Odesk 101: How To Send Payments To Contractors
ODesk is a California-based company for employers and job seekers, a venue for hiring and getting hired. If you’re an employer and have just signed up for an account, the first thing to do is familiarize yourself with the ins and outs of the marketplace, to know your way around it.
As an employer on oDesk, you get the chance to hire contractors from around the world, individuals that meet the requirements of the job you need done. How do you send payment to contractors?
Choosing Your oDesk Payment Method
The first thing you need to do is choose the payment method that you prefer. You have several options:
- Paypal is one of the payment methods you could use to send payment to your oDesk contractors. Your Paypal account will need to be verified, but this process is usually almost immediate, or shouldn’t take a long time. According to oDesk, the account will also need to be “in good standing”, and you should have sufficient balance in your Paypal account, or the account should be linked to your credit card or bank account.
Using Paypal as your preferred method of payment will allow you to put funds in your oDesk account, for paying contractors. Bear in mind that exchange rates and per-country restrictions may apply, and that Paypal controls these. Should you choose to send payment via Paypal, you won’t incur any additional charges. You also won’t need to make a security deposit.
- You could also use a verified American Express, MasterCard or Visa credit card to send payment. Should you choose to pay using a credit card, this card will first need to be verified. The process takes a few hours, but usually, your credit card should be verified before the following day.
- If the payment amount you will be sending out each week comes to $500 or more, you could choose to pay by check. There is an application process for this, an interview for the purpose of screening, and it is mandatory to make a security deposit of $2,000.
- Prepaid cards, gift cards, virtual cards, Western Union and other vendors that offer different payment options online are not oDesk-approved, and you will not be able to send payment using these. If you wish to use your debit card to send payment, it should be verifiable. Otherwise, you could try linking your card with your bank-linked Paypal account.
How to Send Your oDesk Payment
Once you set up contracts, contracts that are set on an hourly or time-logged basis will be charged by oDesk instantly. Here’s a step-by-step tutorial for you:
- Click the tab that reads “Manage My Team” located at the top navigation bar
- Select a contractor you want to pay and click the down arrow button and select “Make Payment”
- Once the security questions are verified, you will need to fill up the required fields like on the example image below:
- Select “Milestone” as a payment type
- Enter an amount in the “Paid to Contractor” field
- Enter a message on “Message to Contractor” field
- Once everything is filled up, press “Make Payment” button
- You’re all set!
