22 October 2008 | Product | Michael

oDesk has been receiving requests from larger businesses to be invoiced and to pay by check. Today we are pleased to announce that check payment is now an option!

Who is this feature targeted at?

Larger US businesses whose financial systems forbid putting oDesk charges on a personal or corporate credit cards.

How does check payment work?

1. You talk with a oDesk representative, who will determine your eligibility for this payment method.
2. If you are approved, we will work with you to determine what security deposit would be appropriate given the amount you spend on oDesk and the period of time it takes your finance department to pay invoices.
3. You send oDesk a check for the amount of your security deposit.
4. When your security deposit check clears your payment method is marked “verified” and you can hire providers on oDesk.
5. You receive an invoice each week, and pay as per your terms.

Click here to read the full help article.

Sounds great! How do I sign up?

You go to the Payment Methods page and click on the link in the “Check” payment method. This will initiated a request and an oDesk representative will contact you.

What are the restrictions?

You must:

(a) have a US bank account

(b) participate in an account screening interview and be approved

(c) pay a minimum security deposit of $2000

Will the security deposit be refunded?

Yes, when you choose to no longer pay by check, your security deposit will be applied to your remaining liabilities and you will be able to withdraw any remaining funds.

I’m an international business and I would like to participate in this.

We are currently only allowing US buyers to participate in this program. We anticipate expanding this program to international buyers using wire very soon.