Payset prespective
December 1, 2023

Freelancer Payment Portals

If you need to pay freelancers or get paid as a freelancer, this guide about how to find the right freelancer payment portals for you and your business needs is the place to start.

In the era of the digital nomad, more people are working as freelancers than ever before. Whether you’re working independently or finding jobs through a freelance talent platform, you need to stand out and expand your market reach with new technologies. 

Finding an affordable and effective payment option is a necessity. By saving money on fees and collecting payments in a simple way, you’ll be able to compete more effectively in the marketplace.

Though every freelancer has unique requirements, using a freelancer payment portal that handles transfers from clients all over the world will allow you to stand out from the crowd.

What Is a Freelancer Payment Portal Solution?

A freelancer payment portal is a service that helps freelancers collect money from clients. Typically, these services allow for payments to be collected from multiple sources in different regions and multiple currencies.

Payset’s freelancer payment solution can be used as a cost-effective method of accepting client payments. Freelancers can use payment portals, such as Payset, to collect money from clients worldwide and convert those funds into their preferred currency. We support sending and receiving funds in 34 currencies in 180+ countries, plus exchanges in 38 currency pairs.

Combined with an affordable fee model, Payset’s freelancer payment solution can help freelancers send and receive payments quickly and easily at minimal cost.

How Do Freelancer Payment Portals Work?

Freelancer payment portals include any service that can be used to accept payments. They generally allow for payments through commonplace spending methods such as card transactions, bank or financial network transfers, and other types of digital or online payment.

If you are handling transactions from a variety of clients — or if you only have one client — it can be beneficial to use a freelancer payment portal to accept payments. 

Doing so will help you accept payments quickly, inexpensively, and straightforwardly.

Why Should Your Business Use A Payment System For Freelancers

Setting up a freelancer payment portal can provide various benefits, including:

  • Reduced costs: Freelancer payment portals can help you pay lower fees on both ingoing and outgoing transactions
  • Faster transaction times: Freelancer payment solutions may speed up payment and settlement times, depending on which financial networks and countries are involved
  • Global access: Freelancer payment portals often offer international payment options and access to a variety of world currencies
  • Multiple payment methods: Payment services may offer support for debit and credit card payments, financial networks, and other types of online transactions
  • Easy withdrawals and spending: Freelancer payment portals can make it easier for you to move money to a bank account, spend money online, and make payments
  • Security: Freelancer payment portals offer a great deal of security, privacy, and fund protection in line with industry standards

In short, freelancer payment portals are ideal for independent workers who need to accept money from multiple sources and in multiple currencies — especially those who accept funds internationally. 

Freelance Payment Portal Considerations

There are several factors that you should consider when choosing the best payment method for freelancers. Making the right choice will greatly improve your experience.

Fees

Typically, you’ll need to pay transaction fees and account fees to use any freelancer payment solution. You can minimize these fees by choosing the most affordable options for any service.

Payset transaction fees begin at 0.45%, excluding monthly and setup fees. The cost of each transaction will vary depending on the currencies used, the amount of money transacted, and the countries and payment networks involved. Also, try our pricing wizard to estimate fees.

Sometimes, you can avoid fees entirely. With Payset, you generally won’t pay fees to receive money. Additionally, you won’t pay sending fees if both sides of a transaction use Payset.

Ease of Use

It’s important to consider the ease of use offered by any given freelancer payment portal. Specific considerations might include support for common types of payments, ease of transacting and withdrawing funds, simple interface design, integration with other tools and services that you use, and, finally, the service’s overall user experience (UX).

Security

It’s also critical to consider how securely your freelancer payment portal handles transactions. All payment services should comply with standards like PCI DSS and data encryption. Some services may provide additional security features, such as sensitive data tokenization.

Regarding account security, your chosen payment service should provide a secure login through a basic username and password plus optional two-factor authentication (2FA).

Support

The best payment methods for freelancers provide support in a way that is accessible to you. Consider the time of day that support is available, as well as the time zone that the support team operates in. Also, consider whether support is available by phone, email, or chat.

How Should You Accept a Payment as a Freelancer?

As a freelancer, there is no single way that you must accept payments. However, you should accept payments from clients in a manner that you trust, and the more payment methods you offer your clients, the better.

This means that you should use trusted payment services to accept commonplace payment types. This includes credit card payments, bank card transfers, wire payments, and payments over major payment networks. If your client asks to send funds through an unfamiliar payment method or change your preferred payment method, be sure you fully trust them.

You can also take precautions before the payment stage. For example, you can avoid providing unpaid samples of your work, and you can ask for payment upfront for your first task. Signing a written agreement can also help you decide on terms for ongoing payments.

Why Do You Need to Streamline Your Payment Processes as a Freelancer?

By streamlining payments as a freelancer, you’ll be able to accept funds more easily, and you’ll spend less time and money doing so. Be sure to choose a payment portal that accepts every type of payment that you need — and one that supports every location that you work with. 

By choosing a solution that offers low fees and fast transaction times, you can easily accept payments and make maximum profits at minimal cost.

When Is it Time to Upgrade Your Payment System as a Freelancer?

There are several reasons that you might choose to upgrade your payment system, though it’s ideal to do so when you are dissatisfied with your current situation for any reason.

Issues that you might encounter with old payment systems include:

  • Slow or delayed transactions
  • High transaction failure rates
  • High maintenance costs
  • Excessive transaction fees
  • Low transaction limits
  • Limited payment types
  • Outdated security features

You may also want to upgrade if you are planning to expand the scope of your work, even if your current payment system meets your needs. Upgrading will ensure that you can handle any additional demand that might arise from an increased workload and payment flow.

Payset Can Help Freelancers Get Paid

Payset can help freelancers accept payments in numerous ways. We provide affordable fees, fast transaction times, support for multiple currencies and regions, plus industry-standard security. All of these features can help you accept payment as a freelancer.

If you’re not sure if Payset is right for you, feel free to contact us. We’ll help you explore your options and choose the best payment method for freelancers.

Invoice Payments

By allowing you to pay in 34 currencies to over 180 countries from a single account dashboard, Payset makes it easy for freelancers to pay invoices or send out payment requests to clients around the world.

Card Payment Networks

Many wallets and payment apps allow freelancers to accept credit card transfers. Payset offers credit card processing that allows you to accept Visa and Mastercard payments by adding a credit card payment form to your website.

Recurring Payments

Payset allows you to set recurring payments to recipients worldwide on the timeline of your choosing so you can automate your weekly, monthly, or annual payouts to staff, suppliers, or clients.

Instant Payments

In addition to faster, more affordable payments on several efficient global payment networks, Payset also allows you to send free, instant payments between Payset accounts.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset allows you to receive payments in 34 currencies. You can send payments from your account in 38 currencies. For more details, check our payment guide.

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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