In today’s world, more and more people are freelancing. And why wouldn’t they? Being your own boss, setting your own hours, and working from the comfort of your own home are just a few of the many advantages of freelancing.
But one of the most important aspects of freelancing is getting paid. After all, if you’re not getting paid, you’re not really in business. So in this lesson, we’re going to talk about some of the best ways to receive payments as a freelancer.
First, let’s talk about the different types of payments you can receive. The most common type of payment is through PayPal. PayPal is an online payment processor that allows you to send and receive money online. It’s quick, easy, and secure, and most importantly, it’s free to use.
Another popular payment method is through direct deposit. Direct deposit is when your client deposits money directly into your bank account. This is usually done via ACH (automated clearing house), which is a electronic network that banks use to send and receive financial transactions.
ACH deposits are usually free, but you may need to pay a small fee if you’re using a different bank than your client. For example, if you have a Bank of America account and your client has a Wells Fargo account, there may be a small fee for the ACH transfer.
Finally, you can also receive payments by check. This may be the least popular method these days, but it’s still an option for those who prefer it. The main downside to checks is that they can take a few days to arrive in the mail and then a few more days to clear once you deposit them into your account. So if you need the money right away, this may not be the best option for you.
Now that we’ve talked about the different types of payments you can receive, let’s talk about some of the best ways to ensure timely payments from your clients.
One of the best ways to do this is to use an invoicing system like FreshBooks or WaveApps. These platforms allow you to easily create and send invoices to your clients with just a few clicks. And most importantly, they allow you to set up automatic recurring payments so that you never have to worry about invoicing or chasing down late payments again.
Another great way to ensure timely payments is to use a service like escrow.com or Upwork’s Escrow system (formerly oDesk). These platforms hold onto your payment until you complete the work and then release the funds to you once everything has been approved by the client. This gives both sides peace of mind knowing that the job will get done and that everyone will get paid on time.
Finally, one last tip for ensuring timely payments is simply communicating with your client regularly throughout the project timeline. By staying in touch with them and keeping them updated on your progress, they’ll be less likely to forget about making their payment when it comes due. And if there are any issues or delays on your end, they’ll be more understanding and accommodating if they know about it ahead of time rather than being surprised by it later on down the road
