How to Get Paid Internationally: A Guide for Freelancers and SMBs

To succeed in a global marketplace, you need to be able to take cross-border payments from clients and customers abroad. And not only that – you need a streamlined process to make it easy, for you and them. This guide will outline the best payment solutions available, show you how to avoid excessive fees and enable you to choose the best option for your business.

Think big: The global marketplace

There’s never been a better time to be a freelancer or entrepreneur. The Internet has stitched the world into one huge global marketplace, and independent workers no longer have to think just locally. If the products or services you provide appeal to customers in another country, there’s nothing to stop you from unlocking global growth.

For sole traders, the advent of freelancing platforms has been a game changer. You can work for clients anywhere in the world – which means accepting payments from abroad will become just a matter of routine. Some of the best freelance platforms include Upwork, Fiverr and Toptal.

So, what are the best international payment methods and what should you look for in global payment solutions?

The best ways for getting paid by international clients

The first time you need to receive international payments, you’ll be wondering how to do it without racking up excessive fees and high conversion charges. However, there are plenty of payment platforms available, like Payoneer for example, that can ease this pain by providing streamlined and secure business payment processing, local receiving accounts, fair fees and competitive exchange rates.

You could opt to receive international payments directly to your bank, but this might mean you incur excess charges, while your clients will also incur high fees – which might put them off working with you again. Furthermore, bank exchange rates tend to be less than favorable. These factors will eat away at your profit margins, so for most freelancers and small businesses, using a cross-border ecommerce payment solution like Payoneer makes much more sense.

Here are some of the payment platform features you need to consider when looking for the best ways to get paid from abroad:

• compare the exchange rates on offer and look for platforms that offer competitive exchange rates and transparent pricing without hidden markups
• consider platforms that are transparent about pricing and avoid unnecessary fixed monthly fees
• check the payment speed of your chosen platform, which might vary depending on the type of payment
• avoid platforms that charge a fee for receiving money into your account
• check that the platform offers local receiving accounts in the currencies you need. With Payoneer, businesses can access local receiving accounts in major markets and manage balances in multiple currencies.
• choose a platform that enables you to invoice international clients automatically
• check that the platform you choose will easily integrate with marketplaces you use and with the checkout software you employ
• select a platform that allows you to hold money in multiple currencies in virtual receiving accounts, so you can make your FX conversions when the rate is favorable or when you need to
• decide whether it’s important to you to have a card linked to the account – with Payoneer, you can have a debit card
• make sure your chosen platform integrates with the accounting software you use for convenience when managing your international finances
• look at the security protocols employed by the platform to ensure payments are secure and regulations are complied with
• look for a streamlined set up which is easy and straightforward to use