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Best Payment Methods for Freelancers
Freelancers are in a unique situation where they have to decide which payment method is best for them. It isn't easy to choose a suitable payment method because there are so many options. If you're a freelancer, this blog post will help you decide the best payment methods for freelancers.
1. Paypal
Many people will agree that Paypal is the best payment method for freelancers. Paypal is used by millions of users every day to make transactions, and it's very safe because you can verify your identity. Best of all, if someone tries to hack into your account, they will not be successful because of the secure protection features the platform has in place.
- Paypal pros & cons
Paypal is fast, free, and safe. There are many pros to using Paypal as a payment method. You can send or receive money with Paypal no matter where you live in the world, and best of all: it's completely free. The only con is that if you're receiving payments through PayPal, they will take fees from your account for each transaction.
2. Payoneer
Payoneer is another excellent payment method that freelancers can use. What makes Payoneer the best payment method for freelancers is that you get paid directly into your bank account. Best of all, there are no fees when trying to receive money in your local currency with Payoneer.
- Payoneer pros & cons
You get paid into your bank account; best of all, there are no fees when trying to receive money in your local currency. The only con for Payoneer is that you usually need a business checking account, and it takes longer than other payment methods (such as PayPal)
3. Google Wallet
This option from Google is an excellent payment method for freelancers. The best part is, you can send and receive money from your Gmail account. Google Wallet is an excellent option because it's straightforward to use, and there is no limit on how much money you can make with this service.
- Google Wallet pros & cons
Google Wallet is free and easy to use. Also, you can send or receive money from anyone around the world. The only con of this payment method is that there isn't a way to make payments through your email account yet (you have to transfer the funds manually).
4. Transferwise
For those who are worried about international payments, then this is the best payment method for you. Best of all, Transferwise is a great option because they have low fees and quick transfers. If you're an international freelancer, then this service should be your go-to payment source.
- Transferwise pros & cons
Transferwise is best for international transactions because it's fast, free, and the fees are low. The only con of Transferwise is that you can't transfer money to your bank account (you have to make a manual payment).
5. Wire transfer
This is a traditional form of transferring money from one place to another, but many people still use it. Best of all, if you have a bank account in the United States, then this is probably your best option when dealing with money transfers.
- Wire transfer pros & cons
It's best for people in the United States because you can transfer money directly to your bank account. The only con is that it takes longer than other payment methods (one or two days) when trying to make a transaction.
6. Paxum
This payment method for freelancers has been around since the 1990s, and it continues to be very popular even today. Best of all, Paxum can be used by anyone who wants to make a payment and receive money. Paxum also has excellent security features that will keep your account safe.
- Paxum pros & cons
Paxum is best for people who want to make payments and receive money from anyone in the world. There are no fees associated with sending or receiving payment, and best of all: it's entirely free. The only con of Paxum is that you have a low limit on how much money can be transferred each month.
You need to understand the different payment methods for freelancers to know which one will work best for you. Ensure that whatever you settle on is allowed in your country.