As a freelancer, you likely want to get paid as quickly and efficiently as possible. Luckily, there are several payment options available to you. In my experience as a freelancer turned small business owner, I’ve tried multiple payment options. As I’m sure you can understand, my main goal was (and is) to pay the least amount of fees possible. While there are a ton of payment systems out there, a lot of them take hefty fees yet don’t provide a simple or streamlined experience. After some trial and error, here is how to get paid as a freelancer based on personal experience, including the four best payment options and the benefits and drawbacks of each.
How to Get Paid as a Freelancer with 4 Payment Options
Whether you’re a seasoned freelancer or just starting out, it can be tough to know how to get paid as a freelancer. Luckily, there are a few different ways you can get paid as a freelancer, and the method that best suits your needs may depend on what type of work you do. Keep reading to discover which payment method will help ensure your business runs smoothly.
1. Physical Check
The most significant benefit of getting paid via physical check is that it’s free. You don’t pay any fees to receive the payment or deposit it into your bank account. The drawback of how to get paid as a freelancer via physical check is that it’s slow. You likely won’t receive the check until a few weeks after the payment is due. Then you must wait to ensure the check clears once deposited into your bank account. That could be an issue if you require payment before starting a project. However, if you accept payment once a project is complete and don’t mind waiting a little longer for your payment, it’s a great option because it’s 100% free.
2. PayPal or Venmo
I’ve used both PayPal and Venmo to receive payments from freelance clients. PayPal is known for its fees, but you’re only charged them if your client selects that it’s a business payment. If they don’t, PayPal doesn’t take a cut from your invoice. Venmo used to never charge fees, but since PayPal acquired them, they’ve set up a similar structure and charge you a fee for payments when you have a business profile. The benefit of getting paid via PayPal or Venmo is that it is simple for you and your client. Clients can pay directly through their bank account, and they aren’t charged a fee. Additionally, most people are familiar with and comfortable paying through these two payment options. The drawback is that there is a chance you’ll pay a fee of around 3% + an additional fixed fee for each payment you receive.
3. Direct Deposit
Direct deposit is a convenient payment option if your client has a payment software set up for their business. They can simply add you as a contractor and link your bank account for a direct deposit. The benefit of direct deposit is that you don’t have to worry about fees. The money simply gets deposited into your account. The drawback is that this is only a viable option if your client has a system in place and is willing to pay you in this capacity. When you have a conversation about pricing with a client, it’s worth asking if they have payment software. Sometimes, clients like to keep all their payments in one place and are more than happy to do direct deposit.
4. HoneyBook
I consider HoneyBook one of the best online payment options for freelancers. It provides solutions to each issue with the other payment options described above. Plus, it has unique features and added benefits that make freelance life way easier. If you’re looking for a one-and-done solution for how to get paid as a freelancer, this is it. The benefit of HoneyBook is that they make it easy to invoice your clients and receive online payments all from one platform. But that’s not all. You can also send proposals and contracts and even set up automatic payments once a project is complete (no more waiting around wondering how to get paid as a freelancer!). The drawback is that HoneyBook does charge a fee, but it is less than most other online payment options. For credit card or ACH payments, you’ll only pay a 1.5% fee.
If you’re interested in learning more about how to get paid as a freelancer using HoneyBook payments, check out this blog post.
If you’re ready to try Honeybook to see if it is one of the best payment options for you, use this link to get 50% off your plan.
Now You Know How to Get Paid as a Freelancer
So, there you have it! Four great payment options for how to get paid as a freelancer. If you’re just starting out, I highly recommend using HoneyBook. While there are benefits of other payment methods, HoneyBook makes the entire process so simple and streamlined. Plus, it is very professional and offers tons of other benefits that make the investment more than worth the reward. Plus, you can use my HoneyBook 50% OFF link to get any plan 50% off for the first year. While I do earn a small commission if you use my link, I would never recommend a small business tool I don’t use. As always, feel free to reach out to me with any questions! Happy Freelancing!
