The days of the typical 9 to 5 work culture are behind us.
After COVID-19, the conventional workflow has evolved. As more and more people are working from home, most of us have come to realize the benefits of freelancing.
A freelance career provides you with multiple advantages like:
- More autonomy over work hours
- Freedom to work from wherever you please
- The opportunity to pursue work you are truly passionate about
- The chance to dabble in multiple fields
With the advent of high-speed internet, it is easier than ever to find and pursue freelancing opportunities.
India already has 15 million freelancers working in the gig economy, with newer people becoming independent every other day.
From web designers and bloggers to professionals like doctors and chartered accountants, freelancing jobs are numerous. However, they come with their own set of challenges.
The biggest challenge freelancers encounter relate to payments.
As a freelance worker in the gig economy, there is a lack of stability regarding managing payments effectively.
Payment challenges for freelancers
Here are four of the most common challenges freelancers face when it comes to payments:
1. Late payments
This problem is commonly persistent when it comes to freelancing. Even after completing work on time and doing it till the client achieves satisfaction, getting paid for it is the biggest challenge.
Some clients make late payments because of disorganization on their part.
However, sometimes, payments get delayed because of the rigidity of the payment options you provide. For instance, a client who clears all payments through UPI may find it challenging to pay if you only accept net banking transfers.
This rigidity can thus cause delays in the payment clearance process.
Other clients may need constant reminders to clear their payments.
Keeping updated records of payments and offering multiple payment options can help solve this issue.
2. Keeping track of payments
The cumbersome job of payment reconciliations and keeping track of what is due is also directly linked with late payments.
Since the gig economy can be somewhat erratic, you may often find yourself struggling to keep track of the payments due, and payments received.
Unlike salaries which organizations credit at the start or end of every month, freelance payments differ.
Much like business revenue, there is no regular timeline.
Moreover, different organizations have different payment schedules for freelancers.
Often, there is a waiting period between generating an invoice and receiving the payment.
Keeping track of multiple clients and payment schedules can often lead to missed payments.
A scheduler or a payment gateway that tracks invoices can help with this.
3. Professional invoicing
Freelancing is a little like running your own business.
You are your boss, employee, and accountant. This means that you have to raise invoices on your own for clients.
Invoicing can be tricky, especially for beginner freelancers. There can be uncertainty regarding what details to include, the right amount to charge, and many other nitty-gritties that first-timers struggle with.
Having an invoice template is essential, not just to look professional but also to ensure timely clearance of payments.
4. International payments
For freelancers who have clients across the world, accepting international payments can be especially tricky.
Losing money to currency fluctuations and tracking the exact amount paid or received can be complicated.
Some overseas clients may insist on paying via credit cards. However, many independent freelancers in the gig economy in India may not have the means to accept credit payments.
Not accepting these payments may mean forgoing the client, or worse, withholding payment for completed work.
Freelancers need to have all these bases covered before going into the gig business.
Paytm for Freelancers
Paytm for Freelancers has been designed especially for gig workers to overcome payment challenges.
With our easy payment options, reimagine the way you charge clients and receive money.
Paytm’s convenient payment links can help you get super quick settlements while providing tremendous flexibility to your clients.
Collect payments via various ways for your freelance or home business without needing a website or an app.
Paytm for Freelancers offers you three different options for this:
1. Payment Links
Send a direct payment link to your client with the amount due and receive digital payments remotely with Paytm Payment links.
You can do this via net banking, credit cards, debit cards, UPI, Paytm wallet, or Paytm postpaid.
2. Invoiced Payments
Send a professional invoice to your clients with the payment link hyperlinked within.
This feature reduces an essential step in the process, saves you time, and makes it easy for the client to complete payment.
3. Payment Gateway
For a more authentic business payout experience, Paytm also offers freelancers custom URLs with integrated payment links.
This feature is perfect if you want to accept international payments, automate receipts, and track expenses.
Benefits of Paytm for Freelancers
Paytm for Freelancers solves the fundamental problem of receiving and tracking payments from clients.
Using our All-In-One Payment Gateway, you can reimagine the way you get paid as a gig worker.
Paytm for Freelancers provides:
- Flexibility to accept payments from a variety of sources, including net banking, credit cards, debit cards, UPI, Paytm wallet, or Paytm postpaid
- The opportunity to start accepting payments instantly; you only have to sign up on our gateway to begin collecting payments
- Same-day settlements so you do not have to wait for your money
- Professional invoicing options that save time and effort
- International payment collections with Paytm’s International gateway
- Free payment collections up to Rs. 20,000 on payment links
- Tracking payments with reports and data so you can monitor your growth
Never worry about your money again
Paytm for Freelancers gives you the autonomy to enjoy your freelancing lifestyle without having to worry about money constantly.
Get paid on time and with complete ease.
We aim to empower freelance workers like you with our payment gateway. Get started now to experience the best!