FreshBooks adds retainers payment option

FreshBooks, which makes accounting software for small businesses, has added a payment option for retainers to automate the recurring revenue of service businesses.

FreshBooks Retainers are designed to help service-based businesses:

  • Collect recurring client payments in advance;
  • Stabilize income and improve financial forecasting;
  • Track hours against allotted time to manage project progress and avoid scope creep;
  • Set expectations for clients; and
  • Streamline invoicing, time-tracking, project management and accounting in one place to reduce time on administrative tasks.

"Along with helping you run a more profitable business, retainers-based arrangements help you better service your clients. Conversations are focused on the work, not payment collection," said FreshBooks CEO and co-founder Mike McDerment in a statement. "This elevates your relationship from service provider to trusted partner — and that's where the magic happens."

Retainers are available to FreshBooks customers using Plus and Premium accounts. More information can be found on the FreshBooks blog.

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