Sometimes also referred to as a “Deposit” or “Booking Fee”, the correct term is actually retainer fee, and it refers to an agreed sum of money paid to secure the services of a professional for an agreed upon time-frame.
Retainer Fees are Standard in Wedding Photography
A retainer fee may be a new concept when you’ve just started looking into hiring a professional wedding photographer, but the practice is standard in the wedding photography industry.
Other Professions that use Retainers
You are probably already familiar with the retainer fee, as it often conjures up the image of a lawyer, the result of cultural training arising from movies or TV shows with lawyers as the major characters. Of course, with lawyers, even retainer fees can get really complicated with flavors like “security”, “advanced fee” and “evergreen” retainer fees. However, for the sake of argument, I would like to point out that a number of other professions retainer fees. Here’s a short list:
- Doctors – certain doctors who practice “Boutique Medicine” use retainers
- Bankers – their retainers are upfront fees charged to clients, even if “the deal” eventually doesn’t go through
- Freelancers – software engineers, web designers, copywriters, consultants and such all use retainers of some sort, allowing them to pay the bills while working on and waiting on assignments
What Does it Mean when someone is Retained?
Once you’ve retained a service professional (by paying the fee, and signing a contract), you are officially BOOKED, and that professional would take him or herself “off the market”, so to speak, meaning they would not make it known that they are seeking work in a particular time-frame.
Consider this: if the retainer fee was refundable, and for some reason the client decides “at the last minute” to request the money back — perhaps the wedding was canceled for some reason — then the professional photographer would have no income for the previously agreed upon date.
If this were to happen several times, you can be sure the professional photographer would soon no longer be in business.
By Paying the Retainer Fee:
- you are paying for my promise to come shoot your wedding on the day of your wedding (plus any pre-wedding engagement session or post-wedding after-session).