Freelancers: How to Choose the Right Invoicing and Payment Platform
I run a business as a freelancer.
This means that I invoice clients. It also means that I pay others for services. (For the most part, it means paying my virtual assistant.)
Looking for the right invoicing and payment platform for your business can be a bit of a challenge. If you are looking for a way to get paid — and to pay others — here are some things to keep in mind:
Does Your Payment Platform Provide a Variety of Options?
One of the first things to look for in a payment platform is its variety of options. You want to be able to accept payment in different formats in order to provide your clients with a variety of choices.
Thanks to the fintech revolution, there are plenty of ways to get paid, without the need to go exclusively through PayPal, or even do your invoicing through PayPal.
You can use solutions like Due that allow you to set up a digital wallet so you can accept digital currencies and get paid in unconventional ways, like Bitcoin.
It’s also possible to use a payment platform to accept credit cards, person-to-person transfers, and even PayPal payments if necessary.
The right platform also helps you when paying others. It can be especially helpful if you pay service providers in other parts of the world. A platform that allows you to send payments in different currencies (or use digital currencies that have no need for exchange rates) can be a big help.
Is the Mobile App Easy to Use?
Your payment platform should have a mobile app that is easy to use. You want something that you can use on a desktop, of course. However, so many of us are on the move these days.
Being able to manage your business from your mobile device is a big deal. You want to be able to receive payments and make transfers from anywhere. Choose a payment platform that is compatible with your freelance lifestyle.
You’ll be much better off in the long run, and you won’t have to worry about whether or not you will get paid (or pay your service providers) if you happen to be traveling. As someone who travels frequently, I love the accessibility that the right apps give me so I can continue to manage my business and get paid.
How Much Does the Payment Platform Cost?
No matter what payment platform you use, there’s going to be a cost. You’ll be charged fees for accepting credit cards. You might have to pay for a service if you use it for a large number of clients. There are always (tax-deductible) costs involved once you scale up your business.
However, you can reduce your expenses with the help of a good payment platform that is reasonably priced.
A platform with multiple options can also save you money because you have the ability to choose transactions that are less costly. A Bitcoin transaction has lower costs (or no cost) than a credit card transaction.
Pay attention to costs and functionality. You may need to pay a little bit more to get something high-quality that has all the functionality you need. However, there are plenty of good choices out there that offer lower costs and all the features you need.
A little research goes a long way. Take the time to consider your options so you get the best bang for your buck.