Knowing how to get paid as a virtual assistant will save you from losing money. Some people have learned it the hard way, but we want you to hear from experienced professionals before you make mistakes.
Yes, you can work from anywhere in the world. But if your clients can’t pay you, that’s when problems arise. You need to be smart and solve the payment puzzle before you even sign that contract to work with anyone.
First, you need to know the payment methods that are available for you. We have developed the list below with the most common international payment methods. We have made it easier by explaining the pros and cons of each.
Find out why you should adopt or avoid certain payment methods below.
As you guessed right, PayPal is one of the most commonly used payment methods for international payments. Despite the bad things you may have heard about it. Virtual assistants use PayPal because it is available in most countries, you can send invoices from PayPal, and it takes only a few minutes to sign up and get paid.
The limitation is that PayPal can put your money on hold for days or weeks without a clear explanation. Also, the fees they take away from your payment may turn out to be high when you look at it from a yearly or monthly perspective.
If you’re not a fan of PayPal, you can set up a Stripe account and start getting paid immediately. Stripe also allows you to send invoices to your clients at any time. The pros of Stripe are that it does not hold money as much as we’ve heard about PayPal.
And some people claim that the fees they charge are a bit lower. However, the fees Stripe charges are still high and may be costly to your business. And, Stripe is available in only a few countries as compared to its counterpart, PayPal.
Direct Deposit to Your Bank
Your clients can directly deposit your payment to your bank in any country in the world. The Society for Worldwide Interbank Financial Communications (SWIFT) makes this possible.
The pros of direct deposit are that the fees are realistic, and your money gets to you directly with no fourth party involved as with PayPal or Stripe. The only parties are you, your client, and your bank.
The con is that it takes a few days for the money to reflect in your bank balance. However, this is also the case with other payment methods so it’s not such a big deal.
If you’re a virtual assistant based in the United States, you can get paid via Cash App. With Cash App, you get your money almost instantly. And you can spend it online to buy items from various online vendors if you please.
The con is that it is not available for virtual assistants living outside the US.
Finally, we have Wise which was formerly known as Transferwise. Wise is cheaper than PayPal and Stripe, and it is available in most countries. Therefore, if you’re a virtual assistant based somewhere in Africa, your clients can pay you via wise, and you get your money within a few hours.
The only limitation is when you get clients who are not willing to use this payment method.
Get More Tips to Set Up Your Virtual Assistant Business
Now that you know the payment methods to choose when you start working with clients, we have more tips to help you set up your VA business. Whether you’re a beginner or an intermediate virtual assistant, join the Royal VA academy and learn the secrets to setting up a successful online business.