The idea of working online can excite you, but if you haven`t done it before, the question of how you will get paid can hold you back.
You are used to getting paid physically, and here everything is done virtually – you can`t even see who you are working with. This shouldn`t worry you anymore.
Depending on whom you work with or which platform you work through, you will decide how you can be paid—as long as you deliver quality content.
There are various options through which you can transact on every freelancing site.
The good thing is that most online payment methods are applicable worldwide.
This article explores genuine online payment methods to help you transact safely online.
Bank Wire
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| Source: First Horizon |
This is one of the safe and easy-to-use transactional methods.
It is an electronic payment that involves sending money from one's bank account directly to another`s.
Since transactions happen between legit banks, hackers can't access money transferred.
Making it easy, it doesn`t require logging in. The only requirement is your bank account details.
To withdraw money through this method, especially when working with a freelance website, you`ll need to fill in a bank wire form with your bank details. After filling out the form, you will be asked for a SWIFT code.
To get the SWIFT code, you can call or contact your bank on social media, and it will be provided for you. Optionally, you can search for it online, and you will find it.
Here is a screenshot example of how to search for a SWIFT code online:
You will then enter the SWIFT code in the required field and submit a withdrawal request, and the transaction will be facilitated.
If you are working with a direct client, you only need to give them your bank account details. They will give them to their local bank to facilitate the transaction.
Bank wire transactional charges range from $0 to $50, depending on the bank or freelance site, and the transfer process takes only 1–5 days.
Skrill
With this method, transactions can take up to 24 hours but are mostly instant.
To use this money transfer method, you have to set up an account, which involves adding your bank account and debit card details.
Then you will be required to verify your account. During the verification process, you will be asked to deposit a small amount of money, which you can withdraw later.
What`s better, there are various currency options such as the dollar, pound, euro, riyal, shillings, etc. You can set up the one you want.
Whenever somebody sends you money, you will be able to withdraw to your local bank, cryptocurrency wallet, M-Pesa, etc.
Concerning security, the Skrill site is protected through 128-bit encryption technology, making data inaccessible to hackers.
Additionally, it is multi-licensed, making it eligible to serve many countries.
Here is what happy users say about it on Trustpilot, where it has 4-star reviews:
Skrill is most easiest and broad money…
Skrill is most easiest and broad money transfer and receiver app. You can easily withdraw your payment from Skrill. This is 100% secure and legit. I recommend everyone to join Skrill— Adeel Prince.
Payoneer
More than transactional speed, security makes a money transfer method reliable—and Payoneer encompasses all these qualities.
To enhance security, Payoneer uses a 3D security protocol, which generates a one-time verification code when transacting. This adds an extra layer of security because unless one has your mobile phone number, they can`t receive the code and access your account.
It also uses HyperText Transfer Protocol Secure (HTTPS) to encrypt communications and hinder unauthorized access to users` data.
To prove its eligibility, it is a multi-licensed money transmitter in more than 50 countries and has 4.39-star reviews on Sitejabber.
Besides, it has two withdrawal options, free and paid, which are:
Immediate Load
This option enables you to receive cash in your account instantly. However, you`ll be charged 1.2% of your withdrawal amount.
That means if you withdraw $100, you will receive $98.8.
Standard Load
This is a manual option that doesn’t cost (or costs less than the immediate load option in some freelance writing sites). However, it takes 48 hours (2 days) for the money to get into your account.
Moreover, Payoneer has a Global Payment Service option where you can get a Payoneer US Bank account number. This enables withdrawing through Automated Clearing House (ACH) if you work with sites like Upwork.
Transacting through ACH is free and fast. You get the money into your Payoneer the same day.
You can withdraw your money from Payoneer through your local bank or Mpesa.
Withdrawing from Payoneer to your local bank is also free, and the processing takes only one business day.
PayPal
This is one of the main online money transfer methods many freelance writing websites use. That`s because of its efficiency and convenience.
In PayPal, the money transfer process happens instantly or within 24 hours, depending on your withdrawal amount.
You can use this money transfer method by signing up for an account and setting your desired currency.
Then, you can withdraw your money through Mpesa or your local bank.
To safeguard data, it uses Secure Socket layers hindering unauthorized people from accessing data.
Moreover, it seals clients' debit and credit card data through tokenization. This is a process that replaces actual card data with a unique code so cyber criminals can`t read and steal it.
Also, it has financial licenses from various countries, making it lawful to provide services in many nations.
As a customer satisfaction, it has positive online reviews. An example is the 4.0-star rating it has on Trustradius.
Wise
Even when you don`t have an account, through this method, a client can still send you money—how convenient!
Additionally, money is transacted instantly.
To transact through this service, register for an account. Then submit your Wise details to your sender and he/she will facilitate the transaction.
The information you send should match the details you used to sign up for your account, which are
- Full name
- Email address
- Country
- City
- Address
- Postal Code
- Bank Name
- Account number
- M-Pesa mobile number
Your sender can still submit a money transfer request even when you don't have a Wise account.
To do that, the sender will use the recipient`s name and email address. The recipient will receive an email asking them for their bank details. After submitting them, the transaction will be facilitated.
When it comes to security, Wise complies with the Payment Card Industry Data Security Standards (PCI-DSS), which entails
- Securing a site communication through a Secure Socket Layer certificate
- Monitoring and blocking malicious traffic through web application firewalls
- Using antiviruses to identify and prevent any malware
- Scanning and updating malfunctioning and outdated security software
- Restricting access to the users` data to a few specific people
It is also multi-licensed, allowing it to provide services across many countries.
Apart from that, Wise has a 4.5-star rating on Trustpilot, meaning it fulfills clients` needs.
Paxful
If you love cryptocurrency, this is the option to choose. Apart from transacting, you can do crypto trading.
In Paxful, transactions are sealed through encryption technology to block scammers from accessing the money being sent.
To withdraw money from Paxful, log in to your account and click on the bank option. Then convert the cryptocurrency into your preferred currency and choose the method through which you want to withdraw.
You can withdraw Paxful money through your bank account, Mpesa, etc.
The withdrawal process happens within 24 hours.
If you wish to do a crypto trading business in Paxful, your money will be safe, and the payment is guaranteed since the bitcoins are held in escrow until the buyer pays.
Escrow is a third-party service that holds money before it is transferred to the recipient. Neither the buyer nor the seller can take the money until the buyer confirms the project is done; then the money gets released to the seller.
Paxful is one of the fastest and safest ways to send and receive money
It uses BitGo as a wallet service provider, one of the safest online wallet providers.
BitGo uses multi-signature security keys to validate transactions, making users` data unhackable.
Additionally, it uses two-factor authentication in logging in as an additional layer of security.
You can access Paxful worldwide as long as your country accepts cryptocurrency.
MPesa
This is a mobile banking service that operates offline and online. It allows users to store and transfer money worldwide.
You can use it on freelance sites or with direct clients.
Upwork and money transfer methods such as PayPal and Skrill have it as a withdrawal option.
When it comes to safety, Mpesa uses encryption to secure transactions and users` personal information.
Apart from the usage of unique personal identification numbers (PINs), it also allows the usage of biometric payments, which enhances safe transaction verification.
Biometric payment refers to the usage of body parts such as fingerprints or facial recognition to verify money transfers.
The only details you need to facilitate transactions through this service are your Mpesa number and PIN.
You can also link your M-Pesa number to your desired money transfer account like PayPal, Payoneer, Skrill, etc. Then activate it, and start enjoying the service.
It takes 1–30 minutes to withdraw money through M-Pesa.
Importance of Online Payment Methods
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| Image by Kindel Media: Pexels |
Online payment methods facilitate online businesses. They make it easy to buy goods and services in the comfort of your home, and that`s because
They Are Efficient
Online payment methods save time and money. You don`t have to sign cheques or stand in queues when transacting. Transactions happen just in clicks, making them much faster.
Additionally, these methods have lower transactional charges than offline ones. For instance, you only need $3.98 to send $100 in PayPal as opposed to offline bank transfers, which cost $25–$50.
They Are Secure
One can't steal your money when transacting through online money transfers. This is because transactions are quick and protected through encryption technology, hindering people from accessing and stealing money.
Also, users' data is protected through Secure Socket Layer certificates, which hinder hacking.
To secure credit and debit card data, online money transfer methods use tokenization.
Moreover, they use firewalls and antiviruses to create a barrier for malicious traffic and software, which discourages pharming.
They Are Convenient
Online transaction methods are cloud-based, making them accessible from anywhere provided there`s an internet connection.
You can transact on any day and time, not only on business days.
Furthermore, in some online transaction methods like Mpesa, you can even reverse transactions if you accidentally send money to the wrong person.
There Are Many Options
You are not obliged to stick with one payment method. If one doesn`t work in your country, you can choose another one.
Moreover, you can find one with an affordable transaction fee to cater to your needs.
What`s more, each online payment method has its features so you can choose your preferred one. Others even enable users to trade within them e.g. Paxful.
How to Discover Fake Online Payment Methods
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| Image by Mikhail Nilov: Pexels |
In every business, there are trustworthy and untrustworthy entities, and online transactional methods are no different.
Using any money transfer method blindly can expose your personal information and money to hackers.
You should examine the trustworthiness of the company before signing up, and here are tips to help you:
Read Online Reviews
The best way to know the legitimacy of a company is through the opinions of people who already used it—that`s what online reviews entail.
If an online payment method has positive online reviews, it means it`s legit, and vice versa.
However, unreliable companies sometimes pay freelancers to write them positive reviews. Therefore, you should ensure to read reviews from authoritative review sites, some of which include:
Use a Secure Online Payment Method
Secure websites use HTTPS, which is indicated by a security lock icon in the address bar. This encrypts communications blocking scammers from stealing users` data.
Here is what a secure lock icon looks like:
Conversely, if you see a triangle icon with an exclamation mark in the middle, know that it`s unsafe to submit your credentials.
An unsecured website icon looks like this:
Read Privacy Statements and Licencing
Online payment transfer websites have privacy statements indicating how they protect personal data. This assures you of your safety on the site.
On the other hand, eligible sites should be licensed. If a site is not licensed it shows that it can`t be responsible for users' problems. Therefore, ensure to work with only licensed online payment methods.
Sites licenses are usually indicated on the footer of the sites.
Choose Your Online Payment Method
There are many online payment methods to choose from depending on your country and your freelancing company or clients.
If you want a payment method in which you can trade, choose Paxful. If you need one that offers free transactions, Payoneer will help.
However, as a freelancer, you should register for many online payment methods listed so you can be ready in case you find a client who uses any of them.
What`s important is to first verify the legitimacy of a site before registering to avoid being scammed.
Don`t forget to share this content so others can benefit as well.
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