Anyone who’s ever done any freelancing knows that getting paid can sometimes be a challenge. Whether getting paid on time or obtaining payment for what you’re worth, there are always potential speed bumps in the freelance payment process.
But just as technology has changed how people work, it’s also changing how people get paid—for better or worse. Here are some modern methods of payment for freelancers to be aware of.
Foreign currency
More and more companies are doing business internationally, which means they may be more open to paying freelancers in foreign currency.
If you’re freelancing for a company based in another country, they may prefer to pay you in their local currency. It can be a good or bad thing, depending on the exchange rate at the time of payment. If the value of the foreign currency has gone up since you started working, you’ll get paid more than what you originally invoiced for. But you’ll get paid less if the value has gone down.
So if you’re going to invoice in foreign currency, keep an eye on the exchange rate to avoid any unpleasant surprises come payday. This way, you can budget accordingly and know exactly how much money to expect.
Prepaid debit cards
Another relatively new development in the world of payments is prepaid debit cards. Several companies, particularly those in the gig economy, are now using these cards to pay their workers. With a prepaid debit card, the company loads the card with the amount you’re owed for your work. Once the funds are available, you can use the card to make purchases or withdraw cash.
However, there are a few things to remember if you’re considering getting paid with a prepaid debit card. For one, there may be fees associated with using the card, so be sure to find out what those are in advance. Additionally, some cards may not be accepted by all merchants, so you may have to look for specific places to use your card or get cash back.
Finally, it’s worth noting that getting paid with a prepaid debit card is the same as getting paid in cash—the funds are available immediately, which can be helpful if you’re in a bind and need money right away.
Stablecoins
Stablecoins are cryptocurrencies pegged to an asset with a stable value, like gold or silver. Because of this, they’re not subject to the same volatility as other cryptocurrencies, making them a more attractive payment option. So, it may be a good option for freelancers comfortable getting paid in cryptocurrency.
However, stablecoins might be fully centralized, meaning they’re subject to the same issues as regular fiat currency, like government regulation. In that case, you can look for a stablecoin alternative, such as a flat coin, that’s decentralized and not subject to government regulation.
With this payment method, you’re in a much better position to hold onto the value of your earnings.
NFTs
NFTs, or non-fungible tokens, are unique digital assets that cannot be replicated. They became popular in 2021 as a way to buy and sell digital art and other collectibles.
While NFTs are not currently being used as a means of payment for freelancers, that could change in the future as more businesses begin to experiment with this new technology. So, it’s worth keeping an eye on this emerging trend.
After all, what better way to pay for a digital service than with a digital asset? It’s definitely a possibility worth considering for the future.
Commodities
Commodities are goods that you can trade on commodities exchanges. They include things like oil, gas, gold, and silver.
If you’re more into the idea of bartering than traditional methods of payment, then commodities might be a good option for you. You can trade your services for commodities, which you can further trade on until you find something you want or need.
Of course, commodities can be volatile, so it’s essential to do your research before entering into any transactions. But if you’re comfortable with the risks, commodities could be an excellent way to get paid for your freelancing work.
The landscape of freelancing is constantly changing, and that includes the way people get paid. With new technologies emerging all the time, it can be hard to keep up with all the different ways you can get paid for your work. But being aware of these trends will help you stay ahead of the curve and ensure you’re being compensated fairly for your services—no matter how you choose to get paid.
