What are the best payment systems for remote freelancers?

In my experience, the most important parameters for judging a payment system by remote freelancers are: 1. Global network connectivity. 2. Multi-currency service. 3. Reasonable fees and FX. 4. Availability of credit to local bank accounts & e-wallets. 5. Secured & risk-free systems. Some examples addressing the above are WorkerAppz Payments, TransferMate, Payoneer etc.

I'm glad to see that global reach is a point to consider when thinking about payment systems for remote freelancers. I think of global reach across multiple vectors like (i) currencies that you can accept in and (ii) payment methods that one can pay the freelancer in.

Les meilleurs systèmes de paiement pour les freelances à distance dépendent souvent de facteurs tels que la région géographique, les préférences personnelles et les besoins spécifiques. ci-après quelques options populaires qui sont largement utilisées : PayPal : C'est l'une des plateformes de paiement en ligne les plus populaires et largement acceptées dans le monde entier. Elle offre une grande facilité d'utilisation et permet des transactions rapides. Mobile Money : M-Pesa (Kenya, Tanzanie, Mozambique, etc.), MTN Mobile Money, Orange Money et Wave (dans nombreux pays d'Afrique de l'Ouest et d'Afrique centrale) PayDunya : Une plateforme de paiement en ligne Paga : Basée au Nigeria Etc.

When selecting a payment system for remote freelancers, prioritizing global accessibility is paramount. Freelancers, as self-employed individuals working for multiple clients worldwide, require a payment system with global reach. This includes options like e-Wallets and bank transfers in local currencies. Ensuring timely payments is crucial for global freelancers, with international payments needing to comply with local laws. As businesses expand, partnering with a payroll provider supporting Employer of Record (EOR) services, such as Rippling, AtlasHXM, and Gusto, can help manage global payment regulations and security threats, enabling small and medium businesses to prosper.

In addition to what has already been said here, I'd say: Wise - Freelancers working with clients from different countries use Wise to save on currency conversion fees and transfer costs. Payoneer - Widely accepted on platforms like Upwork, Fiverr, and Freelancer.com. Revolut - Freelancers who travel frequently use Revolut to manage their finances across different countries and currencies. Venmo in US - Freelancers in the U.S. use Venmo for quick, casual payments from domestic clients, especially for smaller amounts. Zelle in US - U.S.-based freelancers use Zelle for instant, fee-free transfers from clients who also use U.S. banks. Skrill - Freelancers can use Skrill’s prepaid card for immediate cash withdrawals or online purchases.

Minimizing transaction costs is crucial for freelancers to maximize earnings. Compare fee structures across payment platforms - look for competitive/waived rates on typical transaction sizes. Even slight differences compound over numerous payments. Many offer reduced pricing for high volumes too. An upfront fee analysis ensures more income goes directly to you, the service provider.

Optimising cost is one thing. But we need to see the full picture to understand WHY we pay what we pay. Younger, less known providers might be cheaper - but are you sacrificing on customer service and security? Or have you considered the conversion rate? Maybe the provider has the best rates but only 2 payments are successful out of 10 so your marketing costs are going to waste…. NEVER make a decision on pricing alone. ALWAYS consult a professional who can advise you how to set up an overall payment and banking plan for the organisation, and help you how to optimise the risks together with the fees.

When choosing a payment system based on low fees, freelancers should consider not only the upfront transaction costs but also any additional fees for currency conversions, withdrawals, or account maintenance. It's essential to compare the fee structures of different platforms and choose the one that offers the best value for your specific needs and usage patterns.

When selecting a payment system based on transfer speed, freelancers should consider not only the time it takes for funds to be deposited but also any additional processing or holding periods imposed by the platform or banking institutions. It's essential to choose a system that offers consistent and reliable transfer times to ensure timely access to earnings.

Stablecoins have proven to show success for fast transfers. Thousands of freelancers all over the world are getting paid in stablecoins like USDC, DAI and USDT In my experience, most of them are based in western countries and South East Asia BUT there is a lot of growth coming from Africa and Latam as we speak a revolution in payment systems is ongoing

Security should be a P0 priority for any remote payment system. The top features to be considered here are data encryption, Multi-Factor Authentication (MFA), fraud detection & prevention, secure payment processing and of course dedicated customer support for dispute resolution across the system.

By prioritizing security features like encryption, 2FA, fraud monitoring, PCI compliance, secure payment gateways, tokenization, and regulatory compliance, freelancers can mitigate fraud risks, protect sensitive information, and maintain client trust. It's essential to assess security alongside other factors when choosing a payment system for freelance work.

This is important as when there is a challenge or when things go wrong, you need the support and comfort over stressing or worse losses. These may come at a cost but the benefit of having it is worth it. Trust big brands that have been around for a long time or companies who have clear terms and conditions with easy access to support

Popular options include PayPal, TransferWise, Payoneer, and direct bank transfers. Each has its pros and cons, so it's worth considering which works best for your situation and location.

For remote freelancers, optimal payment systems prioritize convenience, security, and affordability. Leading options like PayPal, TransferWise (Wise), and Stripe offer seamless transfers, multi-currency support, and competitive fees. Others such as Payoneer, Skrill, Revolut, and Venmo provide additional features like prepaid cards and mobile banking. Consider factors like transaction costs and currency support when selecting the best fit.

For bulk payments Mukuru Enterprise is a great product that allows you to upload a batch and a quotation is generated, you only fund them and they disburse from their backend.

It's super important to consider compliance related topics for freelancers based in countries where the currency is only semi-convertible (like in India). For example, if you are a freelancer based in India, then along with receiving the payment, you will want proof that the payment was originated outside India. This proof is typically provided in the form of a Foreign Inwards Remittance Advice or FIRA and will be required by the freelancer to attain tax benefits and related tax filings. Please choose a payment system that takes into consideration the ease with which you will get a FIRA also!