[Updated for 2024]
Freelancers make up 46.6% of the global workforce. That’s almost 1.6 billion people in the gig economy. In 2023, the global freelance job market exceeded USD 455 billion. On the current trajectory, the global gig economy is projected to reach USD 873 billion by 2027.
It is easy to see why. In an industry that thrives on remote working, the convenience and perks of freelancing cannot be underestimated, especially after the pandemic: 60% of freelancers earn more than their last jobs.
Businesses love freelancers, too, with 84% of hiring managers in Asia Pacific outsourcing to freelancers. In a study called the ‘Glory and Gore’ of ASEAN’s Gig Economy, author Boidurjo Rick Mukhopadhyay reveals that digital marketing agencies in the West can save up to 400% by hiring freelancers based in Southeast Asia.
Working with freelancers means there is access all over the world for just what a company needs.
Challenges involved in paying freelancers
However, freelancing is not without challenges. Your business may find it difficult to maintain a stable relationship with your favourite freelancers simply because you can’t pay them quickly enough. The restrictions of traditional banking routes mean payments may take days to process. Add this to internal processes and it can easily become a matter of weeks before payment reaches your freelancer.
To avoid this, you have 2 options: engage freelancers from one of the leading freelancing platforms like Upwork, Freelancer.com and Fiverr, or pay them through a cross-border payment specialist like Tranglo.
Why Tranglo Business is perfect for companies and freelancing platforms
Online platform PYMNTS noted that the problem with hiring overseas talents ultimately lies in how to pay freelancers in their local currency. To be able to do so seamlessly, both parties (you and your freelancer) face high administrative fees, especially with different currencies, and a need for more transparency.
This same challenge applies to freelancing platforms, too.
Tranglo Business, our proprietary solution powered by a single-API technology, connects your business to the entire Tranglo network of over 80 countries and all major currencies. By leveraging a real-time gross settlement and currency exchange system, it adjusts to your payment and collection habits over time.
Here are 3 reasons why you should choose Tranglo Business to pay your freelancers.
Tranglo Business offers a lower fee for foreign exchange transfers compared to credit cards, front-facing money transfer platforms and traditional financial institutions.
It’s faster than traditional cross-border banking routes as it is a cash-to-cash transaction. Our on-demand rail-switching technology helps you monitor your wallet balance and maximise your FX savings by smartly assessing various factors before selecting the optimum payment method.
It is simple. Signup is free and API integration is intuitive and user-friendly. Our state-of-the-art system can draw reports for easy reconciliation. Automatic compliance and security monitoring mean we significantly reduce fail and error rates.
When one project evolves into two or more collaborations, enlisting the help of a payment specialist helps you maintain a professional relationship that lasts, saves costs and cuts operational headaches. It allows companies, freelancing platforms and freelancers to focus on delivering quality services.
Need to pay freelancers abroad? Contact us and our experts will tell you how to do that quickly and reliably.
