Short YouTube advice segment by Eric Deeran (Master Filmmaker) advocating that businesses keep client payment cards on file and charge them when invoices are due. The speaker argues that sending invoices and waiting for clients to pay can cause long delays and lost revenue; having card-on-file enables prompt collection.
I can't tell you how much money my business has made and our clients businesses have made by simply just having the card on file and pulling it. Because what other people do is they'll send the invoice and then they have to wait a million years for the client to actually pay it. And then you're waiting around, waiting around, waiting around. And you don't have any sort of way of like actually getting that payment in. So you want to make sure that you have that on file. If you do not have that on file, you do not want to wait for the client to decide to pay you, because then you could be waiting a while there.
