There are many payment terms you could use for your animation project. It’s up to you to decide which you think will work best for you, the workload you can handle, and your budget. However, please take into consideration also what payment term your client will like.
Here are the top 3 payment terms you can use for your animation projects:
Payment terms determine how and when you, as a freelance animator, will get paid by your animation clients.
They contain everything related to payment, including deposits, who pays for what expense, payment methods, payment deadlines, and late payment penalties.
As a freelance animator, you are usually the one to set the payment terms.
This means that you need to have a clear idea of your terms prepared when approaching a new client.
Here are the top 3 payment terms you can use for your freelance animation projects…
1. Pay Per Project
- This includes the total amount the client will need to pay for the project.
- You can decide on how much you will be paid according to the tasks' difficulty and how long it will take to finish, but you will need to deliver the result at that price.
- You also need to agree on how many revisions you will do, or else this will cost you too much time and energy without getting paid.
2. Milestones or Progress Payments
- This is where you agree with your client on paying you at a fixed price within a specific time frame.
- You will be paid based on your progress while your client delivers feedback on your progress.
- According to Freelancers Union, milestones payment will ensure that you get paid even if the project gets dropped by your client.
3. Hourly Pay
- This is the most straightforward way to charge your clients.
- To arrive at an hourly rate, you find out the cost of running your business and add on top of that how much you'd like to earn.
- An hourly rate can look more appealing to clients than a daily or monthly rate. Also, it can provide you with more flexibility for some projects.