AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Ask a foreign client for a deposit before work starts, usually a share of the fee in the contract currency, and tie the rest to milestones the client signs off. Put the schedule, currency, due dates and what happens if payment is late in the contract, and invoice each stage as soon as it is accepted. Deposits protect your cash flow and filter out clients who were never going to pay.
Why deposits matter more for cross-border work
When a client abroad stops paying, your options are limited. Chasing through a foreign court is slow and costly, and the client knows it. A deposit changes the balance: the client has committed money, you have funds to start the work, and you learn early whether their finance team can pay you at all. For Nigerian agencies, developers, designers, writers and consultants with clients in the UK, US, Europe or elsewhere, a deposit is normal practice, not a sign of distrust.
Common payment structures
| Structure | How it works | Good for |
|---|---|---|
| 50/50 | Half before starting, half on delivery | Short, fixed-scope projects |
| Deposit plus milestones | For example 30% upfront, then payments at agreed stages | Longer projects with clear phases |
| Monthly retainer in advance | A fixed fee paid at the start of each month | Ongoing services such as marketing or support |
| Time and materials, billed in arrears with a deposit | A deposit held against the final invoice, then regular invoices for hours worked | Work where scope may change |
There is no single right percentage. Base the deposit on what you would lose if the client disappeared after the first stage: your team's time, any third-party costs such as software or freelancers, and the value of turning down other work.
What to put in the contract
- Currency. Name it, for example GBP or USD, and state that all amounts are in that currency.
- Schedule. List each payment, its amount and what triggers it: signing, a delivered draft, sign-off of a phase, launch.
- Acceptance. Say how a milestone is accepted, for example written approval or no objection within five working days.
- Due dates. Payment within a set number of days of each invoice.
- Late payment. Work pauses if a payment is more than a set number of days late, and resumes when paid.
- Changes. Extra work outside the agreed scope is quoted and paid separately.
- Ownership. Final files or rights transfer when the last payment is received.
Matching invoices to milestones
Raise each invoice the day its milestone is accepted, and quote the contract and milestone on it. A client's accounts team can then match it without asking questions. See how to invoice a foreign client from Nigeria for the full invoice checklist, and VAT on services for foreign clients for the tax line.
A worked example
Example only. An Ibadan development studio agrees a US$12,000 app build with a client in Texas.
| Stage | Trigger | Amount |
|---|---|---|
| Deposit | Contract signed | US$3,600 (30%) |
| Milestone 1 | Designs approved | US$2,400 (20%) |
| Milestone 2 | Working beta delivered | US$3,600 (30%) |
| Final | App live in stores | US$2,400 (20%) |
The deposit covers about six weeks of the team's costs. If the studio's monthly running cost is ₦4,500,000 and it converts at an example rate of ₦1,500 per dollar, US$3,600 is ₦5,400,000, enough to fund the design phase without dipping into reserves. If the client delays sign-off of milestone 2, the contract lets the studio pause work rather than keep building unpaid.
Deposits and currency
Take the deposit in the same currency as the rest of the contract. If you agree a pound fee and accept part of it in naira through a friend of the client, you create a mismatch in your records and lose the benefit of a clean trail of payments from abroad. Agreeing the currency also settles who bears conversion costs: when the client pays in their own currency, any conversion is yours to time. For more on keeping more of each payment, see getting paid by international clients without losing on FX.
Finally, be realistic about what a deposit is for. It is not profit to spend; it funds the work you are about to do. Treat it as committed money, plan how it will cover the first phase, and keep track of how much of each project's fee you have received against how much work you have delivered. A simple sheet with contract value, amount received and amount delivered, updated weekly, tells you at a glance which clients are ahead and which are behind.
Red flags and scams
Some foreign clients are not clients at all. Watch for:
- An offer to pay more than the invoice, with a request to send the difference to someone else.
- A cheque or payment that arrives before any contract, followed by a request for a refund.
- A client who will not join a video call, sign a contract or give a company address.
- Payment instructions or changes sent only by email, with pressure to act quickly.
The FBI's IC3 advises verifying any request to change account information through a secondary channel. Apply the same rule to clients: confirm unusual instructions on a call with someone you know.
Where Pryme fits
With a Pryme Business Account, a foreign client can pay a deposit in USD, GBP or EUR to local account details, and the money stays in that currency until you choose to convert with Swap, which shows the rate first and the fee on its own line. Pryme invoicing lets you raise each milestone invoice from the account, and the Sales agent can prepare follow-ups on unpaid stages for you to approve.
Questions people ask
How much deposit should I ask from a foreign client?
Enough to cover what you would lose if the client stopped after the first stage. Many agencies use 30% to 50%, but it depends on the project.
Is it normal to ask international clients for upfront payment?
Yes. Deposits and milestone payments are common for agencies and freelancers working across borders.
What currency should milestone payments be in?
The currency stated in the contract, usually the client's own. Keep every invoice in that currency.
What if a foreign client refuses to pay the final milestone?
Rely on the contract: pause work, hold final files or rights until payment, and keep records of every acceptance and invoice.
Sources
- FBI IC3: Business Email Compromise, the $55 billion scam · accessed Oct 2026
- Examination of the VAT provisions under the Nigeria Tax Act, 2025 (Mondaq) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.