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How To Receive Money As A Freelance Graphic Designer?
Whether you are a freelancer, consultant, or owner of a small business, it is critical to get money for your job on time. Nothing is more infuriating than chasing clients for the same invoice numerous times when you should be spending that time creating your design portfolio. Additionally, late payments can have a significant negative impact on your cash flow.
Fortunately, there is a subset of graphic design tools specialised in fulfilling the demands of freelancers, including money collection and management. Use Blue Sky Graphics to learn graphic design and start earning money. If your business requires frequent recurring payments, such as a project fee divided over several months, a retainer service, or even site hosting, these tools can assist in simplifying the process.
We will go through several different methods for automating payments for repeat clients or long-running projects in this post. These solutions will help you to collect payments from clients without difficulty, allowing you to sleep well knowing that you will be paid on time.
Debit card
Direct debit has existed for a lengthy period. You are probably already utilising this technique to pay for home bills, your mobile phone, and other items. It is the preferred mode of payment for major businesses, such as electric and gas suppliers.
Direct debit is the simplest method of collecting recurring payments from your clients. You may set up a direct debit to collect various amounts from your client’s account at certain times. To do this, your client must enrol in your direct debit system, and you must notify them in advance of the amount being collected and the day on which it will be deducted from their account.
The disadvantage for small enterprises and freelancers is that obtaining approval for the direct debit method may be difficult. Banks and building societies will want guarantees, which might take weeks to process.
Standing order
A standing order is another good method of automating payment collection. This is the conventional form of remuneration. The account holder asks the bank to pay a specified organisation or individual on a regular, set basis. Unlike a direct debit, the amounts cannot be varied, and you cannot start payments directly. Everything is completely under the client’s control, and they can stop payments at any time. There are no fees associated with collecting payments through standing order.
PayPal
PayPal is one of the most well-known online payment processors. Apart from purchasing items on eBay and transferring money to friends and family, you may also utilise this popular platform for commercial purposes. Create a business account or upgrade an existing PayPal account to receive regular payments.
If your customer has a PayPal account, you may set up subscriptions to charge them for preset sums automatically. Within your account, you may easily manage all your subscriptions, including stopping subscriptions and adjusting the amount or date of payments. Additionally, PayPal will give you a useful email reminder when a payment is collected.
The main disadvantage of utilising PayPal is that it is a rather expensive alternative – 3.4 per cent plus 20 cents per paid request in the United Kingdom. However, depending on the nature of your firm, you may qualify for a discount.
Payoneer
Payoneer provides freelancers with convenient payment alternatives for paying and receiving payments from businesses and marketplaces globally. Fast, flexible, and low-cost freelancer payment options make it simple and cost-effective to send and receive cash for freelance work performed internationally. Receive money for freelance work performed on marketplaces such as Upwork and Fiverr or from any UK or European firm directly.
Stripe
Stripe is an online payment system geared for internet businesses that enable online merchants to take credit card payments through their website easily. It is designed to be adaptable and code-driven, which means that anyone with some technical expertise may connect it with any website or create a bespoke application.
For your own business, you may direct consumers to a URL, collect their credit card information, and set up a subscription service that will bill them on a periodic basis. Stripe will then process these transactions. Stripe simplifies the process of collecting card payments by eliminating the need for a complex application procedure or PCI compliance standards.
Stripe offers excellent instructions, but setting it up requires some technical knowledge, and, like PayPal, there is a hefty transaction charge. In the United Kingdom, the initial cost is 2.9 per cent plus 30 cents for each transaction, or 1.4 per cent plus 20 cents per transaction for EU cards, with no monthly fees.
GoCardless
Establishing a direct debit system with the bank may be a lengthy and costly process. More significantly, your bank may reject your request to use a direct debit method. That is where GoCardless enters the picture. GoCardless is a simple-to-use direct debit solution.
Join GoCardless, and you will be able to receive recurring payments via direct debit. Give your clients an automated form to complete. You may configure it to collect money from your client on a regular basis automatically. GoCardless is like a typical direct debit system in that the amount collected varies with each payment.
GoCardless is a straightforward and simple-to-use service. You can manage all your recurring payments from the dashboard, accept both one-time and recurring payments, and are alerted promptly when you are paid.
Cryptocurrency
Bitcoin enables freelancers to send and receive money from anybody in the world. For solopreneurs and small company owners, virtual money is a feasible payment option. Whether you are being compensated for a service you perform or investing in tools and programmes to help you grow your freelancing business, digital cash may be utilised for a variety of purposes.
Bitcoin is a decentralised cryptocurrency that is gaining popularity and power as a payment mechanism alternative to established currencies. Since 2008, digital cash has been growing and developing, both in terms of reach and in terms of its network structure – the blockchain.
Due to Bitcoin’s decentralised architecture, no one authority has power over it, which implies that no single individual or organisation can dictate monetary policy or steal money from another. Payments are not reversible.
