Ask HN: What is the typical time your contracting invoices are paid? • Hacker News Board

Re: Ask HN: What is the typical time your contracting invoices are paid?

#21

Post by [deleted] » Thu, Sep 14, 2017, 7:25 PM UTC

chrisbennet wrote: post #20

gt2 wrote: post #5

Earlier quoted context omitted.

Much larger discount for early payment than I've heard of. At this large of discount doesn't it sound like the original rate is just obviously marked up to account for this offer? Related, but wouldn't this lose potential clients that think the rate is too high, unless/until you quickly explain there's a discount for early payment or without their being confident that they will always be able to take you up on that o…

Yes, it is a much larger discount than normal. In reality it is a disguised punishment for paying late but cauched in nicer terms. The bill paying arm of a companyee prefers to effectively borrow money from people they owe for 30 days. It isn't because they can't pay promptly. The $50hr difference changes that calculus for them. I did have a client that couldn't get its act together and pay promptly and I was actuall…

[deleted]

Re: Ask HN: What is the typical time your contracting invoices are paid?

#22

Post by djchung23 » Fri, Sep 15, 2017, 4:29 PM UTC

When I was a contract iOS engineer, I've had the following payment situations:

- Paid 1x/week at a design agency with regular hours - Paid 1x/2weeks at a company with regular hours - 50% of contract value down with next 25% paid at project milestone and remaining 25% paid at completion.

As a contractor, getting paid on a regular, expected time schedules relieves so much stress. If you can commit to regular payment schedules, I guarantee your contractors will be happier, at least related to receiving payment.

Re: Ask HN: What is the typical time your contracting invoices are paid?

#23

Post by techjuice » Fri, Sep 15, 2017, 10:32 PM UTC

In my contracts I normally require half up front before works starts and payment within 2 business days after work completion. If it is a long range project (two or more weeks) I require ACH direct deposits every Friday morning before 7AM. When doing this clients will normally insure they have the payment scheduled to be paid on time automatically.

If the client is late paying they are charged 10% or more interest depending on the value that is charged on a monthly basis. If they are not paid up in full within 60 days I take out a Judgement Lien on their personal and business properties to recuperate any losses I may have had to incur due to the none payment.

Re: Ask HN: What is the typical time your contracting invoices are paid?

#24

Post by sdfjkl » Fri, Sep 15, 2017, 11:44 PM UTC

7 days. I'm not in the money lending business. If you're late, I'll send you an angry owl picture (cute and worked well so far), or if I think you'll get it, a video clip of Malcolm Reynolds saying "I do the job, and then I get paid" (sorry, too slow internet to look that one up on youtube for you).

If a client is regularly very late, I send a more serious email and if they can't get a grip on it, I dump them.

So far I've never not gotten paid and only ever dumped one client who was a pain in the ass in many other ways too.

Oh, forgot to mention, I invoice weekly.