Different Ways To Pay Your Remote Employees

Truth be told, we’re currently living in an era of unprecedented opportunities to not just survive, but also adapt and thrive in any environment. With the utmost ease, you could order the meals you’ll eat or the clothes you’ll wear and literally have life pop up a notification on your phone, reminding you of the countless possibilities you’re missing out on. 

This newfound way of life, though convenient, can prove to be risky business when integrated in your livelihood. That is when you’re working remotely and expecting to get paid by your employer who’s tens of thousands of miles away. Worst yet, when you’re an employer and wish to pay your employees in a secure way to ensure the continuance of your business. In both cases, the slightest error could result in catastrophic results. That’s why you must be keen to know some of the ways you could pay/get paid money remotely.

Independent Contractor vs. Employee

When it comes to payments sent to a person for a job they’ve done remotely, there are a couple of things to consider before landing at a way of money transfer. In most cases, if the payment was for a one-time gig, or a seasonal project, the process of transferring would prove to be easier than with an employee’s payroll, for freelancers and independent contractors come with the advantage of receiving more or less a one-time payment. With one-time payments, you don’t need to file for any other documents you might need for taxes and other bureaucratic nuances. 

On the other hand, in the employee’s case, you must consider setting up a payroll account handled by your accounting department or an outsourced company. By doing that, you will guarantee the continued smooth sending of salaries in a timely and convenient approach.

Transaction and Exchange Rates

With international payments, one of the hassles faced is the never ending flow of decimal points and algebraic operations. Say you’re transferring money from the US to some Asian country, you have two possible scenarios. The recipient will be able to receive the money in either their currency or USD. In the latter, many platforms provide simple steps to quote you how much it will cost you to transfer the money. Knightsbridge Currency Exchange can quote you on transactions as low as $2000, and with over 2BN dollars successful transactions, you’ve provided an unquestionable sense of safety. What’s good about such a platform is how easy it is to use. You first set up a free account, get a free currency exchange quote, and send the funds through an online banking, bill payment or bank transfer to the account service, and lastly the platform converts your funds at the agreed-upon rate and send the converted funds to the destination you have chosen. 

As more and more people start having their livelihoods dependent on financial transactions, we find ourselves face to face with a sense of fragility. Whether you choose to have your money wired through the mail, assigning payments to a local partner, or online transactions, one thing is certain: no more can we perceive the world as a place divided by borders or culture, but as an inexhaustible cascade of opportunities.