Best Payment Platform for Freelancers – Top Choices
If you want a hassle-free payment collection process for you and your client, then you must know the best payment platform for freelancers available.
As a freelancer, you want every project to run smoothly and without any delays. Because your income is not as stable as that of a regular 9 to 5 employee, on-time project completion and payment collection are important to ensure the stability of your business. And to make sure that you have a good cash flow, you must provide business solutions, specifically for payment collection, so your clients can pay without delay.
Ensuring Payments
So, how do you guarantee that your clients will pay on time? The first step to ensuring prompt payments is to issue invoices. Invoices state the total amount your clients need to pay, along with the breakdown and detail of each item they are paying for. Issuing professional-looking invoices will guarantee you payments because, for one, the items are listed and described clearly. So, clients do not need to ask you why they are paying for such an amount anymore. Invoices also reflect any tax implications. In addition, you can note payment terms and methods.
Freelancing software offering invoicing features will also help speed up payment processes. Most invoicing software integrates some of the best payment platforms for freelancers in their systems. Kosmo, for one, is a freelance productivity software that can help you process payments efficiently. Using this software, you can include a payment button on your invoice. Upon clicking, clients will be directed to the platform you have set for accepting payments. Sending payment becomes convenient for your client because they can do it online with just a click of a button. This then ensures that you get paid on time for every project completion.
Best Payment Platform for Freelancers
There are many ways to collect payment from your clients. As the world continues to embrace online transactions, online payment platforms have emerged left and right. It would be wise to invest in an online payment platform so you can easily manage and collect payments. But which one? Here are some of the top choices for you to explore:
1. PayPal
Most freelancers, independent contractors, and small businesses prefer Paypal. It is one of the largest and most accepted payment processing platforms worldwide. Paypal is available for money transfers in more than 200 countries, supporting over 25 currencies. With its millions of users, both for personal and business purposes, it has gained a strong footing in the online money transfers industry.
Features:
- Easy to use and navigate
- Free to create an account
- Online invoicing, Checkout, Request Payment
- Recurring payment option
- Functions as a digital wallet
- Fraud monitoring
- Protection for both buyer and seller
- Reporting and analytics
- Dispute management
2. Stripe
Stripe is another favorite among freelancers. It is one of the most preferred online payment platforms in North America. Stripe is an accepted platform in over 40 countries, supporting 135+ currencies. Because Stripe boasts of its platform being a global leader in internet payments, it has developer tools for the more techie ones, which makes integrations even better. But don’t worry, you can also do integrations without using codes.
Features:
- Easy to use and navigate
- Free to create an account
- Online invoicing, Checkout, Request Payment
- Recurring payment option
- Sales tax and VAT automation
- Fraud protection
- Issues physical and virtual cards
- Reporting and analytics
- Easy-to-use APIs (Application Programming Interface)
3. Payoneer
While Payoneer is known as the perfect Paypal alternative, it should not be disregarded as a contender for the best payment platform for freelancers. Being in the industry for 15 years now, Payoneer has proven its standing as a global leader in online payments. It is a recognized payment processing platform in over 200 countries, with over 24 global offices.
Features:
- Easy to use and navigate
- Free to create an account
- Checkout and Request Payment
- Recurring payment option
- Fraud protection
- Reporting and analytics
- VAT payments
Choosing The Right One
As you can see, payment platforms have almost exact features. All of these platforms serve the same purpose, easy and hassle-free online money transfers. So how are you going to pick the one to use? Below are some of the factors to consider when choosing a payment platform for your business:
- Unique Features. There will always be at least one feature that will stand out from the rest. And if this is the feature you are looking for, it may be the payment platform for you.
- Coverage. Some platforms may not be available to your country or the country of your target clientele. Check the coverage of availability of the platform you intend to use.
- Transaction Fee. Each of these platforms has different service or charging fees. It is important to review the fees that they will take from your collection and see which one is most acceptable for you.
- Payout Timeline. It is also important to note payment and payout processing times. Some will take days before you can transfer your collection to your bank account, while others offer instant payouts.
- Payment Methods. Will the platform of your choice accept credit card payments? How about wire transfers? Take note of the payment methods accepted to see which ones are more suitable for you and your clients.
Conclusion
Online payment platforms play an important role in the success of your business. It makes paying easy for your clients, and in return, you get to collect payments on time. Gone are the days when clients would need to withdraw cash or issue checks and meet up with you just to pay for the gig. With online payment processing platforms, clients can pay you with just a click of a button. Online payment platforms also open doors for international projects and gigs. There really isn’t just one best payment platform for freelancers. Choosing the right one for you all depends on your requirements and the features most beneficial for your business.
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