When it comes to freelancers’ realm, they know how to live from paycheck to paycheck. If you are a freelancer, you are privy to the challenge of waiting antagonizing weeks to accept payments online even after you complete the work. From always following up to collect payments, tallying bank account statements to check if money has been credited, or even worse, technical online payment challenges, sometimes get beyond your control.
One of the most important decisions you make as a freelancer is how to accept payments online. Unlike permanent employment, wherein the employer credits a salary to an employee’s bank account, freelancers have the freedom to choose how to get paid. There are many options to choose from, ranging from cash and cheque payments to modern online methods such as net banking and UPI. In today’s blog, we will evaluate the pros and cons of choosing to collect payments via bank transfers versus Paytm’s payment gateway for freelancers.
The easiest and most traditional way to collect payments online is to rely on a bank transfer or an electronic funds transfer (EFT). In this payment method, funds move from one bank account to another through an electronic network without any card or apps processing.
When a freelancer chooses a bank transfer as an option to get paid, the client must first add the freelancer’s bank account details to their beneficiary list. After the addition, the client can transfer to the freelancer’s bank account as and when required. The advantages of choosing to collect payments via EFTs are as follows:
- Bank transfer is the most common method used to make and accept online payments. Therefore, most people are familiar with and comfortable with this payment method.
- For clients with a robust payroll system, bank transfers are the easiest way to request money.
- EFTs are generally safe because of the number of checks and balances in the wired network.
- Every bank transfer has a corresponding reference ID, which makes it easy to track payments.
Despite the advantages, bank transfers have some downsides that can hamper payments for freelancers. Bank transfers are not real-time. It can take anywhere between 24 hours to four days for payments to reflect in your account after being cleared. Also, EFTs usually come at a fee, which can be costly, especially for international transfers. However, Paytm has enabled a feature of transferring money to and from any bank account for free. Another disadvantage of bank transfers is that some banks do not support international wire transfers, which can worsen if you have overseas clients.
Paytm for Freelancers
Given that bank transfers can mean delayed payments and sometimes failed transactions, choosing a payment gateway can be a reliable alternative to collect payments as a freelancer.
Paytm for Freelancers is an exclusive payment option designed primarily for individuals in the gig economy. It provides freelancers the opportunity to collect payments from clients anywhere globally without the hassle of setting up beneficiary details, a website, or an app. You can share a payment link with the client, who can then choose to honor the payment via net banking, credit or debit cards, UPI, Paytm wallet, or Paytm postpaid.
With Paytm for Freelancers, you can:
- Send a Paytm payment link. Clients can choose from a variety of payment options.
- Transfers are immediate, with same-day settlement options. You no longer have to wait to collect payments.
- Receiving international payments is comfortable with Paytm’s International payment gateway.
- Paytm for Freelancers also provides a dashboard with detailed reports and tracking tools for you to monitor payments and month-on-month growth.
- Collect payments up to Rs. 20,000 on payment links for free, with no charges applicable.
Apart from being convenient and quick, Paytm for Freelancers also provides you the opportunity to create professional invoices with payment links that are hyperlinked within. This feature eliminates the time and effort spent on generating separate invoices and when you request money. There is no fee required to set up your Paytm account. Sign up and collect payments immediately!
Choosing the Best Payment Method
When it comes to choosing the best payment method, there are many deciding factors to consider. It is imperative to keep in mind that the best approach is convenient not just for you but also for your payers. When you make it easy for your clients to pay you, they are less likely to delay payments. For instance, accepting credit card payments will make it hassle-free for your international clients to pay you without having to navigate through a complex banking system.
While bank transfers are familiar, it may not benefit you as a freelancer if you need immediate and quick cash flows. Choosing a payment gateway like Paytm All-In-One Payment Gateway will give your clients more payment options (Paytm App, All UPI Apps, Debit/Credit Cards, Net Banking, Paytm Postpaid, and EMI) while instantly giving you access to funds. It also provides you with a system to track your payments, monitor your growth, and send invoices.
Get Paytm All-In-One Payment Gateway today and reimagine the way you collect payments as a freelancer!