Freelancing is the most viable source of income for millennials. Professionals in various fields are making the switch from 9-to-5 jobs to being freelancers. As a freelancer, you are not only your own boss and enjoy flexible working hours, plus a handsome pay package. It is not surprising that freelancers constitute a group of hardworking people, with many of them working for nearly 30-50 hours every week.
Freelancers are most often working on multiple projects for clients based in different parts of the world. There is no guaranteed paycheck getting deposited at the end of every month, so getting timely paid for all the hard work becomes a primary concern. It is, therefore, necessary to find a reliable online payment platform that assures you timely payment of the services.
Here we have compiled a list of the 7 best freelance payment methods that will make your life easy in 2020:
1) Payoneer
Payoneer is the oldest and trusted services for secured global payment. It is the most sought after freelance payment methods that are valid in various countries across the world. The transactions here are processed quickly and you can conveniently access your funds within 2 to 6 working hours.
Signing up for Payoneer is absolutely free and also the transaction fees are less compared to other freelance payment methods. On the downside, Payoneer charges a $25 annual fee in lieu of maintaining your account.
2) TransferWise
With TransferWise freelance payment method, freelancers can now easily receive payment in their local currency. It is operational all over the world and supports many currencies. TransferWise follows the same exchange rate as Google or XE and therefore using it, you end up making extra savings in currency conversion.
The fees incurred here depend on the location of the receiver as well as the sender. The only downside with TransferWise is that it restricts operations in specific countries so make sure you have checked their country page thoroughly.
3) Stripe
Stripe is another trusted freelance payment methods that work best for freelancers and beginners. Based in the USA, it is functional in more than 130+ countries across the globe. The Stripe can easily be integrated with any e-commerce websites or web store making it a suitable payment option for freelancers.
At Stripe there is no setup or monthly fees but it charges you 2.9% + 30 cents for every successful credit card charge. On the downside, first-time users find it difficult to implement.
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4) Skrill
Skrill was formerly known as Moneybookers and was mainly used for betting and online gambling transactions. However, presently it is used as popular freelance payment methods for freelancers as well. At Skrill, the sender (client) is charged nothing for sending the payment.
Conversely, freelancers have to incur a one-time fee for every transaction, during the time they withdraw money from their account. This one-time however differs depending on the user’s country. Using Skrill is convenient is the payment account is small as there are certain limitations on receiving money over $2000.
5) Paypal
Paypal is a well-known payment platform for freelancers. It allows seamless integration with popular e-commerce plug-in and web stores. Some of the benefits of using this freelance payment method are that it provides different payment withdrawal methods, recurring payments and the hosted checkout experience.
Paypal is a global centralised payment gateway and offers multiple language support to give a hassle-free experience. The only downside being here is high transfer and transaction fees, which differs for different countries.
6)Â Instamojo
Instamojo is another very popular payment gateway used by freelancers. Its users can conveniently send and receive payments from each other by using their email address or username, absolutely free. It also allows you to create payment links that you can easily share with your clients and receive any amount desired from them.
At Instamojo they strive to deliver ‘simplest payment solutions’ to allow freelancers to grow seamlessly and cost-effectively. Here there is no monthly or annual fee and users only need to pay a fixed fee per transaction.
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7)Â Remitly
Remitly is one of the popular freelance payment methods to execute transactions in the Philippines and India. Here you will find not-to-miss promotional offers, with one them being no fees on transactions over $1000.
All the credit and debit card transactions are levied a standard fee of $3.99. At Remitly, there is also an option to send payment free of charge. However, it may take up to 3 days for execution. If you are in no hurry, this definitely works for you.
These were some of the best freelance payment methods that freelancers use to their advantage. Choose the one that works best for you and get all your payments timely, cost-effectively and securely.
Here’s more on this, worth a read:
What Is It Like To Be A Full-Time Freelancer In India
11 Best Apps For Freelancers To Stay Productive & Organised
Stay Safe By Including These 9 Things In Your Freelance Contract
