So, you’ve made arrangements with your client about the project requirements and deadlines to ensure that the client is satisfied and the project is fully functional – but how do you ensure you get paid in the end? Well, for starters, you’ll need a reliable payment processor with the right features.
PayPal:
PayPal is an online payment system with over 270 million users – you create an account on the PayPal website, connect your credit card. Then the client can pay you via their history before you withdraw the money from your PayPal balance.
PayPal payment processing time: 3-5 business days
Currencies: Available in 26 currencies
Payment methods: Bank transfer, PayPal Debit Mastercard, Requesting a check Transfer limit: Up to $10,000 per transaction
Notable features:
● Barcode scanner
● Online invoicing
● Virtual Terminal
● Clockify pro tip
Payoneer:
Payoneer is one of the more popular PayPal alternatives. Essentially, users can receive and make online payments in a couple of clicks and track their account balance and entire transaction history. This tool is also one of the best answers to receiving payments online for free.
Payoneer payment processing time: 3-5 business days
Payoneer fees:
➔ $2.99 for local bank transfer, or $15 for USD SWIFT transfer
➔ $4 or 1% of the amount you receive for USD and EUR transfers (fees cannot exceed $10)
➔ Country availability: accepted payment method in 200+ countries.
Currencies: Available in 150+ currencies
Payment methods: Bank Transfer, MasterCard, local eWallets, international checks
Transfer limit: Payoneer cardholders can withdraw up to $5000 per day (up to 20 separate ATM withdrawals per day)
Notable features:
● Single and mass payout
● Integrated payments
● No regular bank account is needed – you get a virtual account in a US bank
Google Pay
Google Pay (combines and replaces the previously used Android Pay, Google Pay Send, and Google Wallet) allows you to send and receive payments for free, from your mobile or desktop device – your clients just need to enter your email address or phone number to send you the money. Once you create an account, you get a PIN you’ll use to manage all transactions.
Payment processing time: Up to 10 business days
Google Pay fees:
➔ No fee for Debit Cards and Bank transfers
➔ A 2.9% fee for Credit cards
Country availability: Available in 30+ countries overall, but also available on watches that support Google Pay for the United States, Australia, Canada, France, Germany, Italy, Poland, Russia, Spain, and the United Kingdom.
Currencies: Available in 10+ currencies
Payment methods: Debit card, Credit Card, Bank transfer, PayPal (in the US and Germany)
Transfer limit:
Up to $9,999 per transaction (or up to $3,000 for Florida residents every 24 hours) To claim transactions that are over $2,500, you’ll need to have a bank account connected to your Google Pay account
Notable features:
● Integration with other Google services
● Analytics for traffic, affinity, and engagement related to your brand
● Claim your money through SMS by requesting a link
Western Union
Western Union is a money transfer company that offers online payment and on-site payouts on over 500,000 worldwide locations.
Payment processing time: Usually between 2-5 business days
Western Union fees:
Depend on the countries involved, the transaction amount, and the payment method used.
➔ Domestic transfer where the sender sends cash and the receiver collects money. The transaction fee is $5
➔ If you handle the transaction through an online bank account, the transaction fee is $11
➔ If you handle the transaction through a debit or credit card, the transaction fee is up to $49.99
Country availability: Available in 200+ countries
Currencies: Available in 140+ currencies
Payment methods: Cash pickup, Bank transfer, Credit card, Debit card, the Western Union website, over the phone, in person
Transfer limit:
It depends on your transaction history and whether you’re making a domestic or international transfer:
1. Within the In minutes or Three days option transfer – the limit is $2,999 per transfer
2. Next day payment option – the limit is $500 per transfer
3. Payments carried out at agent location – there is no limit
4. Payments organized via phone – the limit is between $300 – $2,500
Notable features:
● Backup for recipients who haven’t disclosed their ID
● Advanced encryption technology
● Particular ways for students and the military to receive payments
Moneygram
Moneygram is another money transfer company that offers domestic and international transfers – it’s primarily geared towards international transactions with over 360,000 on-site agent locations (over 25,000 in Africa alone).
Payment processing time: Up to 24 hours
Moneygram fees:
Depending on the countries involved, the transaction amount, and the payment method – bank transfer requires lower fees, and a credit card or debit card needs higher costs.
➔ Online bank transactions cost $11.00
➔ Debit card transactions cost $49.99 for amounts between $50 and $900
➔ Debit card transactions require a 2% fee for payments over $900
➔ Country availability: Available in 200+ countries
Currencies: Available in over 45+ currencies
Payment methods: Cash pickup, Bank Transfer, Mobile Wallet account, Debit card, Home Delivery
Transfer limit: 1. up to $899.99 per transaction 2. up to $3,000 in 30 days
Notable features:
● Track the money transfer from send off to delivery
● No need for an official bank account
● Payments carried out online or through agent locations
MSK PAYMENT SOLUTIONS
Before you request payment from your client with a payment processor, you’ll first need to know exactly how much money you’ve earned – for this purpose. We have helped many entrepreneurs transform their ideas into businesses. At MSK, we aspire to provide you with simple, secure, and swift solutions that make everything easier for you
