Payment terms govern how you get paid. There are four Payment terms you can choose from depending on the nature of the job and your preferred working style.
1. Fixed Price (Milestone Based)
You can split a job into multiple milestones with each milestone having its own delivery date and price. Breaking your job into milestones helps you keep a better track of the job and get paid for each milestone you deliver. Milestones can be added or edited until their due date.
Ideal for: Jobs with high budget consideration
This Payment term allows you to create tasks within a job for ad-hoc freelance work and deliver them as and when needed. You can manage payments at individual task level. Invoices for tasks can be generated once they are complete.
- This is the only Payment term where the Employer can also create invoices for completed tasks.
Ideal for: Jobs with cost tracking at an individual task level
You can work and get paid by the hour. Set an hourly rate, define the maximum working hours per week and put an end date on which billing will end. Invoices will be generated automatically and sent to the Employer every Tuesday based on the hours you work.
The hours worked can be tracked using the Time Tracker tool and Timesheets are generated real-time. Timesheets can be edited until Monday before the invoice is sent to the Employer. You can also upload your own Timesheet in the WorkRoom.
Ideal for: Jobs which need flexibility with evolving job specifications
4. Recurring Payments
This Payment term acts as a retainer for jobs that have fixed payouts at a predefined interval. In Recurring payments, you can fix the rate, billing end date and the payment cycle. You can also combine multiple payment cycles to suit your needs.
Invoices for Recurring payments can be sent automatically at the following intervals:
- Weekly (invoice will be sent every monday)
- Biweekly (invoice will be sent every other monday)
- Monthly (invoice will be sent first of every month)
- Quarterly (invoice will be sent on the first of every quarter)
To stop an upcoming payment:
- Click on the job title.
- Click on “Stop next payment.”
- If you stop a payment before the billing date, all future invoices for that job will be stopped. Payment can only be resumed by the Employer.
Ideal for: Jobs with fixed payouts at a pre-defined interval