Freelancing is the most beneficial method of income for youngsters. Freelancers move from 9-to-5 employment to freelancing in a variety of fields. As a freelancer, you can enjoy flexible working hours with a competitive compensation package. It’s no surprise that freelancers are hardworking individuals, with many working week-to-week for around 30-50 hours.
Freelancers work on a variety of projects for a diversified clientele all around the world. There is no specific salary to be received at the end of every month, but late payments are becoming more important. As a result, it’s critical to discover a reputable online payment system that ensures your services are paid on schedule. What could be better than an online invoice payment processing solution?
How can multiple payment methods help freelancers to grow their business?
Having multiple payment options can help freelancers grow because it gives their clients the flexibility to pay in whatever way they prefer. For example, some clients might want to use a credit card or PayPal, and others might not have these means of payment. Multiple options can offer peace of mind for both the freelancer and their client.
There are other advantages that come with having more than one option as well. The main benefit is that- Multiple payment gateways are a great way to expand your business. Different methods often provide higher conversion rates to freelancers because it’s easier on their clients who may not have one specific method to pay them back. With so many different choices available, there’ll be something there for everybody.
Freelancers can offer buyers a variety of ways to pay for services such as PayPal, Stripe, Razorpay, etc., with options such as debit card payments and apps. Such payment methods allow clients with different needs to use other forms of payment. It is no longer necessary for the worker to determine which credit card or e-wallet the customer might have available, making the transaction process more efficient and profitable.
Furthermore, it is now possible to charge customers in seconds or minutes after they purchase a product without having them leave the site.
Understanding the key benefits of providing different payment options to clients
Source: PayKun
1. Retain current customers
Retaining current consumers is generally simpler and less expensive than acquiring new ones. Customers may have their favorite payment option, but that does not imply they will stick to the same one in the future.
Customers will alter their payment method to what is most convenient for them at the time or according to current circumstances. Apart from that, they will like a new payment mechanism that they have only recently discovered and appreciate more than they had previously.
As a result, even if your customers have been purchasing from you for years, you should provide them with new payment options. Customers want to discover something new and different. It might be tedious to perform the same thing day after day. As a result, it is critical to research and poll existing consumers regarding their preferred payment methods.
2. Make way for new clients
Millennials are more likely to become your newest consumers. They embrace digital payments far more than older customers. Cash, debit, and bank transfer are preferred payment methods among older customers.
The most accessible approach to attracting these new consumers is to show that your firm accepts current technology and continuously seeks new ideas and inventions.
Each payment option is tailored to attract a diverse audience of consumers. By focusing on this aspect of exceptional customer service, you may win over more individuals and boost sales.
You can also attract international clients because some of the additional payment methods you offer may handle multiple currencies and comply with foreign payment regulations.
3. Better cash flow
A variety of payment options are used over time. If you stick to only one payment approach, you may not view your funds in your account.
Taking other payment options like direct debit, cryptocurrency, and e-cash allows you to receive money almost immediately, allowing you to maintain your cash flow up at all times – a crucial technique for keeping your business going through every cycle.
4. Increase sale size
Multiple payment options give sellers more flexibility and can increase sales. Customers who like to shop online are typically attracted by the prospect of low prices on a wide range of goods. Customers, on the other hand, may profit from specific payment options.
Customers may get discounts or rebates on occasion. They will have a stronger liking for your company due to the savings they make and the additional services they receive.
Follow-up question: Which are the best payment methods? Read the following section to know the answer.
Nine best payment methods for freelancers in 2021
We have compiled the list of the nine best payment methods for freelancers to make life simple in 2021:
1. PayPal
PayPal has successfully set the industry standard for online payment security and identification. You may now offer your customers a better experience when making purchases or sending invoices thanks to its assistance. It allows customers to save time by paying their bills on schedule using a straightforward menu of options.
Customers can access the service anywhere, on whatever device (PC/mobile), using Invoicera’s high level of expertise.
2. 2checkout
2checkout payment gateway is a popular and extensive service provider in the digital payment processing business. It delivers guaranteed fraud protection, allowing you to accept payments securely online.
Every purchase gets a unique number that allows you to keep track of your sales throughout the entire processing cycle. It evaluates what you’re selling, how much the buyer is paying for it, and whether or not to approve or reject the transaction – all in real-time.
3. Sage pay
Sage Pay is without a doubt one of the most effective internet transaction systems available. They’ve obtained an edge over competitors due to their aggressive pricing.
But, not only do they have competitive pricing, but their system also offers improved levels of security. Its goal is to make processing secure and efficient.
Are you looking for the best multi-currency accounting software?
Sign up to try the best freelance invoice software that offers multiple freelance payment methods here-
4. Bambora
Bambora is a worldwide payment service that allows e-commerce businesses to receive international credit card payments from consumers worldwide. You can accept payments in different currencies securely and transparently, and it also eliminates exchange rate exposure when accepting foreign currencies.
It’s a smart choice for businesses looking to serve Eastern Europe, Western Europe, the US, and Canada with one reliable platform. It also provides tools to manage their finances across multiple countries, currencies, and exchange rates.
5. BluePay
Bluepay is ideal for companies because it supports a variety of platforms. It. Allows you to get paid faster with competitive fees and clear statements that give you a comprehensive picture of your transactions.
Safeguard your company with its industry-fraud prevention capabilities, including chargeback prevention and risk mitigation techniques that are still adjustable enough to fit any business. You can get paid in any currency you choose, which helps you do business on a global scale without having to worry about foreign exchange fees or associated costs.
6. Braintree
Braintree Payment Gateway is a popular payment gateway that lets businesses and customers make payments. It includes lightning-fast processing, minimal costs, and credit card authorization built-in.
Braintree can handle transactions for clients from over 100 countries. It also supports a wide range of credit cards issued by all major US banks and many thousand other international financial institutions that are members of the MasterCard or Visa networks, including nearly all card types used throughout the world.
7. Stripe
One of the most well-known payment gateways today is Stripe. It can handle a wide range of transactions at a cheap rate. The difference is determined by how big your company is and how many transactions you’re executing.
The credit card processors collaborate with substantial banks across the United States (and other countries) to allow merchants to accept credit cards without establishing new merchant accounts.
8. Razorpay
RazorPay is a payment gateway for Indian businesses that allows them to take payments on their websites and mobile apps. It’s a well-known, stable, and versatile solution with complete control of your account.
The developer-friendly APIs allow you to quickly connect your business’ website, and the simple connection protects consumers.
9. Alipay
Alipay is a highly reputable payment solution with 700 million users across the world. It supports transactions in 14 major foreign currencies, offers free additional escrow services to assist customers, check items before releasing funds, and is secure because it’s based in China.
It also accepts payments via Bancário,Transferência Bancária, Maestro, Boletos , WebMoney, and Visa and MasterCard.
What makes Invoicera the best choice among freelancers?
Today’s business world presents its own set of problems when it comes to operating an online business. To keep yourself ahead of the competition, you’ll need access to the most up-to-date technologies that enable your company’s operations. There are few alternatives for combining numerous payment interfaces into a simple-to-use integration solution because most online businesses rely on a single payment gateway.
Invoicera is an online invoicing program that lets you link numerous payment methods into your billing system. Rather than searching for different possibilities, you may focus on improving your company’s operations. It has twelve connected gateways, making it simple for businesses to take credit card payments from various providers.
Being the best accounts payable management and accounts receivable software, it helps your eCommerce business succeed by offering an extensive range of multi-currency and multi-payment processing solutions that can be integrated into virtually any eCommerce solution. It also provides flexible API connections to fit your business needs along with an excellent mobile invoicing app for easy access from anywhere.
Closing Thoughts
Freelancers are the backbone of many businesses, and one way to increase their productivity is by offering multiple payment options. Offering different ways for clients to pay can help you retain current customers, attract new ones, and better your cash flow. In 2021 we’re expecting nine more popular payment methods that freelancers need to be aware of to stay competitive when it comes time for billing.
Are you interested in knowing more about Invoicera? Request a free demo of invoicing software for freelancers to check out how well it integrates with other software tools so you don’t have any extra work on your plate while still getting paid fast and easy–no matter what kind of customer you might have!
Does your business provide different payment gateways to customers? Which gateway would you prefer?
Share your views in the comment section.
Thanks for reading!!
