Can I pay contractors in any currency?
While onboarding contractors or freelancers on the platform, you can select any currency in line with their tax residency. Tax residency refers to the place or country where an individual is legally required to pay taxes. Contractors must raise the invoices in their respective currencies.
At the time of payment, you can make contractor payments in your preferred billing currency. Our system will convert the invoices by contractors to your pre-determined billing currency. Once we receive the payment from you, we will pay the contractors as per the currency of their invoice.
Why hasn't the contractor received the payment yet?
Some instances of money not reaching contractors may be due to the following, among other reasons:
The contractor provided the wrong account details.
The contractor may not be able to accept money in certain currencies other than the local currency due to their country’s banking policies.
Banks may need additional information to do the identity verification, along with the source and purpose of the fund transfer.
Transfer in a non-local currency will be sent as per SWIFT transfer timelines which may take 5-7 business days.
Sending funds in certain countries, such as Russia or Maldives, requires local partners and may take up to 10 business days.
What are the various types of contractors Multiplier supports?
Multiplier facilitates all contractor payments provided the contractor raises an invoice, irrespective of whether they do time-based or milestone-based work.
What is the difference between a Contractor and a Freelancer?
Contractors are individuals or entities that a company hires to perform specific tasks or projects for a predetermined period. These tasks are often under the company's direction, meaning the company has greater control over how the contractor works, when they work, and the resources they use.
Freelancers on the other hand are self-employed individuals who offer their services to multiple clients. They have more control over how, when, and where they complete their work. Freelancers generally undertake various projects or assignments on a flexible basis and manage their own time and resources.
Also, it has to be noted that, freelancers and contractors are not mutually exclusive - meaning that contractors can be freelancers and freelancers can be contractors. Multiplier considers both as contractors and facilitates their payment in a simplified manner.
Does Multiplier support contractors in all countries?
Yes, we support contractors in most countries except those listed in the Financial Action Task Force (FATF) blacklist.
Should contractors raise an invoice to get paid, or does Multiplier manage that on their behalf?
Contractors must raise an invoice on the Multiplier platform to get paid. Read more about how to create an invoice and send the invoice for the employer’s review and approval.
What is the payroll policy for independent contractors?
The concept of payroll is mostly applicable to full-time employees. Multiplier is not involved in processing or handling contractor taxes. We facilitate payments to contractors in their desired currency. The contractor can raise invoices and expenses on the platform anytime during the month. Multiplier will process the funds upon receiving the money from the employer.