Comprehensive Guide to Freelancer Crypto Payments
Comprehensive Guide to Freelancer Crypto Payments
Let’s start right away with the data. #Recent reports say:
- In the United States, there are over 60 million freelancers, collectively contributing more than $1.2 trillion to the economy.
- On a global scale, the estimated number of freelancers stands at approximately 1.1 billion, constituting 35% of the total workforce. This is a lot, isn’t it?
And one more #piece of stats to think about:
- As of November 2023, the cumulative market cap of all cryptocurrencies combined stands at approximately $1.2 trillion (€1.1 trillion).
- As of 2022, it is estimated that there are over 320 million crypto users worldwide. And you may become another one.
Crypto and freelancing are two general economic trends of the 2020s, taking place at the same time. These trends have a lot in common, and they can be united. Freelancers pay with crypto and accept blockchain transfers. More and more freelancers start accepting crypto for a reason. Let’s find out why it is a good idea, and how to start it. By the end of this guide, you will be ready to join the decentralized economy and take your freelancing business to the next level with crypto payments. Let’s get started!
Paying Freelancers with Cryptocurrencies
Freelancers work differently and want to be paid differently. As digital nomads, freelancers need a payment method that is fast, secure, convenient, and cost-effective. Cryptocurrency is easy to use, even in remote countries with different payment systems. Unlike fiat currencies, cryptocurrencies are not controlled by any central authority, such as a government or a bank.
Crypto offers many advantages over the traditional payment methods you are currently using, primarily if you work online and across borders. By accepting Bitcoin payments, cryptocurrency freelancers can enjoy lower fees, faster payments, borderless transactions, and enhanced security. In addition, freelancers can also benefit from the potential appreciation of cryptocurrencies, as they can hold them as an investment or convert them to fiat currencies at their convenience.
Of course, accepting crypto payments is not as simple as accepting fiat. There are really some challenges involved, such as volatility, regulation, taxation, and technical complexity. The good news is that you are not alone on your path. Whitepay offers convenient crypto payment solutions for freelancers to accept over 140 cryptocurrencies with one single account. Accept all coins and convert them to your local currency whenever you need to.
Advantages of Accepting Crypto for Freelancers
This can give freelancers a competitive edge in the global market. By accepting crypto payments, you can enjoy the following advantages:
- Lower Fees
Cryptocurrency transactions often incur significantly lower fees, boosting freelancers’ profit margins. A typical international transfer can cost up to 3-5% of the transaction amount, while a crypto transaction fee doesn’t depend on the transaction amount. For example, a transaction on the Polygon blockchain is usually less than €0.10. So, if you need to receive €1000, the fee will be less than 0.01%.
- Borderless Transactions
Cryptocurrency is a borderless currency, allowing freelancers to seamlessly receive payments from clients worldwide without the hassle of currency conversions and associated fees. Cryptocurrency freelancers can also avoid the risk of exchange rate fluctuations, as they can choose to receive payments in their preferred cryptocurrency or fiat currency. Whitepay supports over 140 cryptocurrencies and multiple fiat currencies, such as EUR and GBP, giving freelancers the freedom to choose the best option for them.
- Faster Payments
Cryptocurrency transactions are processed quickly and efficiently, which means that crypto freelancers receive payments almost instantly, eliminating delays and improving cash flow. Crypto transactions can be confirmed within minutes or even seconds, 24/7. Even on holidays.
- Enhanced Security
Blockchain technology, the foundation of cryptocurrency, provides a secure and transparent payment environment, minimizing the risk of fraud and chargebacks. Blockchain transactions are encrypted and immutable. They cannot be altered or reversed once they are recorded. So, this reduces the risk that you will be scammed. If you get a payment, nobody can take it away from you.
For example: you work in Berlin, but your clients are from the US, Brazil, South Africa, China and India. With crypto, you can receive payments from each of your clients within a few minutes with almost zero fees.
Advantages for Businesses
As for customers, there are advantages to a freelancer's crypto payment for you too. The main one is speed and low commissions. Cryptocurrency is sent over the blockchain, which significantly speeds up transaction processing, especially when it comes to large amounts and international payments.
Cryptocurrency transactions can be sent to any available country, even on weekends and holidays.
How Freelancers Can Accept Crypto Payments
Follow these simple steps to start accepting crypto payments from their clients:
Partner with Whitepay
The first step is to sign up for a personal account with Whitepay. We are here to help you. Just contact us to discuss the conditions and create an account.
Set Up a Whitepay Account
Next, set up your account. Choose which cryptocurrencies you want to accept (more than 140 are available), set up conversion and withdrawal rules. You can also manage your accounting: all the necessary information is shown right in the account.
Generate Crypto Payment Link
The fourth step is to generate a crypto payment link with Whitepay. A crypto payment link is a unique URL containing payment details, such as the amount, the currency, and the recipient’s address. Freelancers can generate a crypto payment link with Whitepay by entering the payment details and clicking the “Generate Link” button. Freelancers can also customize the payment link by adding their logo, brand name, and message. Later, you will share this link with your clients. Make it good-looking.
That’s all. Now, how are clients supposed to pay you?
Client Initiates Payment
Freelancers can send the crypto payment link to their clients via email, messenger, business website, or any other communication channel. They can then click on the link and choose preferred cryptocurrency to make the payment. The client does not need to have a Whitepay account to pay freelancer with crypto. They only need to have a crypto wallet and enough funds to complete the transaction.
Payment Confirmation and Order Processing
The final step is to receive the payment confirmation and process the order. Whitepay provides freelancers with real-time payment confirmation and order processing, ensuring that they get paid as soon as possible. The transaction rate is fixed at the time of payment initiation, so you don’t need to worry about volatility. If you don’t want to hold crypto, just set up the auto conversion. For example, if your services cost €500, you will get €500, no matter how much it is in crypto.
Whitepay also provides crypto freelancers with a dashboard where they can track and manage their crypto payments, view their transaction history, and access their reports and analytics. You can also withdraw your crypto funds to the bank account or an external crypto wallet at any time.
Partner with Whitepay
Partner with Whitepay and embrace the crypto world. The more payment options you support, the wider your potential client base is. With this partnership, you cater to broader, tech-oriented clients, each preferring their freelance cryptocurrency.