Independent contractors are paid by clients through the Work for Impact platform on a weekly basis if they're on an hourly contract or once they have successfully completed a milestone if they are on a fixed-price contract. Check here the differences between hourly jobs and fixed-price projects.
How much are Independent Contractors paid on Work for Impact?
There is no set rate for independent contractors on Work for Impact. An independent contractor's rate is at the discretion of both the independent contractor and the client and can be set at whatever amount both parties deem to be fair.
How is an Independent Contractor's Rate Determined?
When an independent contractor submits a proposal for a job, they'll have an opportunity to include their rate. A client may accept this rate, or they may decide to negotiate a different rate. If an independent contractor's initial rate isn't accepted, it is up to them to determine whether they are willing to work for a lower rate or if they would like to pass on the opportunity. A rate must be agreed upon by both the independent contractor and the client before a contract can begin.
Are independent contractors paid per hour or per project?
Independent contractors can be paid an hourly rate or paid a flat fee for completing a task or project. Like an independent contractor's rate, a payment structure will need to be agreed upon by both parties before a contract commences.
Independent contractors who are paid an hourly rate may use the time tracking app to record and log their hours for each client. The app will total up the hours and cost as the independent contractor works, so both parties know what is owed to the independent contractor. Independent contractors may also submit time logs manually without using the app if their contract terms allow it. However, manually entered time entries are not covered under our payment protection services.
Independent contractors who are being paid a flat fee will be assigned milestones that must be completed and approved by the client before receiving payment. Projects may include milestones for smaller tasks within a project or one large milestone for the entire project. It is up to the client and the independent contractor to decide how milestones should be allocated.
How do independent contractors receive payment?
Once the work by the independent contractor is approved, the client will pay the independent contractor through the Work for Impact platform. A 12% service fee is deducted from all independent contractor payments (this reduces to 7% once an independent contractor has earned $10,000 with a client).
When an independent contractor receives their payment, they will be able to deposit their money into their preferred bank account. Click here to learn more details about the payment cycle.
Payment protection services are available to independent contractors who are unable to receive payment from clients for work that meets our criteria. To take advantage of our payment protection services, independent contractors must use our time tracking app.