Comments on: Want to get paid on time? Pay up.

By: Karen Elliott

Karen Elliott — Mon, 08 Feb 2010 22:16:17 +0000

Oh, I do not like this idea about giving up a percentage for prompt payment. We pay to get paid on time? I have never even heard of this before. I certainly hope it’s not the trend. Quinn – liked your response!

By: LindaFormichelli

LindaFormichelli — Tue, 08 Dec 2009 00:54:40 +0000

Thanks for your comments, everyone!

Gwynneth, the bad news is that with magazine assignments is that writers sign a contract that gives them a set fee, so you can’t tack on a percentage. However, you could always negotiate a higher fee in anticipation of maybe having to shell out a certain percentage for prompt payment.

By: Gwynneth

Gwynneth — Mon, 07 Dec 2009 20:40:19 +0000

One way to battle this is to simply add on another 4%-5% to the overall invoice.

However, the red flag from a prior analyst’s life would alert me to find new markets. When companies start doing this, it means cash flow is more cramped than what executives are letting on to the shareholder public.

By: DianaBurrell

DianaBurrell — Mon, 07 Dec 2009 15:44:56 +0000

Good timing, as I’ve spent the morning having to wear my Gambino crew badge to beat money out of publishers.

Some writers have been pointing out that taking discounts is “standard business practice” in the business world. It’s then worth pointing out that standard business practice for professional services is that the vendor sets the payment terms and offers the discounts, not the client.

By: Angie

Angie — Mon, 07 Dec 2009 14:49:13 +0000

From the contract posted in the story: “In the event that you elect to discount your fees and errors in processing your payment cause a delay in payment, invoices will default to a payment term of a 2% discount and payment in thirty (30) days from the date of the receipt of the invoice.”

So…they screw up in paying you within 15 days and still get to charge you to pay you later than agreed upon. Lovely.