Payment Schedule

A payment schedule is a plan that outlines the specific dates on which payments are to be made. For freelancers working on long-term projects, having a payment schedule ensures a steady cash flow and clear expectations of when payments should be received.

What is a payment schedule?

A payment schedule is a plan that outlines when and how much a client will pay a freelancer for their work. It typically includes the total amount due, the due date for each payment, and the payment method.

What are the common payment schedules for freelancers?

The most common payment schedules for freelancers are:

  • 50/50: The client pays 50% of the total fee upfront and the remaining 50% upon completion of the project.
  • 30/30/40: The client pays 30% of the total fee upfront, 30% at a specific milestone, and the remaining 40% upon completion of the project.
  • Weekly or bi-weekly: The client pays the freelancer on a weekly or bi-weekly basis for the work completed during that period.
  • Monthly: The client pays the freelancer on a monthly basis for the work completed during that month.

What should be included in a payment schedule?

A payment schedule should include:

  • The total amount due
  • The due date for each payment
  • The payment method
  • Any late payment fees or penalties
  • Any discounts or incentives for early payment

What should I do if a client doesn't pay on time?

If a client doesn't pay on time, you should follow up with them to remind them of the payment schedule and request payment. If they still don't pay, you may need to take legal action or seek the assistance of a collections agency.

What is Workmade?

WorkMade is an all-in-one banking and accounting app designed specifically for freelancers! WorkMade gives you access to: zero-fee business banking, automated bookkeeping, fast and easy invoicing, and quarterly tax estimations and payments.

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