Freelancers need reliable payment processing options to accept cash, checks, credit cards and electronic payments from clients. While several options are available, there are main considerations when choosing a payment system: the cost of transactions and features.
To ensure that freelances get paid quickly and efficiently, following are six payment processing options to consider.
Payment Processing Options
PayPal has been the leading payment processing option for many years now and for good reason. It’s reliable and easy to use, even if the costs aren’t as low as they ought to be (PayPal takes 2.9% + 30c for every transaction you make). They changed the site to make it easier to send, receive and transfer money.
Google Wallet is not quite as popular as PayPal, but it’s still a customer favourite. It syncs with your mobile device and, in general, it’s easy to use. There are two drawbacks to using Wallet. First, you can’t customize it for your website. And second, the fees are the same as with PayPal, except the transaction cost goes down as the amount you transfer increases ($3k – $9,999 – 2.5% + 30c, etc.).
JustWorks is a lesser known option oriented towards businesses with employees. They offer a Basic and a Pro plan, with rates starting at $40 per month. It’s probably not a good option for freelancers, but keep it on your radar as your business grows.
Square, or SquareUp, makes it easy for freelancers to accept credit card payments from Visa, MasterCard and other companies from mobile devices. The processing cost is 2.75% per swipe and 3.5% + 15c per manual entry.
Dwolla is a new service that’s only available in the United States. The transaction fee is only 25 cents per transaction over $10, and free for transactions under $10. This is good news for US-based freelancers who serve clients in the United States. For freelancers in other countries, consider other options on the list.
Shark Payment Solutions is the leading choice for high-risk merchant accounts and have reviews as proof. Unfortunately, their fees and pricing are not listed, but expect them to be higher because they are oriented towards high-risk processing. Also, the cost will vary depending on the type and level of risk.
What About You?
Do you use any of the payment processing options on the list? If so, which do you use and what do (dis) like about them?
About the Author:
Kate Ashton is a writer at SharkProcessing.com. Shark Processing is a wonderful source for start up, small & medium-sized business owners & merchants to check plenty of genuine & unbiased high risk merchant account reviews & articles before opting for one. Connect with Shark Processing through Facebook and Twitter.