Employee time-tracking firm TopTracker is collaborating with cross-border business payments company Payoneer to enable employers to pay their freelance workers.
In a press release issued this week, TopTracker announced the launch of its payments solution, powered by Payoneer, that enables free payments between companies and their freelance workers who work remotely. The TopTracker platform now lets freelancers invoice their employers and receive payments, with compensation based on the time they tracked via the TopTracker app.
According to TopTracker, the solution is free for freelancers who request payment via bank transfer, while also supporting payments made via credit cards and other payment rails.
Other new features for TopTracker include the ability for workers to track project budgets, create time sheets and activity logs, and develop work summary reports to enhance collaboration and transparency between freelancer and client.
"Existing solutions are often expensive, opaque and include hidden processing and service fees that directly reduce the income freelancers take home," said Taso Du Val, CEO of Toptal, which owns TopTracker. "TopTracker is the only application offering integrated time tracking, invoicing and payments all in one, with the ability to remain completely free. A full stack solution like this is the first of its kind, and provides a powerful new tool to empower freelancers and companies to work together."
The freelance and gig worker space has emerged as a significant driver of payments innovation as of late.
Last month's PYMNTS Disbursements Tracker emphasized the role that the growing freelance economy plays in promoting faster disbursement and payments, and helping to reduce the reliance on paper checks to pay business partners and employees.
Research published by LinkedIn earlier this year found that entrepreneurs are increasingly relying on freelancers, with 70 percent of the 1,500 small business owners surveyed having already used a freelance professional in the past. Even more plan to hire freelance talent in the future, the report said.