How To Accept Money From Your Clients
Freelancing isn’t free, y’all. As much as we love to help others, we need to get paid for our work, so it’s sustainable. On today’s episode of The Ambitious Freelancer, let’s talk about how to get paid.
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In today’s episode, we’ll be chatting about how to accept money from your freelance clients. Here’s how I currently do it.
Use An EIN
If you need to fill out a form like a W9, you shouldn’t put your Social Security Number on it, especially if you are filing it with a person. Instead, you should sign up for an Employer Identification Number or EIN. You can do this in a few minutes on the IRS website. Click the button below to sign up.
PayPal
For the most part, I use PayPal to send invoices. Yes, they take a fee, but I have a lot of protection when using PayPal. My clients love PayPal because it’s quick and easy.
Invoice Simple
Some of my clients require PDF invoices instead of PayPal invoices. When I have a client that requires an invoice like that, I use a tool called Invoice Simple. It’s not free, but it costs a few dollars a month, which is worth it if I accept enough clients.
Bill.com
Bill.com is another excellent way to bill clients, especially if they want to direct deposit the money. Instead of sharing your information with your client, you share it with Bill.com. Bill.com is a trustworthy website that transfers money directly into your bank account. Some companies use this site to pay their employees, which makes it simple AF to pay you.
Get An Online Bank Account
If you need to give a client your information, try using an online bank account instead of your traditional bank. You can open a checking account with Ally Bank for as little as $5. While this is still a bank account that someone would have access to, it’s lower risk, especially if you don’t keep a ton of money in the account. Plus, you can get a debit card for Ally accounts, so it’s easy to use.
Checks
My least favorite payment method for freelance work is checks. My bank can be super finicky about the type of checks they accept. I almost always have to wait a few days for the check to clear before I can get access to my funds. I live in a smaller town, though. You might have better luck accepting checks in bigger cities.