| Pages in topic: < [1 2] | Prompt payment Thread poster: Jack Doughty
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Gitte Hovedskov, MCIL wrote:
Who in their right mind goes to the baker's and says: "I'll have three loaves of bread, and for that I will pay you xx when it suits me" and then even has the audacity to be late with their payment? It really is a weird world out there...
If by "weird world" you really meant "a cesspool full of liars and greedy business types bordering on con artists" then I'd have to agree.
| | | | Elina Sellgren 
Finland
Local time: 02:05
Member (2013)
English to Finnish
+ ...
And consider how fast your internet connection and PC has to be, plus you have to be a fast reader with great focus! Amazing indeed.
I have noticed several mentions on the Blue Board about fast payers, so not everyone neglects this factor! There are simply so many late payers that it's difficult to find mentions about fast ones.
There was just yesterday an article in the local entrepreneurs' newspaper about the issue of late payments. In Finland it's a widespread issu... See more And consider how fast your internet connection and PC has to be, plus you have to be a fast reader with great focus! Amazing indeed.
I have noticed several mentions on the Blue Board about fast payers, so not everyone neglects this factor! There are simply so many late payers that it's difficult to find mentions about fast ones.
There was just yesterday an article in the local entrepreneurs' newspaper about the issue of late payments. In Finland it's a widespread issue in all businesses due to the depression! So basically we're all in it together, tough times means that big businesses will use smaller players as banks without having to pay interest.. ▲ Collapse
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I have a much esteemed and long-standing client (an agency!!!) who pays within 24 hours...
| | | | | I have a client who pays very fast... | Aug 27, 2013 |
He forgot once, and was really mortified. He is not an agency, simply a Dane who outsources translations into English now and then.
I really like working with him too. Now his payments come through as fast as the system can cope with them, and then he knows he has paid!
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Linda Larsson (X)
Sweden
Local time: 01:05
Swedish to English
| I should have come here before agreeing to terms. | Sep 21, 2013 |
I am now in the process of trying to decide how to present to a few of my clients that 45 days after invoice is not acceptable. Since some of them had been offering these terms, I thought it was the norm.
I'm finding out that this is just not realistic for me. Has anyone changed terms after starting to work with a client?
/Linda
| | | | | Ethically you can't, unless you offer something in exchange | Sep 21, 2013 |
Linda Lindstrom wrote:
I am now in the process of trying to decide how to present to a few of my clients that 45 days after invoice is not acceptable. Since some of them had been offering these terms, I thought it was the norm.
I'm finding out that this is just not realistic for me. Has anyone changed terms after starting to work with a client?
/Linda
Once you have started working for a client, it is assumed that you have reached a definitive agreement on what you'll be exchanging and when, e.g. you'll deliver 'X' words translated by day 'A'; they'll pay you $'Y' by day 'B'. This should be a firm commitment to be upheld by both parties.
Assuming that this table reflected the actual situation - just for us to have some numbers here - as you are in Sweden (today 1%/mo interest rate there), it should be safe to assume that you have embedded 1.5% surcharges into your rates to get paid in 45 days.
Now let's assume that your client is in the USA where, according to that same table (which merely provides us figures for this example), the interest rate (today) is 0.25%/mo. In other words, this means that a loan for the same period of time is six times (1.5/0.25) more expensive in Sweden than in the USA.
If you are having cash flow problems for any reason, you could offer your client a 1.25% discount for immediate payment; a 1.5%+ discount if you really want to entice them into doing it, in exchange for immediate payment after delivery. If they do the math, it's likely that they'll take it. Yet this will be THEIR choice, not yours.
I usually offer all my payment term options beforehand, and being in Brazil (today 9%/mo on that table) makes the possible discounts for quick payment VERY attractive in most other countries I cater to. While I never accept payment terms beyond 30 days, and most clients grab the chance of a 15%+ discount for COD, now and then I find one who tells me that "as you can see, this is a humongous project involving numerous translators, so for cash flow reasons we'll take your higher rate".
| | | | Linda Larsson (X)
Sweden
Local time: 01:05
Swedish to English
| Thanks José! | Sep 23, 2013 |
I'm going to start changing things for new clients. You're right.
I've notice lately that a lot of clients want signed agreements. Does anyone have the client side sign agreements? As in pay schedule, time line, things like that?
/Linda
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I did a translation for a Morrocan company. Payment was made two minutes later. I couldn't believe it!
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| Additional clarification | Sep 23, 2013 |
José Henrique Lamensdorf wrote:
While I never accept payment terms beyond 30 days, and most clients grab the chance of a 15%+ discount for COD...
I just noticed that my statement was incorrect.
The 15%+ discount is not exclusively for COD, not even mostly. My standard fees are stated for payment via PayPal in two weeks from delivery.
If after two weeks the client uses any other payment method than PayPal, they get - as a discount - the 10% PayPal would deduct from my fees.
PayPal (in Brazil) also delays actual payment by something between 3 business days and two weeks. So if they use any other method immediately (2 days after delivery), they get the 6%+ on top of the 10%.
Finally, if they use PayPal immediately after delivery, they get the 6%+ only.
The point is that I give my clients cost x payment term options. While the actual translation cost remains unchanged, they can avoid the financial costs from paying later.
| | | | Kay Denney
France
Local time: 01:05
French to English
Christophe Delaunay wrote:
we are not allowed to state the name of bad payers. So be it. But are we allowed to publish the name of good ones?! We should, shouldn't we? There's nothing wrong with it...it's like when you go and make a transfer on somebody's account. They barely ask for your details cos' you're not taking but adding.... so can we? Proz? Youhou?
I think Jack might just want to keep this client to himself!
| | | | Frank Wong
Local time: 07:05
Chinese to English
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| Like a bonus | Sep 24, 2013 |
Getting payment within 24 hours is a good experience. I have one but rare.
| | | | Sheila Wilson
Spain
Local time: 00:05
Member (2007)
English
+ ...
| I was just reminded of this thread | Jun 30, 2014 |
A client I spoke of earlier in the thread just paid at 17 minutes. Nowhere near fast enough to beat your record, Jack, and even further away from Angelique's, but still not bad.
What's even better from my point of view is that every one of my regular clients, who I invoice monthly on the last day, had paid April's invoices by 16th May. I'm afraid I can't say the same for May as I'm still waiting for one payment as the last hours of June tick away, but hopefully I won't have to send ... See more A client I spoke of earlier in the thread just paid at 17 minutes. Nowhere near fast enough to beat your record, Jack, and even further away from Angelique's, but still not bad.
What's even better from my point of view is that every one of my regular clients, who I invoice monthly on the last day, had paid April's invoices by 16th May. I'm afraid I can't say the same for May as I'm still waiting for one payment as the last hours of June tick away, but hopefully I won't have to send a reminder. It's taken me a good 15 years of freelancing to secure this sort of client base, but it has certainly been worth the effort.
I don't mean to crow about it, honestly - I'm just hoping that younger and/or less experienced translators will take cheer from the proof that there are many honest, reliable and thoroughly decent clients out there even in these days when so many agencies are looking for a very lopsided relationship with their suppliers. ▲ Collapse
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| A few trustworthy customers make a world of difference | Sep 15, 2014 |
Can't beat Jack's record, but I have a few trusty customers (agencies) that I've always been able to count on - those awesome ones who pay the same day or within a few days (bank transfer), and have done so for many, many years. I'm a firm believer in German efficiency and punctuality - it is not just a dusty myth.
A nice surprise was also a payment for a small job that arrived in half an hour (paypal) from a new clie... See more Can't beat Jack's record, but I have a few trusty customers (agencies) that I've always been able to count on - those awesome ones who pay the same day or within a few days (bank transfer), and have done so for many, many years. I'm a firm believer in German efficiency and punctuality - it is not just a dusty myth.
A nice surprise was also a payment for a small job that arrived in half an hour (paypal) from a new client in Russia.
Just like the speed limits on highways; 100 km/h is the speed *limit*, not the *minimum speed required*... I wish more agencies could see the payment terms of, for example 15 or 30 or any days, as the last possible acceptable limit day, and not "we must wait until this very last day and only pay then and not before". How refreshing would that be?
Great customers that exceed my expectations make me happy to return the favour, such as being there for them for urgent additions, or putting their projects on the 1st priority list.
It really does make a world of difference in the life of a solo worker, when the customer pays on time, let alone well before any set terms.
So yes, there still are honest and decent customers/agencies out there, I'm lucky (and worked hard, too) to have found some of them. ▲ Collapse
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