The days of 9 to 5 work culture is behind us. After COVID-19, the conventional workflow has evolved. As more and more people are working from home, individuals are also realizing the benefits of freelancing. 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 are all advantages of a freelance career.
With the advent of high-speed Internet, it is easier than ever before to find and pursue freelancing opportunities. India already has 15 million freelancers actively working in the gig economy, with new people going independent every day. From web designers and bloggers to professionals like doctors and chartered accounts, the kind of freelancing jobs available is numerous. However, the freelancing lifestyle comes with its own set of challenges.
The biggest challenge among these is related to payments. As a freelance worker in the gig economy, there is a lack of stability when it comes to payments. Many freelancers struggle to manage payments effectively. Here are four common challenges freelancers face when it comes to payments:
1. Late Payments
This is a unanimously persistent problem when it comes to freelancing work. Even after completing work on time and doing it to the satisfaction of the client, getting paid on time is often a challenge. Some clients make late payments because of disorganization on their part. Sometimes, payments may get delayed because of rigid payment options on your end. For instance, a client who clears all payments through UPI may find it difficult to pay a freelancer who accepts only net banking transfers. This can cause delays in payment clearance. Others may need constant reminders to clear 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, keeping track of what is due is also directly linked with late payments. Since the gig economy can be rather erratic, freelancers may often find themselves struggling to keep track of the payments due and payments received. Unlike salaries which are credited at the start or end of every month, freelance payments differ. Much like business revenue, there is no steady timeline. Moreover, different organizations have different payment schedules for freelancers. Often, there is a waiting period between generating an invoice and receiving 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 own boss, employee, and accountant. This means that you have to raise invoices on your own for clients. Invoicing can be tricky, especially for novice freelancers. There can be ambiguity regarding what details to include, the right amount to charge, and a lot of 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, forgoing 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 flexibility to your clients.
Collect payments via a variety of ways for your freelance or home business without needing a website or an app. Paytm for Freelancers offers you three different options:
1. Payment Links
Send a direct payment link to your client with the amount due and receive digital payments remotely with Paytm Payment links 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 not only reduces an essential step in the process and saves you time, but also makes it easy for the client to complete payment.
3. Paytm Pages
For a more authentic business payout experience, Paytm also offers freelancers custom URLs with integrated payment links. This is perfect if you want to accept international payments, automate receipts, and track payments.
Benefits of Paytm for Freelancers
Paytm for Freelancers solves the basic problem of receiving and tracking payments from clients. Using our 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 start collecting payments
- Same-day settlement 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
Paytm for Freelancers gives you the autonomy to enjoy your freelancing lifestyle without having to constantly worry about money. Get paid on time and with complete ease. We aim to empower freelance workers with our payment gateway. Get started now!