Using a marketplace integration for freelance payments can reduce the amount of spend needed to manage your personal brand.

Using a multi-currency option will reduce currency conversion fees and has other perks like physical or virual cards that can aid in other areas of day-to-day spending.

Main points of freelance marketplaces

Where they hook up to
Where they hook up to

Freelance marketplace options will provide multi-currency options for platforms like Upwork and Fiverr. This will reduce the cost of converting currency for payment withdrawals.

Work with accounting software
Work with accounting software

These can also work alongside accounting software and can be tagged as needed by income type. This keeps all types of payments clear and lets you know where to focus time and effort to increase income.

Multi-currency options
Multi-currency options

Multi-currency accounts have local accounts or IBAN accounts.

Each of these currency accounts offers the ability to receive, hold, and send cross-border payments at a fraction of the cost of using a bank.

For freelancers traveling while they work, these offer spending support and provide access to local currencies as you need them.

Card payments
Card payments

For freelancers with their own site, it is also possible to use platforms to set up payment gateways for selling of upfront products or services.

Again, these can be paid into a specific local account and have a separate workflow attached to them to track any ongoing work.

This also supports subscription sign-ups and retainer-based work as well.

Custom invoices
Custom invoices

Payment links and invoices can be generated and sent to clients for payment outside of platforms as well.

Choose the currency to be paid in ahead of sending the invoice and reduce the risk associated with currency conversion that is sometimes caused by billing in a different currency than the customer is working.

Using a freelance marketplace integration

There a number of reasons to opt for a cross-border platform for managing freelance contracts.

Access to lower conversion rates
No recipient fees as charged by banks
Boost time spent working and reduce time spent on admin
Safeguard against fraud

Be clear on

When using a marketplace integration, there are a few points to be sure of.

Exchange rates will differ by currency pair

Depending on the company you work with it is possible to use a standard rate, or agree a rate in advance.

Either way, ensure you know how much transactions will cost from each of the currencies you will be generating income from.

Each marketplace has its own withdrawal time

While multi-currency platforms are generally pretty quick, freelance marketplaces do have different limits and payment withdrawal timeframes.

Ensure these are clear ahead of withdrawing funds and that any outgoing payments are not reliant on incoming funds which may not be in the account.

Depending on the provider used, costs will change.

Some providers charge purely at a transaction level as a percent of the overall amount, or as part of an exchange rate.

Then, it is possible that a monthly or annual fee is payable. Generally, a monthly fee will reduce costs elsewhere in the account (such as guaranteeing mid-market rate transfers) but this is not always the case.

Tax obligations differ by country and industry

If accepting payments and operating in a country, it is possible there will be a tax declaration to make.

Depending on where you are operating from, there may be a second one to make as well.

Be clear when using a platform the amount that will need to be paid in tax, and where you will need to pay it.

Compare freelance marketplace integrations

The right platform for international freelancers is different for every person. We always recommend comparing to get a clear picture of what is on offer, vs what it is your personal needs.

Use cases

Freelancers in different industries use platforms regularly, here's how.

Recapping freelance marketplaces

  • Freelance marketplace integrations are widely available across different providers

  • Freelance marketplace integrations can result in more income overall, as less is spent on currency conversions

  • With most options, it is possible to also raise custom invoices to be paid into the same account

  • It is possible to action virtual or physical cards to account fo spend on supplies or other work based elements direct from the account