As a freelancer, the importance of having a means of receiving payments from clients cannot be overstated.
Sometimes, it may be more convenient to use a regular bank account.
Imagine being unable to land a client because they live in regions that forbid financial dealings with yours.
Here is where alternative payment methods come in.
What Are Alternative Payment Methods (APMs)?
Alternative payment methods are substitute financial platforms that help you get paid as a freelancer.
Unlike traditional banking, they don’t necessarily involve physical assets like cash, credit, or debit cards.
Despite their popularity, many people only know a handful of APMs, with PayPal foremost on their minds.
With a few taps, you might make andreceive payments through Payoneer.
It’s easy to navigate the platform’s interface and keep track of your transaction history and account balance.
One advantage of Payoneer is the speed of transactions.
The platform is recognized in over 200 countries, and there are about 150 currencies available on the platform.
Transactions from Payoneer accounts are free in the following currencies: USD, JPY, EUR, and GBP.
It also takes up to a week for your money to reflect in your bank account.
2.Skrill
This payment system allows users to send money across different countries.
The service also offers cheap transaction fees, which stands out the most.
It supports transactions using your email address and has a high-security level and fraud control.
However, Skrill also places certain limitations on accounts.
For example, you cannot withdraw over $2,000 at one go.
Additionally, it takes 2 to 5 working days to complete any funds transfer.
If you perform a transaction over the weekend, it will take longer to complete.
The withdrawal fee is flat at $5.50.
you might learn ’s fees and structure on its website.
The advantages of using Neteller are its availability in several countries.
A major disadvantage is the transaction fees.
4.PayPal
PayPal is the most popular APM for many freelancers for several reasons.
For one, it takes about 24 hours for transferred funds to reflect in one’s bank account.
For cross-border transactions, charges can get up to 4.4%.
PayPal is available in more than 200 countries today.
Its biggest disadvantage is the higher account fees compared to other payment methods.
Also, your account could be frozen at their discretion without any prior notice or infraction of rules.
It’s also rife with malicious instruments and users.
You want to be wary ofPayPal chargeback scams and how to avoid them.
5.Square
Making and taking payments on Square is fast, straightforward, and secure.
The platform allows users to accept payments wherever and whenever, even without an internet connection.
Users can also monitor their cash flow with real-time updates.
It is available in about 150 countries and supports about 90 currencies.
The transaction charges on the platform depend on the amount involved, so it changes from time to time.
6.Venmo
Venmo is another reliable payment method used by freelancers today.
Initially, people only used Venmo for online payments.
Today, it provides electronic wallets and various payment gateways for freelancers and entrepreneurs.
The service is also owned by PayPal, with the acquisition made in 2013.
It is the perfect go-to for fast and convenient payments.
Payments via credit cards also attract low fees.
Transaction charges range from 2% to 4%.
Additionally, APMs allow you to attract new clients.
The Downside of APMs
APMs aren’t without their downsides, the most obvious being transaction charges.
For example, Neteller charges about 10% for withdrawals.
There’s also the possibility of delayed transactions.
Finally, some payment methods are not available in all countries.
