Editor's Note: This article was originally published on April 16, 2019, on the blog of Hubstaff.com, a company that provides staff monitoring through time-tracking software.
Managing a remote team may seem overwhelming and complicated at first, especially with logistics like payments to think about. And the truth is, companies can waste a ton of money by not using the best services available to pay independent contractors and remote employees online.
The reason why choosing a payment service provider is challenging is because the services themselves make it very difficult to figure out exactly what you are being charged.
In this post, we will discuss how to pay independent contractors and other remote team members, as well as the top contractor payroll methods that you can use.
Unlike some of the other payment services, Transpay is focused on business transactions with international teams or customers. Their features and payment options are tailored toward offering a cost-effective, scalable solution for businesses.
At a glance:
- Local bank transfers can be complete in a few hours; cash transfers can happen right away.
- Extended reach thanks to availability in many countries.
- Hard to decipher fees until you know the amount, time and method of payment.
- Very good coverage – 90% in-market coverage in over 120 countries and 60 currencies. Source: Transpay
- The fees vary based on the country and volume, and in some cases they require a minimum monthly fee/maintenance fee.
- The exchange rate is quoted at the time the transaction is placed and varies by country.
Ease for sender:
- Does it require keeping a balance to cover payments?
- Yes, and accounts can be funded in USD, CAD, GBP, or EUR
- Can you pay via credit card?
- Can it be automated with Hubstaff?
Ease for receiver:
- Does it go straight to their bank account?
- Yes, they can also receive a cash payout in many countries
- Do they need to create an account?