The future of work is here, and it’s gig workers sitting in the comfort of their home offices. The on-demand economy has catapulted the gig economy into the future during Covid. Today, some workers prefer to work for themselves rather than for one company. It means they can find the highest bidder for their skills. Where there’s bidding, there’s money involved. One of the biggest challenges of freelancing is getting paid. It doesn’t have to be the main consideration when deciding your future. Any software solutions designed for small to mid-sized businesses will help you get the job done. Various online solutions also help you pay international freelancers and vendors.
The gig
Computer programmers, software developers, designers, writers and journalists are only a few occupations opting to work freelance today. The future workforce is freelancers. It gives your organisation flexibility to take on project base work, manage resources effectively and employ the best skills from a global talent pool.
The challenge
Previously freelancers were limited in their choices of remote work because it was a nightmare to get paid internationally. Even locally, freelancers had to spend hours invoicing, chasing purchase order numbers, calling accountants, and the list goes on. Add to that those expensive fees, exchange rates and long waiting periods, and it was no longer a viable option. It’s not the case any longer. Various freelancer platforms, payment gateways and online payment solutions take the pain out of payments.
For this blog, we’ll look at payment solutions for ecommerce businesses to pay gig workers. These solutions carry low costs, happen almost instantly and convert currencies seamlessly. Some of them can integrate with current payroll software or plug into accounting software to make your life easier. Considering you will be competing with other companies to employ these resources, it makes sense to choose a solution that freelancers prefer and use.
The solutions
Payoneer was born from the digital revolution. It offers entrepreneurs the technology, connections and confidence to participate and flourish in the new global economy. Used by some of the world’s leading brands like Amazon, Google, Upwork and Walmart, Payoneer integrates with a host of software programmes, depending on your needs. They published an insightful Freelance Income Report 2022 mentioned in an article on BusinessWire.
Our choice recommendation to pay freelancers in over 196 countries and 120 different currencies. They offer invoice-to-pay-to-reconciliation automation with in-depth vendor management tools. The dynamic self-service portal walks freelancers through the entire onboarding process. It means you don’t have to worry about it. You can save time and money with secure, pre-built integration methods and a full-featured API. It means Tipalti can accommodate any freelancer workflow, however complex or simple it might be. A great benefit of Tipalti is that they remove the friction between processing contractor invoices and reconciling international payments. Tipalti also integrates with accounting software like Sage Intacct, NetSuite, and QuickBooks. Payment options include Global ACH, wire, paper checks, prepaid debit cards, or PayPal.
Probably the most well-known payment solution because it’s been around since 1998. PayPal still has its benefits and, unfortunately, drawbacks. When you make a payment, freelancers receive the funds immediately in their PayPal account. It costs nothing to pay people via PayPal. But the receiver has to pay up to a 2,9% transaction fee plus another fixed fee that varies from country to country. In some countries, gig workers also have to wait before the funds become available. It’s a good option to make payments from time to time, but if you work with freelancers regularly, it becomes difficult to manage. The platform lacks freelancer management tools like security, escrow and tracking. With all the other ways of receiving money today, it’s not the preferred payment option for freelancers.
The company offers a basic receivables account for freelancers making paying them quick and simple. They can send invoices electronically, track statuses, and receive payment in one place. Transactions are also tracked automatically, and they’re auditable. Business owners can tell gig workers when an invoice was submitted, who received and reviewed it, when it was approved and when they can expect to be paid. It creates an audit-compliant payment system for your business.
Venmo
Venmo is an app and mobile option to pay freelancers. It’s available for download on the Google Play and Apple stores and is perfect for businesses on the go. It almost works like a digital wallet. Freelancers receive funds transferred directly from your app to theirs. The app does not have intricate software integrations and security features like Tipalti. Still, it’s great for quick, simple transactions.
Did you know that Truevo merchants can send money in a hurry in over 150 currencies? Pay gig workers, suppliers, refunds and insurance claims effortlessly. We offer flexible, easy and safe online payments customised for your business. Drop us a line. We can’t wait to do the global economy with you.
