After 15 years in business, I have only made a few changes to my fee schedule, and have only changed late payment policies once. Unfortunately, late payments are common, and after consulting with other businesses, I have decided on a new late payment fee structure. All the details are below.
Fees
Writing/communications consulting fee goes from $100 an hour to $125 an hour.
Copy editing fee goes from $55 an hour to $60 an hour.
Please note that these changes do not affect current projects, but do affect retainer relationships and all new projects after September 1, 2017.
Payment arrangements
All projects are subject to an upfront payment of 30-50% depending on length of engagement. Retainer relationships are billed on a monthly or bimonthly basis.
Payment arrangements must be agreed to before any work starts.
Invoicing
Invoices will be payable on a 30-day net arrangement instead of 14-day net.
Late fees
Invoices that are not paid after 30 days from date of invoice are subject to late fees on the following schedule:
31-60 days: 20% late fee
61-90 days: 25% late fee
91-120 days: 30% late fee
Any invoice that is unpaid after 121 days will be subject to a 50% late fee, remitted to immediate collection, and the client relationship will be immediately terminated.