Getting paid online can be simple and secure
Annoying coworkers. Traffic jams. Endless meetings that should have been an email. That guy who always eats tuna for lunch. Mandatory, office-wide team building lunches. Bosses who continually pop in to your office “just to check in.”
Everyone has a gripe about their office, whether it’s the location, the boss, or the people you share it with.
Veem helps 100,000 businesses in over 100+ countries send and receive wire transfers.
It’s amazing that people work in a physical office at all. More and more workers are chasing that dream freelance or outsourced job, and increasingly working from wherever they want. Remote workers are the fastest growing segment of the US workforce, increasing by 115% in the last decade.
The benefits of working remotely are pretty self-evident (working in your jammies being the foremost). However, when it comes time to get paid, many freelancers and remote workers struggle. Confusing wire and online money transfers, not to mention the high fees, eat into a freelancer’s valuable time. As it turns out, it isn’t always so simple to get paid online.
How can freelancers ensure that their dream job actually results in money in their account at the end of the day?
Many outsourced employees think that checks are still the premier way to pay and get paid internationally. These same people probably haven’t tried to deposit an international check recently or are unaware of the other options.
Simply sending a check in the mail is time consuming for the sender, slow for the receiver, and lacks transparency for both parties. When you add in foreign exchange rates and bank fees, suddenly checks aren’t such a good option. Thanks to the slow pace of international mail, maintaining a healthy and consistent cash flow for your freelance business when relying on checks is nearly impossible.
While checks used to be the main form of payment, they are slowly falling out of favor. In fact, just 15% of all non-cash payments in the US were issued via check.
Considering the technology dates back to the 1700s when people needed an alternative to carrying around piles of gold, it’s time to put checks where they belong – in the past.
Bank or wire transfers
Quick trivia question: why are international bank transfers also called wire transfers? Because the modern system of sending money electronically grew out of telegraph technology, so money was literally ‘wired’ around the world.
Today, if you are sending an international money transfer, you are using pretty much the same system. Dating back to the 1970s, the SWIFT system is a network of banks all over the globe that send money online from bank to bank to bank, eventually landing in the receiver’s account.
Sounds great, right? Not exactly. The SWIFT system is anything but swift: remote workers never know when their money will arrive, or where exactly it is. Participating banks don’t keep track of the actual route your money takes. If your money gets lost, you will need to pay even more money just to find out what happened to your lost funds.
Wire transfers also require a lot of legwork to send and receive. Do you know your BIC code off the top of your head, or what a BIC code even is? That’s just one piece of data you’ll need to receive or send money online.
Plus, many banks will require you to actually enter the physical bank branch to send or accept a wire transfer. This is hardly convenient for freelancers in remote locations, who live with disabilities or mobility issues, or who have other responsibilities on their plate, like childcare.
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Say you’re a freelancer and want to get paid via wire transfer. Besides the lack of transparency (when will your money arrive?), you also pay a variety of wire transfer fees.
The sending bank charges a sending fee, and the receiving bank (or banks, as the transfer is passed along the SWIFT system) charges a fee to receive the transfer, known as a landing fee. Then, you will be forced to accept the bank’s current foreign exchange rate of the day.
By the time your hard cheese dough finally lands into your account, so many people will have taken a bite out of it that it might resemble swiss rather than cheddar. This significantly cuts into a freelancer’s bottom line. Pun intended.
Fintech to the rescue
Fintech might look like a made up word, but it’s the name of a very real, thriving industry that serves real needs.
For too long, remote workers were reliant on slow and outdated technology like checks and wire transfers to send money. Fintech providers aim to simplify the global payment process for freelancers and the businesses they serve.
Veem is a global business-to-business payment network that uses multi-rail technology to find the absolute fastest and cheapest way to send money internationally.
With Veem, you can send invoices and receive payments in your local currency, with exchange rates that beat the banks and Paypal everytime. Receive payments from around the globe in your local currency without paying a cent in fees.
Custom invoices, personalized pay links, and integrations with your favorite accounting software make getting paid with Veem convenient. Enter your banking information just once when you sign up for a free account, then get paid online with a single click.
If your freelance business is ready to join the twenty-first century, then it’s time to rip up that checkbook. Never lose a cent to expensive wire transfer fees or unfavorable foreign exchange rates again. Thankfully, smelling Karen from HR’s daily tuna sandwiches is no longer a requirement to get paid.
Simplify your business payments with Veem.