The 25 Best Guaranteed Payment Tools for Freelancers In 2024

If you’re looking for the best payment tool to use, you’re in the right place. We’ve looked at some of the most popular payment tools available in the market, and we’ll be discussing what they’re good and not so good at to make it easier for you to choose.

How to Choose the Right Payment Tool

Before we proceed, it’s worth noting that many payment tools are meant for specific purposes. Some are best used as online wallets where you can store your money, while others are best used for sending and receiving payments only. Others are best used to monitor transactions so you can invoice clients on time.

To help you choose the best payment tool for the right purpose, we have categorized them according to how they are best used. We’ve also included a few pros and cons.

Online Payment Platforms

These tools are best used to facilitate sending and receiving payments from clients online. Each has its own strengths, so make sure to choose one that fits your needs.

PayPal

PayPal is one of the most used online payment platforms worldwide, thanks to its wide currency support base. It offers a secure way to send and receive payments in various currencies.

This online payment platform boasts many advantages for freelancers, such as:

A user-friendly interface that’s easy to understand, even for those who are inexperienced with online payment platforms.
A wide currency support base that lets you send and receive payments using dozens of international currencies. This allows you to transact with more clients across continents.
Buyer and seller protection features to protect your money from scams.

PayPal has some downsides that you need to know too, such as:

Costly fees are charged for sending and receiving payments and withdrawing funds from your bank account.
Fees for converting foreign currencies into the one you are using. PayPal’s conversion costs might even surpass those of local banks.
Hold on payments that can take up to 21 days or three weeks. This means you might have to wait longer to be able to actually use the payments you received for your work.

Payoneer

Payoneer is a popular payment platform known for its low fees compared to others, including PayPal. It’s easy to set up and start using and doesn’t require users to pay monthly fees. What’s more, it can be used to receive payments from over 200 countries because it supports dozens of currencies.

Some of the things that make Payoneer shine include:

Free sending and receiving of payments between Payoneer accounts.
A prepaid debit card you can use to make payments from your Payoneer account.
Administration features make it easy to file taxes and receive tax reports.

Some of the downsides you should consider before using Payoneer include:

A usage fee of $29.95 if you receive less than $2,000 in 12 months.
Costly credit card payment and bank withdrawal fees.
Inaccurate fraud detection feature that can freeze or shut down your account, leading to delayed or canceled payments.

Skrill

Formerly known as Moneybookers, Skrill is a digital wallet that’s growing in popularity in European territories. Freelancers who regularly work with international clients will find it very appealing because it supports dozens of currencies used across more than a hundred countries. It’s also useful for gaming, betting, and trading in cryptocurrency.

Skrill has a few advantages freelancers should benefit from, including:

The ability to send payments to anyone even if they don’t have a Skrill account.
An anti-fraud team and other security measures to make sure your money stays safe.
Free money transfers to other countries, so you won’t have to worry about paying to receive your pay.

This payment platform also has some downsides that should be considered, such as:

Potentially slow bank transfer times. You might need to wait longer before the funds you withdrew from your Skrill wallet get transferred to your bank account.
Smaller reach. Skrill is used in fewer countries than other payment platforms, limiting the number of places where you can get clients.
Focus on online transactions. Skrill has limited use for in-person transactions and is not the best option for those who transact over-the-counter.

Google Pay

Google Pay is a good option for those who prefer an easier way to pay for certain products and avoid costly fees. By merging Android Pay and Google Wallet, Google Pay lets users keep their money in a virtual wallet designed to be accessible on smartphones, PCs, and other compatible smart devices.

Google Pay has some features that could attract freelancers, such as:

The ability to lock the smart device connected to their Google Pay account anytime, anywhere.
Paying for Google services and related products, such as games and apps, is made easier.
Rewards and promotion programs make using it better.

Conversely, there are some downsides to using Google Pay, such as:

Transactions can take too long to complete, delaying payments.
Small user base compared to other platforms. Google Pay is not as widely used as PayPal and Payoneer.
User experience varies with your smartphone. Some devices don’t work well with the platform.

Escrow

For freelancers who are wary about working for unknown clients in other countries, Escrow is a really great option. This online payment platform requires clients to deposit your payment before you work for them, ensuring that you get paid for the tasks you agreed to complete. This guarantees both freelancer and client satisfaction.

Here are some things that should make you consider using Escrow:

Seller protection features guarantee you are selling your services to a verified buyer, protecting you from fraud or nonpayment.
Escrow Offer feature allows you to negotiate rates with your clients before agreeing to work for them.
You can choose to receive your payment via wire transfer, money order, credit card, or even PayPal if you prefer.

Despite its secure features, Escrow also has its own downsides like:

Higher transaction fees compared to other online payment platforms like Payoneer.
Potentially incorrect estimates due to tax due.
If you use Escrow for taxes and insurance, you might have to make higher mortgage payments.

Accounting and Invoicing Tools

The following are tools used to create and monitor your invoices, whether they have been sent or have been paid. They will help you manage the receivables you expect for the work you do for your clients.

QuickBooks

QuickBooks is a popular accounting software for small, medium, and large businesses. It offers simple yet powerful invoicing options so you can accurately request payments for services rendered. Its online version, QuickBooks Online, is best for freelancers who want the power of QuickBooks on a desktop but want to do their accounting and invoicing outside the office.

Some of QuickBooks Online’s powerful features include:

Customizable invoices. QuickBooks’ invoices are simpler than others but can be customized to suit your needs.
Automation features allow you to spend less time on recurring tasks like invoicing the same client for the same services.
Cloud access allows you to monitor your finances anytime, anywhere, as long as you have an internet connection.

Some of QuickBooks Online’s downsides include:

A more complex user interface compared to other accounting software like Freshbooks.
Best features, such as automation, are hidden behind expensive monthly plans. The basic self-employed plan costs $15 per month.
Limited support for lower-tiered plans.

Xero

Xero is another accounting software that’s popular among power users looking for maximum functionality. It boasts a slew of accounting tools and efficient invoicing features and allows you to import data from Excel and QuickBooks.

Here’s a quick look at some of the features you’d get with Xero:

Job tracking. This will help you monitor the time you spend on your tasks so you can bill your client accurately.
Automated invoicing. With Xero, you won’t have to worry about forgetting to send invoices to clients. Set up recurring invoices and let it do its work.
Wide currency support base. Xero works with more than 150 currencies, allowing you to send invoices and receive payments from clients around the world.

All that said, Xero has some downsides too, such as:

Advanced features are costly. Like other accounting tools, Xero’s more powerful features are only accessible in higher tiers.
Lack of phone support. Xero only offers live chat and email support, meaning you don’t get direct, real-time communication with their support team.
Xero might be a bit complicated for those who are new to accounting software. It requires some practice and learning to master its features.

Freshbooks

Freshbooks is an accounting software that’s just as popular as QuickBooks and Xero but is known for its user-friendly interface. It’s also packed with features despite being the more affordable option in the market at the moment. Freshbooks’ low monthly fees, capabilities, and ease of use make it a really good choice for freelancers everywhere.

Here are other reasons why you should consider Freshbooks:

Invoicing. Freshbooks boasts robust time tracking and invoicing features that will help you keep track of your work and accurately bill clients on time.
Integration. Freshbooks is compatible with many third-party applications, such as PayPal, making managing transactions easy.
Low monthly fees. Freshbooks is very affordable, starting at $19 per month for the lowest-tiered “Lite” plan.

Freshbooks has some limitations that you need to consider, such as:

Limitations to billing. The Lite plan covers only five billable clients, limiting your invoicing capabilities.
Bank reconciliation features only become accessible in higher tiers.
The Lite plan doesn’t allow accountant or bookkeeper access.

Wave

Wave is a cloud-based financial management software that’s best suited for small businesses and freelancers on a budget. It is very affordable and provides users with a host of basic accounting features and invoicing. Those with no experience using such platforms will find its interface very easy to understand.

Some of Wave’s best features for freelancers include the following:

Free plans for both Wave Accounting and Wave Invoicing allow users to take advantage of its features at no risk.
Create unlimited customized invoices to send to as many clients as needed.
The mobile app lets users send invoices and monitor payments on the go, as long as there’s internet.

All that said, Wave has some downsides as well, such as:

Customer support features are hidden behind paywalls, meaning you have to get a paid subscription plan to enjoy the chat, email, and phone support.
Wave is not scalable, meaning it lacks more advanced features that might be necessary as the user’s business grows.
While Wave has free versions, you must subscribe to Wave Payments to receive payment for services rendered.

SimplyPayMe

For freelancers looking for an easy way to accept payments from clients, SimplyPayMe is a viable option. As its name implies, SimplyPayMe is a mobile application used to receive payments from clients on the go, whether online or offline, via face-to-face transactions. It’s an easy solution for freelancers who want to stay mobile without worrying about how to get paid.

Some of SimplyPayMe’s advantages include:

SimplyPayMe’s mobile card reader lets users scan their clients’ credit cards to receive payments via face-to-face transactions.
Users can receive payments from afar by emailing clients a secure payment link or by calling them to obtain their details.
SimplyPayMe can keep records of payments to help with balancing books during tax time.

Like other platforms, SimplyPayMe also has some limitations, such as:

Doesn’t work with international clients. SimplyPayMe cannot process international payments, limiting its use to the U.S.
Payouts are slow and can take up to 7 business days.
There is a lack of integration with the marketplace, such as Upwork, Fiverr, and more.

Payment Gateways and Processors

Here are some of the best payment processing systems that businesses use for their transactions. Freelancers can make use of these to handle payments received using a variety of channels.

Square Payments

Square Payments is a business technology platform with Square’s built-in payments processing system. It provides users with an easy way to accept payments from clients, whether in-person, online, or remotely. It’s easy to set up and use, letting new and small businesses take advantage of its features.

Square Payments can give freelancers the following benefits:

The ability to receive payments online and offline, in-person or from a distance.
Reliable customer support is available when users need help with their transactions.
The option to offer Buy Now, Pay Later schemes to attract more clients.

Despite its slew of powerful features, Square Payments has its downsides as well:

It’s exclusive to Square POS users, meaning businesses would have to use Square as a whole.
Square can hold funds before transferring, potentially delaying them.
There’s no monthly fee, but fees for every transaction can add up and become costly.

Stripe

Stripe is a popular payment processor thanks to its customization features and integration with other online platforms. It’s known as one of the best options for merchants who receive online payments.

Some of the reasons why freelancers should consider Stripe include:

Very strong security features. Stripe is a certified PCI (Payment Card Industry) Service Provider Level 1, able to keep clients’ card data safe and secure. Customers will be confident when dealing with Stripe users.
Integration with third-party platforms. Stripe can be used as a checkout option with many partners.
Fast deposit speeds. Stripe can transfer funds to a bank account in 2 business days for free or instantly deposit funds to a debit card or bank account for a small fee.

Some of Stripe’s downsides include the following:

Complicated installation process. Stripe has powerful features but is not that easy to set up.
The first fund transfer will take up to two weeks of processing time, meaning users have to wait longer before getting their money in the bank.
Customer service could be better.

Authorize.net

Authorize.net is a reliable payment gateway that can be used to authenticate transactions. It can facilitate a variety of payments while ensuring that each transaction is secure and safely protected from fraud. It’s a must-have if you want to keep your business safe.

Here are some benefits freelancers can get from using Authorize.net:

Top-notch security and anti-fraud features to secure online payments.
Access to a robust payment toolkit allows users to process payments easily and with confidence.
Integrates with more than 140 systems, including accounting software and point-of-sale (POS) hardware.

All that said, Authorize.net has its own downsides as well, including:

Requires users to have a separate merchant account.
Monthly fees that, while reasonable, can add up over time.
Limited to the U.S., Canada, and Australia only.

ProPay

ProPay is a payment processing app designed to help businesses receive debit or credit card payments from their clients using a smartphone or card reader. This makes it easier for freelancers to offer their services to card-using clients as opposed to when they can only receive payments in cash. ProPay also gives users access to potential clients in the global market.

Some of the reasons why freelancers should consider using ProPay as a payment gateway:

Mobile credit card processing. Users will be able to accept credit card payments on the go as long as their smart devices have ProPay’s app and its mobile card reader.
ProPay Debit Mastercard allows users to use their funds without transferring from ProPay to their bank.
Reliable customer service. Pro-Pay offers phone, live chat, and email support for customers who need help with their transactions.

While it’s certainly useful, ProPay has some downsides as well, such as:

It cannot be used to process cash payments. While most clients pay via online payment methods, ProPay is best used as a secondary processor since it does not handle paper money or checks.
It’s not widely known and has a smaller user base compared to other processors and gateways.
Users transferring money to their bank account need to pay a fee and wait some time for the funds to arrive.

International Money Transfer Services

Aside from using online payment platforms, processors, and gateways, freelancers can also use money transfer services to receive payments from clients. Here are the best options available in the market today:

Wise

Wise is an international money transfer service known for its speedy transactions. Users can create accounts to be allowed to transfer funds in various currencies to and from 80 countries. It’s not the cheapest option, but there are no delays when it comes to money transfers.

Here are some of Wise’s benefits:

Very easy to set up and use. Users can create an account in a few clicks and use the mobile app for transactions.
Get the mid-market rate for currency conversions with no markups. This means it can be cheaper than other competitors.
Some transactions can be completed quickly–generally faster than competitors.

Here are some of Wise’s downsides:

Wise does not offer cash delivery options to a home or business. Funds can only be transferred to users’ Wise or bank accounts.
Send money to less than 100 countries. Unlike other payment platforms, Wise users can only transfer funds to 80 countries at the moment.
Customer support can be better. Wise’s customer support can be slow and difficult to reach when needed.

Western Union

Western Union is the largest money transfer service, with hundreds of thousands of agents around the world. Customers can use WU to send and receive money from over 200 countries, even if they don’t have a bank account. It’s a trusted name when it comes to money transfers.

Western Union provides the following benefits to users:

Transfer funds to and from more than 200 countries worldwide.
Users can send funds even if they don’t have a bank account. This means freelancers can use WU to work with clients even if they don’t have a bank account and are not tech-savvy.
There are multiple options to receive funds: cash collection, bank transfer, or mobile money payment.

Some of Western Union’s downsides include:

It might not be available in all locations. While it can be used in over 200 countries, it’s not available in all destinations.
Exchange rates include markups. This means it’s a bit more expensive to receive funds if they’re from other currencies.
Transfer fees vary based on the service used and destination country.

Remitly

Remitly is a reliable money transfer service capable of sending funds to more than 100 countries. It’s comparable to its competitors but has a few differences, making it the best choice in certain circumstances.

Remitly provides users with several benefits, including:

Transferring funds to certain countries at low to no cost. Some destinations won’t charge users a fee.
The option to receive funds via cash collection, cash delivery, bank transfers, or mobile money payments.
Reliable customer service that’s available for any Remitly-related concern 24/7.

Some of Remitly’s downsides include the following:

There are huge fees to transfer funds to certain locations. While transfers to certain locations can be free, they can be quite costly for other locations.
Some fund transfer methods might not be available in certain locations. Cash deliveries, for example, might not be available where users want to send funds.
Users can transfer from 30+ countries only, limiting the locations where freelancers can get clients.

MoneyGram

Texas-based MoneyGram, the second-largest after Western Union, boasts more than 350,000 agent locations scattered across more than 200 countries worldwide. It’s known for its fast transfers and reliable service.

Here are some benefits of using MoneyGram:

A wide agent network allows users to receive their funds almost everywhere in the world, including remote locations.
The ability to send money to others using a credit card. MoneyGram lets users send money from their credit card and convert it to cash at payout.
Fund transfers can be completed in minutes.

Some of MoneyGram’s downsides include:

Exchange rate markups mean users receive less when senders send money using foreign currencies.
There are limits to the amount of money that can be transferred every month.
MoneyGram does not offer customer support.

Specialized Payment Solutions

Lastly, here’s a look at some specialized payment solutions that can be used instead of those mentioned above. Some of them don’t offer many features, but they’re great for fund transfers.

Cash App

Cash App is a mobile payment service available in the U.S. and U.K. It provides users with an easy way to send and receive money at low to no cost per transfer. Cash App stands out because it can be used to spend money in the app, save money in a bank, invest in stocks, and even trade Bitcoin easily.

Here’s a quick look at some of Cash App’s benefits:

Cash App lets users save their money through its partner banks, Lincoln Savings Bank and Sutton Bank.
Users can buy stocks or ETFs (exchange-traded funds) using the app. Users can also buy and sell Bitcoin using their $ cash tag. Both features are limited to adult users only.
Cash App offers a free tax filing service with a promise of accuracy and maximum refunds.

Here are some of Cash App’s limitations and downsides:

Cash App only works in the U.S. and U.K. It cannot be used in other territories.
Despite its advanced features, Cash App is not FDIC-insured, meaning users’ funds are not protected in the event that the app fails.
Fees for instant cash-outs, ATM withdrawals, and use of linked credit cards can add up if users aren’t mindful.

Nomod

For freelancers and businesses who want to have many options to receive payments—including face-to-face card transactions, payment links in emails, and more, Nomod is a great option. Nomod effectively turns a smartphone into a POS device for easy payments. It can be used for a variety of businesses, especially brick-and-mortar.

Some of Nomod’s helpful features include:

Contactless cards can be charged by tapping them near the user’s Android device’s NFC chip. This is similar to paying over the counter at a nearby Starbucks by tapping on the NFC terminal.
Let customers pay using payment links in emails. This does away with those forms asking for many details—all clients need to do is click on the link.
Receive payments from major card networks and from more than 130 currencies.

Some of Nomod’s downsides include the following:

Keeping track of payments might be difficult because Nomod doesn’t add references to each transaction.
Fees might be a bit costly and can eat up from user sales.
Nomod doesn’t receive cash payments.

Tipalti

Tipalti will be very useful for businesses that need help managing their finances while dealing with many customers, including those in other countries. It is a platform that automates crucial financial processes such as invoicing, accounts payable, global payments, and more.

Here’s a quick look at Tipalti’s benefits for freelancers:

Easier invoice processing. Tipalti helps users create accurate invoices with smart optical character recognition (OCR).
Integration with PayPal and accounting software such as QuickBooks Online allows for better financial management.
Tipalti offers phone support, allowing users to receive personal real-time help when needed.

Some of Tipalti’s disadvantages include:

Tipalti’s suite of powerful tools will cost users a minimum of $149 per month. It might be too expensive for freelancers and small businesses on tight budgets.
Minimum payment requirements make it unusable for smaller amounts.
Payment processing can be delayed without enough explanation as to why.

Bill.com

Bill.com is a platform that streamlines payments freelancers receive from clients. It uses AI to hasten payment processing, from invoicing to transferring funds from client to freelancer. The platform does all this at a lower cost and with less hassle for both the customer and the contractor.

Some of Bill.com’s benefits include the following:

Lower fees for clients that use ACH (Automated Clearing House) payments.
Bill.com can automate ACH payments so that clients can pay directly from their banking account to the freelancers’ banking accounts—on time and without the need to deposit at the bank or wait for checks to be cleared.
Integration with accounting platforms like Xero means doing away with tedious data entry.

Some disadvantages associated with Bill.com include:

Costly monthly fees—users need to pay $45 per month per person to use the platform.
Bill.com is best used to automate payables by businesses working with freelancers.
Delays in payments tend to happen frequently.

Revolut

Revolut is a digital-only financial platform that can be used when traveling, sending money abroad, or even when investing in stocks. There are several account types, including a free Standard account.

Some of Revolute’s benefits include:

Fee-free money transfers during weekdays. Users can save more money from Mondays through Fridays.
Fee-free spending using the Revolut debit card overseas. The platform doesn’t add extra charges—it’s like a virtual wallet for foreign spending.
Travel benefits such as airport lounge access, baggage insurance, and so on.

Despite its obvious usefulness, Revolut has its own downsides, such as:

A low interest rate is available for those who use the platform’s savings feature to save money.
Exchange rates can be higher than those of the competition.
It doesn’t offer full banking services, and there’s no overdraft.

Wire Transfer

Wire transfers refer to a payment method that allows receivers to receive funds electronically. There is no exchange of physical money—the sender merely provides all relevant instructions to the bank and receiver, and the funds are sent in minutes.

There are some benefits to using wire transfer, such as:

Trustworthy security. Wire transfers are secure since they are processed in banks, which have their own ways of securing transactions.
Global reach. Since wire transfers are done from bank to bank, they can be used almost everywhere.
Faster transactions. Funds can be transferred in as quick as 2 minutes.

The process has its own disadvantages, such as:

Costly fees. Senders have to pay fees between $0 to $50 depending on the amount being sent.
Irreversible. Once the payment has been made, it cannot be canceled or reversed.
Payments can be delayed depending on certain factors, such as the banks involved.

Credit/Debit Cards

Lastly, clients can use their debit/credit cards to pay for freelancers’ services. This convenient method is reliable and can be completed in a short period of time. It’s also considerably secure.

This method offers some advantages, such as:

Faster completion provided that details are correct.
Avoid paying extra charges for every transaction.
There’s no need to pay annual or monthly fees.

It also has some downsides, such as:

Limited anti-fraud protection.
Overdraft fees that could possibly occur when using debit cards.
Balance fees or interest that could add up if not monitored.

Conclusion

These are some of the best payment tools available in the market today. While all of them have advantages and disadvantages, they can prove useful in certain instances. The key is to look at what they are good at and choose one that fits your needs.