Money and financial transactions form an important part of every freelancing platform. Revenue streams and individual earnings are important for each freelancer for the obvious basic needs and also for the added benefit of showcasing his productivity and experience.
It is also important for the platform in terms of continued commissions and taxation which are an important revenue source for the same. Hence, you should be familiar with the payment and transfer mechanisms of the platform where you work.
In case of Truelancer, everything is very simplified so that there is absolutely no scope for confusion or misunderstandings and transparency is maintained at all times.
Here is how Truelancer pays you
When your proposal is accepted
When the negotiations finally reach a close and your proposal is accepted then it becomes final that you have some work to do. The payment which is agreed upon is shown in the acceptance message by admin. The picture below explains the concept.
This certainly means that you will be paid INR 10,000 once you have completed your work. Now you can begin working.
Your seller locker
You must be thinking that the proposal may be accepted but there is no certainty that you may be paid. Well, Truelancer makes it certain by locking the money. The moment the proposal is accepted by the employer, he or she has to pay the amount to Truelancer in advance and that amount goes and sits securely in your seller locker as shown below.
This makes sure that there will be no glitches in payment once the work is completed.
When the work is completed
Now, you have completed your work as per the required expectations and deadlines. You submit it and then mention that the work is complete. Now the employer just has to review your work and release the payment.
This is done by generating a payment request which is approved as shown below.
Once the employer has completely reviewed your work and is satisfied by it, he will approve the payment request and the payment will be released. You can see it in your work stream on the right hand side as shown here.
But Wait, it doesn’t end here!
Your Truelancer Wallet
Once the payment is released it gets transferred from your seller locker to your Truelancer wallet as shown below.
Truelancer will deduct a small 5 % fee on this transfer.
This money still can’t be cashed but can be used for other Truelancer transactions like buying a service or hiring a freelancer. To cash this into your bank account we move to the next step.
The Available Withdrawal Methods
Truelancer provides you with two payment methods. First is through PayPal and the next is through direct wire transfer to your bank account.
From your dashboard you can go my payments and then on withdrawal methods. You will get this screen.
You need to edit these details with the proper information so that the money can reach safely where you want it. The editing is very easy and will ask for your personal details and identification details for both the methods.
You can choose the preferred mode of payment.
Once you have clearly mentioned all your details and saved them, you can create a request for transfer.
Hence, we move on to the next step.
The Withdrawal Request
At your payments page you can find the option for withdrawal request option which opens a window like this.
You can create a request with a maximum amount as much there is in your Truelancer wallet. Once processed you will receive your bank’s message about the transfer. It generally takes at most 2 business days for the transfer to take place.
If you have chosen PayPal, the transfer will be quicker.
Hurray! You can finally party hard with your hard-earned money!!
With simple payment mechanisms, easy and quick transfers and a platform to build your freelance career Truelancer is one the best places for you to be.