Independent contractors have been employed in practically every nation in the world over the past few years. The cost issue for today’s businesses is the main cause of this. When it is simple to discover capable individuals online who are prepared to take on the assignment, hiring staff for a one-time project is simply not cost-effective.
Such is the situation when a multinational corporation expands into Africa. There is frequently a lot of preparation to be done before staffing that location, even if they would be recruiting permanent workers once the facility is ready for operations. Here are some suggestions on quick ways to set up an office if you are a multinational corporation hiring African contractors.
Money Transfer Apps Online
Using a safe and secure online money transfer software would be the quickest way to pay an African contractor who is working for you on a one-off project. Ria Money Transfer, for instance, allows you to send money, and the recipient can access it right away. Following that, they can decide whether to deposit it into their bank account directly or go to a retailer where it will be converted to cash. In a matter of minutes, everything may be taken care of, making things simple for you and convenient for the contractor who has immediate access to the monies you’ve deposited.
Worldwide Bank Transfers
These can also be simple, but they are frequently slower than internet money transfers. Despite the fact that both may be done digitally, certain foreign banks frequently delay international bank transactions until they have cleared. Banks continue to hold those monies, often for as long as 10 days before clearing them, despite the fact that the reasons why this occurs are highly contested. Nobody knows why this occurs, although the difficulties in chargebacks if the money doesn’t clear seems to be the general agreement.
Place a check in the mail
Although it is not difficult to perform, this takes more time than just internet money transfers. The check must be written, a current mailing address must be obtained, enough postage must be applied to the envelope, and the package must then be sent. That much labor is something that many businesses would rather not have. Additionally, those contractors frequently find it difficult to wait days, if not a week or more, for their cash to arrive in the mail. Mail delivery within a single nation might be sluggish.
However, it takes more time than it’s worth when traveling thousands of miles and changing from one method of transportation to another. Remember that it’s common for banks to hold onto checks for up to ten business days before clearing them. When rapid money transfers are an option, both businesses and contractors choose to take this path. When payment is available immediately on the same day, why would anyone want to wait up to 20 business days to get it?
the conclusion
Online transfers would seem to be the most convenient method of payment, whether you are an international corporation wishing to pay your African one-time contractors or a contractor who has just finished the project you were hired to execute. Simply put, that makes the greatest sense in every manner.
