Are you considering using PayPal to pay your independent contractors? It's a common option for businesses that need to make fast and secure payments across the globe.
In this blog post, you’ll learn how to use PayPal for your contractors—and why there’s a better, faster, easier alternative.
Watch out for the fees: PayPal charges fees for each transaction, which can vary depending on the location of the payer and payee, as well as the currency used. Be sure to factor these fees into your budget and negotiate them with your independent contractors.
Know the limits: PayPal has certain limits on the amount of money you can transfer per transaction, per day, and per month. Make sure that these limits work for your payment needs and don't cause any delays.
Check that PayPal is available in the payee's country: Not all countries have access to PayPal. Before deciding to use PayPal to pay your independent contractors, check if it's available in their country.
Ensure your payee has a PayPal account: Before you can use PayPal to pay your independent contractor, they must have a PayPal account. Make sure that they have a PayPal account set up and that it's in good standing.
Verify the payee's information: To ensure that you're sending payment to the right person, verify your independent contractor's PayPal account information, such as their email address and account ID.
By following these steps, you can use PayPal to pay your independent contractors quickly and efficiently. It's a great option that can help you streamline your payments and make sure your contractors get paid on time.
If you’re hiring contractors, you’re probably spending too much time on their payroll, contracts, and tax documents. Which is why we built Panther, which saves you 90% the time you spend on contractor paperwork each month.
With Panther, you can compliantly hire your contractors in 150+ countries, onboard them in minutes, and pay them all at once (in a click). It’s global contractor payroll, finally simplified.
Sound interesting? Click here to watch a 4-minute product demo and see the platform firsthand (without ever having to book a lengthy demo request call).