How can freelancers accept online payments with LetsPe?

Independent workers (freelancers) are growing rapidly; more Indians are applying for both full-time and part-time jobs, and some are making it big as freelancers. Since there's no constant wage coming in, it's important to collect payments from clients on time. For this, you need a payment gateway. So, now the question is: how do you choose the right payment solution for freelancers?

Freelancers and independent workers

India is nowadays the largest freelancer market in the world. There's a new work wave in the country. Over 15 million freelancers in India form part of this culture of independent workers. When various people take on a variety of short-term jobs and systems, or freelancers per se, they form part of this new and developing economy. In fact, 1 out of 4 freelancers globally is from India. These aren't casual figures. Several reports swear to the new work wave that’s taking over the country. About 38% independent workers and entrepreneurs take on at least 3–5 projects at a time. According to a report by Moneycontrol, the topmost Indian freelancers earn a normal salary of Rs 20 lakh per annum. This figure is over three times what a full-time, fresher job could offer.

Selecting the Best Payment Gateway for Freelancers

How to make sure to get paid on time:

Freelancers across the world work with one and only main goal in mind: to get fully paid on time! According to a survey of 500 freelancers in 2018, it was noticed that over 61% of freelancers were not paid on time at least once through their careers. Many freelancers also mentioned that they had received payments only after 3-6 weeks of invoicing, often creating a gap in cash flow.

Some freelancers are searching for ways to tackle these challenges. For starters, skilled professional freelancers mentioned that they provide discounts for early payments and charge for late payments to tackle these challenges.

The main challenges faced by freelancers and independent workers are:

• Negotiating project costs and fees
• Contract and legal suggestions
• Payment collection and the availability of payment methods

Invoicing and taxes

Payments are the greatest challenge faced by freelancers. Here’s what you need to keep in mind when selecting a payment gateway for freelancing:

Transaction fees:

Find out how much your payment gateway charges for every transaction. Compare, analyze, and make sure it does not have long-term indications.

Safety and security:

How secure is your payment gateway? Read reviews on external forums such as Quora or Reddit to determine what is reliable.

Processing time:

Freelancers need to check how much time payment gateways take to deliver their payments; the optimal time is T + 3 days.

Payment method:

Is your preferred freelancing payment option supported by the online payment gateway For freelancers, UPI makes it easy to receive payments online. Check that your digital payment gateway accepts debit and credit card payments, NEFT/RTGS bank transfers, e-wallets, and UPI.

How much money can you receive at once from your payment gateway?

It’s generally the buyer or the customer transferring the amount who pays for the payment processor’s services and consignment, and not the receiver. But, considering that the buyer or customer will probably be looking for the most affordable option, make sure you do consider the deal consignment before suggesting a payment option.

How LetsPe helps freelancers with online payments:

You guys were looking for a payment gateway, so we thought we’d make it easier for you. Freelancers are looking for quick, DIY platforms where they have more control over their work, clients, and payments. LetsPe is enhanced by the latest online payment trends that permit the freelance workforce to use it like any consumer product. The crucial products of LetsPe that facilitate digital payments for freelancers include:

Creating payment links:

The cost to a freelancer is only suffered when he or she makes a deal. There are no fresh set-up consignments, over-frontal costs, and it doesn’t indeed bear a whole lot of technological know-how.

Request payments in bulk:

Using LetsPe Payment Gateway, freelancers can grant their clients the choice to pay with any mode, including debit/credit cards, wallets, net banking, UPI, and bank transfers via NEFT.

Faster payouts:

In a hurry? Freelancers can earn a little additional money by using the Instant Payouts, Next Day Payouts, or Same Day Payouts features. You get customer payments on time and have the funds in your account within minutes.

Read in Detail - Importance of Payment Gateways For Freelancers

Invoice Generation:

Keep track of all your payments with the help of the LetsPe invoice generator.

Conclusion 

A payment gateway for freelancers should allow for clear communication channels for both the client and the freelancer. LetsPe is a simple, DIY online system that makes easier, more timely payments for you and your freelancing career. No mediator work, no IT skills needed, no setup fee.