Payment methods explained
When you send invoices to a client using Sail, they can pay easily in the same place. You can choose to offer a single preferred payment method for each invoice or provide multiple options, but which payment methods should you choose?
Getting paid on time is a combination of a strong relationship with your client, a frictionless payment process and delivery of the value a client expects for their money. It's important to consider three main criteria when deciding which payment options to offer your clients.
- The payment experience for your clients
- Providing a simple and intuitive payment process to clients will make it easier for them to pay quickly and securely.
- Ease of management as a freelancer
- Accepting online payments allows you to get paid quicker with direct transfers to your bank account.
- Transaction fee costs
- Not all payment methods cost the same amount to process. Credit cards are the most expensive and you can save thousands of dollars a year by choosing a lower cost option like ACH.
Bank Transfers (ACH)
Pro: Easy and secure for clients, lowest transaction fees for freelancers.
Con: Clients may be used to paying using a company credit card.
Fees: 0.8% with a $5 maximum per transaction.
Pro: Readily accepted method of paying online.
Con: High transaction fees.
Fees: 2.9% + 0.30¢ per transaction
Checks and Cash
Pro: May be a clients preferred method of payment.
Cons: Takes longer to receive and process than electronic payments.
Fees: No charge
Accept credit cards, debit cards, and bank transfers (ACH) as payment methods by connecting your Stripe account to Sail.