Even amid economic instability, talent managers and the creators on their roster are in high demand. Influencer marketing budgets continue to grow for brands across industries and talent managers are facilitating and negotiating more brand deals than ever before.
Business is booming and that’s great. But as a talent manager, you’re anxious that areas of your business are not running as efficiently as they could.
Let’s be honest, a growing business comes with an overwhelming list of obligations — more payments to be made, more invoices to send, and more contractors to onboard. Your plate isn’t just full, it’s overflowing.
You need great systems designed by people who understand your industry to help you organize it all. While you’re grateful to be operating a thriving management business, you’re probably looking for better tools and platforms to help your business run smoothly. You’ve been meaning to research and choose the best payment platform for your talent management company – but who has the time?
We’ve been there. So, we’re here to check that looming task off your list and provide you with everything you need to know to make the best decision for you, the talent you manage, and your business as a whole.
Below, we delve into two industry-standard platforms, Lumanu and Quickbooks, for sending and receiving payments as a talent manager.
The overhead costs
A Lumanu Plus monthly membership promises an unlimited amount of payments and invoices starting at $99 per month + $1 per payout.
Quickbooks Payments advertises as “no monthly or setup fees”, but there’s a catch. You can’t sign up for a payments account unless you have a Quickbooks membership. The “basic” membership fee is $25 per month and the “essential” is $50 per month.
In addition to the monthly membership, Quickbooks Payments charges processing fees — 1% for ACH (maximum fee of $10), 3.4% + 25¢ for keyed, 2.9% + 25¢ for invoiced payments, and 2.4% + 25¢ for card reader transactions.
You pay a large number of contractors every month, so Lumanu’s membership fee and $1 per payout will likely cost you less than the collective membership and transaction fees Quickbooks requires.
Organizing important forms
Influencers and online creators are often working under a 1099 employment agreement, and that means you have to manage and maintain a lot of paperwork.
Quickbooks does organize your contractor forms, but you have to personally handle retrieving the completed form from the contractor. Lumanu handles vendor setups and tax forms automatically so you don’t have to spend time chasing anyone down to fill them out.
Knowing these essential forms are set up and organized is a huge relief come tax seasons. With Lumanu, you’ll have peace of mind that your business and your talent are properly accounted for.
Managing upcoming & outgoing payments
What comes attached to a booming business? Paying more and more people. Since influencer brand deals are hotter than ever (and not slowing down anytime soon), you’re busy with countless campaigns and a laundry list of invoices and payments to manage.
Lumanu is “the business app for creators”, and we thought of talent managers when we designed our one-click payments feature — so sending payments to your roster is quick, clear, and seamless.
Quickbooks is a tool with too many functions to keep track of. Unlike Lumanu’s creator niche, it was designed as a general “business software.” And that shows when you use Quickbooks Payments, where there are countless toggles, tabs, and pulldown menus.
Actually getting paid
With both Quickbooks Payments and Lumanu, actually getting paid is fast and straightforward. Once a bank account is set up within the platforms, deposits are made no less than 5-days after payments are complete — but usually within 1-2 days.
However, Lumanu offers EarlyPay — a feature that pays you (and your talent) before the brand you’re working with has. When you send an invoice, simply indicate that you want EarlyPay and Lumanu will notify you if you’re eligible. Within 24 hours of sending your invoice, Lumanu notifies you that you’re eligible for EarlyPay. Then, the payment becomes available for immediate deposit into your account for a small 2.9% fee.
Lumanu is on a mission to help the creator economy thrive — that’s why we’re ensuring talent managers and online creators alike don’t have to wait 30, 60, or even 90-days to get paid.
Lumanu and Quickbooks in tandem
Maybe you’re interested in moving your payment and invoicing processes over to Lumanu, but still hesitant because all of your bookkeeping lives on Quickbooks. Don’t stress — there’s still a future for your business and Lumanu!
If you decide to implement Lumanu Plus, our team offers Quickbooks integration so you can streamline the two systems hassle-free.
Curious to learn more? Schedule a demo!