Should I pay a develoeprs monthly or weekly

I just want to get some advice here. I met one boonex developers and we agreed on a price and a time frame. I said I want to give a bank guarantee and/or escrow to make sure that I do not pay in vain and most importantly when, he finishes he gets money. Bank guarantee or Escrow ensures that I do not lost my money as did with the previous developers. in addition I asked for a contract herein the agreed amount , time frame will be specified and he refuses. He wants to be paid preferably every week or every month.

Do you think this developers is serious? should i pay every month?

I've had experiences with all sorts of developers and programmers. Honestly it's a crap shoot that boils down to vetting out "wannabe programmers" vs. ones that actually can deliver what you are looking to get done.

Regarding the payment setup it varies. Many programmers are individuals working out of the homes and rely on getting paid for the work they do. As such getting paid weekly is important if its a larger development project. I'd strongly suggest (at the very least) clearly agreed milestones that should be done at each week's end (including the very first one).

But a monthly payout is unrealistic. Only larger development firms would possibly agree to those sorts of payout and your actual costs would be much higher.

Best of luck...

Weekly if you're only starting to work with them. Monthly is OK only after you have seen stable delivery and they know you pay up as agreed. 

Upwork.com holds the money back for all freelancers until the work is done. Especially in my case in which I wasted my time for years  and paid two separate companies and received nothing in return. Now I am no longer blind in the freelancers  world nor in the IT world neither do I want my project to be abandoned under ways - A freelancer who takes more job than he or she can do would certainly never do you job for you no matter the type of method of payment adopted. you become a loser when you pay him or her monthly because your job will never be done in this world we live in.

So I prefer a bank guarantee in which both side cannot withdraw the money until the work is fully done and tested as promised. Furthermore, I would assume that freelancers must be serious and have jobs already which pays for his/her cost to start with.Trying to take money from a new customer who does not know you create skepticism from the start. Upwork.com - former elance and odesk fusion together as upwork.com and other freelancers companies  use this model to guarantee customers satisfaction and also see that the work ordered and paid for are done for the customers.

This is the same method Boonex must adopt  for any freelancer who calls himself boonex expert(s). Boonex will earn not only repetition, money and surge in more sales by holding the customer money back until the work is done for the customers otherwise boonex customers are getting disappointed by boonex script and looking elsewhere for an alternative and soon Boonex will have competitor in the market that does exactly what I suggested here. The lost in sales may not come from boonex script itself but form those around boonex who called themselves boonex experts trying to steal money from the boonex customers. Here come the loopholes for Boonex company. Freelancers organiser you self for boonex benefits if boonex cannot do this otherwise the fall of boonex will mean the fall of your income too

And that`s why upwork and other freelancer companies are progressing well and have trust in the market. A freelancer which demand money without having a customer relationship nor a contract is not a serious one and that I have experienced. Had that perspon done one work for that customer then confidence and trust are established. Follow upwork and other freelances companies terms is my advice to all freelancers who want to take money from the customers without doing anything . I once experienced that before in which  one of the freelanced asked me to pay about 10k in another project when I paid.When the money was paid, he went to the bank took out the money and closed the account but he could not run away from me. When i rang I was told has sold his business and left. When I sent an investigator to his office he was much pretty there working as before. Beside this fact, he uses his business nickname and call himself Art Capri and his company qlweb.com in New York, USA. Never do any business with this polish American company nor with Subrion company - web directory in Bishkek Kyrgyzstan . BBS - better business practice - has listed both companies as none serious ones

Did you read the text above well that Issuing you a bank guarantee is the same thing as paying you in advance even before the work has started. Right? Hope that you understand what Bank guarantee stand for  and if not then learn it now- Bank guarantee is the act of paying for good and service based on agreed amount of money. In this case, your customer goes to his bank and paid the money over there to your bank in your country.Your bank will inform you that a certain amount of money is waiting for your collection but are tied down with a condition.  I can as well use another form of transfer called MCO to transfer the money to your bank account but you cannot used that money until I allow the bank to give you that money and i cannot withdraw it until you agreed with me and your bank. In the end, the contract will be attached as a condition for your withdrawal of the money. So what`s your point of argument all about here? I don`t understand anything. Did you read my text well?. If we agreed upon 1k for example and I issued you a guarantee of 1k, haven`t I paid you in advance?. Should send the money  be sent direct into you account even when you have done nothing for me to realized that you are paid? Learn the IT world for I learned it in the hard ways

@otuuakaa

I know where you're coming from. I've had a few projects that seemed to being developed well and I paid as it went along only to have the critical end steps be something the developer couldn't do (which made the entire development worthless). So I get it.

But again if you're working with smaller developers especially on a project that may take months, then it's usually not going to work to have them not actually get any money until the very end. Most cannot survive waiting that long. Also, in some of those cases I've seen the developer end up neglecting your project to complete others where they know they will be paid that week. Since yours is "guaranteed" anyway they can put yours off to finish ones to get money they need immediately.

Lastly escrow and bank guarantees often times can be delayed by the originator claiming they didn't get exactly what was expected. Or work wasn't done -- even if it was. That occurs often times in mediums like freelancer.

So the risks fall on both sides. This is why shorter term payments with SPECIFIC MILESTONES is critical in my experience. That way you get quantifiable work completed before each payment is made. And the programmer has specific work to focus on with a needed payout upon completion.

This is my own experience and how it's best worked for me on larger developments.

Side note: A quick modification on something here in Boonex the usual process has always been full prepayment. But I've only been fine with that when using reputable developers such as Modzzz or AQB Soft.

Good luck...