How to Set Up Payments method in freelancer.com

You now have your shiny, new Freelancer.com account. You've completed your profile, and you've figured out the projects you want to work on. The next thing you'd want to do of course, is to set up payments. How exactly do you pay or get paid on the site? Here's a quick guide.

Types of Payments

There are two types of payment transactions on the site. One is the Milestone Payment, which lets employers set aside funds to pay for a project in full once it is done, or pay freelancers whenever project objectives (milestones) are met. Employers can release the payments at any time, but can't reverse or cancel them. On the other hand, freelancers are the only ones who can cancel milestone payments. This gives freelancers the security that the employers are legitimate and willing to pay, and the employers can rest easy knowing that payments will only be released once objectives are met and they are satisfied with the results.

With Milestone Payments, employers and freelancers who cannot agree on the terms of a project can turn to the Freelancer.com Dispute Resolution System. Activating this option lets Freelancer.com agents work out any problems regarding project objectives and unreleased milestone payments.

Another way to transact is the Transfer Funds option. It lets employers transfer payments directly to freelancers, provided that there is an active project involved. Unlike Milestone Payments though, users don't get access to the Freelancer.com Dispute Resolution System. Transactions made with Transfer Funds are final and irreversible as well, so we recommend using Milestone Payments for payments sent in advance.

For more details on Milestone Payments and Transfer Funds, check this post: How do I pay the freelancer?

Managing Your Finances

You'll find the Finances tab on top of your Dashboard.

Clicking "Finances" will lead you to your Financial Dashboard, which gives you an overview of your finances on Freelancer. You can manage all your transactions from this page. You can view Milestones and Milestone Requests, manage Invoices, and access Transfer Funds and Withdrawals. This page also gives you quick stats on your finances, and shows you your overall balance on Freelancer, along with other financial information.

How to Pay

Setting up payments is easy as pie. Just choose Deposit Funds on the Finances tab, enter the amount you want to deposit to pay for services, and click Deposit Money.

 To pay for a project using Milestone Payments, go to the project page and click on the Management tab. Here, you'll see the Create Milestone link. When the project is completed or the objectives are reached, you can click the Release button to release the payment.

As for Transfer Funds, go to your Financial Dashboard. Click Transfer Funds on the navigation bar. Select the project or the freelancer you want to transfer funds to, enter the transfer payment details, and that's it. Remember that the Transfer Funds option is final though, and we recommend Milestone Payments for payments made before a project is completed.

How to Get Paid

To withdraw payments, click on Withdraw Money on the Finances tab. You'll be taken to the Withdrawal Requests page.