When you start a music production business this is the first question that comes into mind that “how do we get paid”. I was on the same boat as well years ago and had to set up my accounts for getting the money to my checking account. In this article, I will go through which platforms to use and how much safe they are for music producers.
Music producers are real entrepreneurs who are creatives investing their talent and skill in music production. Most of us who are starting in music production, don’t have an understanding of which medium is usually used in the transfer of money and getting paid as a producer.
Producers get paid through PayPal and other payment options such as Transferwise if they are situated in foreign countries. The ability to receive the payments has been made easy through these payment gateways.
Let’s look at different payment gateways that are available for producers,
Paypal is one of the most used payment methods that are available for any producer no matter where they are in the world. It offers them the ability to receive money from their clients and also websites like beatstars pay using PayPal as well. This makes PayPal be at the top of the list.
Everyone starting from websites that offer freelance services to websites that allow you to sell products in their platform sends money through PayPal. Take udemy for example, I receive my payments for courses that I teach there through PayPal. Even skillshare does the same.
Whenever you are selling beats to people from other countries the only easy way for them to send the money to you is to send it through PayPal. Paypal is everywhere. Some people complain saying “that’s not possible”. Without PayPal, it would be a hard time for me to be an online producer as well.
Paypal has made a lot of things simpler. You will be able to issue receipts using PayPal. One more highly praised thing about PayPal is that it offers you the ability to ask for a refund if the other party dint provide the service.
Paypal stands out as a payment gateway platform for all the producers.
If you don’t have a PayPal account you can sign up here.
this is another type of payment method. If you are situated in the US, you might not need this. If you are someone residing in a foreign country then, please get a Payoneer account. The reason is that it allows the clients to send you direct payments to your bank account without going through PayPal.
The problem here is that Payoneer is not widely used by all people. Producers who are receiving huge alone know about Payoneer and use Payoneer.
Paypal is widely used and if you want to stick to one account get the PayPal account.
Another feature that Payoneer offers is the ability to set up a virtual credit card when you want to buy something in a foreign store where you don’t want to give your actual credit card details.
This is a huge lifesaver as it allows you to create a virtual credit card and put money into it. This allows your account to be not compromised in this age of online fraud.
If you are purchasing something from a foreign country, use Payoneer.
this medium is not used for producer money transfers but it’s used in places where you are getting huge deals. Let’s say your record label is in the US and you are from the Netherlands. Tansferwise allows you to get the 10k USD advance without losing a single penny directly into your bank account within moments. You can do the same with PayPal and Payoneer.
Transferwise stands as an odd one because it supports all the countries in the world.you can send to any country bank account using transferwise.
The customer service of transferwise should be appreciated. They listen and clarify your silly questions about transferring money when you are skeptical about where your money is being transferred to. Transferwise is one of those sites where you can find complete transparency about how much they charge for a transaction and everything is 100% accurate. There is no backstabbing or hidden fees.
The other thing that I would advise is to always check your statements in your PayPal account. They have an amazing interface for you to file your taxes easily. They make things super easy.
If you are interested to check my article on can you stream your music to make money?