So you‘ve been running some killer Instagram campaigns. Gaining followers, engagement through the roof! But now you need to make sure your payment settings align with your budget goals.
I get it – configuring payments and managing ad spend can be confusing and frankly, a little boring. But getting it right saves major headaches down the road!
In this detailed guide, I‘ll break down everything you need to know as an Instagram advertiser or influencer to take control of your payment settings. Whether you want to add new payment methods, create spending limits, or monitor activity, I‘ve got you covered.
By the end, complex terms like "payment threshold" and "account spending limit" will make total sense and you‘ll feel empowered to manage ads to match your financial strategy.
Let‘s dig in!
Why Instagram‘s Payment Settings Matter
Over 200 million businesses have profiles on Instagram and 90% use it to market their products. With 1 billion monthly actives users, its advertising potential is unmatched.
But this also means costs can spiral out of control fast if you don‘t optimize billing.
78% of businesses surveyed say they‘ve overspent their Instagram ad budget in the past year. And Instagram‘s average cost-per-click increased 13% from 2021 to 2022.
So properly configuring payment settings gives you visibility and control.
You likely link personal cards and accounts to run Instagram campaigns. Without oversight, it‘s easy to accidentally spend more than you realized.
But don‘t fret! The platform provides flexible controls to cap spending and withdraw only what you need.
Below I explain exactly how to update the settings to align with your financial management style. Buckle up!
Accessing Instagram‘s Ad Payment Menu
First, a quick primer on the difference between personal and business accounts.
Instagram lets anyone create a personal profile to share photos and videos. But you can also convert to a business profile.
A business profile unlocks advertising features like analytics, contact buttons and of course – payment settings.
Here‘s how to access the payment menu:
- Tap your profile picture
- Select the 3 line menu
- Choose Settings > Business > Ad Payments
You‘ll reach the main payment configuration portal with options like:
- Connecting Facebook ad accounts
- Adding/changing payment methods
- Setting spending limits
- Monitoring activity and history
Now let‘s explore what each means…
Linking Your Facebook Advertising Accounts
If this is your first time accessing Instagram‘s payment settings, a pop-up will ask to "Connect Your Ad Accounts".
This links your Instagram billing details with any existing Facebook ad accounts under your business‘s ownership.
Accepting lets you view billing and reporting data for campaigns running on Facebook, Instagram, Messenger, and Audience Network in one unified dashboard called Business Suite.
74% of multi-platform advertisers say Business Suite makes cost tracking easier by consolidating spend in one place.
If you only run Instagram campaigns currently, you can just connect that ad account. Later if you expand to Facebook you‘ll access all accounts in Business Suite.
Adding or Changing Payment Methods
Hopefully you accepted account connection because next we‘ll pick Payment Methods for funding your spectacular ad campaigns!
Under payment methods you can input Visa, Mastercard, American Express, Discover or PayPal details. Multiple methods are allowed.
To change your current option, tap "Change" or select "+ Add Payment Method" for a new one entirely.
You‘ll need to provide:
- Valid card number
- Expiration date
- Security code
- ZIP/Postal code
Using a personal debit/credit card is fine for small businesses and influencers.
If you operate multiple brands, choose payment methods at the account level. Business Suite rolls spending up to help reconcile taxes.
Pro Tip: Save payment info as you set up ads to prevent campaign delays if accounts run low! 💡
Configuring Payment Thresholds
Alright, now we‘re getting into the nitty gritty!
First up – payment thresholds. This tool lets Instagram auto-charge your card when spending hits an amount you define.
For example, you could set a $100 threshold. Once your current campaigns incur $100 in ad spend, your card is billed to add $100 account balance.
This repeats each time the threshold is met. So it self-replenishes your funds based on usage levels.
The key benefit? No more sweating a negative balance that pauses campaigns if you have an unpredictable budget.
You‘re also not forced to top up a huge set amount. It withdraws incrementally to better match cash flow.
Instagram notifies you 3 days before the next threshold charge. You can tweak the amount at any time.
Capping Total Spending with Account Limits
Contrast this to one of my favorite built-in safeguards – account spending limits.
Also under Payment Settings, this establishes a hard STOP on your total ad spending once reached in a 60 day cycle.
For example, you could set a ceiling of $500 per 60 days. When that $500 is incurred from your campaigns, ads pause until the next 60 day window opens.
This prevents uncontrolled overspend if campaign budgets and duration fluctuate month to month.
I‘d recommend aligning spending limits to your revenue streams. If website sales cycle is 30-60 days, map ad spend to that.
Also factor unmatched payment thresholds. Don‘t set daily auto-payments AND a bi-monthly max amount that contradict!
Monitoring Payment History
Phew, lots of options right? Now the when and where your money moves should make way more sense.
The last piece is double checking everything happened correctly via the Payment Activity tab.
Here you‘ll see a running record of:
- Successful charges
- Pending charges
- Account credits
- Billing adjustments
Analyze this routinely to confirm accurate withdrawals, no surprise charges or fraudulent activity.
For tax season, download full statements with an itemized history per campaign.
Wrapping Up the Payment Picture
That concludes Instagram‘s magical payment kingdom! To recap:
Connect Accounts – Combine Facebook & Instagram ad spend data
Payment Methods – Store cards to keep campaigns running
Thresholds – Set auto re-billing amounts when balance low
Spending Limits – Hard cap to prevent uncontrolled over-budget
Payment History – Review activity for accuracy
Phew! For even more details on translating Instagram‘s marketing jargon across Business Suite, follow my in-progress series Cracking the Social Advertising Code!
Until next time,
Kelvin
