Estimates & Invoices
3 MIN READ
Feb 16, 2024 at 9:54AM

Navigating through Estimates and Invoices is a vital part of your journey with GetTrusted. We’ve designed a system that emphasizes security, transparency, and ease of use, ensuring that you have a smooth experience from the beginning of a project to its completion. When you initiate a Project on GetTrusted, Service Providers will send you a detailed Estimate. This document is your roadmap, outlining the scope, cost, and timeline of your Project.

Key Elements of the Estimate 

  • Billing Model: Available options include Hourly Flexible, Fixed-Price, or Recurring, depending on your Project’s requirements.
  • Currency: We support various currencies like USD, EUR, AED, GBP, CAD, AUD.
  • Billing Period (for recurring projects): The frequency at which payments are made for ongoing Projects, selectable as weekly, bi-weekly, monthly, quarterly, or semi-annually, depending on Project requirements.
  • Recurring Payment: An automated financial transaction executed at predetermined intervals according to the selected billing period, ensuring consistent funding for ongoing Projects.
  • Maximum Weekly Hours: The upper limit of hours a Service Provider is permitted to work and bill for in a single week, established to manage Project budgets and timelines effectively.
  • Hourly Rate: Payment rate for each hour of work performed by the Service Provider, ensuring fair compensation.
  • Budget Range: A financial range for the Project, setting clear minimum and maximum spending limits to guide Project expenditures.
  • Project Timeframe: Expected start and end dates of the Project, providing a schedule for completion and milestone achievement.
  • Payment Schedule (for Fixed-Price Projects): A timeline specifying when payments are due, based on Project advancement or the achievement of certain milestones.
  • Escrow Initial Payment: A preliminary deposit made into an Escrow Account to initiate a Project. The money is safely held until the project meets certain conditions or completes, ensuring a trustworthy and protected transaction for both parties.

Additional Financial Details

The Estimate document doesn’t just detail your costs; it also provides information on all Receipts, Payouts, Top-Ups, and Deliverables ensuring you have a full understanding of all financial aspects related to your Project.

  • Receipts section is a record of all transactions made during the Project.
  • Payouts can be requested by Service Provider upon completing specific tasks or milestones, initiating the transfer of the agreed-upon funds.
  • Top Ups can be requested when additional funds are needed for the Project due to scope expansion or unforeseen costs.
  • Deliverables are the specific outputs or results the Service Provider commits to deliver upon the Project’s completion, ensuring both parties have a clear understanding of the expected outcomes.

Approving Estimate

Once you receive an Estimate, take your time to review it. Ensure it aligns with your expectations and budget. Feel free to engage in discussions with your Service Provider to refine details. If both parties agree on updated conditions, you can decline the initial Estimate and ask your Service Provider to send you the revised one.

Payment Options

  • Bank Transfer: If you’re paying by bank transfer, you’ll get an email with details.
  • Credit Card Payments: Just enter your card information and click ‘Pay’ for a quick transaction.

Once the transfer is complete, both parties are notified, and the payment will be reflected in your Estimate document.

GetTrusted is here to make your Project’s financial dealings as transparent and straightforward as possible, ensuring you’re well-informed every step of the way.

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