Payset prespective
August 23, 2022

Majority of Companies Now Rely on Freelancers, Fiverr Says

Industry leader Fiverr has found that companies are increasingly reliant on freelance workers.

Companies are increasingly turning to freelance workers, according to a survey from the popular freelance marketplace Fiverr.

Fiverr Says 80% of Businesses Rely on Freelancers

Fiverr recently surveyed more than a thousand medium and large business owners. Over 80% of survey respondents told Fiverr they currently rely on freelance workers.

Furthermore, as many as 78% of business leaders told Fiverr that they are more likely to hire freelancers than full-time employees because economic conditions are currently uncertain.

Fiverr’s other findings suggest that companies are turning away from long-term stable employment. It found that 85% of companies intend to introduce a hiring freeze due to weak economic conditions, while 78% of companies are planning layoffs.

Micha Kaufman, CEO of Fiverr, said that freelance employees could help companies continue to thrive during these cutbacks and layoffs. He called freelance workers “a variable expense” that can be “scaled up or down as needed, without any strings attached.”

Meanwhile, Ravin Jesuthasan of the HR consulting firm Mercer suggested that various black swan events over the past 20 years have led to economic uncertainty, putting a “growing premium…on agility and flexibility” when it comes to employment.

Other Data Supports Fiverr’s Findings

Numbers elsewhere support Fiverr’s findings from a different angle: the portion of the population engaged in freelance work.

Fiverr competitor Upwork released its own report in December. Its survey found that 59 million individuals (36% of the U.S. workforce) engaged in freelance work in the year preceding its survey. It also found that 56% of non-freelancers said that they are likely to freelance in the future.

Data from the market data company Statista suggests the trend is even stronger. It found that there are 70.4 million freelancers in the U.S. as of 2022. It projects that 86.5 million freelancers will exist in the country by 2027 and will make up just over half of the total U.S. workforce.

The market for freelance workers is robust from the perspective of both contractors and workers. This trend necessitates a movement away from traditional, one-size-fits-all banking and toward flexible methods of payments. 

Global payment services such as Payset serve this purpose. Our international accounts make it easy for businesses and freelancers to arrange payments in various local currencies and across borders worldwide. 

Contact us to learn more or to sign up for an account.

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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 is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

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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