Traditional jobs usually come with a traditional paycheck. There’s no denying it’s an effective way to pay and get paid, but what if you want to strike out on your own and start your own business? You’ll have to think about a different way to get paid!
Fortunately, getting paid doesn’t have to mean receiving a paper check from a customer or client. In today’s technologically advanced world, there are plenty of ways you can get paid that go beyond paper paychecks.
You no longer have to wait for cash or a check. Money can be sent and deposited into a bank account almost instantly.
There are many money transfer services to choose from. A few include:
- Remitly: This transfer service is a great choice if you are providing services to clients overseas. Transfer fees are low, and funds can be sent to a variety of locations.
- Zelle: This app is a good idea for those who want funds deposited directly into their bank account. Many banks partner with Zelle, and transfers can be completed instantly.
- Venmo: Choose this app if you don’t want to share your bank account information with a client. It uses an email address, phone number, or Facebook instead.
Keeping track of payments is just as important as receiving payments. PayPal is a good example of an online platform that does both.
You can send detailed invoices to clients that outline information like the cost of the project, when it was completed, and it can even include documents and other uploaded information. When approved, the recipient can send the money to your PayPal account.
Most people prefer to get paid with cash, but that doesn’t mean you should automatically discount other ways of getting paid. Especially when you’re first starting out as an entrepreneur, it can be helpful to barter with other companies instead.
For example, a content writer could provide website content in exchange for tax preparation services. Important industry connections can also be a way to exchange services. For example, a client may be willing to pass your name along to their network after a job well-done.
If convenience is most important to you when it comes to getting paid, you may want to consider payroll cards instead.
Although they are traditionally used by low-income employees who don’t have bank accounts, they can also be a great way for freelancers and entrepreneurs to get paid. They are especially effective if you end up working with the same client over and over again. The same card can be loaded multiple times, and you can even put extra cash on your card when you need it.
If you’re striking out on your own, you’ll likely find that you are paid a few different ways by clients. Having different streams of income can be great! Just make sure you research each form of payment, and only accept forms you are comfortable with.