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9 Ways to Make Timely Payments to Contractors

Contractors can make operations easier for businesses by taking on short-term projects that the businesses cannot carry out on their own. Paying independent contractors on time is essential to ensure that they are motivated and can continue contributing as expected. However, with many businesses now hiring multiple contractors for different tasks at the same time, it can be difficult to keep track of payments.

9 Ways to Make Timely Payments to Contractors
But, a few strategies can help streamline the process.

1. Choose ACH transfers
The Automated Clearing House (ACH) network transfers funds electronically from one account to another. Since ACH transfers involve lower processing costs compared to other modes of payment and are lightning fast, they are a preferred payment method for employees in many companies. Additionally, they can be useful options for paying contractors on time. Also, ACH transfers are completely digital, so they reduce manual effort.

2. Opt for suitable payment schedules
Freelance contractors may have different payment schedules based on what they find most convenient. For example, some of them might work on a prepayment basis, wherein they expect clients to pay a specific percentage of their fees before starting the project. Many might expect payments later but to be made within a specific duration, such as one day after they have completed their services. In some other cases, contractors may opt for the net 10, 30, and 60 strategies, wherein payments should be completed within 10, 30, or 60 days from the invoice date. Companies hiring contractors should understand the pros and cons of each of these strategies and find contractors who utilize a strategy best suited to the company’s general payment approach.

3. Use a payroll software system
As many companies are now using payroll software to pay their employees, they can also use this system to pay contractors. A good payroll software application can easily pay multiple contractors on time and generate invoices automatically online. Also, certain payroll platforms organize all the contractor and payment information companies might need. Overall, using payroll software to pay contractors reduces manual effort and time significantly while ensuring timely payments.

4. Pay via credit cards
Credit cards can be incredibly useful tools, even helping businesses pay independent contractors. Credit cards are quite popular for the security they offer, and this aspect can prove beneficial to contractors and clients alike. Also, any transactions made erroneously may be easily resolved without the risk of money being lost. So, credit cards offer a secure way to resolve any disputes in terms of payment. However, contractors will need to have merchant accounts with a specific bank to receive credit card payments, so companies will have to check for this while seeking contractor payment information.

5. Opt for online payment
Online payment gateways are among the most convenient payment methods these days, especially with the growing emphasis on the need for a cashless economy. So,  companies can pay contractors online. This way, contractor payments are carried out without any unnecessary delays or complications. These are also highly cost-effective options for companies in the long run.

6. Utilize freelancer platforms
Freelancer platforms are consolidated platforms where freelance contractors create their accounts and look for gigs while companies put up postings offering freelance opportunities. Companies should enroll on such freelance platforms to look for freelance contractors with the qualifications and experience required for the role. When signing up on these platforms, businesses can select their preferred mode of payment. So, each time a freelance contractor’s deliverable is approved on the platform, the contractor gets paid through the selected mode of payment. The payments on freelancer platforms are determined based on finished projects or milestones agreed upon beforehand.

7. Pay through wire transfers
Wire transfers are extremely quick payment methods, ensuring that contractors are paid right on time, especially if the payment is domestic. For international payments, wire transfers may take some days, but even then, they are much quicker than other methods of payment. However, unlike credit card payments, any payments made erroneously cannot be retracted, so companies must be careful and ensure that the contractor can be trusted so that even if there is an error in the payment, the matter can be resolved quickly.

8. Understand the contractor tax process
For contractors, the process of tax payments is slightly different from that for others. Contractors usually submit a W-9 or W-8 form to hiring companies at the end of each financial year. The company then prepares and sends a 1099 NEC form to the contractor, which contractors then file with their taxes. So, companies should first understand how to pay contractors to help them pay their taxes and also fill in the correct details in the 1099 NEC form to avoid complications.

9. Stick to the set payment terms
Hiring companies should agree only to payment terms that seem reasonable to them. So, while setting up a contract, companies can even check with contractors the payment types they would prefer. Once these terms have been finalized, the companies should stick to them while paying contractors. Timely payments reflect positively on companies and ensure that contractors collaborate with them for a long period. There is also an increased chance of these professionals recommending the hiring companies to other freelance contractors.

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Natural Remedies for Depression

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