A 2017 study revealed that about 57.3 million Americans are currently freelancing. This equates to about 36 percent of the entire workforce. However, by 2027, experts are projecting that the majority of the U.S. workforce will be freelancers. From writers to virtual assistants, one of the most important choices that freelancers have to make when becoming self-employed is how they will accept payments from clients.
From incredible customer service offerings to the most advanced security systems, there are numerous factors involved in choosing a payment platform. As you make your decision, it is important to explore the essential components that every freelancer should look for in their payment platform.
Top-tier security
In 2018 alone, billions of individuals were affected by data breaches across several industries. Between April and June of that year alone, 765 million people had their private data compromised. When choosing a financial product of any kind, keeping your money safe and your personal information protected should always be the top priority. While other features may be nice to have, your security must always be top of mind. As you look for a payment platform for your freelancing business, be sure to do thorough research on the specific security features offered. Rather than settling for generic promises, be sure that you have a detailed understanding of the measures in place to protect both your information and the information of your paying clients.
Accept all currencies
At the beginning of your freelancing career, you may only choose to work with businesses and individuals that provide payment in your currency. However, as you choose to expand your business to international sales, you will need to have a payment platform that can handle all currencies your customers use. Before signing up for a payment service, hold a brainstorming session regarding the future of your business. Which countries might you market to in the near or distant future? What currencies do your potential future customers use? After creating a list, be sure that your selected payment platform can grow with the future currency needs of your business.
Connecting payments to your website
Although there are many third-party providers that allow you to receive payments from clients for no cost (or for a reasonable fee), many of these sites do not allow you to incorporate a payment set up through your website. Having the capability to accept payments through your website not only looks more professional to clients, but it also gives you more control. Therefore, ensure that your chosen payment platform can be integrated into your website design. If you are unsure about this step, reach out to the appropriate experts for assistance.
Making money as a freelancer is an exciting prospect (especially for new freelancers). Before launching your business, however, ensure that you have a trustworthy payment platform that will keep your data secure, and that has the ability to grow with your changing needs.
By Jennifer Glenn