Payment terms

[pmeswani]

I received a letter from an old client recently that stated that all suppliers would now be on 72 day payment terms, without exception. 30 days is good for direct.

Is that B**ts by any chance?

[VectraMan]

I received a letter from an old client recently that stated that all suppliers would now be on 72 day payment terms, without exception. 30 days is good for direct.

[Archangel]

I had a gig through hays up to 2 years ago. Invoiced weekly, took less than a week to hit bank account.

Now through a small outfit, monthly invoice paid approx 10 days after invoice sent.

Worst I had was a direct contract, monthly invoice, 60 day terms (but usually received within 30 days).

[lambrini_socialist]

once you're through that gap you're sorted because you've always got a month's worth of income ahead of you (make sense?)

and yes, i am building up savings now i've been Ltd for a few months, so lengthy payment terms don't matter any more anyway ;-)

[NotAllThere]

The client I'm working with at the moment has payment terms of 30 days. Another contractor here works through an agency who have 7 day payment terms.

I've had problems recently with payments. If I decided to jump ship, how likely am I to find a gig with 7 day payment terms?

Are you working direct? And have you checked www.payontime.co.uk? 30 days for a direct contract is normal.

[TheBigYinJames]

I've had problems recently with payments. If I decided to jump ship, how likely am I to find a gig with 7 day payment terms?

Over the dozens of contracts I've had in the last 15 years, they average at around 2 weeks door-to-door. I've had the "invoice Friday, in your account Wed" types, usually when invoicing weekly. And this one I'm on now has been one of the worst, I usually get my money somewhere in the 20s of the next month, even if I invoice early (e.g. 27th of previous month)

[lambrini_socialist]

Can I guess to the nearest 50%?

Nigh on impossible question to answer imo. Everyone here seems to have had different experiences negotiating payment terms with agencies. Over the last 3 years all my contracts have been direct and the best payment terms I have had is 30 days.

i switched to 28 day terms recently (was on 14), which meant i had to be careful with money for a couple of weeks during the transition, but once you're through that gap you're sorted because you've always got a month's worth of income ahead of you (make sense?)

[oracleslave]

If I decided to jump ship, how likely am I to find a gig with 7 day payment terms?

Can I guess to the nearest 50%?

Nigh on impossible question to answer imo. Everyone here seems to have had different experiences negotiating payment terms with agencies. Over the last 3 years all my contracts have been direct and the best payment terms I have had is 30 days.

[Robster]

The client I'm working with at the moment has payment terms of 30 days. Another contractor here works through an agency who have 7 day payment terms.

I've had problems recently with payments. If I decided to jump ship, how likely am I to find a gig with 7 day payment terms?