Freelancing is not a new game. Any individual who has a spirit to earn independently from their skills believes in freelancing. Freelancers may lack infrastructure but they understand that the scope of entrepreneurship is vast. This is why the number of freelancers outgrew in 2020. According to a recent report, India has witnessed an increase of 46% from Q1 to Q2 in 2020.
Freedom has always enlightened the thoughts of people on a brighter side. This is why freelancing attracts millions because of the free room it offers to expand. A reputed job portal named Indeed reported that job seekers prefer freelancing more than anything else more than any job. They confirmed an increase of 22% in the freelance job market between January 2019-2020.
Read more: How to Identify Who You Should Work for as Freelancer being Student
When the career option is on the rise, freelancers must maintain strategic work ethics. From finding a client to delivering work, they should be organized in using new tools that reduce their load. In addition, these tools must make the job profitable for freelancers.
Well, earning money is a priority and the ultimate goal, right? So let us look at the top 5ways for freelancers to receive international payments.
Table of Contents.
- Top 5 ways for freelancers to receive international payments.
- Things to keep in mind when expecting international payments.
- Conclusion.
Top 5 Ways for Freelancers to Receive International Payments.
Freelancers can receive international payments using either of the following methods:
Are you worried about receiving international payments because your payment processor taxes your pocket in the name of currency conversion? If yes, then you must immediately explore the PingPong payment solution designed for freelancers, which charges up to 1% as transaction fee for maximum profit and is far cheaper than the options available in the market. You think of a feature, and the payment solutions provider brings that up for you.
The payment service is secure, fast, and low cost. PingPong is a reliable payment service company that helps you receive money in your local bank account within 1-2 working days. Moreover, you can receive payment in 7 currencies without worrying about the loss of payment. In simple words, with PingPong, you increase your profits by saving more for yourself.
2. PayPal.
PayPal is another reliable company that supports online payments for you. The online payment solution provider secures all transactions 24X7 to prevent any fraud. It is a fast and easy service to explore for freelancers. As an individual worker, you do not have to worry about your work.
The company pushes freelancers in India to grow with confidence. As a freelancer, you have to create an account and integrate your bank details. PayPal also allows freelancers to create custom links allowing them to receive payments. To receive international payments through PayPal, a freelancer has to pay 2.9% +$0.30 for every transaction you invoice.
Apart from receiving payments, you can use PayPal for sending customized invoices, personalized payment links, and payment requests.
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3. Stripe
Stripe is a payment solution provider company that started its operations in 2011. This is one of the affordable payments that are available in 26 countries. In addition, freelancers can use the payment platform to accept payments from international clients.
Stripe charges the transaction fees of 2.9% with an additional $0.30 per transaction. A freelancer will receive the payment every day for work completed 2 days ago. Though new in the market, Stripe doesn’t look affordable for transactions lesser than $10.
4. Skrill.
Skrill is a less popular platform but good for freelancers to receive international payments. The platform is best for beginners, and there are absolutely no fees for receiving the payment. However, you will have to pay 2.5% as transaction fees to receive money from your local bank account.
Though the freelancers are not allowed to receive a large amount of money from the beginning. For more significant amounts, a freelancer will have to complete the formality of uploading the documents.
5. Payoneer.
Payoneer is a dynamic payment solution provider which suits both beginners as well as advanced users. The platform is available worldwide and is popular among freelancers. It allows you to receive payment in more than 6 currencies.
Using Payoneer, a freelancer can send payment requests instantaneously. You can use the email service to send the payment link requesting the payment. Payoneer offers comfort for international payments as it reminds the clients of the payments. This payment service provider charges a fee of $25 for annual maintenance.
Things to Keep in Mind for freelancers when Expecting International Payments.
Here are a few things freelancers should keep in mind to receive international payments:
- Provide correct bank information.
As a freelancer, you must provide correct bank information when you expect some international payments. Incorrect information can cause inconvenience to you and loss of payment. Communicate the details clearly to the client, preventing any confusion.
2. Upload all the KYC documents correctly for the payment solution.
Receiving international payments calls for you to upload all the documents correctly. Therefore, make sure you submit all the desired documents to avoid undue delays. The payment solution provider will verify the details you submit.
3. Choose a cost-effective payment method to save money.
Make sure that you save some more pennies for yourself. Choose a low-cost payment solution provider. Pick one that charges you low on transaction fees and helps you save more on your earnings.
4. Send a professional invoice.
When you are expecting international payments, keep quality in your mind. Working professionally always makes an impression. As a freelancer, send a professional invoice. It makes record-keeping easy for both you and your client.
5. Set a follow-up calendar.
Set a follow-up calendar after you have sent the invoice. It allows you to follow up on the pending payments and keep track of the payments.
Read more: Reasons why a good payment gateway provider is important for your e- commerce business
Conclusion:
Receiving international payments is gaining prominence amongst freelancers. Once the payment options are secured, the confidence to work as a freelancer grows. Today, with plenty of choices, you must choose the most suitable option. Keep in mind your benefit to save money through these payment processors.
PingPong is the solution provider that is the best and cost-effective for freelancers. Important is that you grow as a freelancer and grow your business at the same time.
