brand new payment options for freelancers(In 2020)

And in freelancing, you have to make sure you don’t get scammed by anyone.

In the beginning, I also didn’t know about different payment options for freelancers. But, now after using many payment options for freelancers.

I can tell you about the best options and which is secure. Read this full post as I will be telling you everything about them.

The payment options I will be telling you in this post are 100% trustworthy. As I will be telling you by my experiences. They are safe and secure.

So, let's dive in but before that let me tell you which features you should consider while choosing a freelance payment option.

·      Exchange expenses: the amount it charges for every exchange

·      Handling time: how long it needs to deal with installments

·      Nation accessibility: would you be able to get installments in your nation

·      Cash uphold: would you be able to get installments in your money

·      Installment strategies: does it uphold your favored independent installment techniques?

·      Move limit: how much cash would you be able to get immediately

Payment options for freelancers

1. Paypal

One of the most mainstream payment choices among freelancers. PayPal is a quick, simple, and amazingly solid strategy to get payments from clients.

An ostensible expense for each exchange is charged from the seller, which might be sequential dependent on the account type.

I will recommend you to start with a personal account on PayPal. After, you can upgrade to a business account. If necessary. In PayPal, transaction fees are varied.

It depends on your location and it might also charge you a higher currency conversion fee.

There is nothing to fear about while using PayPal for collecting payments from clients.

PayPal processing time of payments usually takes 3-5 business days. And the transfer limit is up to $10,000 per transaction.

PayPal is available in the following countries       

• Singapore
• U.A.E
• Vietnam
• India
• Algeria
• more 195+ countries

Now let's talk about its pros and cons

Pros

·      It is easy to use.

·      Due to the popularity of PayPal. Your freelance clients may be already using it.

·      You needn't bother with a merchant account.

·      You can send invoices through your account to your clients.

·      Paypal charges very fewer fees.

·      It's protected.

Cons

·      Sometimes it is difficult to contact PayPal customer service.

·      Approximately takes four business days for withdrawing funds from a bank account.

·      They do not cover digital goods.

·      Some people refuse to use PayPal which may lead to huge losses in your freelance business.

·      Sometimes they froze your account if they found anything suspicious. Which may result in freezing your funds for months.

2. Payoneer

Payoneer has gained a lot of popularity on the internet. It is an easy and quick solution for payments. Payoneer will help you to withdraw and deposit.

Payoneer also provides you the option of paying directly by going for a third-party payment service.

Using Payoneer, a user can pay and receive payments in just a few clicks. You can also track your account balance and the history of the entire transaction.

Its processing time for payment is usually of 3-5 business days as same as PayPal. Payoneer accepts 150+ currencies.

It is available in the following countries

·      Angola

·      Benin

·      Gambia

·      Nigeria

·      Kenya

·      More than 195+ countries

Its payments methods are as follows

·      Bank transfer

·      Mastercard

·      Local e-wallets

·      International checks

·      Its transfer limit is up to $5000 per day.

Pros

·      Receiving payments are free to receive.

·      Easy to use

·      It has the support of popular companies.

·      You can withdrawal directly through the bank.

Cons

·      Card renewal fee

·      It has no 24/7 customer support

·      It can suspend your account without giving any notice to you.

3. Google pay

In 2018, Google rebranded it's versatile and online payment administrations, putting them all under the Google Pay or G Pay umbrella.

It is, fundamentally, the organization's own option in contrast to Apple Pay.

You can utilize it for online payments, in-application purchases, contactless payments in stores, and in any event, for shared cash sending.

So, whether you're perusing for another pair of shoes on the web or purchasing your morning espresso, G Pay can do all the truly difficult work for you.

Google pay is compatible with all modern Android phones. Basically KitKat 4.4+ and above.

Google pay securely or not.

Hypothetically, yes. At the point when you're paying, Google said Google Pay doesn't share your genuine card details.

All things considered; the merchant gets a remarkable scrambled number.

Additionally, with Android Pay, Google worked with top payment organizations and money related foundations to convey industry-standard security tokenization.

With tokenization, the retailer gets a 16-digit number rather than your record number

It is probably the least difficult way for freelancers to receive and send cash on the web.

Your clients can pay you just by email or your contact number that’s it is required for receiving or paying money.

Google pay takes a processing time of up to 10 business days. It charges 0% fee for debit card or bank transfers and a 2.9% fee on credit cards.

Google pay is also supported by a few smartwatches. It is available in 10+ currencies all over the world. The transfer limit is up to $9,999  per transaction

Payment methods

·      Debit card

·      Bank transfer

·      Credit card

pros

·      easy to use

·      high-level security

·      everything on mobile

·      reward programs

cons

·      it is not accepted(sometimes)

·      not invincible

·      limited to NFC technology

4. skrill

Skrill is an epayment company that lets you make exchanges and move cash to numerous nations around the globe.

Set up in 2001, Skrill is presently claimed by the Paysafe Group, a huge payment bunch that gives payment administrations on the web, face to face, and through different channels.

Skrill began as an eCommerce payment passage represents considerable authority in betting yet has now extended its administrations to incorporate online assistance that lets you send cash far and wide.

Opening an account with Skrill gives you access to that service as well as the Skrill wallet.

Skrill Money Transfer is fast, simple, and inexpensive due to very attractive pricing, exchange rates, and fees.

You can send cash all over the world through Skrill Money Transfer and asset the installment by means of Visa, credit card, SOFORT, or bank move, depending upon where you're found and the money you're utilizing.

The recipient can decide to get reserves legitimately into their financial balance, in spite of the fact that accepting cash into a portable wallet is likewise a possibility for few nations.

Skrill is available in 40+ currencies

Pros

·      Easy to use

·      Fast access

·      Transactions can be done through email.

·      You get a free account

·      Your data is safe

Cons

·      It charges you to withdraw funds

·      very high charges as a conversion fee

·      charges fee for unused account

·      It has withdrawal limits

5. escrow

Escrow is another online payment organization that permits customers to hold assets, and consultants to gather subsidies once the two players are fulfilled.

With regards to the security of online payments, Escrow is maybe the most ideal choice for freelancers.

To protect the interests of the buyer and seller, this strategy initially requires the freelance client to store the payment before the freelancer starts working on the project.

There is an exchange charge of 3.25% which can be part between the two parties. It is accepted globally but except a few countries.

Payment methods

·      Checks

·      Paypal

·      Credit card

·      Debit card

·      Money orders

·      Wire transfer

Pros

·      No big bills

·      Lower cost of mortgage

·      Every time the lender will be responsible for making payments

Cons

·      Escrow tie up your funds

·      It's tough to get rid off

6. Wire transfer

At the point when you have to send or get cash rapidly, a wire move may be the correct tool for the work. Wire moves are quick, solid, and for the most part, protected.

Furthermore, for critical exchanges—like purchasing a home—wire transfers may be your lone alternatives in light of the fact that the assets are accessible to the beneficiary pretty much right away.

What is a wire transfer?

A wire transfer depicts any electronic transfer of cash. Generally, if somebody requests a "bank wire," they need in a traditional way, a homegrown bank-to-bank transfer.

A conventional cash wire moves between different banks utilizing an organization, for example, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) or Fedwire.

Wire transfers are fast, secure, and accepted all over the world. It takes 2-5 business days for transactions. Freelancers can deposit their money directly in their bank.

Pros

·      Convenient

·      Fast

·      Reliable

Cons

·      Expensive

·      It is non-reversible

·      It attracts scammers

conclusion

So, I talked post I talked about different payment options for freelancers. If I missed any other platform which deserves to be on this list.

Then please let me the comment. I will definitely add it to this list. And share your thoughts about these platforms.

Don't forget to join our freelance community. See you soon.