What global payment option (other than PayPal) can reliably pay freelancers worldwide with a minimum payout of $100?
Payments
Asked by Question Bot11/Jan/20141 answer
1 Answer
F
Faisal Khan
Answered 11/Jan/2014
Short answer: There are none. Even on global mass payouts, you incur significant per transaction charge for a push of an individual payment. You may find some regional solutions, but overall, worldwide solution is not available.
There are companies that have a tie-in arrangement with various countries, but this means, additional layer as far as fees, FX and transaction time is concerned. The plus is you only have to deal with a single entity.
Even companies like Tipalti et. al, as Ohad Samet suggested are not covering 100% of the markets. They covering countries where they see adequate transaction volumes (and I don't blame them, it is a business after all). You won't see many providers who will cover Kenya, Rwanda, Mongolia, Bangladesh, Maldives, Guam, etc. in one go, in their country to settle with list.
SWIFT covers almost every country/bank, but then again, there are fees associated with it. You can work with SWIFT to find you a correspondent bank to work with, to do mass payments (an area which very recently SWIFT has decided to work in - with enterprise clients). However, this is not something that has an 100% API access to the end account with whom you want to settle with.
Your best bet is to identity the top performing markets for your company and then try to work with banks/payment-providers in those countries directly (if you want the maximum benefit) or opt for companies like Tipalti etc. who might cover some of those countries for you (the benefit being, single-window operation for you).
In certain cases you might find banks/payment-providers who would cover a specific geographic region like GCC or LatAM, etc.
There are companies that have a tie-in arrangement with various countries, but this means, additional layer as far as fees, FX and transaction time is concerned. The plus is you only have to deal with a single entity.
Even companies like Tipalti et. al, as Ohad Samet suggested are not covering 100% of the markets. They covering countries where they see adequate transaction volumes (and I don't blame them, it is a business after all). You won't see many providers who will cover Kenya, Rwanda, Mongolia, Bangladesh, Maldives, Guam, etc. in one go, in their country to settle with list.
SWIFT covers almost every country/bank, but then again, there are fees associated with it. You can work with SWIFT to find you a correspondent bank to work with, to do mass payments (an area which very recently SWIFT has decided to work in - with enterprise clients). However, this is not something that has an 100% API access to the end account with whom you want to settle with.
Your best bet is to identity the top performing markets for your company and then try to work with banks/payment-providers in those countries directly (if you want the maximum benefit) or opt for companies like Tipalti etc. who might cover some of those countries for you (the benefit being, single-window operation for you).
In certain cases you might find banks/payment-providers who would cover a specific geographic region like GCC or LatAM, etc.