words_to_wow Posted August 26, 2022 Share Posted August 26, 2022 Hi everyone! I can't seem to find a confirmed answer to my question. Or, maybe I don't feel like researching 🤔. Lol. Either way... So, if I have a milestone project for a client that cost x dollars, is the buyer required to make the full payment at once? I mean, I understand that I would not receive payment until the work is completed, but can the buyer actually pay for each milestone at a time? Or they pay the entire project at once but the money is only released upon completion and approval? I have a big order coming up, so I suggested a milestone to the buyer so they wouldn't have to make such a big payment at once. I hope I'm asking this right 🤦🏾♀️. Thank you! 1 4 Link to comment Share on other sites More sharing options...
smashradio Posted August 26, 2022 Share Posted August 26, 2022 5 minutes ago, words_to_wow said: Hi everyone! I can't seem to find a confirmed answer to my question. Or, maybe I don't feel like researching 🤔. Lol. Either way... So, if I have a milestone project for a client that cost x dollars, is the buyer required to make the full payment at once? I mean, I understand that I would not receive payment until the work is completed, but can the buyer actually pay for each milestone at a time? Or they pay the entire project at once but the money is only released upon completion and approval? I have a big order coming up, so I suggested a milestone to the buyer so they wouldn't have to make such a big payment at once. I hope I'm asking this right 🤦🏾♀️. Thank you! The buyer must pay for each milestone separately, so if you have a project with three milestones, each costing 100 USD, the buyer only has to pay 100 per milestone. They don't pay the full amount upfront. 5 2 Link to comment Share on other sites More sharing options...
vickieito Posted August 26, 2022 Share Posted August 26, 2022 7 minutes ago, words_to_wow said: I have a big order coming up, so I suggested a milestone to the buyer so they wouldn't have to make such a big payment at once. It's also nice because you would get paid after each step of the project (rather than having to wait until the end to get payment). I made the mistake of not using milestones for a project that I have been working on since March and I'll finally get payment at the end of this month (when I finally deliver the project). It isn't fun working for months without payment. 4 Link to comment Share on other sites More sharing options...
words_to_wow Posted August 26, 2022 Author Share Posted August 26, 2022 4 minutes ago, smashradio said: The buyer must pay for each milestone separately, so if you have a project with three milestones, each costing 100 USD, the buyer only has to pay 100 per milestone. They don't pay the full amount upfront. Okay, thank you! I had to make sure! 3 Link to comment Share on other sites More sharing options...
words_to_wow Posted August 26, 2022 Author Share Posted August 26, 2022 1 minute ago, vickieito said: It's also nice because you would get paid after each step of the project (rather than having to wait until the end to get payment). I made the mistake of not using milestones for a project that I have been working on since March and I'll finally get payment at the end of this month (when I finally deliver the project). It isn't fun working for months without payment. Yeah, it is good that the payment is released after each milestone. Since March? 😳. This must be one of your favorite customers because I would have to end the current order and start a new one as a milestone project. But I really want to help this particular buyer, and I know that my prices are higher than average for my work, so I suggested milestones 🙂. 3 Link to comment Share on other sites More sharing options...
smashradio Posted August 26, 2022 Share Posted August 26, 2022 6 minutes ago, vickieito said: It's also nice because you would get paid after each step of the project (rather than having to wait until the end to get payment). I made the mistake of not using milestones for a project that I have been working on since March and I'll finally get payment at the end of this month (when I finally deliver the project). It isn't fun working for months without payment. It's not that unusual on big projects, though. I write content for a bunch of health blogs (I have no idea how I managed to end up writing about skin peeling for females, but I'm here, I'm doing it and it's 2022, so don't judge!) and it can take a couple of months between each payment. As a freelancer, I plan for this by always maintaining a salary buffer of at least 3 months of living costs + a rainy year buffer with enough to stay afloat for two whole years with zero work. That way, I don't really care if the money comes now or in a few months, because it's always a steady flow or at the very least, a steady cushion available. 5 Link to comment Share on other sites More sharing options...
vickieito Posted August 26, 2022 Share Posted August 26, 2022 Just now, words_to_wow said: Yeah, it is good that the payment is released after each milestone. Since March? 😳. This must be one of your favorite customers because I would have to end the current order and start a new one as a milestone project. But I really want to help this particular buyer, and I know that my prices are higher than average for my work, so I suggested milestones 🙂. Yes, we have a pretty good working relationship. I also wrote her ebook on financial literacy and designed her logo, among other things. Since I do have a good buffer from my orders each month, it doesn't hurt to keep this order as is. It will be nice to finally get paid, though. 😊 4 Link to comment Share on other sites More sharing options...
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