You’re in the process of preparing your contract, or you just finished some work and you’re not sure how to get paid. There are various online payment methods that require careful consideration to get one that best works for you.
You don’t want to be in that situation where you receive cash but can’t withdraw. it sounds like seeing given a favorite meal but you can’t come close to tasting it because of a glass wall. In my few years working as a virtual assistant, I’ve used several methods of payment and I’ll share my experiences below;
To start with, here are some factors that may affect your choice of online payment;
- Your location
- The platform’s transactional charges. You will have to part with a ton of fees to transact with some platforms
- Length of the contract and frequency of payment
- Your method of invoicing
- The waiting period to receive cash. Some payment methods take days to transfer to your bank account
With this in mind, here are the various options you can use to get paid for the virtual pa services you offer;
- PayPal– This is one of the oldest forms of payment that’s available in most countries. PayPal charges minimal fees of 2.9% + $0.30 per transaction for a transaction within the US. The advantage of using PayPal is your clients don’t need a PayPal account to pay. Just send your clients an invoice via paypal.me link. This gives them an option to pay through their card securely.
- Checks- Cashier’s checks, also called official checks are available from financial institutions and are an excellent method of payment if you’re receiving some large amounts of money such as four figures(in dollars) a month. You’re likely to obtain waivers from your financial institution but be sure to check if you’re eligible for the same.
- Transferwise- Comes with great real-time exchange rate (in case your clients pay in different currencies) and only 1% fee of the amount paid, way less than what most platforms charge. All you need is to register through a few steps and request for the funds.
- Waveapps- This online payment is a preference for most virtual personal assistants due to its ease of use. Follow these steps to start receiving your payments via Wave
- Zoho- If you use this software as your CRM then you can send invoices seamlessly as it with integrates Paypal and Stripe.
- Zelle- This is a direct deposit kind of online payment but an intermediary, therefore, you are not giving out checking account info at all
- Venmo- With Venmo, they’re no fees to receive money for personal use. If you’ve registered your VA business, then it’s against their TOS to operate a legitimate business through it. You’ll need to have the business version that charges 3% for transactions.
- Stripe- For non-US citizens, you’ll need a US bank account to register successfully or you’ll need Stripe Atlas.
- Payoneer- A great alternative to PayPal.
Now that’s a list of options you can choose from to receive your well and hard-earned cash. If you are on a long-term contract, consider a payment option that automates the process of invoicing and getting paid.