If you’re a business owner or entrepreneur who has recently hired a new virtual assistant, you’re probably still figuring out the ins and outs of paying your virtual assistant.
This is an incredibly important topic because payment is definitely a crucial factor in your relationship with your freelancer.
First off, you need to decide on a payment schedule that works best for both you and your freelancer. Take into consideration your own cash-flow, as well as your freelancer’s financial needs and work schedule.
Some options include:
- Weekly or bi-weekly payment
This option is frequently chosen because it is easy to keep up with, and your freelancer can rely on a regular payment coming in.
- Payment by project
This may not be the best option for virtual assistant since they will usually be working on several simultaneous projects with different deadlines, but for other freelancers, payment by project or contract can be a great option.
Sometimes, when bidding for clients, freelancers and virtual assistant may require advance payment, either in full or in some partial amount. This is usually for their own security, because unfortunately, there are employers who hire freelancers and then never pay them, or pay them late or an amount less than they agreed upon.
It’s entirely up to you, whether you want to pay your freelancer a sum in advance or not. If it is someone you have previously worked with, who you know is reliable and won’t take your money then not do the work, then why not?
Choosing the best payment method is another challenge. Particularly when working with a freelancer in a foreign country, your payment method is especially important.
With in-house staff, you don’t have to worry as much about payment logistics, since usually direct deposit or check work perfectly fine, but if you are in the UK and your virtual assistant is providing your business with his services all the way from the Philippines, then a check would definitely not be the best option.
You want to find a method that is secure, quick and reliable.
Some virtual assistants’ banks may also permit international direct deposits or wire transfers, which work well. There are also a few online payment methods that we all know and love like Paypal and Moneybookers.
Here are a few more payment options you can use:
This site facilitates bank and credit card payments if your freelancer has an account on their site. The fees are very affordable in comparison to some international wire transfer fees.
This site is a lot like Paypal. You can send money to a recipient using your debit or credit card, anywhere in the world, within minutes!
This is another option that requires your freelancer to have an account with the site. It is basically a service that allows merchants to accept payments. You can pay your freelancer through this method with almost any debit or credit card.
You definitely want to put some thought into how you pay your virtual assistant and when, not just how much.