A virtual assistant is like a personal secretary. They provide customer support, write, answer calls, transcribe, do research, etc. They basically work at home and communicate with their Employer through the Internet or through phone. One method many companies take to maximize the likelihood of having a positive experience in retaining a virtual assistant is by going through a virtual staffing agency. These virtual staffing agencies operate similarly to conventional staffing agencies. When setting up the structure of a virtual assistant business, the owner must decide how he or she will collect the money earned for the services performed.
Traditional Invoicing/Net 30 Days If the virtual assistant does a lot of work for larger corporate clients, she may find that her clients will only do business with her if she extends Net 30 Day terms. With this arrangement, the virtual assistant will issue an invoice at the specified time periods or at the end of a project, whatever is agreed to prior to starting the project.
Traditional Invoicing/Due Upon Receipt Issuing the purchase order or having an agreement where the terms are Due Upon Receipt will help the virtual assistant to get paid much quicker. Just like Net 30 Day terms, the virtual assistant will send an invoice at specified times or at the end of the project and wait for the company to send a check.
Credit Card Payment The virtual assistant can set-up a merchant account and collect payment from the client using a credit card. An invoice will usually still need to be given to the client, but payment can be processed immediately at specified times. The virtual assistant can keep the clients credit card number on file and charge it as soon as a project is completed and the invoice is approved. Credit card payments can also be processed through PayPal without setting-up a merchant account.
Retainer Many virtual assistants collect a retainer from their clients. Often a discount is given when the client agrees to a certain number of hours of work per month charged if it is used or not. Since the client has already paid, they will most likely use the time, however, this is a nice way for the VA to estimate how much he or she will work in a month because the client as already committed to a certain number of hours.
A Retainer Agreement for Virtual Assistant Services is a legal document that outlines the terms and conditions of the working relationship between a virtual assistant and their client in the state of Iowa. This agreement serves as a binding contract to ensure both parties are aware of their rights and responsibilities. In Iowa, there are different types of Retainer Agreements for Virtual Assistant Services, including: 1. General Retainer Agreement: This is the most common type of agreement, defining the overall scope of work, payment terms, and expectations of the virtual assistant services provided. It outlines the number of hours the virtual assistant will work per month or the specific tasks they will complete. 2. Project-Specific Retainer Agreement: This agreement is used when the virtual assistant is hired for a specific project or a limited time period. It clearly specifies the project details, deliverables, timeline, and payment structure. Once the project is completed, the agreement terminates. 3. Ongoing Retainer Agreement: This agreement is suitable for clients who require continuous virtual assistant support on a regular basis. It usually includes a clause stating the duration of the agreement, payment terms, and tasks to be performed regularly. The agreement automatically renews unless either party terminates it. Regardless of the type of Retainer Agreement, it is essential to include certain key elements: a. Terms and Conditions: This section outlines the responsibilities, rights, and obligations of both parties. It may cover confidentiality, intellectual property rights, dispute resolution, and termination clauses. b. Scope of Work: It clearly defines the tasks, services, and deliverables the virtual assistant will provide. It can be broad or specific, based on the client's requirements. c. Payment Terms: This section describes the payment structure, frequency, and method of payment. It may include details about expenses, late payment penalties, and any additional fees. d. Confidentiality: As virtual assistants often have access to sensitive information, it is crucial to include a confidentiality clause to protect the client's data and intellectual property. e. Termination Clause: This specifies the conditions under which either party can terminate the agreement. It may include notice periods and the rights and responsibilities of each party upon termination. f. Governing Law: This section states that the agreement is subject to the laws of Iowa and any disputes will be resolved in accordance with those laws. It is vital for virtual assistants and their clients in Iowa to have a comprehensive and well-drafted Retainer Agreement in place to protect both parties' interests and ensure a smooth working relationship.
