October 13, 2021 -- Lance, a banking platform for musicians and creators, just launched Lance Checkout to enable credit card payments made by clients. Clients often want to pay for music services with a credit card. Now, within their Lance business banking account, musicians can easily request and receive client-issued credit card payments.
Lance members can simply go to the Checkout section in their banking account, create a payment request, and share a unique, one-time link with their client. Clients make a payment via credit card in that link, like with any other online purchase, and the money goes straight into the musicians' banking account. Lance Checkout requests can be customized with the musicians’ unique branding (logo + colors).
In addition to the credit card payments now available through Lance Checkout, musicians can route payments from Venmo, Cashapp and PayPal to the banking account.
There are several benefits of routing client and other income payments into a Lance business banking account. First, the Lance framework can take in and make sense of all kinds of flexible income streams, including W2 and 1099 payments. All that income is accounted for and then allocated at customized rates into critical subaccounts, including: personal salary, tax withholdings, and savings. Lance musicians also get part of their income allocated toward a business expense balance based on their spending and in a way that adjusts their automated tax withholdings in real-time. Finally, every dollar is going toward its best business use: All of these subaccounts, automatic allocation, and responsiveness are included in the basic Lance account at no charge. Pro account holders can also opt in to have their tax withholdings sent to the IRS quarterly and download Schedule C profit & loss statements for goal setting and lending purposes.
The Lance banking account has been estimated to save musicians 100 hours per year and $7,500 in fees and deductibles.
“With musicians growing with multidimensional, self-directed incomes, it’s ever more important to be able to be paid in one spot and easily” said Oona Rokyta, CEO and Co-Founder of Lance. “Lance is a business banking account that makes sure musicians get financially organized.”
Lance is the first automated financial OS for musicians, creators and flexible workers. Lance automatically allocates musicians' income and deposits across specific micro-business cash flow and benefits needs. Lance provides contextualized, automated, and growth-enabling business financial guidance and benefits. For more information, go to www.lance.app.