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UPDATE - more details on the new payment system for freelancers

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UPDATE: The first mandatory scheduled payment has been moved forward from August 28th to September 25th. (Applies to users who had not set a schedule and were defaulted to Monthly payments.)

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Update: The ability to set up a scheduled payment has been moved to July 25th. All other dates remain the same. Sorry for any inconvenience.
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It's obvious from our previous post that this community has a lot of questions and concerns about the new payment system we announced a couple weeks ago. We have an update on the timing of the new scheduled payment system. And, we have answers to your questions. You can also view our help article on scheduled payments for more information.

Setting Your Default Payment Method and Schedule:
Starting on July 25th – your User Settings will have a Get Paid section where you will be able to set a default payment (formerly withdrawal) method and a payment schedule. Once you set a schedule, your payments will start according to that schedule.

For those who don’t set a schedule, scheduled payments will start August 28th. (see details below.)

Scheduled Payment Days:
Starting on July 25th, you can choose from the following payment schedules:

Weekly – payments occur every Wednesday
Twice per month – payments occur on the first and third Wednesday of each month
Once per month – payments occur on the last Wednesday of each month

What Triggers a Scheduled Payment:
Payments are not triggered when you hit the $1,000/$100 balance. Instead, on each of your scheduled payment dates we check to see if your balance equals or exceeds $1,000 for non US freelancers, and $100 for US freelancers. If your balance meets this limit, your balance is paid out. There is one exception to this, if you are on a once per month or twice per month schedule, and if your entire balance available to be paid became available on your payment day, no payment will occur. However, if you had a balance prior to your payment day, your full balance will be paid out.

For example, if you set your payment schedule to once per month, on the last Wednesday of every month we will check your balance. If it equals or exceeds $1,000/$100, and you had a balance on the previous day, your full balance will be paid out.

While the payment schedule allows you to make automatic payments, you can always choose to make your own “Get Paid Now” payments, of any amount, to any active payment method in between your scheduled payments.

When does this start?:
Starting July 25th you will be able to set up your preferred payment schedule and payments will begin according to that schedule. If you select weekly or monthly, your first payment will be July 31st, and twice per month will be Aug 7th.

If you do not set up a payment schedule, starting in August you will be defaulted to a once per month payment schedule to be paid out to the last payment method used. If you are defaulted to this schedule, and you reach the balance limits, your first payment will be made on August 28th. You can change your schedule at any time after July 25th in your User Settings.

And, a few other questions that were raised:

Fluctuating payments: We understand that you are concerned with fluctuating payments. Between scheduled payments and the ability to withdraw at any time, by managing your payments actively, you can still maintain an even cash flow.

Large payments: If you have a large balance that may cause a problem with the account you are withdrawing to, we suggest you make several payments over the next few weeks. Do not set your payment schedule. We will default you to monthly in August, and your first payment will be made on August 28th. After that date, you should set your payments to the schedule that best meets your needs.

Paying Contractors: Some of you are concerned you won’t be able to pay your contractors from your own earnings. This option is already being discontinued. You will need to add a separate payment method in order to pay contractors you hire.

Refunding clients: To ensure you have funds available to refund clients, we recommend you make refunds during the weekly review period. You can also maintain a balance of under $1,000 for non-US freelancers, and under $100 for US freelancers, by using the Get Paid Now functionality to ensure your balance is always below these limits. If you make a refund without funds available, it will be paid when you have earnings to cover it.

Increased withdrawal costs: We are always looking for ways to reduce withdrawal fees. ACH payments will remain free. For non US freelancers, the Local Funds Transfer is one step in this direction and offers an affordable option in quite a few countries. We will let you know as other options become available.

Agency financial accounts: Agencies will have the same balance limits and ability to schedule payments as individual contractors. Please note, this system does not pertain to oDesk Payroll (W-2), since these employees do not withdraw their earnings through their oDesk accounts.

We hope that you now have a clearer view of how scheduled payments will work. Please feel free to respond with more feedback and questions.

Vote Result

+++-------
Score: 3.8, Votes: 56
Very risky

"If you make a refund without funds available, it will be paid when you have earnings to cover it." - I think this is very risky for odesk and may be exploited.

No it is not

Daryl Monte wrote:
"If you make a refund without funds available, it will be paid when you have earnings to cover it." - I think this is very risky for oDesk and may be exploited.

If I understand the system correctly the client won't physically GET the refund until oDesk gets it from the contractor, much as a client's fixed rate or bonus payment in a contractor's wallet can stay pending for literally weeks until oDesk has received full payment from the client...... I get regular bonus payments and they have stayed "pending" (without a due date) for literally weeks in the past

it happened to me

bad luck, it happened to me. I refund my client extra paid amount and odesk cut it from my own amount. But for a week my payment is still pending. But I did not got paid and lost my own money because of refund.

Dunno when this problem will be solved. I just contact support.

LFT in Romania

Hi!

LFT would be good but I had trouble in the past with this option.
The local bank told me the funds were transfered through a third-party country, a fiscal paradise country (like Seychelles or something similar) and they asked a lot of questions about the origin of the money. Because they were not transfered DIRECTLY from USA.
Since then I didn't use anymore this option.

Regards,
Bogdan

Lft

Hi Bogdan.
One of my friends is using LFT every week.She withdraws as soon as money are released and she receives them in her account on Friday.
I had used it too in the past and it worked good for me.
What bank do you use?
Regards,
Claudia

I had issues with "Alpha

I had issues with "Alpha Bank" ; What bank is working for you ?

Hi. I am using Ing Bank and I

Hi.
I am using Ing Bank and I had no issues with it til now

Ok, I just tried ING last

Ok, I just tried ING last Thursday and it works fine. Thanks for the tip. Just the exchange rate is not that great but I guess we can't change that. Paypal may offer a better exchange rate but they also take $2.5 for each $500 withdraw. Not sure yet witch one is better.

Paypal

Make a bank account denominated in dollars at BRD and attach VISA Classic USD debit card
You will be able to withdraw your money in dollars

At last you have implemented it!

As I commented in your previous related news that there is no point of discussion when you are not going to change your decision. It is exactly same decision that you announced in email.

I don't want to show here calculations that how much loss Asian(Pak,Ind,Phil) developers will have to face due to this. Yet I want Odesk to decrease the withdrawal fees on foreign currency transaction from $30 to $10 at least, so that we feel "little" comfort on your this new rule implementation. Though I have very little hope for this as well from Odesk.

AGREED! The wire transfer

AGREED!

The wire transfer rates should be decreased to $10~15.... the LFT exchange rate needs to be better, right now LFT chops off almost 2.5% + $4.99 of whatever I get.

For all those of you who thinks oDesk is making a profit

If you think oDesk is making a profit off of the international wire transfer fees you are charged, please read this article:

http://www.mybanktracker.com/news/2013/04/18/wire-transfer-fees-2013/

As you will see, most US banks charge far more than $30 for an international wire transfer.. The only one listed that charges even only $30 is Citibank for online transfers. So the idea that oDesk is making money off the transfer fee is preposterous. You are lucky it is only $30. That $30 obviously goes to their bank to pay for the transfer. To ask oDesk to reduce it to $10 is just silly because they can't.

"Profit"

First of my question was for Odesk representatives only. Secondly in my comment there was no where mentioned that odesk is making profit from withdrawal fees. Odesk is already making a lot profit on 10% hourly rate. Again don't want to go into calculation stuff. Now if Odesk is making profit out of contractors earning then it is really not bad idea to give $20(is it "HUGE" amount?) concession to attract more contractors.

It is my last comment regarding this new rule as I see no use to argue without any result.

Then open a ticket

If your question is only for oDesk representatives, then why not use the ticketing system and not clutter up the forums with your questions that you don't want others to discuss or comment on? In any case, my comments were not for you specifically, they were for anyone reading this thread.

Nicole, If I transfer funds

Nicole, If I transfer funds to Skrill, and then to my local account via wire transfer, it costs me a mere $2.3~2.5.

The problem with Skrill is, that most of the contractors are now being treated as 'Merchants', hence adding a percentage on the withdrawal. But the wire itself is $2.3~2.5.

can we still set the schedule

can we still set the schedule now? me and my husband are both contractors here and we want to have a weekly sched.. we just noticed the change... can I still make my sched? How?

Yes. Go to Settings>Get Paid

Yes. Go to Settings>Get Paid then edit the payment method you'll use for scheduled payment in order to set your schedule.

Hi Ailen, The Schedule

Hi Ailen,

The Schedule payments feature is not working for now. The engineering team is on it, and the issue will be fixed soon after which you will be able to set a schedule as required. In the meantime, you can use the Get Paid Now button to withdraw funds as usual.

Apologies for the inconvenience!

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

Ayesha, please keep us..

Ayesha, please keep us updated when we can set the schedule of payments.. I don't like editing everything from scratch. Also, I hope you can clarify-- there is pending balance right now on my account which as usual, will be available Wednesday next week. So, if I don't set the schedule of payment, there's really nothing to worry about since I can just click on the Get Paid Now button anytime there's money in my balance? If yes, that's the case.. then what's the point of setting up a weekly schedule if I can get paid anytime I like? Just confused..

Hi Marissa, I'll update

Hi Marissa,

I'll update the thread once the issue is resolved. Yes, you may use the Get Paid Now button to withdraw your available funds anytime you choose to. The schedule is basically there to automate your payments and to maintain a cycle where no more $100 for US contractors and $1000 for non-US contractors is stored in the contractor's account for over a period of one month.

Hope this helps!

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

Hey thanks!

So basically, we still get paid Wednesdays of each week. Hope you can add a line that those who are regularly making weekly withdrawals from their account don't really have to take action (or something, I think I read this somewhere here..)

I agree with Marissa..I was

I agree with Marissa..I was worried that I wouldn't be able to apply the weekly schedule but since we can still opt to withdraw anytime we want to then I guess we don't have to wait for the time the error on this issue shall be fixed.

What will be the WIRE TRANSFER FEE , for setting weekly basis

Hello Support,

I have query that , what will be WIRE TRANSFER FEE(NON US BANKS), for setting weekly basis Schedule or Bi weekly , Schedule,

In earlier Process , when we withdrawing the funds for NON US accounts , you cost us $30 as wire transfer fee.

But now if we setting up WEEKLY Schedule, it will cost $30 per every withdraw ( auto mode) 2 times will be = $60

Is oDesk reducing the WIRE TRANSFER cost also ?

Thanks !

Hi Amaneet, The fee

Hi Amaneet,

The fee structure is not changing, you can withdraw funds at usual fees. If you think a USD wire is expensive, you can look at other withdrawal options that are affordable like Local currency wires, PayPal, etc. (whichever works in your country).

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

Schedule

So I see a big message about how the wallet tab is going away and that I need to set up a payment schedule. I click on the link and see that there is no place to set up a schedule.

I have three different payment methods set up and want to make sure that my money makes it to the right place. How can I do this? I don't see any place where I can specify where I want my money to go to.

PLease let me know how to set this up.

Thanks

Setting your Payment Schedule

We apologize for the confusion regarding the inability to set your payment schedule. We are working on enabling this functionality soon. In the meantime, and as a number of freelancers have posted on this forum, there is a temporary method to set the payment schedule until we fix the issue. In User Settings > Get Paid, select "Edit" on one of your Payment Methods and "Save". This will bring you to the schedule settings.

Again, we will be enabling the schedule functionality very soon so that you may access it directly. Once again, we apologize for the inconvenience.

Michael Ting
Product Manager

But there is no "edit" on

But there is no "edit" on Payoneer method?

Hello everyone, The

Hello everyone,

The Schedule feature is up and running! You can now go to User Settings>Get Paid and set up a schedule.

Please remember that if you want to delay receiving your first withdrawal till August 28th (Last Wednesday of the month is the scheduled day for monthly payments) then simply don't set a schedule as yet. You'll get defaulted to monthly and will receive a scheduled payment on August 28th should your funds meet the minimum amount limits.

For those who want it to set to weekly/bimonthly, go right in and set the schedule.

For withdrawing partial amounts or withdrawing funds in between your scheduled dates you can always use the Get Paid Now button.

Hope this clarifies everything, and apologies for the inconvenience!

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

just to be sure on this point

If I don't set a schedule before Wednesday, July 31 (even though my balance is over $1000), nothing will be withdrawn until the 28th of next month (August). This would work out nicely for me as it would make more sense for me (cost wise) to take a wire transfer next month

Hi Dwhyte, The first

Hi Dwhyte,

The first mandatory scheduled payment will go out on August 28th provided you don't set any schedule now. That way, your schedule will get defaulted to once per month, and the first payment will be scheduled to August 28th.

Hope this helps!

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

Thank you

Ok, thanks. At least this will help make the transition easier for me. I am looking on my get paid page and it says manual where the schedule is and I have not set a schedule yet or selected a withdrawal method, am I good for the no mandatory withdrawal this month?

You're welcome, Dwhyte. Yes,

You're welcome, Dwhyte. Yes, as long as you don't set a schedule yourself, you will get defaulted to monthly, with the first mandatory withdrawal taking place on teh last Wednesday of August (28th).

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

Manual?

I'm a US worker. On my "get paid" it says Manual for my payments. My husband and I both pay ourselves weekly once the funds show they are available. Are we still able to pay ourselves that way, or are we required to set up a payment schedule? I'm just a little confused.

Thanks

Hi Janell, You can set

Hi Janell,

You can set your payment schedule to weekly (that way, if your earnings are greater than the $100 each week, you get paid automatically). Just in case there's a week where your total is less than $100, you can manually withdraw whatever amount you want at any time of the week (out of your available earnings) using the Get Paid now button.

Hope this helps!

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

If you want to

Janell B. wrote:
I'm a US worker. On my "get paid" it says Manual for my payments. My husband and I both pay ourselves weekly once the funds show they are available. Are we still able to pay ourselves that way, or are we required to set up a payment schedule? I'm just a little confused.

Thanks


You don't have to set a schedule, you can continue to withdraw manually every week, then by default your schedule will be to set to once a month, if you have more than $100 oDesk will automatically withdraw your money.

Mollie C. wrote:

What Triggers a Scheduled Payment:
Payments are not triggered when you hit the $1,000/$100 balance. Instead, on each of your scheduled payment dates we check to see if your balance equals or exceeds $1,000 for non US freelancers, and $100 for US freelancers. If your balance meets this limit, your balance is paid out. There is one exception to this, if you are on a once per month or twice per month schedule, and if your entire balance available to be paid became available on your payment day, no payment will occur. However, if you had a balance prior to your payment day, your full balance will be paid out.

For example, if you set your payment schedule to once per month, on the last Wednesday of every month we will check your balance. If it equals or exceeds $1,000/$100, and you had a balance on the previous day, your full balance will be paid out.

While the payment schedule allows you to make automatic payments, you can always choose to make your own “Get Paid Now” payments

Mollie C. wrote:

If you do not set up a payment schedule, starting in August you will be defaulted to a once per month payment schedule to be paid out to the last payment method used. If you are defaulted to this schedule, and you reach the balance limits, your first payment will be made on August 28th.

Is it possible to set

Is it possible to set "Remittance information" for automated Wire Transfer?

Or should I always click "Get Paid Now" button just before scheduled payment to prevent payment without "Remittance information"?

If I earn more then 1000 a week on hourly contract. Will scheduled payment still happen if my account is 0.00 just before getting pending earnings on scheeduled Wednesday?

p.s. The most usefull solution for all users is an option to disable this schedule but I understand that you make this feature not for comfort of your users but as requirements from some regulations.

Hi Yury, Can you please

Hi Yury,

Can you please elaborate regarding the remittance info? Do you need to add something specific each time?

As far as the scheduled payments are concerned, they occur only if you have over $100/$1000 (whichever is applicable) on the scheduled date.

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

Usually after the withdrawal

Usually after the withdrawal I ask support to sign the act of acceptance. I need it for my bank to process payment. I write title and date of this document in remittance info so it is different each time.

It would be nice to have ability to set "remittance info" in scheduler settings.

Remittance info is a must

Hi Ayesha,

Yes, remittance info is a must for me to get my payments on time. If I skip that field, my bank will not transfer those funds to my account. It is necessary to mention purpose of the remittance as per guidelines of Reserve Bank of India.

FYI, we have specific codes which describes the purpose/reason for the foreign inward remittances.

Thanks Ramandeep, Yury,

Thanks Ramandeep, Yury,

I'll forward this info to the PM...

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

is it possible that you add

is it possible that you add the option to set the dates of withdrawal?
For example our agency needs to withdraw money on 21st-25th date of each month instead of 31st. So if there as an option to set the date to say 25th, then it would withdraw funds every 25th day of the month?

Scheduled Payments

Would it be possible in the future to set the schedule payment with more granular control? I have a single client currently whom pays at the start of the month, not the end. I would prefer if it I had the option to set the withdrawal date sooner. Also, is there any chance of speeding up the payment process? Waiting a week for funds doesn't seem necessary.

Hi Richard, You can

Hi Richard,

You can always withdraw available funds at any given time of the month using the Get Paid Now button.

Hope this helps...

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

Change of Payment Schedule

Hi,

I just want to ask if its possible for me to change my payment schedule from Weekly to
Twice per month? And If I added another withdrawal method,is it the same payment schedule that will apply in my previous account? Can I still withdraw my money even if I only made a new payment schedule now? I only knew that there is a changes about it.

Appreciate your help.

Best,

cathy

Please update the help center

This is confusing for new contractors, it is still saying wallet.

https://kb.odesk.com/questions/716/How+do+I+receive+payment+for+the+time+I+worked+on+my+hourly+contract%3F

Hi Natasha, We are already

Hi Natasha,

We are already working on updating the Help section, thanks for pointing this out though.

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

Good to know

Thanks, Ayesha.

You're welcome!

You're welcome!

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

My payment has not arrived

Hi,

I was wondering if you can help me with my concern.
You see, I withdrew from my Local Funds Transfer this Monday and I know I should be getting two notifications from Odesk one telling me that I withdrew from my Odesk, and another saying the amount that it will be converted to and when I will be getting it.

However I did not get the second notification and I don't know if Odesk has processed my withdrawal or not. I am very concerned about this because I know I should have received my withdrawal yesterday (based on my previous withdrawals). Please Help, I am very concerned if and when I will be getting my withdrawal...

Also, I was not able to update my account, so I'm guessing I was defaulted to monthly payments on Aug. 28, does this affect how and when I will get my withdrawal?? Please help...

Thanks,
Hiromi

I have exactly the same

I have exactly the same issue.

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