Top 5 Popular Payment Methods For Freelancers

The best payment methods for freelancers like you must have more benefits rather than features, like Wise, Crypto, and more.

As a freelancer, choosing the right payment method for you can be hard at first.

Picking the wrong freelance payment method could end up paying high unnecessary fees, longer days to wait, and having a risk of not getting paid for your work.

This is your quick guide to help you determine what is the right payment method for you.

1. Wise

The former name of Wise is TransferWise, it is a digital bank established in 2011.

Wise is one of the popular payment methods for freelancers today and it is accepted in many countries.

The payments can be made in several currencies. With its multi-currency account, it now offers a modern banking alternative.

Advantages:
• Fees are low compared to other platforms
• Bank transfers, Visa cards, and Mastercards are all an option

Disadvantages:
• Only 20+ currencies are available
• No free option to deposit USD to your account

2. Paypal

Paypal is one of the famous payment methods for freelancers. After you created an account on their website, you can connect your credit card or debit card.

You can both send and receive money from your clients or anyone else as long as they have a PayPal account.

All you need is an email address and a credit card, debit card, or bank account, and you can start accepting payments right away.

Advantages:
• Easy to receive payments
• Safe and secure

Disadvantages:
• Has a reputation for being very aggressive with account freezes
• Poor customer service

3. Bank Transfer

Bank transfers can be done physically with cash or electronically using a computer, phone, or an electric terminal.

When the transaction occurs in the same country, it is referred to as a domestic bank transfer. But from one country to another, it is called a global or international bank transfer.

Advantages:
• Lower fees and secured
• You can organize automatic payments

Disadvantages:
• There are potential delays in the payment completion process
• You don’t get a canceled check

4. Payoneer

Payoneer is a good preference for sending or receiving business payments.

While they are a great competitor to PayPal, their services are intended for business use only.

Transferring funds from one Payoneer account to another is free of charge to its users. Users withdrawing funds to their bank accounts is also free.

However, Payoneer has no option to send and receive funds from top wallets in the world like PayPal.

Advantages:
• Good customer service
• Can integrate with many different freelancing platforms

Disadvantages:
• Will block or freeze your account without warning
• Fees are still high

5. Cryptocurrencies

Cryptocurrencies are harder to forge, so there’s less of a risk of counterfeiting.

Paying and receiving crypto are generally more confidential than using credit cards, debit cards, or checks.

Plus, the security of these currencies is set to improve over time, so you may end up with a more secure payment method eventually.

Advantages:
• Fast transactions across borders
• Lower transactions fees compared to digital banks

Disadvantages:
• Unstable Values and The Possibility of Losses

Conclusion

Now that you have got to know the Top 5 Popular Payment Methods For Freelancers, it’s time for you to choose how will you receive payments as a freelancer.

Click this link for more freelancing tricks.

Written by: Japhet Torres, creator of Kadlight.com

People Also Ask

You can try to send a written reminder promptly when you don't receive payment by the due date. Resend the invoice with a message that you haven't received payment.

Suing for non-payment of services involves making a formal demand for payment, filing a lawsuit, and seeking a judgment in court.

1. Simple subject line is a must.
2. Re-attach the original invoice.
3. Even if their payments are late, you should write in a friendly tone.
4. Make the payment due date clear, and repeat the payment terms they agreed to.
5. Remind them how they can pay, and list the payment methods you offer.

Include as many details as you can regarding the payment, such as the invoice number and amount. Continue reminding them of when the due date was, and how overdue they are.

Payment delays can happen due to many reasons, ranging from a client simply forgetting the due date or insufficient funds.

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