Stripe’s how you make a large portion of your payments on the internet. So you might be wondering: Can I use Stripe to pay my independent contractors? The answer is that, while you can, there are better ways to go about it—that’ll incur you fewer processing fees and let you run payroll in a click. We’ll go over Stripe, and its better alternatives, below.
Set up a Stripe account: First, you'll need to set up a Stripe account. It's a simple process that only takes a few minutes. Stripe also offers a wide range of payment processing services to meet all your payment needs.
Collect necessary information: Next, you'll need to collect the necessary information from your independent contractors, such as their email address and bank account information. Make sure to keep this information secure and confidential.
Initiate the payment: Once you have the necessary information, you can log in to your Stripe account and enter the payment details, including the payment amount and the contractor's banking information.
Wait for the payment to clear: Stripe payments typically take two business days to clear, so make sure you have sufficient funds in your account to cover the payment.
Celebrate! Your payment has been processed quickly and securely. Don't forget to confirm with your independent contractor that they have received the payment.
Stripe is great, but if you want to pay your contractors even faster, you may want to give Panther a try. Our platform lets you pay your whole team of contractors, all at once, in a single click. In their currency of choice.
Learn more about how you can pay your team with Panther by heading here.