Being an online teacher nowadays is an exciting venture now that more homebound students are looking for virtual classes this 2020. According to Freelancers Union, the boom in online work only proves this, with almost 57 million Americans doing freelance work in 2019 alone.
So if you want to jumpstart your freelance teaching career, there are several things you have to consider, and perhaps one of the most important ones is how you get paid. If you’re confused about the new ways of transaction nowadays, don’t worry because receiving payments is now made easy and efficient with technology.
Here are some modes of payment you can choose from to help you find the most accommodating transfer for you.
Exploring Different Payment Options For Freelancers
The classic bank check deposit has always been the norm for many. With no additional fees, you are assured that you get the full payment you deserve. The downside, though, is that there are possible delays in its mail transfer as it arrives and clears into your bank account.
2. Electronic Transfer
If you’re in for innovative modes, you can choose to get paid via Electronic Funds Transfer or EFT. It works by directly moving your funds from bank to bank without involving apps or credit card processors. However, funds can take around two to four business days, but at least you don’t have to transfer it again to yours, just like how PayPal works.
Most commonly used by freelancers because it’s easy. Clients transfer funds to your account electronically, and once you receive them in your PayPal account, the amount instantly appears. But, transfers to your bank account may take more time, so if you’re in immediate need, you may pay additional fees. There’s also an option for a PayPal debit card if you want to spend using your PayPal balance instantly.
Sign-up is free, but you lose 2.9% of it to transaction fees based on the amount you expect to receive for PayPal payments you receive. While it seems only a fraction, if you consider PayPal for a long time with multiple transactions, the sum amount can pile up, therefore, losing significant money on fees instead of it all ending up yours in full.
4. Credit Cards
Payments via credit cards are processed through PayPal as well or any other online payment system.
Some freelancers take the extra step by getting their credit card processing equipment to receive payments. It requires wireless credit card terminals, processing software, or a merchant account. Others even get hardware that works with mobile devices to cut the need for bulky terminals at checkout counters.
The Bottom Line: Getting The Moolah Freelancers Deserve As Seamless As Possible
It’s important to consider that most freelance teachers who use this mode of payment use apps or other service providers to get paid. Some of these options include Google Wallet, Square, or Quickbooks. Nonetheless, the list above explores some of the most reliable gateway options that offer both credibility and convenience for freelancers across the world.
How Can We Help?
If you’re looking for more different online payment methods that you can integrate into your business, Payment Page is your best option! We aim to make it easier for you to implement, making it possible to receive global payment support in just a few clicks with our WordPress plugin that helps create a hosted payment page seamlessly.