Understanding Payment Terms at Stedman Solutions, LLC: A Guide for Our Clients
At Stedman Solutions, LLC, our focus is on delivering exceptional database services. However, an integral aspect of maintaining the smooth operation of our business is managing financial transactions efficiently. We aim to make our payment terms clear and beneficial for both us and our clients, ensuring a seamless working relationship.
Our Billing Philosophy
We believe in the value of our work and the importance of timely compensation. To avoid the complexities of bill collection—a task we admittedly find least enjoyable—we’ve established payment terms that reward prompt payment and ensure we can continue offering top-tier services without interruption.
Standard Billing Rate and Terms
Our standard billing model is designed with a weekly billing cycle, featuring NET 14 terms. This means that we allow a two-week window for payment following the completion of work. This model suits most of our clients and aligns with our goal to maintain a steady workflow and financial predictability.
Handling Late Payments
We understand that circumstances can vary, but consistently late payments compel us to make tough decisions. In cases where payments are significantly delayed, we may choose to either cease working with the client or adjust our rates to mitigate the impact of these delays. This policy helps us maintain fairness and sustainability in our business operations.
Appreciation for Prompt Payment
Conversely, we greatly value clients who make an effort to pay promptly. We have clients who pay within hours of receiving an invoice, embodying the cash basis approach that we admire. Such reliability may lead to more favorable rates over time, reflecting our appreciation for their business practices.
Monthly Billing and Long-term Payment Terms
We clearly communicate to potential clients that extended payment terms beyond 14 to 30 days are beyond our scope. Our business is not equipped to offer financing or act as a bank, and we choose not to engage in arrangements that require us to extend significant credit.
Prepay Options: Maximizing Value
For clients looking to maximize value and minimize administrative overhead, we offer prepaid blocks of hours at a discounted rate. These options not only provide cost savings but also eliminate the risk of late payments, ensuring a smooth and efficient partnership.
- Prepaid Mentoring: Available in blocks of 4 hours with no expiration. See https://stedman.us/mentoring for more details.
- 20-Hour Prepaid Block: Offers around a 10% discount on our standard rate.
- 50-Hour Prepaid Block: Provides roughly a 15% discount, delivering substantial savings.
Every Friday, clients with prepaid hours receive a detailed email update on the hours spent on their project, including the remaining balance of prepaid hours. This transparency ensures clients are always informed and can plan accordingly.
Prepaid blocks are flexible and cater to projects of varying scopes. They represent an excellent choice for projects where the commitment exceeds 20 or 50 hours, providing significant discounts and simplifying the payment process.
At Stedman Solutions, LLC, we are committed to excellence in our work and in our financial dealings. Our payment terms are designed to foster a positive, productive relationship with our clients, ensuring we can continue to deliver the high-quality database services you rely on. Whether through standard billing, prompt payment benefits, or prepaid options, we strive to accommodate our clients’ needs while maintaining the integrity and sustainability of our operations.