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Best payment method for Freelancers 2023

As a freelancer, you have a lot of options when it comes to getting paid. You can choose to receive money via online transfers, digital wallets, direct deposit, checks, or even cryptocurrency.

Each has its own advantages and disadvantages, so it’s important to choose the best payment method that fits your needs.

What is the best Payment Method for Freelancers?

The best payment option for freelancers is the one that is most convenient and efficient for everyone involved.

Research the different payment options available to you and decide which one is best for your particular situation. Consider factors such as fees, convenience, and security when making your decision.

Keep in mind that a good payment solution needs to be convenient for your clients too. Always make it easy for them to give you money.

In this list you will find different payment options and solutions for small businesses and freelancers, so you can make an informed decision on how to get paid online.

1. Best overall: Payoneer

Payoneer is my personal favorite. It’s ideal for freelancers who work for small and medium companies, and those who get clients on freelance marketplaces.

Withdrawing funds with a debit card, sending and receiving funds domestically and internationally, and multi-currency support are all great Payoneer features.

best payment method for freelancers Payoneer
Best for: freelancers who want flexibility with their funds.
Price: Opening an account is free. Fees depend on how you use the platform.

What I like:

  • You have access to a Mastercard Debit Card
  • You can open an account from anywhere in the world.

What I don’t like:

  • You need to receive payments from companies first to unlock payment requests for individuals.
  • ATM withdrawals are expensive.

One great feature of Payoneer is that you can receive credit card payments. This is a great benefit for freelancers because it allows you to get paid quickly and easily, and is convenient for clients who want to pay in just a few clicks.

You can also pay providers through Payoneer directly to their bank account, which is great if you are working with a team.

And lastly, you can buy cryptocurrency on Binance with the Payoneer card at low fees without having to depend on a bank or a traditional credit card company.

However, there are some disadvantages to using Payoneer.

It lacks some payment features like recurrent payments or installments. This can be a big disadvantage if you’re working with clients who expect these types of benefits.

Another disadvantage of Payoneer is that you need to receive payments from companies to unlock payments from individuals. This can be a problem if you’re working with clients who don’t want to pay you through a company, although the threshold is very low and you can access this feature in no time by receiving payments from other Payoneer partners, like freelance marketplaces.

Lastly, Payoneer has fees depending on how you use your account and its functionalities. For example, there’s a $30 annual maintenance fee for the debit card, or for withdrawing money to your bank.

Despite these disadvantages, Payoneer is still a great option for freelancers and is what I use the most to get paid online.

Open your free account and receive $25 as a reward once you reach $1000 in payments.


2. Best for Bank Transfers: Wise

Wise offers several features that make it a great choice for receiving international transfers and getting paid online. With a multi-currency account, you can hold and convert over 55 currencies.

Wise has low transfer fees and no hidden charges, so you can keep more of your hard-earned money.

receive international bank transfer as a freelancer Wise
Best for: freelancers who get paid internationally by bank transfers.
Price: Having an account is free. You pay fees for sending money from your account to banks.

What I like:

  • Convenient exchange rate for international transfers.
  • You get access to bank account details in different currencies.

What I don’t like:

  • Not all currencies are supported.
  • Their card is not available for everyone.

When it comes to getting paid, time is of the essence. With Wise, you can transfer your money quickly and easily. 

The exchange rate is based on the mid-market rate, so you’ll always get a fair shake. And with a variety of options for sending and receiving money, you can find the best way to get paid for your services.

While Wise is a great choice for getting paid online, there are a few disadvantages to consider.

Firstly, Wise is not available in every country. Additionally, the platform does not accept fund transfers with cash. And finally, Wise doesn’t support all currencies.

Despite these drawbacks, Wise is still one of the best payment platforms for freelancers. With low fees, fast transfers, and a commitment to fair rates, it’s a good option to consider.

Besides freelancing, Wise is one of the preferred methods for content creators to get paid when working with a sponsor.

Try it by opening a free account.


3. Best for Cryptocurrency: Binance

Binance is a cryptocurrency exchange that supports a vast array of digital assets. Transactions on the platform are fast and efficient, making it a popular choice among freelancers.

Binance also has a P2P marketplace where users can buy and sell cryptocurrencies.

get paid online binance
Best for: freelancers who want to get paid in cryptocurrency.
Price: Opening an account is free. Fees depend on the different transactions and functionalities.

What I like:

  • Transactions are immediate and secure.
  • Besides getting paid, you can invest in futures, trade, and more.

What I don’t like:

  • The app and website can be confusing at the beginning.
  • The Binance card is not available worldwide.

Binance offers low fees compared to other exchanges, making it a popular choice among freelancers.

The platform also has a referral program where users can earn more income by referring others to the site. Binance also provides access to the trading platform, futures, and more. This makes it a convenient option for those looking to get paid in cryptocurrency.

However, Binance is not the most user-friendly site and can be difficult to navigate for those not familiar with cryptocurrency exchanges.

The platform also does not support credit or debit cards, which can be a disadvantage for freelancers in countries where Binance is not available.

Finally, because Binance focuses on cryptocurrency, clients need to be comfortable using this form of payment. Otherwise, they may be hesitant to hire a freelancer who is only willing to be paid in cryptocurrency.


4. Stripe

Stripe is one of the most popular payment processors for freelancers. It offers a wide range of payment methods and accepts over 135 currencies.

One of the best features of Stripe is that it has flat-rate fees, so you always know how much you’ll be charged.

how to get paid as a freelancer Stripe
Best for: freelancers who want to offer payments on their website as well as direct links.
Price: Opening an account is free. Fees are fixed depending on the payments amount.

What I like:

  • You have a wide range of payment methods for your clients (credit cards, PayPal, checks, etc.)
  • You can offer discounts, installments, and coupon codes.

What I don’t like:

  • Is not available in every country.
  • Complex integrations require technical knowledge, although Stripe has that service for a fee.

Stripe also offers a customizable checkout experience, so you can make it look how you want.

It integrates with several online shopping carts, making it easy for customers to purchase your products or services. And finally, something that can be a good advantage depending on your business model, you can offer your customers discounts and coupon codes through Stripe.

While Stripe is a popular payment processing platform, it does have some disadvantages that freelancers should be aware of.

Because Stripe requires a technical understanding to set up and use, it may not be the best option for those who are not comfortable with technology.

Second, Stripe is not available in every country, which can limit its usefulness for freelancers who work with international clients.

Finally, Stripe is not available for high-risk industries, such as gambling or adult entertainment. While it has some drawbacks, Stripe remains a popular payment processing platform for many freelancers.


5. Paypal

Paypal is one of the most popular payment platforms for freelancers. It is an online payment system that allows you to transfer money from one person to another.

You can use Paypal to get paid for your services or to pay for goods and services online. Paypal is a convenient way to get paid online.

payment options for freelancers paypal
Best for: freelancers who want to receive payments once in a while.
Price: Opening an account, personal or business, is free. Fees depend on how you use the platform.

What I like:

  • Easy to use, with lots of features
  • Your clients/customers don’t need a PayPal account to pay you.

What I don’t like:

  • Expensive for international payments.
  • Very aggressive with account freezes.

Chances are you’ve used PayPal to pay or get paid at some point. And if you haven’t, there’s a good chance you will at some point in the future. That’s because PayPal is one of the most popular payment platforms for freelancers.

It’s an online payment system that allows you to transfer money from one person to another. You can use PayPal to get paid for your services or to pay for goods and services online.

There are many benefits of using PayPal as a freelancer. Perhaps the most obvious benefit is that it’s a very popular payment platform. This means that there’s a good chance your clients/customers are familiar with how it works.

Another benefit of using PayPal is that it’s easy to use. Setting up an account is quick and easy, and there are lots of features and options to choose from. For example, you can set up automatic payments, send invoices, and track your transactions.

Another benefit of using PayPal is that your clients/customers don’t need a PayPal account to pay you. They can simply use their credit or debit card to make a payment.

One downside of using Paypal is that there are fees associated with receiving and withdrawing funds. These fees can cut into your profits, so it’s important to be aware of them before you start using Paypal to get paid for your services.

Another limitation is that you can only withdraw your balance to local banks. This means that if you’re an international freelancer, you’ll need to pay extra fees to withdraw your earnings or receive payments in the first place.

PayPal is also known for being aggressive with account freezes. While you should always read the terms and conditions, sometimes is not clear why they freeze funds. It is something to keep in mind if you depend 100% on this platform,


6. Banks

Depending on the country you live in, banks may not be the first thing that comes to mind when you think of how to get paid as a freelancer, but they can actually be a great option. There are a few things to keep in mind, though.

First, you’ll need to make sure that the bank you choose offers ACH transfers – this is how most freelancers get paid by companies. Second, you’ll need to make sure that the bank charges low or no fees for transfers. And finally, you’ll want to consider how easy it is to use the bank’s online platform.

receive freelance payments by using banks
Photo by Ferran Fusalba Roselló

Best for: freelancers who want to receive payments without a middle-men.
Price: Fees and maintenance depend on each bank.

What I like:

  • You have fast and convenient access to your funds.
  • Transactions are not subject to chargebacks.

What I don’t like:

  • International Wire transfers are very expensive.
  • Limited by your bank account type and conditions.

Banks offer a few key benefits for freelancers looking to get paid. Payments via wire transfer go directly into your bank account. This can be a great option if you want to avoid fees associated with other payment platforms. Also, transactions are not subject to chargebacks. This means that if there is an issue with a payment, you can work directly with your bank to resolve it. And finally, banks offer a high degree of flexibility and convenience. You can typically transfer funds to your account quickly and easily, and you can use online banking platforms to keep track of your finances.

There are a few disadvantages to using banks as a payment platform for freelancers. First, international wire transfers can be very expensive. Second, it can take several days for the funds to appear in your account. And finally, you may be limited by the type of bank account you have and the conditions associated with it.

Overall, banks are usually a necessity for every self-employed person, even when you use other payment platforms. Is up to you to evaluate if your bank is convenient for your business model, or if you are better off with another option.


7. Western Union

If you’re looking for a reliable and well-known option to get paid as a freelancer, Western Union is a great choice. With over 500,000 agent locations around the world, it’s easy to find a place to cash in your earnings

Western Union also offers a variety of other services like money transfers and bill payments, so it’s a one-stop shop for all your financial needs. Fees can vary depending on how you receive your payment, but they are typically very reasonable.

use Western Union to get paid in cash
Best for: freelancers who want to receive cash payments.
Price: Fees depend on the transfer amount and currency conversion.

What I like:

  • Exchange rates offered by Western Union are better than those offered by banks.
  • Your clients can fund a transfer with cash.

What I don’t like:

  • Is not for business transactions, so you can’t use it regularly without raising flags.
  • Fee and exchange rates can vary significantly depending on transfer conditions.

Western Union is one of the most popular and well-known ways to send and receive money internationally. For freelancers, this can be a great way to get paid by clients who are based in other countries.

It offers competitive exchange rates, which can save you money compared to using a bank.

One downside of using Western Union to get paid as a freelancer is that it is not designed for business transactions. This means that there can be some complications if you’re trying to use it to get paid by clients on a regular basis.

Additionally, the fees and exchange rates associated with Western Union can vary significantly depending on the transfer conditions. This can make it difficult to budget for your payments, and you may end up paying more than you expected.


Conclusion

Overall, there are a number of different payment options available for freelancers. Each option has its own set of advantages and disadvantages, so it’s important to choose the one that’s best for your individual needs.

Best Payment Method FAQs

How to choose the right payment method as a freelancer?

Choosing the right payment platform can save you time, money, and headaches in your freelance business. However, what makes it “best” will vary depending on your particular situation and needs.

Always pay attention to:

– Number of benefits, including flexibility, convenience, and security.

– Hassle-free ways to get paid.

– Competitive exchange rates.

– Low or very few fees associated with using them to receive money.

How to ensure you get paid as a freelancer?

There are a few things you can do to ensure that you get paid as a freelancer. First, it’s important to have a clear and concise contract with your client that outlines the terms of your agreement. This will help to avoid any misunderstandings about payment later on.

You should also keep track of all the work you complete for your client and send invoices on a regular basis. This will help to ensure that you’re getting paid for all the work you’re doing.

Finally, it’s always a good idea to get paid at least 50% in advance. That way, if things go sour, you can at least get part of the payment.


What is your preferred payment option as a freelancer? If you want me to add to this list, just leave a comment down below.

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