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  • Writer's pictureTeam Toolbot

A Guide to Personalising Your Payment Settings

Optimise Your Toolbot Trade Experience: A Guide to Personalising Payment Settings for Tradespeople


In the dynamic world of trades, efficiency is key, and that includes streamlining your payment processes. Whether you're a seasoned tradesperson or just starting, managing your payment settings is crucial for ensuring timely payments and maintaining a healthy cash flow.


In this guide, we'll walk you through the ins and outs of the Payment Settings feature, empowering you to set up a seamless payment system that works for both you and your clients.


Go start your free trial if you’ve not already done so (no credit card is required to sign up!).


Setting up Banking Details

One of the first steps in optimizing your payment workflow is updating your banking details. Think of it as laying the foundation for smooth transactions. In the Payment Settings form, you'll find fields to enter your Account Name, Bank or Building Society, Account Number, and Sort Code.


Why is it important to include the name of your bank or building society? Well, it turns out that including the name can be a game-changer. Most banking apps double-check the recipient's bank before completing a payment. By providing this information, you're not only reassuring your clients that they’re paying the right account but also ensuring that payments end up in the right hands i.e. yours!


 

Choosing Default Payment Terms

The next step is selecting your default payment terms. This is your chance to communicate clearly with your clients about when and how you expect to be paid. The options include On receipt of invoice, 7 days, 14 days, and 30 days. If none of these fit your terms, no worries – you can choose Other and specify the number of days in the provided textbox.


Why does this matter? Your chosen payment terms will be prominently featured on your invoices, helping set expectations and avoiding any confusion. Plus, they play a vital role in categorising your invoices on the Dashboard and Invoices pages, ensuring you can easily track what's Due or Overdue.

 

Accepting Cheques

In a digital age, it might surprise you to learn that some clients still prefer the good old-fashioned cheque. If you're open to accepting cheques, you can toggle the Accept Cheques option to Yes in the Payment Settings. Don't forget to fill in the Cheques Payable To box with the name you want on those cheques.


Why bother with cheques? Some clients may feel more comfortable with this traditional method, and accommodating their preferences can foster positive relationships. However, keep in mind that this option defaults to No, so if you don't want to be paid by cheque, there's no need to change a thing.

 

Conclusion

In the trade world, time is money, and every minute spent on cumbersome payment processes is a minute away from what you do best. By completing your Payment Settings, you're not only ensuring that your hard work gets compensated promptly but also establishing a professional and efficient system that boosts your reputation. So, go ahead, update those details, set your terms, and embrace a payment process that works as hard as you do.



 

Watch the tutorial for setting up your Toolbot account here 👇




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