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Pre authorize or Deposits
Juani
Member Posts: 1
:# I'm sure this has been discussed before.. I run a small H.R Admin business. We cater to companies that don't need on site H.R but still need to be compliant, we also do professional translations and virtual assisting. Right now there are only 2 of us and have been extremely busy.
My issue is after logging in so many hours on a project we present to client, if it's approved by them we then send the invoice, once the invoice is paid we send the documents. We do not charge hourly, just a flat fee based on job size. So no matter how many hours we are working behind the scenes we get a flat rate. Thinking of changing that but first need to figure this out. Our Translating and virtual assistant duties not to mention dealing with filing immigration paperwork for clients are done before we charge. Unfortunately, some of my clients either don't pay or cards are rejected for whatever reason, leaving us enough to pay over head fees. Our prices are very reasonable considering how H.R and immigration compliance and policies are forever changing, we are always making sure we have the correct information with 100 percent accuracy gauranteed. So it's never ending on our part. I have over $1000.00 of unpaid or failed attempts of payment in invoices, just in the last week and a half. Not only is it hurting us financially but so many failed attempts on our Wave transactions makes me cringe. 🙄
Is there a way to run pre approval on the cards before we begin moving forward with a customer? Or is asking for a percentage of estimated fees upfront and holding it in a reserve account an option? At this point if I don't figure it out fast we are going to have to continue to hope we get paid so we can achieve some profit.
I'm new at this running things myself. Any one have any suggestions or ideas?
My issue is after logging in so many hours on a project we present to client, if it's approved by them we then send the invoice, once the invoice is paid we send the documents. We do not charge hourly, just a flat fee based on job size. So no matter how many hours we are working behind the scenes we get a flat rate. Thinking of changing that but first need to figure this out. Our Translating and virtual assistant duties not to mention dealing with filing immigration paperwork for clients are done before we charge. Unfortunately, some of my clients either don't pay or cards are rejected for whatever reason, leaving us enough to pay over head fees. Our prices are very reasonable considering how H.R and immigration compliance and policies are forever changing, we are always making sure we have the correct information with 100 percent accuracy gauranteed. So it's never ending on our part. I have over $1000.00 of unpaid or failed attempts of payment in invoices, just in the last week and a half. Not only is it hurting us financially but so many failed attempts on our Wave transactions makes me cringe. 🙄
Is there a way to run pre approval on the cards before we begin moving forward with a customer? Or is asking for a percentage of estimated fees upfront and holding it in a reserve account an option? At this point if I don't figure it out fast we are going to have to continue to hope we get paid so we can achieve some profit.
I'm new at this running things myself. Any one have any suggestions or ideas?
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Hey there @Juani ! Thanks for breaking down your inquiry in such detail. What you can do is consider accepting deposits or prepayments if you'd like. This may give you some peace of mind if you experience frequent failed payments and overdue invoices. To learn more about handling prepayments in Wave, check out this Help Center article.
Hi Juani - I'm a licensed bank auditor turned small business owner with an HR background.
Running a pre-auth still will not guarantee the funds will be in the account come time to actually charge them. Personally, I charge my clients upfront, and the few times I do accept payments, I require a deposit first.