Making Milestone Payments using Vesicash's MoneyPool.
4 min read
The Service industry in Nigeria and Africa at large has experienced significant growth across the past five years, as it proves to be very exciting and lucrative. As a creative, artisan, or general service provider, you ought to deliver your service/craft at the best quality, ensuring every client of yours is highly satisfied.
One challenge that seems to be common in the Service Industry space is Settlements, sometimes the Client doesn't pay up the complete fee after the service has been delivered and in the reverse situation, the skilled personnel doesn't complete the project after receiving payment.
Now with the problem identified, what I bring to you today is a recommended solution to this problem.
Vesicash provides payment security for businesses and individuals across Africa. For your peace of mind when buying from or selling to unknown parties, Vesicash provides:
- An enabling environment for a fraud-free transaction process. - Equally distributed control between transacting parties. - The fully transparent transaction process.
For service providers in most situations, your services are delivered in milestones, for example for a web developer, the Wireframe has to be completed before proceeding to the frontend design than the backend logic. This is also similar to other fields as well, while sending your quotation to your clients, you break down the costs to their respective milestones. Our focus for this article is Milestone Payment using Vesicash Moneypool
According to Desiging Building Wiki, Milestone Payment is simply
> Payment to a contractor in a series of lump sums, each paid upon his achieving a ‘milestone’ – meaning a defined stage of progress. Use of the word milestone usually means that the payment is based upon progress in completing what the promoter (client) wants. Payment based upon achieving defined percentages of a contractor’s program of activities is also known as a ‘planned payment’ scheme.
Freelancer which is one of the largest freelancing platforms for services providers also adopt this system,
> The Milestone Payment System is the recommended mode of paying freelancers on the site. It offers protection to both clients and freelancers by giving equal control over created payments for awarded projects. Every Milestone Payment that is created will have its own invoice that can be viewed and downloaded from the project page itself.
Using the Milestone Payment System also makes our Dispute Resolution Service available to you, which allows contesting the return or release of in-progress Milestone Payments.
Vesicash Offering: Moneypool is a secure and customizable escrow payment collection system for your group payments. With Vesicash Moneypool you can easily set a milestone payment for you are your client or vice versa within a couple of minutes.
So let's get started. Create a Vesicash Account , fill in the required information, please do ensure to fill in the correct email address and phone number as this will be used for authentication and notification.
After this you'll get access to your dashboard where can easily perform all your operations on Vesicash, the next thing to do is to create a new transaction and select the milestone option.
Proceed to fill in the details of the transaction and the milestones(date attached) and its respective costs. Do well to also add the description of the project and the correct details of the other party of the transaction. This is required to facilitate the milestone payment. After filling in all the details, you'll get to see the details of the transaction and the other payment gets notified via the email provided.
The next step is for the client to accept the transaction and make payment, so for every completed milestone, you can confidently get your payment from Vesicash upon confirmation from your client. With Process enables you are fully assured of getting your payment on each milestone as at when due, no more stories, and disappointments.
Moneypool has granted peace of mind to me while dealing with clients and you should adopt it as well.
The best time to start using Vesicash Moneypool was yesterday. The next best time is Now. Hope this article was helpful to you. If you have any questions, suggestions, or feedback you can send a mail to firstname.lastname@example.org or email@example.com. You can also drop a comment below or call our Customer Care Line (08066589385).
PS: We love getting feedback from our users
Thank you for reading.