Depending on your project needs, you can choose between a task-based or time-based project.
Below, we explain each type so you can select the best option when sending your quote to the client.
Task-based projects
This project type suits specific needs and lasts no longer than one month.
To use it, select “Task-based” under project type.
This budget works for all clients and can be adjusted anytime until the client approves the project completion.
Payment timeline depends on the client:
• For clients eligible for Financing payment, you’ll be paid within 10 business days after project completion.
• For others, the client must pre-fund the total amount before starting. You’ll be paid immediately after project validation.
Note: As stated in our T&Cs, don’t start a project unless the client has prefund payment first.
Time-based projects
Time-based projects are ideal for work billed by the hour or day, with an initial monthly estimate adjusted based on actual time worked.
You’ll receive monthly payments reflecting the exact hours or days worked.
A dedicated interface summarizes completed and upcoming months, consolidating invoices and orders.
This method is great for long-term client relationships, offering guaranteed daily rates and monthly payments without waiting for project completion.
Invoices are issued after the client approves your activity report and are dated the last day of the month.
Note: The quote cannot be changed once issued.
How does it work?
You invoice monthly based on actual hours or days worked. You must report your Activity report each month for the client to approve and release payment.
If you don’t submit your timesheet, the client can’t approve or pay the invoice.
When will I receive payment?
Depending on your client's eligibility for a cash advance, your time-based project payments will fall into one of two categories: Time-Based Prepayment or Time-Based Cash Advance.
Time-Based Prepayment
With Time-Based Prepayment, the client must pre-fund an estimated monthly amount into an escrow account at the start of the month to secure your payment.
- Recommendation: We strongly recommend you wait until you have received confirmation that the funds have been collected before you begin or continue any work.
- Why does Malt use this estimate? The primary advantage is to secure your payment baseline by ensuring funds are already collected in escrow before you start work, significantly reducing your financial risk.
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How is it calculated? Malt calculates this estimate to ensure a fair monthly distribution of the total project work.
The Full Project Estimated Number of Days (from your quote) is divided by the Total Number of Months the project occurs (based on the start and end dates in your quote).
Example: If your quote states you plan to work 20 days between January 10th and April 10th (4 calendar months: Jan, Feb, Mar, Apr), the estimate is 5 days/month (20 days / 4 months).
Time-Based Cash Advance
You are required to submit a timesheet or activity report at the end of the month, declaring the actual number of days you've worked. You'll be paid based on the actual number of days worked that you've reported in your activity report.
You will receive your payment within 10 calendar days after your timesheet or activity report was approved by the client.
What if I prefer milestone or deliverable-based payments?
If you prefer to split your payment based on milestones or steps, we recommend breaking your project and budget into multiple task-based projects. This lets your client pay based on the deliverables you’ve agreed upon as the project progresses.
For example, if the project has 6 main phases, send 6 separate quotes upfront for the client to approve and provision them as needed.
Label each project clearly, e.g.:
• project title + advance
• project title + part 1, part 2
• project title + January, February, etc.
Remember to validate the project completion a few days before the month ends. The invoice will be issued afterward and dated that month.