How to Get Paid Being a Virtual Assistant

When you decide to work as Virtual Assistant, there are other things that you have to consider aside from finding clients and making your portfolio look great. You should also not forget how to price your services and how to bill your clients.

Unlike regular office employees, Virtual Assistanthave variety of payment options. Also, they can charge a client daily, weekly, monthly, per project, or per hour.

Some Virtual Assistant requires their client to pay deposit before they start a task or a project while some are paid after the completion of work. For huge and long term projects, a mutually agreed payment schedule list is made which is based on the outcome of  work or completion of each task.

Virtual Assistant should not have problems in getting payments. If in case there’s a client who pays late, don’t be afraid to remind him/her because it is your right to be paid on time. Send them your invoice so that they’ll remember to pay you on your agreement date.

Also, don’t forget to include billing and payment practices in your contract. This is a protection for both the client and the Virtual Assistant. You may also include penalty fees to avoid late or missed payments.

In receiving payment, there are lots of options. Here are some commonly used payment options by clients to their Virtual Assistant:

PayPal

These days, there are lots of online payment solutions. Among all of these, PayPal is the most popular and commonly used by most Virtual Assistants.

Positive: It is  easy to open an account and each transaction is made by only using e-mail address.  It is also a quick way to receive payment; credit can be added to the account  instantly as soon as the payment has been processed

Negative:  Fees are a bit expensive. Person receiving payment is charged 2.9% of his/her earnings plus $.30 on each transaction.

Western Union

One of the quickest way to receive payment from clients worldwide. In this method, clients pay at any Western Union branch and the virtual assistant picks up the cash at the agent location.

Positive: Western Union has a lot of branches nationwide and there’s no restriction on the amount of money being transferred.

Negative: It has a higher fee for the service it gives and usually, the exchange rate given by the western Union is lower than the market rates.

Escrow

This is common to different freelance job websites. In Escrow, the client makes advance payment but not to the VA’s account. Instead, the funds are detained by the escrow agent while the work is performed.

Positive:  It gives you  an assurance that once the work has been completed to a satisfactory standard, the client can give permission to release the funds to you.

It also benefits the client. Though the client pays before the work is done, he/she knows that the Virtual Assistant can’t take the money until the project is finished and that money can be returned safely if the VA failed to do the task.

Negative: The client can easily hold your payment if he/she is not satisfied with your work.

It also becomes an issue when the client is slow to approve the project. Even when you submitted the work on time, approval of client may sometimes take weeks and that delays payment as well.

Check Payment

This is also a common way to get paid for your Virtual Assistance services.

Positive: Once you get the check in the mail, you then deposit it in your bank account.

Negative: It takes time before it arrives. Also, there’s high risk and probability of losing the cheque while in the mail.

Clearing time in the Philippines is usually 45 banking days

Direct Bank Account Payment

This is common on local clients.  Clients deposit your money directly on your bank account.

Positive: It doesn’t charge any fee. All the VA need is a bank account.

You can immediately withdraw the money once it has been deposited by your clients.

Negative: It is hassle for the client to go to the bank and fall in line to deposit your money.

You won’t have a receipt unless you tell your client to scan the receipt and send it to you. You have to keep record on how much money you have in your bank account to know if the payment made by your client is correct

Wire Transfer

Electronic transfer of funds from one person to another, usually from one’s bank account to another bank account.

Positive: It is a faster method of payment than a check.

Clients simply walk in to their bank and order the transfer.

Negative: You will have to share your bank information  including your account number which is a bit uncomfortable.

You will also have to deal with wire fees.

Funds do not transfer instantly, it usually take days.

Now that you know the different methods of payment, which one do you use or do you prefer?

Tags: becoming a virtual assistant, Earn more as a virtual assistant, Earning more as a virtual assistant, homebased work, how to be a VA, marketing, Payment Processing, Payment Processing for Virtual Assistant, Philippine virtual assistant, Philippine Virtual Assistant Network

Category: Articles, VA Life