The last decade has seen a phenomenal rise in freelancing. Given how easy it is now to work and get paid for your delivery, many people are choosing to use their skills to make money from the comfort of their homes. By 2020, Business Insider predicts that 40% of all Americans will have become freelancers.
For most of these freelancers, PayPal is the primary method of receiving payments. Setting up an account is free and money appears in your account almost instantaneously, as soon as a client sends you the money. Nevertheless, PayPal has its downsides and many freelancers are always actively looking for other international money transfer services that they can use to receive payments. The 2.9% transaction fee plus $0.30 sometimes seems too high and acts as a great motivator towards finding workable alternatives.
The good news is that PayPal is not the only option available to freelancers. The following are PayPal alternatives that freelancers should consider for receiving payments from individuals and companies from around the globe.
Veem has a commitment to delivering fast payments with no hidden charges that often make a transaction too expensive. It is designed to help small and medium sized businesses send money to freelancers and other businesses from 60 countries around the world. Veem eliminates bank wire fees, making global business payments as easy as sending an email.
As you can clearly see, PayPal is not the only option for freelancers to receive money from businesses and individuals across the globe. Understanding how each works, the fees they charge and how long it takes will help you decide on which method will best serve your needs.
Checks are an easy and affordable way of being paid. Unlike PayPal, you will pay zero dollars to deposit the check with your bank for processing. The downside is the long wait until your check arrives in your mailbox as well as the time you have to wait for the check to clear and for the money to become available in your bank account. But for those payments where you don’t mind waiting, checks are an easy and cheap way to receive payments.
Paying with plastic is quite common today. Card transactions are typically faster than checks but are often processed using online payment systems like PayPal, QuickBooks, Wave and Google Wallet.
Electronic Funds Transfer (EFT)
This is one of the easiest ways to get paid today. With this method, freelancers receive their pay directly into their bank accounts from their client’s bank account. The process uses no applications or payment processing firms like PayPal. Typically, the whole process takes up to four days, after which your money will be withdrawable from your bank account. The downside of this method is that to use it, your bank and that of your client must be willing to accommodate these payment requests. This often increases the costs of these transfers.
Payoneer has risen to become of the most reliable and most popular online payment companies in the world. Freelancers from all walks of life use the platform to receive payments from their employers. What’s more, the company has a simplified process of withdrawing your balance into your local bank. It also has a debit card option, allowing you to withdraw your money from ATMs around the globe.