Did you know that 95% of my clients come from over 17 different countries? It's quite an international clientele! And because of that, we have to be able to accept payments in 10+ different currencies. I have to admit when I first started, it was a bit confusing and even seemed a bit scammy at times. But trust me, when you're working with clients who are oceans apart, building trust together is crucial. They can't make the full payment without some sort of guarantee, and you might not be able to start working unless they make a deposit.
But here's the thing, once you find a way to navigate through all of that, you'll realize that a significant portion of your money goes towards fees. That's where I come in. I'm here to break things down for you and provide you with the best payment gateway solutions for your specific needs.
Before we dive into the top payment gateways for international clients, I’ve got some advice:
Always have a contract in place, just in case. It's important to have an international contract drawn up, especially after experiencing a few scenarios where clients disappear after making a deposit. While it may be fine for smaller amounts, when you're dealing with big projects, having a contract can be incredibly helpful down the line. Make sure all the details and scope of work are laid out in the contract to protect both parties involved.
Split the payments evenly. I prefer a 50-50 arrangement to guarantee trust and security.
Consider utilizing Escrow accounts if you have any doubts. Marketplaces often serve as reliable Escrow account holders. However, keep in mind that they usually charge a significant fee of 10-20%. While this may seem substantial, marketplaces are valuable for generating leads, and it's reasonable to grant them that commission. After all, you would have spent a similar amount on advertisements anyway.
Payment Gateways that We Use for Business With International Clients
Let me introduce you to some of the payment methods available:
Paypal: Undoubtedly the most well-known option, Paypal offers fast transactions and supports almost all currencies. It has gained people's trust due to its buyer protection feature. However, there are a few downsides to consider. Sometimes, Paypal may block your funds without a valid reason, and the fees can be quite hefty, totaling almost 7% when factoring in conversion rates, platform fees, GST, and more.
Payoneer: For a long time, I relied on Payoneer, especially because it seamlessly integrated with Fiverr. It allows you to create payment links and provides alias bank accounts. The typical fee ranges from 1-3%, depending on the countries involved. Payoneer is known for its speed, reliability, and user-friendly interface.
Mulya: Currently, I am using Mulya as my preferred payment method. It charges only a 1% fee and utilizes Google's conversion rate, which sets it apart from other platforms. Mulya also offers alias bank accounts for all countries and boasts an amazing user interface. With Mulya, you can create local bank accounts to provide your clients with a seamless local bank transfer experience. Additionally, you have the option to hold your funds in USD. The only drawback is that Mulya does not support sending payment links. Onboarding is a breeze, and you can easily sign up for Mulya using this link.
Skydo: If your payments exceed 3000$, this could be a great choice. It comes with a flat fee of 25$. Similar to Mulya, it also uses Google's conversion rate. To sign up, click on this link.
Stripe: Known for its excellent tracking, automations, invoicing, and user interface, Stripe is a top platform. However, it has two downsides - payouts take 7 days and the fees can be around 5-7% (inclusive of conversion rates, fees, and GST).
Razorpay: While Razorpay supports international payments, it has partnered with PayPal, resulting in similar fees. If you have clients from both India and abroad, Razorpay is a top choice.
Direct Bank transfer: Your clients have the option to send you direct bank transfers. The charges vary depending on the banks and countries involved. You will need to set up inward remittance for this. Additionally, you can enable EEFC accounts to accept and store funds in foreign currency. Learn more about EEFC here.
Here are a few methods I utilize to ensure a top-notch user experience for my clients. For those preferring card payments, I rely on Payoneer. If bank transfer is their preference, I use Mulya. And for those who opt for PayPal or Stripe, I accommodate their request, with an additional 5% payment gateway fee.
Remember, building trust with your clients is key. By offering a variety of options and being transparent about fees, you can navigate these financial necessities with confidence.
To see the results of how my business is turning up with my management processes, head over to our website- Wix Freaks
Drop a comment if you’ve been using any other payment gateways that are helpful!
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