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 full-time employees, who get their salary in a bank account, freelancers have the freedom to choose how to they want 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 this blog, we will evaluate the pros and cons of choosing to collect payments via bank transfers versus Paytm’s payment gateway for freelancers.
Bank transfer
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, funds can be moved from one bank account to another through an electronic network without card or app processing.
When a freelancer chooses a bank transfer as a payment option, their 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 will take 1-4 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. Also, some banks do not support international wire transfers, which is not a good thing 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 business dashboard through which you can download detailed reports. The dashboard also acts as a tracking tool to monitor payments and month-on-month growth.
- Collect payments up to Rs. 20,000 on payment links for free, with no charges applicable.
Paytm for Freelancers allows you 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. You do not need to pay any fee is 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 for you and your clients.
When you make it easy for your clients to pay you, they are less likely to delay payments. For instance, using credit cards to pay you will save your international clients from having to navigate through a complex banking system.
While bank transfers are familiar, they may not benefit you as a freelancer if you need immediate and quick cash flows.
With Paytm Payment Gateway, you will be able to give your clients more payment options (Paytm App, All UPI Apps, Debit/Credit Cards, Net Banking, Paytm Postpaid, and EMI). Moreover, it will give instant access to funds.
It also provides you with a system to track your payments, monitor your growth, and send invoices.
Get Paytm Payment Gateway today and reimagine the way you collect payments as a freelancer!
