Agreements specify the Payment terms that govern how you make payments. There are four Payment terms you can choose from depending on nature of the job and your preferred payment method.
1. Fixed Price
The job can be split into multiple milestones with each milestone having its own delivery date and fixed price. Breaking the job into milestones help you keep better a track of the job and make payments for each milestone once delivered. Milestones can be added or edited until their due date is in the future.
Ideal for: Jobs with high budget consideration.
This Payment term allows you to pay the Freelancer on the basis of ad-hoc tasks and have them delivered as and when required. Payments can be made for a task once the job is done.
Ideal for: Jobs with cost tracking at an individual task level.
You can pay the Freelancer basis the hours they spend. You can decide on an hourly rate, define the maximum working hours per week and finalize an end date on which billing will end.
Invoices are generated automatically and sent every Tuesday based on the hours worked by the Freelancer until the billing end date is reached.
The hours spent by the Freelancer are tracked accurately using the Time Tracker tool and Timesheets can be viewed real-time. Freelancers can also choose to upload their own Timesheets and share with you and accordingly bill you for those hours.
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 pay-outs at predefined intervals. 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 are received 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 every first of the month)
- Quarterly (invoice will be sent on the first of the quarter)
Ideal for: Jobs with fixed payouts at a pre-defined interval.
To stop an upcoming payment:
- Click on the job title under “Manage” tab to enter the respective WorkRoom.
- Select “Status Updates” and click on “Stop next payment” for the appropriate recurring item.
- If you stop a payment before the billing date, all future invoices for that job will be stopped.
- The Time Tracker Tool can be used by Freelancers to track time for all Payment terms. However, the time recorded can be used to generate invoices only in the case of Hourly Payment term.