Best Payment Options for Freelancers to Withdraw Their Hard Earned Money
Working as a freelancer is much easier and more convenient because of the many different ways you can get your money as fast as you need it. Here are some of the ways you can claim your salary as a freelancer, the pros’ and cons’, as well as the terms of accepting the payment offers.
Getting checks from your client is one of the best methods of getting paid as it is much easier to deposit on your accounts rather than actual cash because it does not cost any extra charges. However, it may not be the quickest way to process your income from the post office to the bank; this may cause an unwanted delay if you are in a hurry to withdraw your money, you can try availing Electronic payment if you prefer fast service, but like any other type of service, it may also charge you with certain amount of fees.
One of the easiest ways to transfer money from your clients is through PayPal; you can instantly access your account and receive your payment once you are done with the task given to you. It will notify your account once the payment has been sent and you can transfer it immediately to your savings account.
The transfer does not take that long; it is usually processed in one day. However, 2.9% plus 0.30$ will be deducted from your balance as a fee. If you do not want to waste most of your income, be sure to check if there are still other options for you, but if you do not mind the expense at all, you may consider getting their service.
Credit cards are widely used nowadays especially in getting monthly salary as an online or a workplace employee. There are many online payment systems such as PayPal that is widely used nowadays.
You can also set up your own equipment in processing your best credit card in its transactions and balance, this way you won’t need to wait on any ATM counters just to get your salary. However, you can also just download an online app if you are not planning to get your own equipment.
ELECTRONIC FUNDS TRANSFER
The simplest and cheapest way to get your service payment is through Electronic funds transfer (EFT). Transactions are much easier with EFT as it does not involve any app or any other payment companies. The transaction takes two to four days in order to transfer your money from the client to your bank deposit. However, be sure that your bank or your client’s can accommodate with certain transfer requests, if you are lucky, your client may consider this method of payment that will benefit you as a freelancer.
This software does not only keep track of your current income and previous expenses, this may also prove useful in collecting your payments. The revenue updates automatically that is linked to the client. You can check different programs such as QuickBooks or FreshBooks that creates invoices to help your client manage your payment. Reminders are often sent to let you know if your client has viewed your invoice already which may indicate what time you should expect a response or a payment schedule. If you already have an accounting program, be sure to check if it can also send invoices and handle your payments.
Payoneer is one of the quickest and easiest solutions in receiving payments around the globe. It is a new way of an alternative payment transaction that lets people receives their payment in doing certain tasks and assignments.
Payoneer provides you a different way to pay other people without the need of any other third parties just to send money from one particular place to another. Payoneer users will get an ATM Debit card with the Mastercard logo which lets them withdraw their funds in any ATM machines that validates Mastercard.
- Prepaid Mastercard
After the application approval, A prepaid Mastercard will be sent to the employee in a few days. This does not require any bank accounts or savings plan. Once your payment was sent, you may will be able to claim it in two hours.
- Local Bank Transfer
Unlike the first method, this one will require you enter your bank account and link it to your Payoneer account. Similar with the Mastercard method: the payment will be available within the next two hours and once it has been set up, you will be able to withdraw your money in your local currency with lower transaction fees.
It is important for you as a freelancer to know how much the client is willing to pay you for a project, both you and the client should agree on how you are going to settle the payment.
Make sure to clarify the due date for the payment in your invoice and specify the terms you can both agree on.
Mark Tobias is an SEO and Outreach Specialist for MoneyMax.ph which is a comprehensive financial comparison website for car insurance, credit cards, and loans.