Freelancers are paid about 2-5 business days after completed work is approved by a customer.
Here is how the process works....
Establish a Work Contract - Customer's and independent freelancers must first agree and approve the terms of a work contract in the marketplace. Terms of a contract should indicate when the work performed by a freelancer is expected to begin and end, how much the work will cost, any deliverables that will result from the work, and on what pay cycle the freelancer is to be paid.
Deposit Funds into your SecurePay Wallet - After a customer approves a work contract, a deposit is due. An amount equal to the contract amount plus a 3% credit card processing fee must be deposited into your SecurePay Wallet using a valid credit card.
Freelancer Payment - We recommend that work be divided into multiple milestones. Additional milestones can be added at any time during an active job. Once a milestone is completed, clicking the "Approve" button will initiate the payment process for the independent freelancer. Funds are electronically transferred from your SecurePay wallet to the bank account of the Freelancer within 2-5 business days.
Do I have to file tax forms? You shouldn’t have to fill in 1099-MISC forms for whoever you hire, because our SecurePay Wallet is a ‘third-party payment network. When you pay through it, Form 1099 reporting becomes our responsibility.
Once funds are deposited by the customer, the status changes to "Paid". Once the freelance consultant completes work, click the "Mark Complete" button as shown below. The final step is for the customer to approve the work.
*** After customer approval of each work milestone, an electronic payment is automatically made to the freelancer's bank account from the customer's SecurePay wallet in 2-5 business days.