In the wake of the coronavirus pandemic, more and more professionals are choosing to work from home, be it for local or international clients. This has not only ushered in more flexibility and productivity, but it is also an effective way of following social distancing rules. However, when it comes to the payments and fees for the work done, freelancers and consultants often worry if they will receive the same on time or without hassles. Hence, there is a need to make domestic and international payments easy, safe and efficient. Reputed payment gateways can help in this regard as they ensure quick deposition of funds in the employee’s or freelancer’s account, without making the transaction susceptible to frauds.
Now, clients will always look for the best and secure mode of payment that is available to them, without incurring high fees for international money transfers to overseas employees or freelancers. While online payment gateways are perfect for sending and receiving international payments, there are a few other ways in which this can be done.
International bank accounts
The setup may sound complicated as it will require some level of documentation. However, having one or even multiple bank accounts for freelancers getting regular international payments is better as it is easy to hold on to the money without converting. This is especially useful when the conversion rates are high, since there is no requirement for immediate conversion then, which can take place at a time when the currency exchange is most favorable. With a bank account, it is possible to cut down on the several fees that each payment incurs.
Wire transfers
This is one of the most common ways by which money is transferred internationally, although it is expensive to do so. Freelancers, who are not as active and get paid a few times a year, opt for such transfers usually. Although there is a deduction involved for the fees and the exchange rates, which may or may not be favorable for them, it is a reliable method for getting paid. These types of transfer are done by using account details, where the client will incur high fees for the transfer. This is the reason why wire transfers are not always the ideal solution for both parties.
So, what is the solution?
The goal is to find a middle path, where the client pays a minimum amount for each payment disbursement and the freelancer faces a minimal deduction for fees besides the currency exchange rates, which cannot be avoided. While the main currency for payment and a popular choice for most is the USD, the currency is discussed at the start of every project and is considered to be the preferred mode of payment for those assignments or projects. Hence, online payment gateways are widely used as they support multiple currencies, no matter where the employee or freelancer is located.
However, it is prudent to not opt for the cheapest gateway. This is because there may be hidden charges or the system may be slow and inefficient. Some companies also hold the money for up to a week sometimes before one can access their funds after payment. All in all, fast, efficient, reliable and easy to set up systems that do not charge very high fees are essential for making regular international payments in various currencies easy.
So, before choosing a payment gateway, carefully consider its features, compare multiple gateways and their fees, assess your needs, and then arrive at a decision.
Related Post:
How Customer Reviews are Important in Online Payment Gateways- link
