How does Paid charge you for using the platform
The Paid platform provides contact management, contracting, client management, invoice issuance, and payment processing. We do this on behalf of our buyers. For suppliers who are accessing the platform there are only fees depending on which payment method is chosen.
If you choose Paid's faster payment service, we pay you as soon as your client (our buyer) signs off the work as complete. You will be charged a % for this service, the actual % varies depending upon your client's size, this % is presented upfront in the completion flow so you can see exactly the fee. If you do choose faster payment there is no additional documentation, the payment will be processed and sent directly to your verified bank account.
If you don't choose our faster payment service, we charge a very small fee (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.
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.
As we develop Paid, we will also be adding other services which will make growing your business easier