Freelance work in interpreting is among the fastest growing sectors in the gig economy, but for some reason many of us are being left behind when it comes to getting paid quickly. On average I will wait up 6 weeks to get a check in the mail and that’s if all goes smoothly on my client’s end.
GoSignify is disrupting this dastardly trend. By partnering with Stripe payments we get money into interpreter’s pockets within 48-hours. We use a 2-day rolling payout schedule and ACH deposits, so you keep every penny of your rate. Keep in mind also that Stripe has a proven security record. All card numbers are encrypted with AES-256. That’s military level encryption. I’ve been using the app for my personal interpreting practice and it has saved me a lot of trouble chasing the money.
There are several problems with waiting on money to arrive in the mail. The immediate idea probably popping into your head is that you can use the money right now. That means it’s worth more! Plus, there is economic theory to back up your hunch. It is called the Time Value of Money (TVM). In other words $1 today is worth more than $1 in the future. So if you’re waiting on your money, it is worth less when you get the check 30-45 days later. So how much are you losing?
Rather than getting out the accounting formulas I think of money’s present value in terms of opportunity cost. If you have a savings account (which you should have as a freelance interpreter) putting a dollar today into an IRA is going to accrue value. A month, two months, or more from now you’ve lost out on incremental capital gains. That’s money for retirement, education, or anything else you might be saving for.
Plus, that’s not all. If you have to follow up with a law firm or whatever client, deduct that from your hourly rate too. So, a 5-10 minute phone call cost me about $20 bucks at my rate. (Face plant.) The point is: starting an account on GoSignify makes total sense from a money point of view.
Now that’s says, “Show me the money.”