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Alli Hill Published on 15 December 2021.
It used to be that the biggest payment concern of freelancers and service providers was getting paid at all. Over 70% of freelancers have struggled to get paid at least once in their career, with average losses totaling more than £6,000 per year. Now, a new payment concern has entered the arena: should freelancers and service providers accept crypto as payment?
Cryptocurrency is already carving a new path in the payment landscape. But just how deep does that path go?
The simple answer: not very deep, at least not yet. But we’re getting close.
Freelancing marketplaces are rising hand over fist, with 59% of freelancers using them to find new clients and gigs. The attraction is easy to see: there’s less marketing involved on the freelancer’s end, plus all payments are handled through the platforms.
And eventually, those freelance platforms will start accepting cryptocurrency as payment. We’re already moving in that direction, with some marketplaces only dealing in Bitcoin transactions. As currencies like Bitcoin and other crypto coins become more mainstream, we’re likely to continue seeing fraud-prone services like online marketplaces start accepting them.
The thought of accepting crypto as a freelancer or solopreneur can sound big and scary, especially if you haven’t been part of the crypto conversation until now. But rest assured that it’s at least worth considering learning about, given its many advantages.
For starters, freelancers can stop worrying if clients are going to pay. Crypto is the securest way to pay and creates a mutual guarantee between the customer and the freelancer or service provider. Funds are guaranteed and payments cannot be reversed once the transaction goes through. That means no chargeback fees, no stolen funds, and no back and forth with unscrupulous clients.
It’s also cheaper for freelancers to accept crypto than credit card payments. It’s not fee-free, but the processing rates are lower than that of credit cards. Plus, you won’t incur foreign transaction fees, transfer fees, and all those other costly fees that eat into your earnings.
And if you think that clients don’t care about paying in Bitcoin, think again. You might not have had any requests yet, but again, as crypto becomes more mainstream, the number of requests will also increase. Being set up to accept crypto now can help you maintain a competitive edge in your niche. And when you’re winning the competition, you can justify charging more for your services.
Accepting crypto sounds complicated: do I need a machine? A special bank account? Crypto already in the bank? It’s actually none of the above. You have two options:
The first is to set up a payment API that allows you to accept crypto as payment. This is similar to a credit card payment portal that lets you accept credit cards. This is a fully self-managed process, though, which makes the second option look more attractive.
And that is to use Crypto-Supermarkets, a freelancer marketplace that’s already set up for crypto payments. Everything is done for you, so you can start accepting crypto payments from clients immediately and confidently. Explore the competitive advantages of Crypto-Supermarkets today!