'Normal' payment terms

[JRCT]

This is comforting to read. I searched for payment terms as I've just started my 5th contract but the 1st one that comes with 30 day payment terms. Every other has been 7 days and even when I've not submitted a weekly invoice through my own tardiness, the agencies have chased me for it because they want to pay me on time.

This one is still weekly invoicing, so I actually get paid every Monday (assuming all my invoices are put in weekly) but always 4 weeks in arrears.

I was worried about the change, but after reading this, I guess it's fairly standard.

[jamesbrown]

30 days with my direct clients is the norm (apart from one who has 45 day terms), and it would be lovely if they paid on time, but a lot of them rarely do. It's kind of frustrating but goes with the territory.

I'd second that. I only work direct, and payment terms are typically 30 days, sometimes longer, with late payments and chasing pretty normal.

[LisaContractorUmbrella]

monthly invoicing with 28 day payment terms.

One of the smaller agencies I;'ve never heard of before. Best way to do credit check?

Try DueDil - that's free and will give you an idea of their financial standing

[Spartacus]

When I worked direct it was 90 days or f-off (global defence company). They always did pay bang on the 90 days though and never needed chasing.

[psychocandy]

Ta all. Already PCG+

[Antman]

experian £17 or thereabouts (expensable)

[TheFaQQer]

monthly invoicing with 28 day payment terms.

One of the smaller agencies I;'ve never heard of before. Best way to do credit check?

Absolutely. And make sure your PCG+ is up to date - IIRC they offer a discounted credit check service as well as the "agency goes bust" insurance.

[psychocandy]

monthly invoicing with 28 day payment terms.

One of the smaller agencies I;'ve never heard of before. Best way to do credit check?

[TheFaQQer]

Combine the invoicing frequency with the payment terms and see what your exposure would be - there is a big difference between 28 day payment terms on a weekly invoice and 28 day payment terms on a monthly invoice.

My current contract is invoice at the end of the month, payment terms of up to 60 days. I have no issue with that, as long as I get paid - generally they pay in under 30 days anyway, apart from the first month (setup issues, I think) and one month when they scanned my invoice and for some reason it came out blank so disappeared. (Should add that there is no agency involved in this role, so all the issues are with the client).

[GillsMan]

Looking at gig and agent mentioned up front that payment terms would be 28 days and that some people had an issue with that.

Sounds ok to me? As long as they pay within 28 days lol.

Must admit recent gigs have been weekly timesheet, pay few days later, or 145 day terms.

Doesnt seem an issue to be honest- 90 days would be.

BTW - whats best way to get credit reports etc on agencies? Free if possible,

Weird that he mentioned that some people had an issue with that. As always, though, it depends on the agency, the invoice schedule, etc. I wouldn't be happy with 28 day terms and monthly invoicing if the agency was small and/or didn't have a great credit rating. For the larger players, I'd have no problem in theory, but then I'd expect the larger players to be able to offer factoring as part of the service/fee so would be looking for slightly better terms.

30 days with my direct clients is the norm (apart from one who has 45 day terms), and it would be lovely if they paid on time, but a lot of them rarely do. It's kind of frustrating but goes with the territory.

[psychocandy]

Looking at gig and agent mentioned up front that payment terms would be 28 days and that some people had an issue with that.

Sounds ok to me? As long as they pay within 28 days lol.

Must admit recent gigs have been weekly timesheet, pay few days later, or 145 day terms.

Doesnt seem an issue to be honest- 90 days would be.

BTW - whats best way to get credit reports etc on agencies? Free if possible,