Work uninterruptedly with Prepaid Billing
Prepaid billing allows customers to budget their expenses and keep track of their spending more efficiently. Instead of receiving a bill at the end of the month with a list of charges that may come as a surprise, prepaid billing allows customers to set a predefined budget and only be billed for that amount.
One of the main benefits of prepaid billing is that it helps customers stay in control of their expenses. When they pay in advance for a service or product, they know exactly how much they are spending and can budget accordingly. This can be especially beneficial for people trying to stay within a specific budget or for those who want to avoid overspending.
Another benefit of prepaid billing is that it can help customers avoid late fees and penalties. With traditional billing, customers may forget to pay a bill on time or may not have enough money to pay the total amount. With prepaid billing, customers can avoid these issues by paying in advance.
Prepaid billing can be especially useful in the agency space. Just think about MarCom agencies that manage multiple customer social media accounts. Instead of waiting for approval, they can easily subtract worked hours from the prepaid budget.
First off, you and your customer agree on a budget. You add that budget to your prepaid credits and start working by registering time tracking for that customer.
Once you have a prepaid budget in operation, some options are available to you. Agree with your client whether it is a one-off payment or even easier: have the budget replenished automatically. You can choose to automatically create a new invoice whenever the prepaid budget drops below a customisable amount.
Any time tracking linked to that customer will appear on their overview page. There you can select which ones you want to subtract from their prepaid budget.
You can see at all times how much of the budget remains. That way, you can communicate transparently with your customers. This creates a bond of trust that will only benefit your professional relationship.
If you want to learn more about how prepaid billing works, have a look at our support centre.
