This quarter we are changing our payment provider to process payments faster, smoother and more seamlessly for all our freelancers. The smart new system we are adopting will enable us to make quicker payments around the world, while ensuring that our freelancers get the best rates.
One of our favourite things about the way work has changed is how talent has become truly borderless.Today, we are proud to be working with skilled professionals from over 27 countries. However, we feel that traditional payment methods have not evolved as quickly to go beyond borders. The move to this new payment solution will enable us to stay ahead by adopting a system designed for a globalised, borderless workforce. Here’s what the move means for you.
1. Faster payments
In the past, you may have noticed that there is a lag between the day we process your payments and the day the amount actually arrives in your bank account. Depending on the country you are based in, an international bank transfer may take anything between 2-5 business days.
With our new payment provider, your wait time reduces drastically. In fact, if you have a TransferWise account, or for certain currencies, the money gets credited instantly — we’re talking 5 minutes or so! For other currencies too, you can expect the money to reflect in your bank account within 24-48 hours; much faster than if we transferred the payment via traditional channels. This puts you in better control of your finances so that you can plan out your expenses in real time, instead of having to account for a lag in payment.
“The first thing I noticed was the speed at which my payment was processed. I got an email from TalentDesk.io notifying me that my invoice has been paid. About 5 minutes later, the money was in my bank account! Earlier, this would have taken about 2-3 days to arrive. I had no idea there were quite so many deductions either — until they stopped. Receiving more money in hand for the same work was a welcome surprise.”
Sanhita Mukherjee, Copy & Content Writer, India (TalentDesk.io freelance user)
2. More money in hand
The other thing you may have noticed is that the amount you receive includes some deductions. This is especially true if you are not based in the UK and are receiving the money in a different currency. Banks usually mark up the exchange rate to cover the cost of market fluctuations — so you never get the same amount per £ as you see on an online currency converter. In addition, there are bank charges and processing fees that are deducted, both at our end and at yours.
With our new payment method, you will receive a much better exchange rate and enjoy minimal processing charges. Even small differences tend to add up over time — and in some countries, these charges are not small to begin with. Saving on these charges mean we can redirect the money back to you, so that you are better compensated, for the same work. Some of our freelancers are already noticing a 1.5% - 3% increase in their earnings from us.
"Through the TalentDesk.io platform, I now get paid more money for the same amount of work and much faster too!"
Le Cheng, SEO Expert, Malaysia (TalentDesk.io freelance user)
3. Transparency in fees
While you may know that bank fees are usually deducted, you may not know exactly what these charges entail. And with good reason. Currently, no other provider offers transparency in the payment process, so we have no way of knowing how much the banks keep or whether there are any hidden fees.
Now, however, we have access to this data, so we can give you some much-needed clarity. We will soon start sending you comprehensive invoices where you will be able to view a detailed breakdown of the charges that have been deducted. As mentioned above, these processing fees will be much less than what banks typically charge. But more importantly, you will be able to rest assured knowing that you have not been unfairly billed for something or been charged a hidden fee.
We hope you will find this a welcome change and be able to enjoy the benefits soon. Cheers to smarter and more innovative processes in 2020!