By Jimmy Carter | Platinum Payment Processing
A client approves your proposal. You collect a deposit, complete part of the work, and send the final invoice. Your payment process should make that sequence easy to understand for both your client and your team.
For consultants, agencies and other professional-service businesses, choosing payment processing starts with how you bill. A low advertised rate does not tell you whether the setup handles deposits, changing project totals and recurring invoices the way you need.
Platinum Payment Processing offers a free merchant analysis to help you review current costs and discuss your payment workflow before considering a change.
Set the payment terms before starting work
Put the scope of work, payment amounts or calculation method, due dates and approved payment methods in writing. Explain what happens when the client requests additional work or cancels a project. Have any refund or cancellation terms reviewed for your business and applicable requirements.
Be specific about the word “retainer.” Does it describe an advance applied against future work, or a recurring charge for a defined service? Your agreement, invoices and payment records should describe the same arrangement. Businesses that handle regulated client funds need an appropriate account structure and professional advice before selecting a payment workflow.
Give each deposit a clear place in the invoice
A deposit should be tied to the right client and project. Send a receipt and show how the deposit affects the remaining balance.
For a simple fictional example, a $2,000 project with a $500 deposit leaves $1,500 to collect, before any agreed adjustments or applicable taxes. The final invoice should make that calculation visible. These amounts illustrate recordkeeping, not Platinum pricing or a recommended deposit percentage.
Before choosing software, ask for a demonstration of partial payments, deposit credits and revised invoices. Confirm whether an adjustment updates the original record or creates a separate item that your team must reconcile.
Separate recurring billing from permission to debit
Sending a recurring invoice and automatically charging a saved payment method are different workflows. Agree on which one your client expects.
For automatic payments, use the provider’s authorization process for the payment method and account type involved. Verify the amount or calculation method, schedule, cancellation process and required notices. Do not collect payment credentials through ordinary email or social messages.
For consumer ACH debits, Nacha explains that authorization terms must be clear, a copy must be provided to the consumer, and proof must be available to the originating bank on request. Business-account arrangements also need appropriate authorization; the requirements are not interchangeable. Nacha authorization guidance.
Do not move a debit earlier than the authorized schedule just to make funds arrive by your preferred date. Ask your provider how to align authorization, submission timing and expected availability.
Track payment status through to the bank
A sent invoice is not a collected payment. A submitted payment is not necessarily available money.
ACH supports both account-to-account credits and authorized debits, and its processing includes clearing and settlement. Your provider should explain its cutoffs, funding arrangements and how returns are reported. Nacha’s explanation of ACH.
Build a routine for checking outstanding invoices, failed payments, refunds and deposits. Assign someone to resolve exceptions. Avoid repeatedly retrying a failed transaction without following the provider’s instructions and confirming the client’s authorization.
For help connecting payment activity with bank deposits, use Platinum’s Guide to Matching Transfers and Sales.
Review the full cost and the systems you need to keep
Ask for the complete written offer, including transaction charges, recurring software or gateway fees, equipment obligations, applicable return or dispute fees, and cancellation terms. Compare offers using the same expected payment activity.
List the software you use today and the exact tasks you need it to perform. Confirm compatibility for your product, version and account configuration. A general statement that two products “integrate” does not establish that deposits, refunds or reconciliation will work as you expect.
Using an outside payment provider also does not remove every security responsibility. PCI SSC says merchants that outsource payment processing still have responsibilities, including checking the provider’s compliance and understanding shared obligations. PCI SSC guidance.
Review your workflow with Platinum
Bring Platinum a recent processing statement, the software you need to keep, and a description of how you collect deposits, recurring payments and final balances. We can start with your current arrangement and the problems you want to solve.
Request a free merchant analysis. Availability, pricing, compatibility and account approval depend on your business and the specific written offer. Potential savings must be established from an actual comparison.
