sole trader bank account query?

MarkR_2

Co-op Bank do a good accout for sole traders too.
Ive been with them for about a year, they pay interest on money put in and as long as you keep within there guidelines theres no charges apart from about £3 a month acount admin charge I think after the 1st year (not had it applied yet tho) but that only comes to about £36 a year and interest should cancel that out. Was with Barclays before, and although I couldnt fault the service, they charge for EVERYTHING and can easily cost £300+ year to be in credit with them, was after decided to charge 50p for every £100 cash you put in or take out plus charge for every cheque you put in that I opened a Co op account ( the barclays paying in books nicer it has a carbon, but its not worth £300 a year.... ) .

aeuerby

manhattan wrote:

thanks angela!

the payments that i would collect from my customers would be at their home or a company address.

so im not sure how it would be possible to collect credit card payments from them at the time of completing the job?

Not too sure how that would work. You will probably have to go down the route of a "virtual terminal" which adds more expense I'm afraid. I'd suggest that you speak to whichever company you decide to process your transactions and see what they suggest.

Angela.

camstop

manhattan wrote:

the payments that i would collect from my customers would be at their home or a company address.

I'm not sure you've said what your work is here but the norm is if your dealing with companys you give or send them an invoice and they usualy have a payment policy which can mean anything from writing you a cheque there and then to waiting up to 3 months.


If your dealing with residential customers then it should be cash or cheque when the jobs done.


It's not unreasonable to ask for a say 30% deposit when your customers book your services if we're talking about quite a bit of money or all up front if your unsure of your customers.


I have found that business customers to be more reliable at paying than residential customers but not really had any serious problems in 8 years of trading, touch wood