HoneyBook Payments, A Simple Review

So, you are considering HoneyBook Payments.

You’ll be wondering if it’s a good choice for you, if its feature set compares well to other options on the market, and if it is priced affordably enough for what you get.

This article will break all that down for you and more. 

Plus, at the end of the article you’ll find links to alternatives to HoneyBook Payments as well as our top picks for the options in this category.

Or, just go straight to Our top picks for Best Payment Processing Companies(Link it)

Without further ado, let’s get started.

HoneyBook Payments Features

In the fast-paced world of small businesses, efficient and reliable payment processing is essential. HoneyBook, a comprehensive online payment software, is designed to streamline transactions and enhance client experiences. From invoicing to payment tracking, HoneyBook offers a suite of features that cater to the unique needs of small business owners. Here’s an in-depth look at the standout features of HoneyBook Payments.

Frictionless Payment Experience

HoneyBook ensures that your clients enjoy a seamless payment experience. With the ability to combine invoices, contracts, and payments into one step, clients can pay quickly and effortlessly. This unified approach not only saves time but also reduces the friction often associated with multiple payment steps. HoneyBook supports all major credit and debit cards, as well as bank transfers, providing flexibility for your clients. The mobile-friendly platform further enhances accessibility, allowing clients to make payments on the go.

Automatic Payment Reminders

One of the challenges many small business owners face is reminding clients to make payments. HoneyBook eliminates this awkward task with automatic payment reminders. These reminders are sent out via email, ensuring that clients are notified when payments are due without any manual intervention from you. This feature not only helps maintain cash flow but also strengthens client relationships by reducing the need for repeated follow-ups.

Instant Deposits for Cash Flow Confidence

Cash flow is the lifeblood of any small business. HoneyBook offers instant deposits, allowing you to access funds within minutes rather than waiting 2-3 business days. Available 24/7, even on weekends, this feature ensures that you have quick access to your earnings when you need them the most. For a low 1% transfer fee, you can choose which payments to transfer instantly, providing flexibility and confidence in your financial management.

Secure and Protected Payments

Security is a top priority with HoneyBook. Their in-house fraud team continuously monitors all transactions to protect both you and your clients. This proactive approach ensures that your payments are secure, and any suspicious activity is swiftly addressed. Additionally, HoneyBook offers robust dispute resolution support. Unlike other platforms that may automatically side with the client, HoneyBook works closely with you to resolve disputes fairly, ensuring your interests are protected.

Comprehensive Client Management

HoneyBook’s integrated client management system simplifies the payment process by consolidating client information and payments in one place. This feature allows you to track payments, manage client accounts, and keep all relevant data organized. The ability to set up recurring and scheduled payments further enhances convenience, making it easier to manage subscriptions, retainers, or other regular billing arrangements.

Mobile Invoicing and Payment Tracking

For business owners on the go, HoneyBook’s mobile invoicing feature is a game-changer. Available on both Android and iOS apps, this feature allows you to send professional invoices and track payments in real time from your mobile device. This flexibility ensures that you can manage your business efficiently, no matter where you are.

Customizable Invoices and Payment Options

HoneyBook understands that every business is unique. Their platform allows you to create customized invoices that reflect your brand and business needs. You can accept various payment methods, including credit/debit cards and ACH/bank transfers, and even accept cash or checks at no charge. This flexibility ensures that you can cater to your clients’ preferences, making it easier for them to pay you.

Enhanced Cash Flow Management

HoneyBook’s instant deposit feature ensures that you get paid quickly, often within minutes. This capability is available 24/7, providing the confidence that you can access your funds whenever you need them. With a low 1% transfer fee, you can choose which payments to transfer instantly, giving you control over your cash flow and financial planning.

Integration with Other Tools

HoneyBook’s payment system integrates seamlessly with other essential tools for small businesses. For example, you can integrate your QuickBooks account to streamline your accounting processes. This integration helps maintain accurate financial records and simplifies tax preparation.

HoneyBook’s All-in-One Platform

HoneyBook is more than just a payment processor. It is an all-in-one platform designed to handle various aspects of your business operations. From online contracts and document signing to scheduling and automations, HoneyBook offers a comprehensive suite of tools that enhance efficiency and productivity. This integrated approach ensures that you have all the necessary tools at your disposal to manage your business effectively.

HoneyBook Payments is a powerful tool for small businesses looking to streamline their payment processes and improve client experiences. With features like frictionless payment experiences, automatic reminders, instant deposits, and robust security measures, HoneyBook empowers business owners to manage their finances confidently and efficiently. The platform’s comprehensive client management, mobile invoicing, and customizable options make it a versatile solution that caters to the unique needs of small businesses. By integrating seamlessly with other business tools and providing exceptional support, HoneyBook stands out as a top choice for entrepreneurs seeking a reliable and user-friendly payment processing solution.

HoneyBook Payments Pricing

HoneyBook offers a straightforward and competitive pricing structure for its payment processing services, designed to be among the lowest in the market. The transaction fees are deducted from the payment total before the funds are deposited into your bank account. Here’s a breakdown of the fees:

  • Cardholder Entered Payments: For payments where the card details are entered manually (e.g., initial deposits or one-off transactions), HoneyBook charges 2.9% of the payment amount plus a flat fee of 25 cents per transaction.
  • Card on File Payments: For payments made using a card that has been securely stored from a previous transaction (including autopay), the fee is 3.4% of the payment amount plus a flat fee of 9 cents per transaction.
  • ACH/Bank Transfers: This method incurs a flat fee of 1.5% of the payment amount.
  • Cash/Check Payments: No transaction fees are applied for these payment methods.

HoneyBook ensures transparency in its pricing by allowing users to review the total amount deducted for processing fees in their downloadable reports. Additionally, if a refund is necessary, HoneyBook processes the full payment amount back to the client without deducting transaction fees. This clear and upfront pricing model helps small businesses manage their finances effectively while providing a seamless payment experience for clients.

HoneyBook Payments Discounts and Coupons

HoneyBook occasionally offers special discounts, such as 50% off all plans during Small Business Month. These promotions make it more affordable for small businesses to access HoneyBook’s comprehensive suite of payment and client management tools.

HoneyBook Payments Free Trial

HoneyBook offers a free trial with no credit card required. This allows small businesses to explore and experience the platform’s features, including payment processing and client management, before committing to a plan.

HoneyBook Payments, A Short How-To Guide

HoneyBook Payments offers a seamless way to manage your finances, allowing you to receive payments, track transactions, and automate reminders all in one place. Follow this step-by-step guide to set up and start using HoneyBook Payments efficiently.

1. Sign Up for HoneyBook

  • Begin by creating an account on the HoneyBook website. If you already have an account, log in to your existing account.

2. Connect Your Bank Account

To receive payments:

  • Go to your Settings.
  • Navigate to the Bank Details section.
  • Enter your bank account information to connect your bank.
  • Verify your bank details if prompted.

Note: If you receive a payment before setting up your bank details, the funds will be held until your bank information is added and verified.

3. Create and Send an Invoice

  • Navigate to the Invoices section from your dashboard.
  • Click on Create New Invoice.
  • Fill in the necessary details, such as the client’s information, services provided, and payment amounts.
  • Set up a payment schedule if needed.
  • Click Send to deliver the invoice to your client via email.

4. Client Payment Process

  • The client will receive the invoice and can review the payment schedule.
  • They can make payments via credit/debit card or ACH/bank transfer directly through the invoice link.

5. Payment Processing Times

  • Understand the processing times for different payment methods:
  • Card Payments: Typically processed within 2-3 business days.
  • ACH/Bank Transfers: Generally take 7-8 business days.

Note: Payments made via lead forms may take 5-7 business days to process.

6. Track Payments and Manage Transactions

  • Go to the Payments tab within the Bookkeeping tool or from the specific invoice to review payment status.
  • Payment status will show as Paid (for card payments) or Processing (for ACH/bank transfers).
  • Check the estimated deposit date and other details.

7. Automate Payment Reminders

  • Set up automatic payment reminders in the Settings to notify clients about upcoming or overdue payments.
  • This helps maintain cash flow and reduces the need for manual follow-ups.

8. Issue Refunds if Necessary

  • Navigate to the specific payment in the Payments tab.
  • Click on the payment to open additional information and select the option to issue a refund.
  • Clients will receive the full amount of their payment, with no transaction fees deducted from the refund.

9. Review Transaction Fees

  • HoneyBook’s transaction fees are as follows:
  • Cardholder Entered Payments: 2.9% + $0.25 per transaction.
  • Card on File Payments: 3.4% + $0.09 per transaction.
  • ACH/Bank Transfers: 1.5% flat fee.
  • Cash/Check Payments: No fee.

10. Download Reports

  • For detailed financial tracking, download reports from the Reports section.
  • Select the Payments Completed report type and specify the timeframe.
  • The report will include a column for transaction fees and other relevant details.

By following these steps, you can efficiently set up and manage payments through HoneyBook, ensuring a smooth and professional experience for both you and your clients.