This article will discuss the most common methods of accepting payments from clients internationally, how to choose a payment method, and some tips on organizing client payments.

How To Collect Payments

You can use multi-currency accounts, bank accounts, or online payment gateways. Accepting payments through direct bank account transfers can pose security risks so I usually avoid this route with new clients.

1. Paypal: This company is commonly used around the world. There are fees associated with collecting business payments.
2. Wise: Formerly known as “Transferwise.” This company allows you to send and receive payments in different currencies. See the fees involved here.
3. Payoneer: They collect fees to exchange the currency and a fee when you withdraw.
4. WeChat Pay: WeChat pay is widely used in China, if you are going to work with Chinese clients having a WeChat pay account is very convenient. However, this account is very hard to get. You usually need a Chinese bank account.
5. Online Payment Gateway: Accepting payments from a Chinese client can be difficult. You can set up an online payment system if you have a website. This system connects to your chosen payment method and automates the process. Usually, you need to hire a web developer, so this option can be more expensive initially. However, it saves you time and energy once the gateway is set up. If you expect to collect more than 50 different payments a month, this may be the option for you.

How To Decide Which Method/s To Use

Each professional has different needs when accepting payments. Factors to consider when choosing a company are:

1. Fees (Monthly, yearly, per transaction)
2. Security
3. Accessibility for clients
4. Special features (Automatic payments, subscriptions)

Once you have decided what method/s to use, you need to organize your expenses, your income, and confirm your clients have paid.

How To Organize And Track Transactions

You can use one of the following methods to organize your business finances:

1. Manually track and record payments, income, and expenses in a document or spreadsheet. I did this for the first few years with my clients. Each month I set one day aside to review all expenses and payments.
2. Have a business bank account. Pay for your business expenses and collect payments solely through the business account. This can make your bookkeeping work much easier!
3. Use an invoicing and bookkeeping service like Quickbooks. This company has plans for freelancers, businesses, and accountants. The service makes recording receipts, invoices, and transactions easier.

I hope you found this information applicable. If you have any suggestions or comments, please drop them in the comments section! I would love to hear from you!