How to Receive Payment for Freelance Work ? (5 Easy Freelance Payment Option)
Are you a freelancer and want to know how to receive payments for freelance work?
Then you have landed on the right page.
My career as a freelancer is skyrocketing and so is the need for safe and secure payment platforms.
If you find work on freelancing platforms like Freelancer.com or Upwork, then they have their own payment process and you can directly get payment in your bank account.
But, if you deal with the clients directly or on non-freelancing platforms, you must make sure to make the payment process as easy and as safe as possible for both you and the client.
Here is the list of 5 Payment Platforms that are secure and makes sending and receiving payments as easy as a pie.
PayPal is the most famous payment platforms that freelancers use in India and Worldwide. PayPal is available in more than 200 markets and is trusted by over 200 million active customers.
PayPal enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.
With PayPal, You pay only when you get paid. There’s no set-up/installation fee or hidden charges.
Per transaction fees in India is 2.5% + (Fixed Fee) INR 3
Setting Up a PayPal Account –
- Sign Up for your account on PayPal.
- Activate & verify your account by confirming your email address,
- completing a KYC Procedure, and adding a bank account.
- After verifying your account, Choose how you’d like to get paid. If you have a website, you can get paid with Website Payment Standards or Express Checkout. If you don’t have a website, you can get paid with Invoicing or PayPal.Me.
For detailed steps – Click here
Withdrawing Money from PayPal Your Bank Account –
Due to India’s regulations, your PayPal balance will be automatically withdrawn to your local bank account (which you’ve added to your PayPal account) daily. If you have more than one bank account added to your PayPal account, you can select your preferred bank account for the automatic withdrawal purpose.
You can also withdraw your balance manually by following few easy steps.
Withdrawals usually take 3 to 5 business days to show up in your bank account.
Please note – PayPal is not supported in Africa and Middle East Countries.
Whether you’re a small business, consultant or professional, With Payoneer you can transfer your funds quickly from companies worldwide to your local bank account in INR at a low cost.
Payoneer has 4 Million active users from 200+ countries and supports payment in 150 currencies.
Signing up to a Payoneer account is FREE of charge.
- Visit Payoneer and click on Sign Up.
- Choose whether you want to Sign Up as an Individual or Company.
- Enter your Personal or Company Details.
- Then Enter your Address and Phone no.
- Move on to set a password and security question.
- Lastly, enter your local bank account details.
After signing up, you’ll be notified via email about your successful Payoneer account creation and then you can log in to your Payoneer account.
Withdrawing Money from Payoneer Your Bank Account –
Once the funds land in your Payoneer account, they are automatically transferred to your Indian bank account in INR at competitive rates.
When withdrawing to a local bank account in a different currency, the fee applied for this transaction will be up to 3%. (Refer here)
Check whether Payoneer is available in your country or not.
3. Wire / Bank Transfer
Wire Transfer also is known as Bank Transfer is an electronic way of transferring money from one bank account to another.
Wire transfer is safe and well suited if you want to receive your payments fast and is administered by hundreds of banks around the world.
Domestic wire transfer is processed on the same day when it is initiated and can be received within a few hours. International wire transfers can be expected to be delivered within 2-3 business days.
Details you need to provide to your client for Wire Transfer –
Your Bank Account Details include
- Bank Name
- Beneficiary or Account Holder Name
- Bank Account No.
- Branch of the bank
- SWIFT code or IBAN No.
Wire Transfer charges vary from bank to bank.
4. Transfer Wise
With TransferWise, you can receive your payments within just 24 hours.
Sending and Receiving money with TransferWise is safe and has low transfer fees.
If your client prefers sending you the payment via TransferWise, it’s not necessary that you also need to have a TransferWise account. Just provide them with your bank account details and see the payment coming into your bank account directly.
But if you are the client and want to send money via TransferWise then it allows you to create a free account which takes only a few minutes to set up.
There are no hidden charges and you pay what you see.
Check the TransferWise pricing here.
5. Skrill(formerly known as Moneybookers)
Skrill(formerly known as Moneybookers) is trusted by millions for every kind of online global payment as it makes payments simple, secure and quick in nearly 200 countries and 40 currencies.
Skrill Fees –
Receiving money into your Skrill account is free whereas Sending money to an email address or another Skrill wallet costs 1.45% of the amount sent.
Visit Skrill Fees for more details.
Setting Up a Skrill Account
The opening of the Skrill account is free of charge. The registration takes less than a minute and you can start sending and receiving funds immediately.
Withdrawing money from Skrill to your Bank Account
Withdrawals to a bank account are available in all countries where Skrill Limited provides payment services. You can transfer funds from your Skrill digital wallet to personal bank accounts in your name all over the world.
The processing fee for a withdrawal is 1.29% (In India)
Depending on the country to which you are withdrawing, the funds may take from less than 1 day to 5 business days to arrive. Processing time will be displayed to you when you initiate a withdrawal.
So, here were the 5 payment methods by which you can make your process of receiving payments easy and safe.
Which payment platform do you use? Tell us in the comment section below.
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