One of the biggest challenges for a freelancer in India is getting paid for providing their goods or services. Many times, it so happens that the client is based out of a foreign location and finds it difficult to send the payments through. This problem can be overcome by using invoicing software that offers multiple payment options.
Thankfully, there are different options in India for freelancers to get paid. In this article, we will discuss the best payment methods for freelancers. You must remember that each of these payment methods comes with its own costs, speed, and access. Every invoicing software has different conversion rates as well.
Best Payment Methods for Freelancers
PayPal is a popular invoicing software app that offers several advantages to its users. Money can be transferred between different countries easily using the app. Though it takes a higher fee from the users, it is reliable and robust. You need a PAN card and a registered business to have a PayPal account. Once you have these, you can easily set up your PayPal account. However, PayPal has its own exchange rate. So do watch out for the exchange rate while transferring the money to your bank account.
Google Pay or GPay is one of the most popular UPI payment applications in India. It is a great option if your clients are largely based in India. You can also accept payments from the US and Singapore, but no other countries are supported. GPay uses Wise or Western Union to process money transfers from the US or Singapore.
Wise is one of the best invoicing software apps to receive payment as a freelancer in India. It transfers the money directly into your bank account. However, your client must have a Wise account. As you are a recipient, you will not need an account too. Also, the app charges a small fee for international operations and real exchange rates are applied. Hence, you will not lose a lot of money during transfers.
Western Union is one of the first financial organisations to initiate instant money transfers across countries. It allows you to receive real-time payments anytime from anywhere in the world. It serves 200 countries all over the world. However, you will have to pay a transfer fee and a marked-up exchange rate. Moreover, the transfer fee varies depending on the mode of payment. For example, a credit card payment will incur a high fee.
Payoneer is one of the most popular money transfer apps on freelancer platforms like Fiverr and Upwork. You can also use it on e-commerce portals and other digital marketplaces. You will have to pay a fee when you get paid as well as when you withdraw the money into your bank account. One main advantage of Payoneer is that you can get paid at the local rate. However, you will have to pay the conversion fees while withdrawing the amount.
Select the best payment method for you by comparing the fees, speed, customer support, and ease offered by each of the methods. Every freelancer has a different set of requirements, and there is no one-size-fits-all solution. Choosing a trustworthy and robust payment method can ensure you get paid easily and can retain your clients for a longer time.