Attention all freelancers: are your payments sluggish? Does it take weeks or even months to get paid?
This isn’t a new struggle for freelancers.
In fact, ever since the start of the freelancing industry, late payments have been a common part of life for contractors, but it really shouldn’t be.
The Gig Economy is Growing - Fast
Here’s the reality: the gig economy is growing by the day.
More people than ever are freelancing, which ultimately means that more people are getting paid for their work.
According to the 2017 “Freelancing in America” study by Upwork and Freelancers Union, “57.3 million Americans are freelancing (36 percent of the US workforce) and contribute approximately $1.4 trillion annually to the economy.”
This all sounds great, but the real problem starts to crop up when it comes down to payments.
We all know that finances can be sluggish regardless of the industry or sector you’re in. But for freelancers, payments are a unique concern because income can often be erratic and random.
It’s no secret that millennials are getting older and wiser. They’re becoming increasingly savvy when it comes to payments and the options they have available when it comes to work and their careers.
More and more of this generation are starting to freelance, which means more and more are experiencing the inevitable long and painful wait to see how long it takes to get paid once their work is done.
The “Freelancing in America” study found that “freelancers are predicted to become the US workforce majority within a decade, with nearly 50% of millennial workers already freelancing.”
With this new information, why are clients still so quick to put freelancer bills at the bottom of the pile when it’s already starting to thrive as an industry?
No Freelancer is Immune to Chasing Payments
The worst part is, most freelancers aren’t immune to late payments or having to chase clients for money. In fact, in every freelancer’s career, it’s likely they’ll finish their work at some point and have to spend weeks or even months trying to get hold of their clients and their payment.
According to the PYMNTS Gig Economy Index, “84 percent of surveyed freelancers said they do more work if they were paid faster.”
So, if the industry continues to expand at the rate that it is, it’s almost impossible to imagine just how much more work could be carried out if payments were made promptly by clients. And this would benefit everyone, not just clients, freelancers, and businesses.
Think about it: a surge in taxi drivers would make getting around at night safer and easier, while more writers would be available to spice up websites, and less customers would have to listen to the dreaded hold music while they wait for a customer service representative.
With more workers comes a bigger and better economy; one that’s continuously adapting and changing to meet current needs and trends.
According to the “Freelancing in America” study, “Freelancers contributed an estimated $1.4 trillion to the US economy this year and believe that a healthy freelance economy boosts America’s middle class (67 percent of freelancers agreed).”
So what’s the answer to the payment problem?
For freelancers, it’s about taking back control of the freelancing process.
Instead of clients making the decisions, freelancers should be ditching wallets, ATMs, and debit cards to receive business payments and cross-border payouts directly into their bank account, hassle-free.
This saves time and money, giving freelancers more resources to do actual work rather than chase payments, and it gives clients more options when it comes to choosing freelancers in the first place.
The Transpay Edge
For freelancers, online sellers, publishers and other recipients worldwide, our Get Paid service gives you one of the easiest ways to receive fast and reliable payments from your US-based clients — without the hassle of ATMs, eWallets, debit cards, or hidden fees. See for yourself why Transpay can solve your most challenging payment pain points.