The Best Freelancer Payment Platforms in 2024

Whether you're a business looking to pay your freelancers or a freelancer yourself, freelancer payment platforms and apps can simplify sending and receiving funds.

In this article, we’ll be exploring how to pick the best freelancer payment platform for you, what to look for in a platform, and other tips. We'll also talk about Wise Business, which helps companies of all sizes to send and receive payments internationally.

Paying a contractor, freelancer, or remote employee?

Send Payments
with Wise Business >>

Send fast and secure cross-currency payments at the mid-market exchange rate
No minimum balance requirement and no monthly fees
Integrates with QuickBooks, Xero, Sage, and more

Understanding Freelancer Payment Platforms

Freelance payment systems are simply platforms or methods for freelancers to get paid. As freelancers usually work with multiple clients rather than get a paycheck from one company or boss, having one standard payment method won’t always accommodate all those clients. With a system that can accept multiple forms of payment and make the entire process much simpler for both parties, paying and getting paid doesn’t have to be as complicated.

Popular Freelancer Payment Methods and Platforms in 2024

Every freelancer operates differently, with a variety of freelancer payment options to suit your preferences. Let’s go over seven platforms that are considered some of the best payment methods for freelancers, from freelance marketplaces to money service providers.

Fiverr

Fiverr isn’t a payment platform but a freelance marketplace where clients and businesses can seek out specific services from freelancers, and freelancers can market their services. Rather than discuss the terms of a contract before work starts, the buyer pays upfront, and the funds are held until the client confirms that the work is up to standard. While top sellers enjoy a 7-day clearing period after that confirmation, regular sellers will have to wait 14 days. Fiverr also keeps 20% of your funds from each sale, including tips.¹

Features:

• Escrow payment system
• Transaction protection against payment disputes
• Various payout methods, including PayPal, Fiverr Revenue Card, Bank Transfer, and Payoneer Account
• Accommodates global reach
• Can withdraw in AUD, CAD, USD, GBP, Euro, or Israeli Shekel.

Upwork

Upwork is another freelance marketplace, but one that works in a slightly more complex way than Fiverr. The platform is more comprehensive, with a job bidding system, a talent search and hiring system, hourly and fixed price options for jobs, job proposals, and more. Pricing isn’t as standardized on Upwork as it is with gigs and add-ons on Fiverr. There are hourly contracts that pay out on a weekly billing cycle with a 10-day hold and projects and fixed-price contracts with milestones that have a 5-day hold. While Upwork operates in USD, you can get paid out in a different currency to your accounts.

Features:

• Escrow payment system
• Transaction protection against payment disputes
• Various payout methods, including Wise, Digital Banks, Direct to Local Bank, Payoneer, PayPal, and Wire Transfer²
• Automatic payment schedule (quarterly, monthly, twice per month, weekly)³

Paying a contractor, freelancer, or remote employee?

Send Payments
with Wise Business >>

Send fast and secure cross-currency payments at the mid-market exchange rate
No minimum balance requirement and no monthly fees
Integrates with QuickBooks, Xero, Sage, and more

Toptal

Toptal is a much more controlled freelancer platform, where only the “top 3%” of freelancers are accepted onto the site. It has its very own time tracking, invoicing, and payments app, accessible through the web and desktop app to consolidate all those admin processes in one place.

Features:

• 120+ currencies available for payments³
• Global payroll provided in 140 countries with HireGlobal
• Direct bank account transfer
• No percentage taken by Toptal⁴

Wise Business

Wise Business is a dedicated multi-currency account that aims to help you save money whenever you’re dealing with several currencies and clients around the world. You can manage, hold, send, spend, and receive 40+ currencies with just one account, and even get local account details in 8+ global currencies so you can bypass currency conversion and unnecessary fees.

Features:

• Mid-market rate for all transfers
• Pay-per-use structure with minimal fees from from 0.33%
• Batch payments for up to 1000 recipients in different currencies

Looking to pay a business abroad? Wise Business could help you save!

PayPal

PayPal is a longstanding online payment system that lets you send and receive money in a variety of ways, including QR codes, invoices, links, and more. The PayPal for business account also specifically comes with merchant tools like payment processing and integrated ecommerce solutions. The only issue with PayPal is that they’re known for having high fees, including a 3-4% markup on currency conversions.⁷

Features:

• Automated invoicing
• PayPal business debit card
• Buyer and seller protection

Payoneer

Payoneer is centered around international payments, letting users get paid through classic methods like local bank transfer, the built-in global receiving accounts, and marketplaces we’ve mentioned, like Upwork and Fiverr. You can open a set of receiving accounts in 9 currencies, so you can accept and send payments like a local.⁸ While Payoneer uses the mid-market exchange rate, they often add a markup to their exchange rates.

Features:

• Direct connection with ecommerce sites and marketplaces
• Mid-market exchange rate
• Payoneer prepaid MasterCard

Stripe

Stripe is best known for its payment acceptance services, allowing brick-and-mortar and online businesses to take advantage of a fully integrated platform for all things finance. Whether you work with recurring payments, invoicing, or checkout-style payments, Stripe offers multiple solutions and accommodates 135+ currencies and local payment methods.

Features:

• Buy Now Pay Later options
• Global tax collection for 600+ types of products and services⁹
• Local payment methods like iDEAL and Alipay to accommodate clients.

Key Considerations When Choosing a Payment Platform

With so many payment options for freelancers, there are a few features you should consider before deciding on one. These might include:

• Transaction fees – How much does it cost per transaction? Are the currency conversion costs favorable?
• User-friendliness – How easy is the platform to use? Is everything intuitive, or is there a learning curve?
• Recurring payment features – Does the platform offer recurring payment, or do they only accommodate one-time payments?
• Payment speed – How long does it take for payouts to get deposited into your bank account? Consider the different types of payment types they offer and whether payout speeds change.
• Security – Is the platform compliant with regulations like PCI DSS? Does it have other security features in place like encryption, 2FA, fraud detection, and other privacy controls and alerts?
• Integration with other tools – Freelancers typically use many different platforms and tools. Is the payment platform compatible with them so you can streamline your workflow?
• Global availability – What is its global reach like? Are you able to seamlessly send and receive payments worldwide and in a variety of currencies?

Tips for Managing Payments as a Freelancer

The better handle you have over your finances as a freelancer, the more ready you’ll be for tax season. As freelancers don’t always get a fixed amount of income at regular intervals and have to deal with their own taxes and deductions, it’s extra important to manage your payments as closely as possible. Here are a couple of quick tips:

1. Set clear payment terms – Payment terms should be clear-cut and upfront, with details like rates, deadlines, and method of payment established before you start working for a client.
2. Use automation as much as you can – Whether reminders, responses, or recurring payments, use automation tools to reduce your admin load and remember key dates.
3. Get aside money for taxes in a separate account – Be sure to always contribute toward your tax fund throughout the year so you’re prepared to file during tax season.
4. Offer multiple payment options – Give your clients options when it comes to your freelance payment methods. A rigid system might deter new clients from working with you, causing slowdowns in business.
5. Track your income with detailed records – Being able to look back at your entire year of expenses and income will help you make better decisions and understand where money is going out and coming in. It’ll also help with your accountant and potentially the IRS.

Final Thoughts: Optimizing Your Freelance Payments

Freelancers constantly have to juggle a whole lot of responsibility—finances, client relationships, seeking out new business, and scaling up. Without a solid financial foundation, it’ll be challenging to stay stable enough for your business to flourish. That’s why picking a payment platform is such a big consideration. Ultimately, the best way to get paid as a freelancer is one that aligns with your needs and preferences. While Stripe gives you that classic commerce-style payment system, Wise can accommodate local and international payments without breaking the bank.

Freelancer Payment Platform FAQ

What is the best payment platform for freelancers?

The one that works most efficiently and effectively for your specific situation. Some freelancers may only work with local clients, while others may work mainly with international clients. Make sure the platform you choose has the tools and features that make the most sense.

How do freelancers receive payments?

Freelancers can receive payments through traditional invoices, freelancer marketplaces, money transfers, and other digital methods.

What are the fees associated with freelancer payment platforms?

These platforms typically charge per transaction, whether a percentage fee, dollar amount, or both.

How do I choose the right payment solution as a freelancer?

The right payment solution for you will feel easy to use, come with lower fees, a variety of payment methods, and integrate well with the other tools you use. It should be explicit in how they maintain privacy and security, and support multiple currencies if you deal with international clients.

Sources:

1. Withdraw your earnings | Fiverr
2. Automatic payment schedule – Upwork Customer Service & Support
3. HireGlobal | Human Capital Management (HCM) Solutions
4. Talent Frequently Asked Questions (FAQs) | Toptal®
5. Merchant Fees | PayPal
6. Multi Currency Business Account | Payoneer
7. Pricing & Fees | Stripe