So, you’re starting your VA business – awesome news. One of the first things you’ll be thinking about is getting paid. Fair enough, too. There are a few ways to go about it, and you want to make sure you’re not getting stung with unnecessary fees for the money you’ve earned.
To help you get your head around it, here’s a breakdown of the common payment options available to Virtual Assistants in the UK. (Some of these work on a global basis but I am going to focus on UK in this blog.)
But before we look at the methods themselves, there’s one non-negotiable thing you need to sort out:
Get a separate bank account for your business. Simple as that.
When you’re just starting, it’s easy to think your personal account will do. It won’t. Set up a dedicated business account from the get-go. It’ll make your bookkeeping much easier and stop you from accidentally mixing business and personal funds. Trust me on this.
Get paid by bank transfer
One of the easiest ways to get paid is a straightforward bank transfer. Just put your bank details on your invoice and tell your clients this is your preferred method. For clients on a retainer or contract, they can usually set up a standing order for automatic monthly payments.
The downside is you’ll need to manually check your account to see if payments have come through, unless your banking app has notifications. Also, clients can cancel standing orders whenever they like. From their end, it can be a bit of a pain to log in and pay each invoice if the amount changes each month.
GoCardless
If you have regular clients, GoCardless can be a good option. It lets them set up a Direct Debit for your services. Direct Debits are generally seen as reliable, and it’s easy for you to track payments and adjust amounts if needed. The only thing to be aware of is the per-transaction fee. You can find out more about GoCardless here. The fees aren’t huge, and you can invoice in different currencies.
Stripe
Stripe is another option designed to help you get paid. It’s easy to set up and allows clients to pay by debit or credit card. Often, you can include a ‘pay now’ button on your invoices for instant payments. Keep in mind that Stripe charges a small fee per transaction and typically holds funds for around 7 days in case of refunds.
PayPal
PayPal is widely used, but it’s a payment method I’d advise you to be very cautious with, and personally, I’d recommend avoiding it if you can. While it’s easy to receive payments, clients can also easily cancel subscriptions and request refunds up to 60 days after paying. If a client raises a dispute, PayPal often sides with the buyer and issues a refund anyway. Their fees are also generally higher than Stripe.
Starting your own VA business means you’ll have plenty of questions. Hopefully, this gives you a clearer picture of your payment options. Ultimately, it comes down to what suits you best. Pick what works for you and keep it simple to start – you can always change things later once you’re settled.
And if you’re looking for straightforward, practical support to help you grow your VA business, check out our monthly VA Membership. You’ll find a supportive community, accountability, and direct access to expert help. Why not take a look? You can cancel anytime, so there’s nothing to lose.
