Global payment platforms for contractors: how they work, pros & cons
TL;DR: If you're paying independent contractors (not employees), you don't need an EOR to move money. You can pay directly via providers like Wise, Payoneer, Airwallex, PayPal, Revolut Business, or traditional bank wires—then keep the source of truth (milestones, approvals, proofs, confirmations) in Kontrable.
Not legal or financial advice. Fees, availability, and features vary by country and account type—always verify for your jurisdictions.
The short list
Wise — Bank-to-bank transfers with competitive FX; great coverage, batch payouts.
Payoneer — Multi-currency receiving accounts and mass payouts; popular in LATAM/Asia.
Airwallex — Business accounts with multi-currency wallets, batch/FX controls, strong API.
PayPal — Ubiquitous, fast to recipients; higher fees for cross-border and FX.
Revolut Business — Multi-currency accounts, cards, and decent global reach (availability varies).
Bank wires (SWIFT/SEPA/ACH) — Universal, auditable, but slower and fee-heavy across borders.
How these platforms work (at a glance)
You hold the account (Wise/Payoneer/Airwallex/PayPal/Revolut or your bank). You initiate payouts (single or batch), in the currency and rail supported. They deliver funds to the contractor's account or wallet; FX and per-payout fees may apply. You keep records: Kontrable stores the proof of payment, links it to the milestone or invoice, and requests contractor confirmation → clean audit trail.
Quick comparison (choose by use case)
| Platform | Best for | Pros | Cons | Speed (typical) |
|---|---|---|---|---|
| Wise | Cost-efficient cross-border payouts | Strong FX, transparent fees, local rails, batch payouts | Not available everywhere; business onboarding checks | 1–2 business days (often same/next day on local rails) |
| Payoneer | Paying large freelancer bases, marketplace-style flows | Mass payout tools, multi-currency receiving accounts, wide adoption | Fees can be higher than Wise in some corridors; withdrawal steps | Same/next day to wallets; bank withdrawals add time |
| Airwallex | Finance teams needing controls & API | Multi-currency wallets, roles/approvals, strong API, batch & FX controls | Availability by region; onboarding can be strict | 1–3 business days depending on rail |
| PayPal | Speed & ubiquity | Very common recipient accounts, instant wallet receipt | Higher fees & FX; disputes; limits in some countries | Instant to wallet; bank withdrawal time varies |
| Revolut Business | Multi-currency accounts + cards | Good UI, cards, local rails in supported regions | Regional availability limits; per-feature eligibility varies | Same/next day on supported rails |
| Bank wires | Formal payouts, large amounts | Universal, bank compliance comfort | Slow, manual, higher fees & FX spreads | 1–5 business days |
Speeds and fees are indicative; confirm for your corridors and account tier.
Pros & cons by situation
If you pay many contractors monthly:
Go-to: Airwallex or Payoneer (mass payouts), Wise (batch), or bank file uploads via your bank. Why: Batch files, approval workflows, cost controls, and standardized references.
If your priority is lowest total cost:
Go-to: Wise or Airwallex (FX + local rails). Watch: FX spreads, not just visible fees. Batch fewer/larger payouts when practical.
If you have small, ad-hoc amounts or contractors prefer wallets:
Go-to: PayPal or Payoneer. Watch: Wallet → bank withdrawal fees/time; align expectations in your payment terms.
If you need enterprise controls/API:
Go-to: Airwallex; Wise API for automations; bank APIs via treasury partners. Why: Role-based approvals, programmatic references, reconciliation exports.
What to put in your payment terms (contract & SOW)
Model: Milestone-based, retainers, or net terms (e.g., Net 7 after approval).
Payout provider(s): What options you support (e.g., Wise/Payoneer/PayPal/bank).
Currency & FX: The invoice currency, who bears FX/transfer fees, reference format.
Delivery/acceptance: What "approved" means; how many review rounds; when the payout is triggered.
Proof & confirmation: You'll attach proof; contractor confirms receipt via the portal.
Disputes: How to escalate and resolve (with timelines).
Set these once; Kontrable will reflect the rules at the milestone level and keep the audit trail when you pay.
Workflow: paying contractors cleanly (step-by-step)
- Define milestones in Kontrable (title, due date, currency, amount).
- Approve the milestone deliverable (single or multi-approver).
- Pay via your provider (Wise/Payoneer/Airwallex/PayPal/Revolut/bank).
- Attach proof (transaction ID/screenshot/PDF) to the milestone in Kontrable.
- Contractor confirms receipt; status flips to Paid.
- Reconcile with monthly exports (by project, brand, and contractor).
Result: finance gets evidence for every dollar; operations see progress; contractors get paid on time.
Common pitfalls (and how to avoid them)
Hidden FX costs: Tiny spreads add up. Compare all-in landed cost for your top corridors.
Per-payout fees: Weekly payments can be 4× costlier than monthly. Batch where reasonable.
Unclear references: Always include a project/milestone reference; Kontrable stores it for you.
Wallet lock-in: If recipients can't easily withdraw, you didn't really pay them. Confirm local options.
No audit trail: Email threads aren't proof. Keep approvals, proof, and confirmations linked to milestones.
Decision guide (quick)
Mostly international + cost focus? → Wise (default) or Airwallex (controls/API).
Marketplace-style mass payouts? → Payoneer (mass payouts), Airwallex (batch).
Small ad-hoc amounts, fast? → PayPal.
EU/UK heavy with cards & teams? → Revolut Business (+ local rails).
Large/regulated deals? → Bank wires with strong narration + Kontrable audit trail.
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