Our Favorite Tool for Collecting Social Media Management Payments
When it comes to collecting payments, we are all about having a streamlined process to ensure we are getting paid our worth!
We wanted to share our favorite tool for collecting payments from our Social Media Management clients, plus, we'll touch on our tips for collecting payments, too.
First, let's jump into the tool! We use Stripe, connected through Dubsado. And, no, this is not an ad, we just genuinely love this tool. Dubsado is the CRM tool we use for booking discovery calls, contracts, proposals, invoicing, and so much more. This has been our go-to tool since day one because not only does it offer easy-to-use templates, but it also has saved a lot of time. Once you get it set up the way you like, you'll be able to turn on automation and take more of a hands-off approach with the admin side, to focus on what you really love. This is where Stripe comes in. Dubsado, also connects to PayPal and Square, so it all depends on what type of payment you're collecting. Follow this tutorial when you're ready to connect your payment system to Dubsado.
Tips for Collecting Payments:
Set clear terms. Set clear and transparent payment terms from the beginning of your client engagement. Outline your rates, payment schedule, and preferred payment methods in your contracts or agreements.
Collect payment upfront. Because of the nature of the work we do, we always recommend getting payments upfront before you put the time, money, and effort in.
Set clear late payment penalties and enfore them. Clearly define late payment penalties in your payment terms to encourage clients to pay on time. This can be a percentage fee or a flat rate added to the invoice amount for each day past the due date. You can even have this automatized through Dubsado, too.
Automate payment reminders and invoices. One of the many reasons we like the Dubsado connection, you can send automatic invoices and you can send automated payment reminders to gently nudge clients when a payment is approaching its due date or has become overdue.
Follow up professionally if need be. If a payment is late, follow up with your clients in a professional and polite manner. Sometimes, a friendly reminder is all it takes to prompt the payment.
Communicate Clearly: Ensure that your clients understand your payment terms and the consequences of late or missed payments. Open communication can prevent misunderstandings and foster a positive client relationship.
Consider Recurring Payments: For clients that are on longer contract terms, we utilize the recurring payment feature. Consider setting up recurring payment arrangements with your clients, this can save you time in the long run!
If you find that Stripe isn't for you, that's perfectly okay, too! Check out these alternate options:
PayPal: PayPal is a widely used payment platform that allows you to create invoices and accept payments from clients. It's a trusted and secure option for online transactions.
Square: Square provides payment processing solutions for businesses and freelancers, including invoicing and mobile payment options.
QuickBooks: QuickBooks offers online invoicing and payment solutions, making it easy for businesses to manage finances and get paid.
FreshBooks: FreshBooks is a cloud-based accounting software that offers invoicing and payment processing capabilities.
Wave: Wave is a free accounting software with invoicing and payment options, suitable for small businesses and freelancers.
Collecting payments can be such a stressful process without having the right systems and processes in place. Take the time to set these up from the beginning, so you don't have to deal with payment-related headaches in the future!
Have more pricing or Social Media Management question? Record a voice note here, and we'll answer them on our podcast, Hashtag Managed!
