 3 months late with one major international client, which is far from a record.
    Yeah I do mean 'freelancing', this is what I am worried about.. That's super late! Can I ask, who is the company, or what industry are they in?

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    Quote Originally Posted by StefPrivate View Post
    Hey everyone! I'm looking to get into freelancing and I wanted to know what payment terms (when you get paid) people have experienced. I have heard of top tier companies making you wait up to 3 months, which is frustrating! What have people seen? And how do you manage cash flow?

    Many thanks in advance!
    Payment is weekly for me bud, and always on time
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