The Truth Behind Payment Processing Times

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As a gig worker or freelancer, one of the things that’s probably pretty important to you is getting paid in a timely manner. Depending on which service you’re using, payment processing times can really vary. That’s why it’s important to understand how these times typically work.

You might have some say in how you get paid. But for most gigs, payment could be made in a way that the company chooses, not what you’d prefer. Here’s what to know about the reality of payment times.

Two to Five Days is Often the Norm

For most banks, it takes two to five days from the time a payment gets transferred to the time it shows up in your account. That can be frustrating, but it’s pretty common. If you’re working gigs that aren’t getting you paid fast enough for your needs, it might not be the fault of the company you’re working with.

The issue could also lie with the bank where you have your account. Some banks just take longer than you’d like to get the payment to you. It may not be worth changing banks. But, finding out the typical payment processing times for your bank can help.

Some Options Let You Access Faster (and for Free!)

Unless the longer payment processing times for a lot of banks, there are options that can allow you access to your funds just as soon as they’re transferred. indi® for Jobblers, for example, provides you with that service. As soon as you get paid from the company you’re working with, those funds will be available for you to access. It’s a convenient way to get the money that’s been paid to you sooner. And, you don’t need to keep checking your account to see whether your funds have arrived yet.

That can make a big difference in whether you can pay something on time. It can also help you budget for things that might be unexpected, or just feel more confident in building up money in the bank. It’s your money once it’s transferred to you. Being able to get to it quickly should be common and expected.

You Can Sometimes Pay for Quicker Processing

In between the banks that take two to five days, and the companies that offer instance access, are companies that fall somewhere in the middle. They can take a few days to transfer, or you can get your money instantly. But the catch with doing that is that you have to pay for the convenience of having things transferred more quickly.

Venmo and CashApp are good examples of this. PayPal also offers this option. It’s one of the best ways to get your money faster if you get paid through these services. But, the downside is that it also costs money that some gig workers may not have or want to spend. The normal payment processing times can be the only option for those who need all the money they earned. That’s why options like indi® for Jobblers works so well, because it provides instant access to your funds, without any additional fees.

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About the Author: Michelle Dakota Beck has worked as a professional freelance writer since the 1990s. During that time she has written everything from product descriptions to full-length books. Her areas of specialization include real estate, home services, legal topics, relationships, family life, and mental health issues. You can find her on WriterAccess.

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