Stephen is the owner of a small consulting firm (Eltson Group) with a team of 16 consultants. Eltson's payment needs for their business are as diverse as the clients they take on and tasks they accomplish.
Eltson Group takes on several projects each month. For most projects Eltson Group requires a down payment from their client in order to start working on the job. After the client approves Eltson Group's estimate for a project, they use Paycadence to send the client an invoice for the amount of the deposit. The client receives an email with the amount they owe and a custom note from Eltson Group. When the client is ready to make the down payment, they click a link in their email which takes them to a secure invoice payment form hosted on Paycadence.
If it is a new client for Eltson Group, they enter their credit card number in a secure and mobile friendly form and then click the pay button. If they are one of Eltson Group's previous clients, their saved card info is already available as a payment option so that they don't have to spend time finding their wallet and retyping their card information. In either case the payment is securely processed by Paycadence via Stripe. The customer then receives an emailed receipt from Paycadence and Eltson Group can see that the invoice is paid and can go ahead and start the client's project.
When working for clients that have a fixed monthly retainer agreement, Eltson Group puts them on a payment plan. Plans are completely customizable anywhere from daily to annually and everything in between. Eltson Group can either sign their client up for the plan himself, or create a custom sign up form in Paycadence and send the link to his client for them to sign up on their own. Once their customer is on a payment plan, that customer's payment method will be automatically charged on each of the chosen interval dates. Eltson Group can setup simple retry logic so that failed charge attempts are attempted again later. Eltson Group can also look in their Paycadence account and filter their recurring payments based on status. This will allow them to easily see if any of their clients are behind on required payments.
Custom Consulting Retainers
Paycadence's recurring payment system works out great for Eltson Group, especially since a large portion of their residual income comes from setting up special payment arrangements with their clients. Eltson Group offers monthly, quarterly, and yearly payment time frames and is able to manage all of them through Paycadence. Some of their customers require metered billing as well, which is easily managed from their Paycadence account.
For some clients, Eltson Group's team members must collect payment on site. For this they use a USB Card Swiper to run the customer's card while they are in front of them. After they run the card, the info is added directly to the payment form, then they just need to click submit to finalize the payment.