How To Pay Freelancers: 5 Payment Methods That Make Virtual Payroll Easy



Some people are very resourceful when it comes to earning money, and these types of people are called freelancers.

Freelancers have always existed way before the covid-19 pandemic. However, because of certain restrictions that were caused by the pandemic during its earlier months, the turnover rate of companies has increased alarmingly, and this is one of the many reasons why freelancing has become popular.

Payroll

More people started venturing into freelancing because it became hard to find opportunities with companies due to the economic effect of the pandemic. Even when the world is slowly getting back to normal, those who ventured into freelancing has preferred it more than returning to corporate jobs because of the work-life balance they get and how it is much easier to earn with different freelancing jobs.

Most clients freelancers get are from different countries. Since there is considerable growth for freelancers, the demand for online payment methods also increases because of how convenient it is for both merchants and customers. Online payment gateways speed up the process and save both people lots of trouble in terms of transferring and receiving payment.

If you are someone who wants to get into freelancing or you are someone who is looking for a freelancer, here are five payment methods to make virtual payroll easy:

  1. Paypal

Paypal is simply the world’s number one digital payment gateway right now. It is popular, proven, and has been established for more than two decades – making it more globally known for its fast and convenient e-payment services. Paypal offers services using 100+ currencies and serves 400+ million users worldwide, making it even more famous for e-services to people.

Paypal offers a wide variety of benefits to its users, and some of these are security and flexibility. The only downside of Paypal is it is a bit on the pricier side when it comes to the exchange rate of currencies to currencies. However, if you are working as a freelancer who earns 6-digits a month from a client from another country, you want nothing more than to get paid through a reliable e-wallet, right?

  1. Stripe

Stripe is one of the most flexible payment gateways there is. Some will even argue that it is currently the best payment method on the market, and the question is, why? Like Paypal, Stripe offers different payment methods such as transferring funds from credit cards, debit cards, or e-wallets to another e-wallet in other currencies.



What makes Stripe one of the best is that big e-commerce businesses such as Shopify and Amazon chose Stripe as one of their payment methods because of the reliable security it brings and its convenient features. Some of Stripe’s noticeable advantages are its no-delay payment processing, it doesn’t charge any form of hidden fees from merchants or customers, and it seamlessly works with the majority of banks, credit cards, e-wallets, and currencies.

  1. Dwolla

Dwolla is best known for its flexible payment structures, such as paying for interests, paying in installments, and setting up recurring charges. What most merchants love about Dwolla is its scheduling feature. You can schedule payments to be transferred to someone’s bank account or digital wallet on a specified date and arrange it to make the costs recurring.

In addition, Dwolla offers four pricing options to give its users the benefit of which pricing option is more convenient to them, and these are pay-as-you-go, launch, scale, and custom.

  1. Quickbooks

Quickbooks is a digital wallet mobile application that is most suitable for small businesses. It allows small business merchants to pay invoices and accept payments thru credit cards and debit cards.

Quickbooks will automatically categorize expense deductions of a business, and it allows you to track taxes. It also allows you to track your expenses and income. Sonary has Quickbooks listed on their site, so if you are a small business owner, go check it out to know if this is the one for you.

  1. Wise

Another reliable payment gateway is Wise, a P2P digital wallet for money exchange. It enables users to transfer payment to a different currency so a foreign bank account will be able to receive it. One of the best things about Wise is it is simply one of the cheapest digital money transfer applications on the market.

Wise also has opened banks in different parts of the world, which makes you save on international fees because of the domestic transfers. As we all know, banks always charge a fee for international payments, while Wise only charges 0.4-0.5%.

Wise also provides a clear preview of the total money you transfer or receive so you can assure that it doesn’t have any hidden fees.

Conclusion

These five payment methods are at the top of their game. They all offer high security, reliable systems, and functional features to make online paying more accessible, convenient, and inclusive for every merchant and customer.

If you are a freelancer or looking for freelancers to work with, you can pick one of the payment methods listed here so you will feel safe and secure with all your transactions. You only have to remind yourself that whether or not you are either of the two, double-check every client or freelancer before working with them to ensure that you will not be transacting with scammers and those who like to take advantage of other people.

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