Freelancers and contractors are an essential part of the modern business economy. They provide adequate services to businesses in many fields—creative, software development, client support, and more. In fact, according to World Bank data, 46.4% of all workers worldwide are part of the “gig economy.”
Working with freelancers can have many benefits. Freelancers are highly flexible. They adjust their workload, complete their work efficiently and on time, which is beneficial for businesses needing help with specific projects or tasks on an as-needed basis. They are often experts in their respective fields, which is helpful for businesses requiring specialized skills that they don’t have in-house. Hiring freelancers is cost-effective since businesses only pay for the completed work, making it a great option for those with a limited budget. Additionally, since freelancers can be based anywhere in the world, businesses have access to a global talent pool, which is beneficial for those needing specialized skills that may not be available locally.
While working with freelancers and contractors has many advantages, many face lengthy payment delays. One of the primary causes of this delay is the prevalence of obsolete payment systems and convoluted payment processes, which can slow down payment processing times and cause payment disputes. Furthermore, some locations’ lack of defined payment protocols and laws exacerbates the problem.
These factors can lead to significant cash flow problems for freelancers and contractors, which limits their ability to manage their finances. Moreover, delayed payments may cause a negative impact on the quality of work produced. If they are not paid on time, they may feel undervalued and unappreciated, which can affect their motivation and performance. This can ultimately result in sub-par work, missed deadlines, and strained relationships.
As a result, many companies that hire freelancers are always hunting for effective payment solutions that allow them to establish clear and transparent payment terms and processes from the outset.
Why enabling faster payments is crucial?
In today’s fast-paced business environment, time is of the essence, and clients demand swift and efficient payment processing. Enabling faster client payouts can offer numerous benefits for businesses, including improved cash flow, enhanced customer satisfaction, increased operational efficiency, and reduced administrative costs. With faster payouts, companies can speed up their revenue cycle, which lets them reinvest in their business, grow their services, or look for ways to develop.
Enable faster payments in multiple currencies with Multiplier’s Wise Integration
Multiplier is excited to announce the launch of Wise Platform payments. By integrating the Wise Platform, freelancers and contractors can receive payouts much faster — over 50% of payments processed by Wise globally are instant—with an overall much smoother experience.
With Wise’s fast and low-cost cross-border payments and Multiplier’s built-in payment capabilities, customers can now benefit from faster and more streamlined payouts to their freelancers and contractors. The partnership provides an all-in-one solution for Multiplier’s global customers, revolutionizing how businesses make international payments.
How does Wise work with Multiplier?
Multiplier has always been known for addressing physical barriers for businesses expanding worldwide. With the Wise integration, Multiplier clients can choose Wise as their payment of choice and pay with their own currency, which makes exchanges faster, cheaper, and more efficient.
Now, it’s time for Multiplier’s clients to pay their contractors on time and effortlessly. No more worrying about conversion rates. No more worrying about delayed payments.
Want to learn more about the Wise and Multiplier integration? Talk to our experts.