The freelancing lifestyle comes with many perks. Yet, it also puts you solely in charge of your career trajectory. From the clients you pick to the amount you charge, you are the ones calling the final shots. This means that you need to have comprehensive knowledge about many things including client-facing, market standards, invoicing factors, etc., before making any decision.
One of the major challenges that freelancers face is regarding payments. Apart from difficulty keeping track of invoices raised, chasing clients for timely payments is a situation that every freelancer finds themselves in at least once. This is why choosing to collect payments via a payment gateway can make the task simpler for freelancers.
A payment gateway will give your clients multiple payout modes and help you keep track of your dues. Sending a payment link can also be a polite way of requesting payments from clients.
How to Choose a Payment Gateway
Freelancers have unique challenges when it comes to payments. From tackling late payments to organization-specific payment cycles, these challenges can often put a strain on cash flow. Therefore, a reliable payment gateway should be able to solve these issues.
Here is a checklist of what to look out for in a payment gateway and how to choose the right payment gateway as a freelancer:
- Diverse Payment Options
As a freelancer, you may deal with multiple clients. Each client may have their preferences when it comes to payment. Some may fulfill payments through net banking while other smaller clients may prefer UPI or wallet transfers. Ensuring your clients have the freedom to pick any payment method suitable to them can encourage them to honor your payments sooner. A good payment gateway should provide all possible payment options from cards to wallet transfers.
- International Payments
For freelancers, the world is their oyster. Geography no longer matters when it comes to work. The internet has created an open and just marketplace wherein a buyer and seller can match based on their needs and skills. This is why a good payment gateway for freelancers should be able to accept international payments. Paytm’s International gateway enables any client to pay the invoice with their credit or debit card, which then gets transferred to the freelancer’s account in INR by Paytm.
- Transaction Limit
The transaction limit is the maximum amount that can be transferred in a single attempt. Payment gateways may have different transaction limits. For freelancers who may be dealing in large settlements, it is important to clarify the transaction limit so that there is no confusion in the future. If a client is unable to transfer dues in a single transaction, they may be discouraged to make the full payment. It may also not work out too well for your reputation.
- Setup and Integration
As a freelancer, you may not have a website or an app. You may work via social media apps or email. A payment gateway for freelancers should support this workflow. While choosing a payment gateway for your freelancing lifestyle, ensure that the setup and integration are fast, easy, and seamless.
- Transaction Fees
Different payment gateways have different pricing structures. Some may charge per transaction, others may charge a bulk amount per month. Also, several hidden charges like integration fees, setup fees, maintenance fees, etc. may push up the cost. Always be wary of additional charges. You want to choose a payment gateway that is transparent in its workings.
- Settlement Time
Settlement time is the time taken for the money to reflect in your bank account after the client has cleared the payment. Often, there is a time interval between initiated and settled payments. Different payment gateways provide different settlement options. Choosing one with the minimum settlement time will help you overcome cash flow issues as a freelancer.
- Digital Security
Though this goes without saying, a reliable payment gateway for you as a freelancer should be secure. Digital transactions are vulnerable to cyber threats. It is important for you as well as your clients for online transactions to be completely safe. Before choosing a payment gateway, ensure that it has the best digital safety mechanisms in place.
Paytm for Freelancers
Paytm for Freelancers has been created with the intention to make the payment process easy for freelancers. From multiple payment options to professional invoicing, our payment gateway makes life simple for gig workers. Choose from:
- Payment Links — wherein you can send a direct payment link to your client and accept payments via a host of methods like net banking, credit cards, debit cards, UPI, Paytm wallet, or Paytm postpaid.
- Invoiced Payments — using which you can send a payment link nestled within a professional invoice to your clients.
- Paytm Pages — which allows you to send custom URLs with integrated payment links to your clients.
Paytm for Freelancers is the perfect solution to your payment problems because:
- It enables a number of ways to collect payments, including net banking, credit cards, debit cards, UPI, Paytm wallet, or Paytm postpaid
- It allows international payment collections with ease
- It offers free payment collections up to Rs. 20,000 on payment links
- You can start accepting payment instantly after sign up
- There are zero hidden fees
- The payment gateway provides same-day or instant settlement of invoices
- It is digitally secure and safe
In addition to these, Paytm for Freelancers also offers you professional invoicing options and a dashboard to monitor your payments. As a payment gateway for freelancers, Paytm provides a simple, easy, and effective way to collect payments.