If you’ve started a business in the digital age, you’ll quickly realize that moving money overseas is an important component in completing the work you do. Most small businesses begin by hiring contractors from outside their home country, and that’s where the standard digital wallet can help or hinder you as a business owner. Here are some of the everyday challenges folks face when trying to pay the contractors they work with.
Not every digital wallet allows you to send money to any country, and some will outright refuse to transfer money to a contractor working in a particular country. If you fail to pay your freelancer on time, they may withhold the work they’ve done. If you want to avoid this, make sure you view the FAQ (or contact support) for that payment processor. Ask them if they service the particular country you want to send money to.
Rates and Fees
Flat fees can kill a freelancer’s income, so they may do a job for you but suddenly be unavailable for the next gig. If this happens to you, check your wallet to make sure that the transfer fees aren’t hurting the freelancer’s income. There will always be some fees the freelancer (or you) will have to pay to transfer money, but you can find processors and wallets with reduced or minimal fees.
Paying freelancers will always be a challenge throughout the life of your business, so make sure you do the research now to find a good digital wallet you can use to transfer money. You will save yourself both time and frustration in the long run.