Freelancers Increasingly Demand Digital Payments
I was an independent marketing consultant for 10 years before working with Bill.com. I loved the work I did, but too many times I had to deal with late payments--and sometimes no payment at all--for my services. After learning my lesson, I began making payment methods a key priority when accepting jobs with clients, often requiring a retainer upfront if I was concerned about cash flow.
What many people don’t realize is that in addition to the work or services they provide, independent contractors also manage the back office of their business, including invoices, accounts receivable, etc. The ability to streamline all of this work helps give us more of our most valuable asset--time.
I knew I wasn’t the only one who dealt with these issues. To dive deeper into this pain point for the growing gig economy, Bill.com conducted a survey among freelancers and contractors to see just how prevalent this issue is and to gain more insight into how they prefer to be paid. The above slideshow illustrates key findings from the data, which reveals that independent consultants overwhelmingly prefer digital payment methods, but are not always getting that benefit.
Using digital payment services, like Bill.com, can help solve these issues and prevent future headaches. It also lets freelancers keep track of all their invoices and payments, rather than organizing paper checks or relying on email communications. It is also more cost efficient for companies to use digital payments since sending a paper check is more expensive.
From the business perspective, why wouldn’t you do something that is less expensive, faster, helps eliminate paper, and allows you more control?
The good news is that even if your client doesn’t offer digital payments or direct deposit options, you can instead take the initiative. There are digital payment options like Bill.com for freelancers and their clients to use to make paying quick and easy.
Freelancers and contractors can sign up for a no-risk, 30-day free trial of the Bill.com Essential Services, a basic receivables account. Through this service, you can send invoices to companies and receive payments electronically, and track the status of your invoices.
As a former contractor and someone who has dealt with payment issues, I believe this is a service I would have greatly benefited from. The time I used chasing down checks would have been better spent.