The Paid platform provides client contact management, contracting, client management, invoice issuance, and payment processing.
If you choose Paid's instant payment service, in return for paying you instantly on completion of the work, collecting payment from your client and taking all the risk of client non-payment, Paid takes a discount on your invoice of c.7.5% (this may be lower if your client is considered a good payer or a low credit risk).
If you don't choose our instant payment service, we charge a very small fee on every invoice (called a discount, at 0.25% of your invoice - e.g. 25p (for a £100 invoice) or £50 (for a £20,000 invoice)) for this service to allow us to cover our costs of providing the service. This charge is only payable if your client pays (in this case you will be in control of collecting payment from your client) - so if your client never pays, you never pay us a penny either.
Paid is a business just like you, and we need to make money to allow us to cover our costs, including the platform and service, collecting the payments from your client, and to take on the risk of your client not paying.
We feel that taking 7.5% of your fees in the case of instant payment, and 0.25% of your invoice in all other cases, is a fair value exchange for the relevant services provided.
As we develop Paid, we will also be adding other services which will make growing your business easier.