First Things First
“The willingness of America’s veterans to sacrifice for our country has earned them our lasting gratitude.” – Jeff Miller
Well here it is… a Memorial Day and the launch of The Engineering Job Link. I really didn’t plan it out that way, but thought I would proceed as planned. I know many of you won’t be surfing the internet on your Holiday, but this post will be here when you get back from your rest and celebrations.
I did want to take this opportunity to give a HUGE SHOUT-OUT to all of our veterans! We owe you more than we could ever pay… The words, “All Gave Some, Some Gave All” resonate! You are very much appreciated for your sacrifices and we extend our thanks a million times over. I hope many of you will be able to use this service to assist in reaching your financial freedom in years to come.
The main reason for this post is to lay out the fees and payout structure for Freelancer using The Engineering Job Link. I’ll also provide a link below that provides a free and very simple spreadsheet to figure your final payout as a freelance Service Provider.
The process very simple, the website uses PayPal’s adaptive technology where each member creates (or uses existing) their own PayPal account. When you set up the PayPal account, you can make payments or transfer money using major credit cards or directly from your own checking account. This makes the process a very easy integration with a known and reputable money exchanger using encrypted payments.
I can’t stress enough that all members need to have an existing or create a new PayPal account. This is necessary for the payout process to work. All parties included in a contract agreement must have an active PayPal account for the client to deposit the initial escrow payment and other payments to follow.
A Service Provider will get 80% of the contract, but the actual deposit is a tad less after PayPal fees. PayPal charges 2.9% + $0.30 per transaction for up to $3000.00. The fees get a little smaller after this threshold. So, if you settle on a contract price with a Service Contractor (Client) at $100.00, then the payout is summarized like this:
- Service Contractor Pays $100.00 for contract agreement
- Service Provider (You) 80% cut is $80.00
- PayPal Fee of 2.9% + $0.30 is $2.62
- Service Provider Receives $80.00 – $2.62 = $77.38, not bad eh?
So you can see it is very important to estimate your costs before placing a bid. This is why I’ve included the simple spreadsheet download below. As a freelancer, you will be able to estimate your costs quickly and without hassle. Since I have no control over PayPal fees, my disclaimer is that these fees are current as of 5/30/16. You will need to access PayPal fees often to ensure they haven’t changed. PayPal is very good at keeping costs low.
Well that’s basically it… short and sweet. I believe most engineers are too busy for anything else but the main course.
I truly intend to provide more tools I the coming weeks to assist your growth. So, please let me know your thoughts or suggestions. I appreciate any feedback.
Download your FREE spreadsheet here: