Some consultants prefer an hourly rate, while others charge per project or rely on an advance payment. You can choose if you want to be paid in advance or at certain times along the way. You can also accept several payment methods, from cash and checks to credit cards and digital wallets. Some consultants may prefer to be paid on an hourly basis, while others charge a fixed fee for providing services over a predefined period of time.
Sometimes, consultants require part of the payment in advance, when signing the contract. Others may opt for an advance, in which they receive a fixed monthly fee in exchange for being available to work a minimum number of hours. A quick, easy, and affordable way to get paid is through electronic funds transfer (EFT). Payments are transferred directly from one bank account to another without the involvement of apps or credit card processing companies.
It can take two to four business days for funds to be transferred from one bank to another. But once the money arrives, you don't have to worry about transferring it again like you would with PayPal. This type of agreement, which is usually initiated by the client, which are usually startups that lack sufficient cash flow when they hire a consultant to pay for the services provided, involves the company offering the consultant a stake in the company in exchange for their work. Consultants usually require some conditions, such as paying a percentage of their fees when the company signs the contract.
This agreement saves the company money by not having to hire an employee, while offering flexibility when it comes to using the consultant's services. When there is good chemistry between a consultant and his client, the conditions are favorable for establishing a long-term relationship in which the consultant provides greater value over time. A consultant can be employed by a consulting firm, work on their own as a freelancer or, more precisely, as an independent contractor. Unlike freelancers and consultants (who can still be highly valued collaborators of your company), consultants act more like trusted partners.
