IT Contractors - monthly payment?

[swamp]

Never been paid weekly, never wanted to be. Far too much hassle.

Weekly payment is like hourly rates: for tape changers and low-rate help desk bods. Proper contractors bill daily and invoice monthly.

[ratewhore]

It's bigger agencies who are more likey to pay weekly as they have the cash reserves, smaller ones will want to pay monthly. Also any person with an IQ > 10 will want to have the money as soon as possible, unless you like giving away interest to your agency?

I personally disagree with that. I run my financial affairs in a business-like manner. I don't expect my suppliers/partners to chase me for payment the day after they deliver an item to me. That is why payment terms are written into the t's and c's. In fact, most companies I work with in a B2B capacity expect payment within the stated terms, not as soon as they invoice me. This is how I do business and I would argue that it shows an element of running a business properly instead of incorporating to reduce tax liabilities...

[Diestl]

Never been paid weekly, never wanted to be. Far too much hassle.

Weekly payment is like hourly rates: for tape changers and low-rate help desk bods. Proper contractors bill daily and invoice monthly.

Im on a daily rate and paid weekly,Im a .NET Enterprise developer and my client spends billions a year.

[Barriebazg]

I think it all just comes down to personal preference.... If you have the choice between monthly or weekly its whatever your comfortable with. Its nice to have the option to choose. I personally have weekly payments.

There is no right or wrong way IMO its purely what your happy with.

[Maxamus]

WEEKLY !
Good for interest!

i fax the timesheet on monday, they pay by friday.

Me too! Money bes in my account for when i wake up on Friday morning. Then i go to work while the women spends it

[135R]

People,

Thanks for your thoughts on this subject, appreciated and very useful.

It seems that this is a lot less clear cut than I expected. As some people have said, it often comes down to personal preference. I expected higher paid contractors to say they were paid monthly, and helpdesk/desktop support people to weekly, however there seem to be contradictions to this rule.

Would any contractors make a decision not to go to an agency based on this issue, if they knew that the agency in question only paid monthly?

Cheers

[Barriebazg]

Would any contractors make a decision not to go to an agency based on this issue, if they knew that the agency in question only paid monthly?

Cheers

Not for me. It would definitely not stop me going to an agency. Its nice to be paid weekly, so I get the interest on it rather than an agency, but for me personally it wouldnt stop me choosing said agency.

Barrie

[pippo]

Would any contractors make a decision not to go to an agency based on this issue, if they knew that the agency in question only paid monthly?

Cheers

Good and clear question 135R. Answer: yes. In fact, that's what i'm going to do for my next contract search: I will give preference to agencies that will pay me weekly. Obviously this will not be the only deciding factor but it will be one of the most important ones.

[lukemg]

Like everyone on here, I usually have 4 or 5 contract offers to choose from and generate a matrix spreadsheet to cross-ref location, travelling time, agency payment terms, client rep, office environment, work required.

MY @RSE - If I am lucky I get one offer for a job I want (or I wouldn't have applied) and would need a very good reason to knock it back.
The payment terms are the bottom of a long list that starts with - can I get there and back each day.
Makes the decision a lot easier I can tell you !

[oxtailsoup]

Like everyone on here, I usually have 4 or 5 contract offers to choose from and generate a matrix spreadsheet to cross-ref location, travelling time, agency payment terms, client rep, office environment, work required.

MY @RSE - If I am lucky I get one offer for a job I want (or I wouldn't have applied) and would need a very good reason to knock it back.
The payment terms are the bottom of a long list that starts with - can I get there and back each day.
Makes the decision a lot easier I can tell you !

Spot on