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Article: Client Deposits & Payments

Client Deposits & Payments

Let’s talk about something uncomfortable: money. Does talking about deposits and payments make you cringe? Do you feel a little scattered when it comes to your processes and systems? We’re sharing our tips for streamlining your cash flow below!

Use a Booking System That Requires a Deposit

If asking clients to place a deposit to hold their appointment is uncomfortable for you, automate it! Set your booking system to  require payments before a client can finish booking their appointment. Take the personal conversation out of it and set it up as an expectation. 

Set Up a Cancellation Policy

Cancellation policies are all over the map. Some require an advance notice or you lose your entire deposit and some are flexible. Find what your values/comfortability are and stick to that. There is no one policy fits all. It is dependent on how filled your books are, your market and your personal preferences. Whatever you decide, make sure to stick to it all the time and communicate it in your booking process!

Know Your Market 

As a business owner, knowing your market is essential. Maybe your clients prefer payment plans for your more expensive services, like machine brows, and you break up the payments over a few months to make it more attainable. Maybe your market is big on monthly packages that are auto-charged like for eyelash extensions. Do some research and create your pricing system to reflect your worth, your business and your market.

Streamline Your Payments

Do you currently have a system where you process payments that connects to your accounting software? Do you currently have clear pricing in place?  Streamlining these processes and systems lets you take the thinking out of it. Taking the time upfront to set it up will take the guesswork out of it.

Offer Incentives to Pre-Book

Offering incentives (like discounted pricing or complimentary add on services) to pre-book and pay not only helps fill your books with your steady clients but also gets your clients to commit right then and there!

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