**Payment Platforms for Freelancers and Remote Teams**

When it comes to managing finances for freelancers and remote teams, having the right payment platform is crucial. In this article, we will explore four popular payment options that cater to the needs of freelancers and remote teams: Payoneer, Wise (formerly known as TransferWise), PayPal, and BitWage.

**Payoneer**

Payoneer is a global payment service provider that offers a range of features that make it an ideal choice for freelancers and remote teams. One of the key advantages of Payoneer is its support for over 200 countries and 150 different currencies. This means that team members from all over the world can easily receive payments in their local currency, making it easy to manage international finances. Additionally, Payoneer offers debit cards that can be used to withdraw funds, providing a convenient way for freelancers to access their earnings.

Payoneer also charges a flat fee of $3 per transfer, which is significantly less than PayPal's fees. However, while the structure of fees may seem simpler, the total cost can become substantial as volume increases. Furthermore, Payoneer has a minimum monthly payment requirement of $20,000, making it more suitable for larger teams.

**Wise (formerly known as TransferWise)**

Wise is another popular payment platform that offers low rates and competitive exchange rates. The biggest advantage of Wise is its low fees - all you pay is the mid-market exchange rate, with a conversion fee of 0.35% plus an additional percentage that scales with the transfer amount. This makes it an ideal choice for smaller businesses making smaller transfers.

However, Wise falls short in terms of reach, currently supporting only 70 countries and over 40 currencies. While this may not be a significant issue for teams based within a single country, it can be a major drawback for teams with members from multiple countries. If availability is not an issue, Wise's low fees make it a great choice.

**PayPal**

PayPal is one of the most widely used payment platforms in the world, but its fees and limitations may not make it ideal for freelancers and remote teams. PayPal charges a range of fees, including a flat fee of $0.30 per transfer, as well as a percentage-based fee that ranges from 2.9% + $0.30 per transaction. This can add up quickly, making it less suitable for larger volumes or international transactions.

Additionally, PayPal requires bank accounts for both sending and receiving payments, which can be a major drawback for freelancers who may not have access to banking services. While PayPal is widely supported, its limitations make it less ideal than other options.

**BitWage**

BitWage is the newest payment platform on our list, and what sets it apart is its focus on Bitcoin and the fact that bank accounts are not required for people to receive payroll. This makes it an attractive option for freelancers who prefer to be paid in Bitcoin or want to diversify their income streams.

However, BitWage's fees are slightly higher than some of the other options on our list. It charges a 0.5% ACH debit per payroll, as well as a 3.5% charge plus an additional $30 cents per transaction for credit card transactions. Additionally, currency conversion fees start at 1%. Transactions usually take about one to five business days to process.

**Choosing the Right Payment Platform**

Ultimately, the choice of payment platform depends on the specific needs and requirements of your team. If you're managing a remote team or plan to hire independent contractors, it's essential to consider the reach and availability of each platform. While Wise is an excellent option for smaller businesses making smaller transfers, its limitations in terms of reach make it less suitable for larger teams.

Payoneer, on the other hand, offers a range of features that make it ideal for larger teams, including support for over 200 countries and 150 different currencies. However, its minimum monthly payment requirement of $20,000 may be a barrier for smaller businesses.

If you're looking for a platform with low fees and competitive exchange rates, Wise is an excellent option. Its low fees make it suitable for smaller businesses making smaller transfers, but its limitations in terms of reach mean that larger teams may need to consider other options.

In conclusion, each payment platform has its unique features and benefits, and the right choice will depend on your specific needs and requirements. By considering factors such as reach, availability, and fees, you can choose a payment platform that meets your team's needs and helps you manage finances efficiently.

"WEBVTTKind: captionsLanguage: enhey everybody welcome back to the channel in this video we're gonna break down some of the most popular payment platforms out there we're gonna cover things like fees and the different benefits so hopefully you can decide which one is the best fit for you let's get into it so if you're here you're probably looking for a software that's going to make your life a little easier when it comes to paying your team how you pay your remote team or even international team members can have a big impact on fees timing and ease of use now then before we get into the breakdown we do want to let you know that hubstaff does integrate with all of the payment options we'll be covering in this list so if you're looking for a tool that will let you streamline these payments track time and much more you'll find a link right down below in the video description with more info let's start with the tool you're probably most familiar with and that is paypal they're actually one of the first payment services ever developed going all the way back to 1998. because they've been around for so long they've become the most recognized brand on this list by far they also support a lot of different currencies and banks all over the world also when connected to a hub staff account paypal does allow for automated payments now even though this is the option with the most developed user experience it's also the option with some of the most significant fees so for receivers and of course depending on the bank they're using in their country there may be additional charges when withdrawing from paypal into their bank accounts paypal has also been known to occasionally put holds on accounts without warning which can create a big problem when you're sending out large amounts of money but paypal is used all around the world for online transactions and they're generally a very good option largely due to the sheer number of countries and currencies they support we recommend this option for companies that have teams scattered all around the world and companies that send out less than twenty thousand dollars monthly just to help manage those fees and speaking of fees let me give you a quick breakdown the transaction fees charged by paypal vary depending on a number of different factors things like whether you're using your bank account paypal balance credit card or debit card the fees can also vary depending on whether you're transferring money within the same country or internationally paypal also charges currency conversion fees and they let the sender decide whether transaction fees are charged to them or the recipient and finally paypal payouts allows you to pay up to 10 000 people at once with no monthly fees next we have payoneer which was founded in 2005 and they are a worldwide member service provider of mastercard some of the companies that use payoneer include google airbnb istock and fiverr now some of the pros for payoneer is they support over 200 countries and 150 different currencies and they give you the ability to withdraw funds with the debit cards they provide payoneer also charges a flat fee of three dollars per transfer so you can already see that their fees are much less complicated in comparison to paypal however while their structure of fees is less complex the total cost can become much more substantial as volume starts to increase they also have a minimum monthly payment requirement of twenty thousand dollars so who is this best for now payoneer is definitely ideal for larger teams mostly because of their minimum monthly payment requirement payoneer charges fees of four dollars or one percent of the overall amount for transfers in us dollars and euros with payoneer you can also send money to your prepaid mastercard paypal or make a global bank transfer and remember as i said hubstaff does integrate with all the options on this list the hub staff integration with payoneer allows you to pay independent contractors securely and automatically now then moving on to the next option on our list we have wise formerly known as transferwise and this is a payment platform that provides online money transfers at real exchange rates the biggest advantage of wise is the low rates all you have to pay for is the mid market exchange rate and the conversion fee so to give you an example here's a calculator on their home page where they let you see the breakdown of fees and the amount someone would receive so for example if i send 100 us dollars after the total amount of fees the recipient will be given almost 82 euros now while wise does offer some of the most ideal fees it does fall a bit short in terms of its reach it's currently supporting 70 countries and over 40 currencies which is obviously a big difference in comparison to paypal and payoneer which each support over 200 countries if you're someone who manages a remote team or someone who usually likes to hire independent contractors it is important to think about reach when it comes to your payment platform because the more countries that are supported the larger the pool of talent is that you're able to access so who should use this payment platform and the answer to that question for us really comes down to availability now we're going to cover fees in just a second but basically if this is a platform that's available in your country and the different countries of your team members then it's definitely an ideal option for you if this option doesn't meet those two requirements then basically the fees don't matter it's essentially off the table getting into the fees wise charges 0.35 percent plus an additional percentage that scales with the transfer amount when sending in u.s dollars it's also worth pointing out here that the conversion fees for ys start at 0.5 percent and then go up from there depending on the currency this structure makes wise ideal for smaller businesses making smaller transfers but this can become expensive incredibly fast as the amount scales up moving on to bit wage and this is the newest payment platform available on this list and what sets bit wage apart is their focus on bitcoin and the fact that bank accounts aren't required for people to receive payroll similar to paypal bitwage has massive payment options but at slightly lower rates and it's the only hub staff payment option that supports bit currency it's definitely not the best option for you if your team is located across a number of different countries bitwage is best suited for remote teams and for those who prefer to be paid in bid currency the reasonable rates and mass payment option make it a great choice especially if your team is entirely based in the us and to wrap this up let's go ahead and take a look at the fees bitwage charges 0.5 percent ach debits per payroll for credit card transactions there's a 3.5 percent charge plus an additional 30 cents per transaction and currency conversion fees start at one percent transactions usually take about one to five business days to process and there you have it there's a breakdown of some of the most popular payment options out there today hopefully it helped you decide which one might be best for you or maybe it helped you decide which option you're going to switch over to from what you're currently using either way let us know right down below in the comment section what you're using or what you're going to be switching over to we would love to know and if you have any questions feel free to leave those down below as well and we'll be sure to get back to you also if you're new here consider subscribing to the channel so you're notified of any future video uploads as always thank you so much for your time and we'll talk to you in the next onehey everybody welcome back to the channel in this video we're gonna break down some of the most popular payment platforms out there we're gonna cover things like fees and the different benefits so hopefully you can decide which one is the best fit for you let's get into it so if you're here you're probably looking for a software that's going to make your life a little easier when it comes to paying your team how you pay your remote team or even international team members can have a big impact on fees timing and ease of use now then before we get into the breakdown we do want to let you know that hubstaff does integrate with all of the payment options we'll be covering in this list so if you're looking for a tool that will let you streamline these payments track time and much more you'll find a link right down below in the video description with more info let's start with the tool you're probably most familiar with and that is paypal they're actually one of the first payment services ever developed going all the way back to 1998. because they've been around for so long they've become the most recognized brand on this list by far they also support a lot of different currencies and banks all over the world also when connected to a hub staff account paypal does allow for automated payments now even though this is the option with the most developed user experience it's also the option with some of the most significant fees so for receivers and of course depending on the bank they're using in their country there may be additional charges when withdrawing from paypal into their bank accounts paypal has also been known to occasionally put holds on accounts without warning which can create a big problem when you're sending out large amounts of money but paypal is used all around the world for online transactions and they're generally a very good option largely due to the sheer number of countries and currencies they support we recommend this option for companies that have teams scattered all around the world and companies that send out less than twenty thousand dollars monthly just to help manage those fees and speaking of fees let me give you a quick breakdown the transaction fees charged by paypal vary depending on a number of different factors things like whether you're using your bank account paypal balance credit card or debit card the fees can also vary depending on whether you're transferring money within the same country or internationally paypal also charges currency conversion fees and they let the sender decide whether transaction fees are charged to them or the recipient and finally paypal payouts allows you to pay up to 10 000 people at once with no monthly fees next we have payoneer which was founded in 2005 and they are a worldwide member service provider of mastercard some of the companies that use payoneer include google airbnb istock and fiverr now some of the pros for payoneer is they support over 200 countries and 150 different currencies and they give you the ability to withdraw funds with the debit cards they provide payoneer also charges a flat fee of three dollars per transfer so you can already see that their fees are much less complicated in comparison to paypal however while their structure of fees is less complex the total cost can become much more substantial as volume starts to increase they also have a minimum monthly payment requirement of twenty thousand dollars so who is this best for now payoneer is definitely ideal for larger teams mostly because of their minimum monthly payment requirement payoneer charges fees of four dollars or one percent of the overall amount for transfers in us dollars and euros with payoneer you can also send money to your prepaid mastercard paypal or make a global bank transfer and remember as i said hubstaff does integrate with all the options on this list the hub staff integration with payoneer allows you to pay independent contractors securely and automatically now then moving on to the next option on our list we have wise formerly known as transferwise and this is a payment platform that provides online money transfers at real exchange rates the biggest advantage of wise is the low rates all you have to pay for is the mid market exchange rate and the conversion fee so to give you an example here's a calculator on their home page where they let you see the breakdown of fees and the amount someone would receive so for example if i send 100 us dollars after the total amount of fees the recipient will be given almost 82 euros now while wise does offer some of the most ideal fees it does fall a bit short in terms of its reach it's currently supporting 70 countries and over 40 currencies which is obviously a big difference in comparison to paypal and payoneer which each support over 200 countries if you're someone who manages a remote team or someone who usually likes to hire independent contractors it is important to think about reach when it comes to your payment platform because the more countries that are supported the larger the pool of talent is that you're able to access so who should use this payment platform and the answer to that question for us really comes down to availability now we're going to cover fees in just a second but basically if this is a platform that's available in your country and the different countries of your team members then it's definitely an ideal option for you if this option doesn't meet those two requirements then basically the fees don't matter it's essentially off the table getting into the fees wise charges 0.35 percent plus an additional percentage that scales with the transfer amount when sending in u.s dollars it's also worth pointing out here that the conversion fees for ys start at 0.5 percent and then go up from there depending on the currency this structure makes wise ideal for smaller businesses making smaller transfers but this can become expensive incredibly fast as the amount scales up moving on to bit wage and this is the newest payment platform available on this list and what sets bit wage apart is their focus on bitcoin and the fact that bank accounts aren't required for people to receive payroll similar to paypal bitwage has massive payment options but at slightly lower rates and it's the only hub staff payment option that supports bit currency it's definitely not the best option for you if your team is located across a number of different countries bitwage is best suited for remote teams and for those who prefer to be paid in bid currency the reasonable rates and mass payment option make it a great choice especially if your team is entirely based in the us and to wrap this up let's go ahead and take a look at the fees bitwage charges 0.5 percent ach debits per payroll for credit card transactions there's a 3.5 percent charge plus an additional 30 cents per transaction and currency conversion fees start at one percent transactions usually take about one to five business days to process and there you have it there's a breakdown of some of the most popular payment options out there today hopefully it helped you decide which one might be best for you or maybe it helped you decide which option you're going to switch over to from what you're currently using either way let us know right down below in the comment section what you're using or what you're going to be switching over to we would love to know and if you have any questions feel free to leave those down below as well and we'll be sure to get back to you also if you're new here consider subscribing to the channel so you're notified of any future video uploads as always thank you so much for your time and we'll talk to you in the next one\n"