Hey,
To anyone who may have some insight, is it a customary thing to sell membership on credit… or is it expected that a customer/member pays immediately for access to your coworking space. In other words, when do you expect payment (to be due)?
Sincerely,
Chi-chi N.
Members pay upfront to start
Members pay for the month in advance thereafter.
We do extend credit for incidentals and additional meeting room time, etc. and they pay in arrears on the next invoice. Note that we do collect security deposits for nearly all plans so technically we already have the cash on hand.
JEROME CHANG
talk to us: (323) 330-9505
chat w/ us: http://www.BLANKSPACES.com/chat
WEST: Santa Monica | 1450 2nd St (@Broadway)
(@Pershing Sq)
EAST: DTLA | 529 S. Broadway, Ste 400 ****
On Apr 5, 2018, at 9:47 AM, Chi-chi [email protected] wrote:
Hey,
To anyone who may have some insight, is it a customary thing to sell membership on credit… or is it expected that a customer/member pays immediately for access to your coworking space. In other words, when do you expect payment (to be due)?
Sincerely,
Chi-chi N.
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I’ve never personally seen coworking offered on a credit system like this, at least not first-party through the coworking space.
Payment is due at the start of each membership period (generally monthly). I HIGHLY recommend setting up an auto-debit option so that you’re not chasing invoices every month. Our first few years there were basically no tools available to easily and securely charge a card on file - now there are many and basically all of the coworking platforms support them. For larger payments (multi-month pre-payments, or single payers covering multiple memberships) we will accept a check but those are due immediately as well.
We already assume the risk/liability of our leases and overhead, and give people the ability to pay monthly (vs long term agreements or prepayments). I’m not taking on a prospective members’ business risks, too 
I DID recently see this company which is offering a special line of credit for coworking deposits and some other “income smoothing” type tools: https://www.salaryo.com But I haven’t heard any first hand accounts of how it works, only their press and sales pitch.
-Alex
On Thu, Apr 5, 2018 at 12:47 PM, Chi-chi [email protected] wrote:
Hey,
To anyone who may have some insight, is it a customary thing to sell membership on credit… or is it expected that a customer/member pays immediately for access to your coworking space. In other words, when do you expect payment (to be due)?
Sincerely,
Chi-chi N.
–
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The #1 mistake in community building is doing it by yourself.
Better Coworkers: http://indyhall.org
Weekly Coworking Tips: http://coworkingweekly.com
My Audiobook: https://theindyhallway.com/ten
Thanks this has been so helpful.
On Thursday, April 5, 2018 at 12:59:47 PM UTC-4, Alex Hillman wrote:
I’ve never personally seen coworking offered on a credit system like this, at least not first-party through the coworking space.
Payment is due at the start of each membership period (generally monthly). I HIGHLY recommend setting up an auto-debit option so that you’re not chasing invoices every month. Our first few years there were basically no tools available to easily and securely charge a card on file - now there are many and basically all of the coworking platforms support them. For larger payments (multi-month pre-payments, or single payers covering multiple memberships) we will accept a check but those are due immediately as well.
We already assume the risk/liability of our leases and overhead, and give people the ability to pay monthly (vs long term agreements or prepayments). I’m not taking on a prospective members’ business risks, too
I DID recently see this company which is offering a special line of credit for coworking deposits and some other “income smoothing” type tools: https://www.salaryo.com But I haven’t heard any first hand accounts of how it works, only their press and sales pitch.
-Alex
The #1 mistake in community building is doing it by yourself.
Better Coworkers: http://indyhall.org
Weekly Coworking Tips: http://coworkingweekly.com
My Audiobook: https://theindyhallway.com/ten
On Thu, Apr 5, 2018 at 12:47 PM, Chi-chi [email protected] wrote:
Hey,
To anyone who may have some insight, is it a customary thing to sell membership on credit… or is it expected that a customer/member pays immediately for access to your coworking space. In other words, when do you expect payment (to be due)?
Sincerely,
Chi-chi N.
–
You received this message because you are subscribed to the Google Groups “Coworking” group.
To unsubscribe from this group and stop receiving emails from it, send an email to [email protected].
For more options, visit https://groups.google.com/d/optout.
When i launched my own spaces, there was literally no open banks in our country. Everything was closed down and cash was king, so i made the tough call to make all memberships pay-as-you-go with zero deposit or minimum contract length.
If a member could afford the membership this month, then they pay and have access (plus free coffee/wifi/airconditioning/community/events/snacks) for 1 calendar month, and then if they can’t pay the next month, they didn’t come in till they could afford to pay again.
It sounds hard, but we didn’t want anyone to go into debt, especially when each household was already so so so stressed about finances.
What landed up happening is that we got creative offers or negotiations with our members, which helped foster the collaborative environment in it’s own way. (eg some folks offered what they could pay, but then volunteered to help with space chores like restocking the toiletpaper in the loos or showing folks around, etc)
On Thursday, 5 April 2018 15:11:40 UTC-4, Chi-chi wrote:
Thanks this has been so helpful.
On Thursday, April 5, 2018 at 12:59:47 PM UTC-4, Alex Hillman wrote:
I’ve never personally seen coworking offered on a credit system like this, at least not first-party through the coworking space.
Payment is due at the start of each membership period (generally monthly). I HIGHLY recommend setting up an auto-debit option so that you’re not chasing invoices every month. Our first few years there were basically no tools available to easily and securely charge a card on file - now there are many and basically all of the coworking platforms support them. For larger payments (multi-month pre-payments, or single payers covering multiple memberships) we will accept a check but those are due immediately as well.
We already assume the risk/liability of our leases and overhead, and give people the ability to pay monthly (vs long term agreements or prepayments). I’m not taking on a prospective members’ business risks, too
I DID recently see this company which is offering a special line of credit for coworking deposits and some other “income smoothing” type tools: https://www.salaryo.com But I haven’t heard any first hand accounts of how it works, only their press and sales pitch.
-Alex
The #1 mistake in community building is doing it by yourself.
Better Coworkers: http://indyhall.org
Weekly Coworking Tips: http://coworkingweekly.com
My Audiobook: https://theindyhallway.com/ten
On Thu, Apr 5, 2018 at 12:47 PM, Chi-chi [email protected] wrote:
Hey,
To anyone who may have some insight, is it a customary thing to sell membership on credit… or is it expected that a customer/member pays immediately for access to your coworking space. In other words, when do you expect payment (to be due)?
Sincerely,
Chi-chi N.
–
You received this message because you are subscribed to the Google Groups “Coworking” group.
To unsubscribe from this group and stop receiving emails from it, send an email to [email protected].
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Thanks Hector
