Best Practices: Collecting Deposits from Photography Clients
written by PAUL WEAVER
It's essential to establish a solid foundation for your business transactions. One crucial aspect is collecting deposits from your clients. Deposits not only protect your time and effort but also ensure a commitment from the brand you are working with.
I never start a project without receiving the first payment.
Best practices to follow when collecting deposits:
Clearly Define Deposit Terms: Before starting any project, clearly communicate your deposit requirements to the brand. Specify the percentage or amount of the deposit and the deadline for payment. This transparency will help both parties understand their obligations. Most invoice deadlines are net 30, but I try to push for net 15. This simply means that I’m getting paid within 15 days of sending the invoice.
Provide a Detailed Invoice: When requesting a deposit, always provide a detailed invoice outlining the services you will be providing. Include the total project cost, the deposit amount, and any applicable fees. This helps the brand understand what they are paying for and reinforces the professionalism of your business.
Use a Professional Payment Platform: To streamline the deposit collection process, consider using a reliable payment platform like Quickbooks. Quickbooks offers various features that make it easy to create and send professional invoices, track payments, and even set up recurring invoices for ongoing work like retainers.
Why I Charge 60% Upfront
Resource Allocation: As a freelance photographer, you invest in various resources such as talent, equipment, props, and location scouting to deliver exceptional results. Charging 60% upfront allows you to allocate these resources effectively, ensuring a smooth workflow and high-quality output.
Cash Flow Management: Freelancers often face irregular income streams, making it crucial to manage cash flow effectively. By receiving a significant portion of the payment upfront, you can cover immediate expenses, invest in professional development, and maintain financial stability throughout the project duration.
Client-Photographer Collaboration: The upfront payment serves as a mutual commitment between you and the client. It establishes a foundation of trust and collaboration, enabling open communication and a smoother working relationship.
This is something that I’ve been doing for the past 5+ years, and it’s a part of my process. The other 40% gets charged after the shoot with any other expenses added on.
Photography projects often require significant time and resources, including equipment rentals, travel expenses, and post-production work. Your deposit allows you to secure these necessary resources without incurring any financial burden. It ensures that you can allocate your time and efforts to the project confidently, knowing that your client is equally invested.
Lastly, deposits only matter when you have clients coming in and paying for your services. If you’re currently trying to find additional clients, you can find our Brand Outreach Pack below.
