The gig economy has been growing in recent years, and freelancing is going stronger than ever. There are now millions of freelancers today, and the numbers have been increasing. If you’ve planned on freelancing for a while or you’re already doing it, one of the initial things you need to figure out is how to get paid and accept payments from your clients.
Here are some of the best ways you can get paid as a freelancer. The best part is that you can also use any of them for other applications, from paying for your child’s private school tuition fees to sending money to your loved ones whenever and wherever.
PayPal
This is the most common choice of payment for freelancers worldwide, and for good reasons. There are no fees for opening an account, clients can pay for your services virtually as soon as you complete your work, and the money appears instantly in your account. You can also make transfers to your bank, but it can take time unless you pay additional fees. Although the application is convenient and instantaneous, a big downside is its huge fees. For every PayPal payment, you receive, expect to have at least 2.9% of it subtracted plus $0.30.
Electronic Bank/Funds Transfer
A fast, convenient, safe, and inexpensive way of getting paid is through electronic funds transfer (EFT). When you request payments through this method, they move directly from one bank account to another without any credit card processing companies involved. However, it may take a while before receiving your funds, approximately two to four business days. However, once you get the money, you don’t need to transfer it again as you’d do with PayPal.
However, a challenge of electronic transfers is that your or the client’s bank needs to process those transfers, which can be difficult and expensive. Fortunately, apps like Transferwise and Remitly make it easy for you and your clients, streamlining the process.
Payoneer
This is a standard top pick among payment platforms since, besides getting your payment, it also lets you send invoices and billings. They’re also known to have funds reflect right away on your account, whether they came from a bank transfer or other apps. It’s a quick and easy solution that lets you get paid for freelance work.
Skrill
The app lets you make transactions and transfer money to many countries worldwide, where the beneficiary can choose to receive funds directly into their bank account. Others can also receive money into their mobile wallets. Skrill resembles PayPal in many ways, except that it doesn’t feature online shopping payments, and it supports more countries than PayPal.
Related: What to Be Careful As a Freelancer
Local Payment Collection Apps
Local payment apps are the most convenient and fastest way to receive money if you have clients from the same jurisdiction or country. The most popular form of local payments are e-wallets and prepaid and pre-authorized cards. Examples are PayMay, GCash, and Smart Money. All you need to do is find one that’s most convenient for you.
Checks
Getting paid through checks is one of the most convenient ways you can receive payments. The most significant advantage is that you don’t need to pay any additional fees for depositing checks into your bank account, making it a preferred method by many professionals. However, the downside is waiting for it to arrive and get deposited in your bank account. If you need the funds immediately, the other methods may be a better choice-but nothing can beat the affordability and cost-effectiveness of checks.
With all the payment options you have right now, getting your hard-earned salary shouldn’t become too much of a hassle for you-especially with the convenient applications mentioned, helping you get your money with ease.
