Empowering Freelancers in Developing Countries to Overcome Payment Restrictions and Access Greater Income Potential
Freelancing offers immense opportunities for workers in developing countries to access global clientele and increase freelancer income due to greater earnings potential. However, the big problem facing freelancers from these regions is that receiving payments from overseas clients in Europe and the US is difficult and often restricted.
Traditional financial systems like banks exclude many freelancers from Latin America, South America, Africa and South-East Asia. For example, freelancers from countries like Venezuela, Bolivia and Africa are restricted from creating EU banks to receive payments from clients abroad and are banned from using popular payment platforms like PayPal and Wise. This exclusion means freelancers have a harder time accessing the global marketplace and work with high paying, overseas clients.
When it comes to existing payment solutions, like Western Union, they often come with high fees and lengthy wait times. Freelancers in developing countries bear the brunt of these costs and inefficiencies, which cuts into their hard-earned income. For example, a freelancer from South Africa typically waits 21 days to receive payment for their work and pays hundreds of dollars in intermediary fees using a popular freelancing platform like Upwork. First the payment clears Upwork, then Paypal, then FNB bank. At each step along the way, the freelancer is paying fees and the wait time is extended for 21 days. Click here to see our case study from South Africa.
Finally, perhaps the biggest challenge for freelancers from developing countries is inflation leading to a loss of purchasing power. A prime example is freelancers from Argentina who have witnessed rapid currency devaluation. Argentina’s peso has crashed by 99% vs the U.S. dollar since the beginning of the currency crisis in 2018. With the government restricting the purchase of US dollars up to $500 and financial restrictions globally, freelancers have nowhere to turn and are left holding worthless, paper money.
Crypto payments provide an alternative to all of this and offer a cost-effective and efficient solution for freelancers, a way to avoid burdensome fees, avoid lengthy wait times and escape currency devolution in order to preserve their purchasing power.
Archway Finance is at the forefront of providing crypto payment solutions for freelancers in developing countries. With Archway, freelancers can send or receive money from anywhere in the world, get access to a global clientele, save on transaction fees (compared to popular payment platforms like Wise, Payoneer and Paypal) and get their money faster within 24 hours.
Crypto payments have emerged as a game-changer for freelancers in these countries empowering them with financial inclusion and growth opportunities. By leveraging the advantages of crypto payments, freelancers can overcome the limitations of traditional financial systems, access global clientele, and protect their earnings from currency devaluation.
Archway Finance stands as a leading provider of crypto payment solutions, enabling freelancers in developing countries to thrive in the digital economy.
To learn more about Archway Finance and our crypto payment solutions for freelancers in developing countries (Argentina, Bolivia, Mexico, Chile, Columbia and many more), please visit us att https://archway.finance/for-contractors.
