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Getting paid by clients is the #1 most important part of the workflow in a service business. If you don’t get paid, eventually, you won’t have a business. But how you go about getting paid – now that’s where some magic can really happen.
Today, we’re talking with Kate Strathmann about the process of getting paid by your clients and how to make it easier.
Should you accept credit cards? How about checks? Do you charge your clients the credit card processing fee? What about payment plans – should you offer them?
How you decide to answer these questions can affect not just your workflow, but also your cash flow, and, ultimately, your relationship with your client.
Key takeaways:
- How Wanderwell’s pricing and the payment mechanisms are designed to ultimately support the relationship they are cultivating with their clients
- How offering multiple payment options and moving to a prepaid system has lead to the ability to automate payments
- Kate's position on different payment methods–credit cards vs. bank transfers vs. checks
- How being able to charge upfront and automatically has impacted the operational capacity, and administration of the business
- And some of the common practices of online service business that Kate wishes would just become a thing of the past
Show Notes
Getting paid by clients is the #1 most important part of the workflow in a service business. If you don’t get paid, eventually, you won’t have a business. But how you go about getting paid – now that’s where some magic can really happen.
In our last episode, we talked with Dana Kaye about transitioning from hourly to value-based pricing. The choice to make that switch to value-based pricing then allows you to the next logical step – making your client payments easier.
Today, we’re going to talk with Kate Strathmann about the process of getting paid by your clients and how to make it easier.
Should you accept credit cards? How about checks? Do you charge your clients the credit card processing fee? What about payment plans – should you offer them?
How you decide to answer these questions can affect not just your workflow, but also your cash flow, and, ultimately, your relationship with your client.
Kate Strathmann is the founder of Wanderwell Consulting, a business consulting and bookkeeping practice. And for Kate, taking payments is an opportunity to reinforce a positive, transparent relationship with her clients. It’s a client touchpoint that she’s particularly thoughtful about.
We’ll talk about the basics – what kind of payments to accept, and when to ask for payments – but also how to think about offering payment plans in a whole new way.
Listen to the full episode to hear:
In our last episode, we talked with Dana Kaye about transitioning from hourly to value-based pricing. The choice to make that switch to value-based pricing then allows you to the next logical step – making your client payments easier.
Today, we’re going to talk with Kate Strathmann about the process of getting paid by your clients and how to make it easier.
Should you accept credit cards? How about checks? Do you charge your clients the credit card processing fee? What about payment plans – should you offer them?
How you decide to answer these questions can affect not just your workflow, but also your cash flow, and, ultimately, your relationship with your client.
Kate Strathmann is the founder of Wanderwell Consulting, a business consulting and bookkeeping practice. And for Kate, taking payments is an opportunity to reinforce a positive, transparent relationship with her clients. It’s a client touchpoint that she’s particularly thoughtful about.
We’ll talk about the basics – what kind of payments to accept, and when to ask for payments – but also how to think about offering payment plans in a whole new way.
Listen to the full episode to hear:
- How Wanderwell Consulting’s pricing and the payment mechanisms are designed to ultimately support the relationship they are cultivating with their clients
- How offering multiple payment options and moving to a prepaid system has lead to the ability to automate payments
- Kate's position on different payment methods–credit cards vs. bank transfers vs. checks
- How being able to charge upfront and automatically has impacted the operational capacity, and administration of the business
- And some of the common practices of online service business that Kate wishes would just become a thing of the past
Links:
- Wanderwell Consulting
- Instagram: @_wanderwell_
- Scalespark Dollars + Decisions Roundtable
- Twitter @ScaleSpark
- LinkedIn @thesusanboles
Grab the Calm Service Design + Delivery Swipe File here
Creators and Guests
What is Engineering Calmer Agencies & Consulting Firms: Calm is the New KPI?
Can you build a business based on… “calm?” Host Susan Boles looks beyond the usual metrics of success to help you build a business where calm is the new KPI. With over 15 years of experience as an entrepreneur, CFO, and COO, Susan shares the business strategies that lead to a business with comfortable margins—financial, emotional, energetic, and scheduling margins. Join her and her guests as they counter the prevailing “wisdom” about business growth, productivity, and success to provide a framework for making choices that align with your values and true goals. Episode by episode, you’ll get a look at the team management, operations, financials, product development, and marketing of a calmer business.