The freelance economy has created incredible opportunities for entrepreneurs. That’s because freelance entrepreneurs have the flexibility and independence to work for themselves, and it’s changing how the modern workforce operates. Indeed, freelancers now make up more than a third of the US workforce.
But it also presents a unique set of challenges—one is processing and accepting payment from clients, often without ever meeting face to face.
Here, we’ll cover some of the merchant account services that benefit freelance entrepreneurs and help facilitate the gig economy.
Online sales, digital marketing, and eCommerce sites have changed the landscape for freelance entrepreneurs. You no longer need a physical storefront to open a business. What’s more, your eCommerce site is open 365 days a year, 24 hours a day.
Your choice of merchant account provider can help or hinder your ability to make online sales. The best eCommerce merchant services include shopping cart compatibility, easy website integration, multiple payment options, and state of the art security.
Digital wallets, mobile payment apps, and the ability to accept payments on mobile devices have revolutionized the freelance economy. Digital wallets allow freelancers to track and analyze their incoming payments and outgoing costs. It gives them greater control and understanding of their finances.
Mobile payment apps and Near Field Communication (NFC) allow mobile devices to act as payment surrogates. Apple Pay and Google Wallet are good examples of this technology.
Many freelance artists and artisans operate in open air markets, pop-up shops, and other non-traditional marketplaces. Mobile devices allow freelancers to accept peer to peer payment from clients that use digital payment apps.
What’s more, many merchant service providers offer some form of mobile payment acceptance. Your merchant service provider will supply you with a credit card reader that can be attached to a mobile, Wi-Fi connected device. This effectively creates a portable credit card reader freelancers can use to process credit and debit cards just about anywhere.
When freelancers have the flexibility to accept payment anywhere, they are able to take their work and craft directly to prospective clients.
The freelance economy often means that clients and freelancers don’t meet face to face. While this flexibility allows for better collaboration, it can strain the billing and payment arrangement.
Merchant services provide the mechanism to create digital billing as you need it; whether it’s one-time, automatic, or recurring. This allows freelancers to properly bill clients, track payment, and maintain exacting records.
The ubiquity of the internet has led to a truly global marketplace. Freelance entrepreneurs are able to take advantage of this new global market by offering their services to a global audience. What’s more, freelancers are able to work from just about anywhere. However, this freedom requires the ability to process funds in a number of international currencies.
Your merchant service provider should help you take advantage of global market. Ensure your account provider can process transactions in global currency.
Digital security is important to everyone, especially freelance entrepreneurs. Choosing a merchant service provider that offers state of the art security will help you conduct business. Your clients will feel more comfortable sending you personal and payment information when you use a legitimate, trustworthy payment portal.
The freelance economy presents amazing opportunities for entrepreneurs. Your merchant service provider has the tools to help you take advantage of the flexible, freelance economy.