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Faster payouts for hourly contracts

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Active Member
Kavita S Member Since: May 7, 2020
11 of 741

Awesome News,

Thank you so much

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Francis Murimi K Member Since: Dec 12, 2019
12 of 741

Great move upwork!

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Renie Y Member Since: Jun 22, 2015
13 of 741

Thanks you upwork team.

 

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Racquel R Member Since: Feb 14, 2018
14 of 741

Thank you!

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Tony N Member Since: Sep 23, 2017
15 of 741

I also work on fixed price contracts only as they allow me more flexibility. From the email they sent about removing the security hold, they said that most contracts on the platform are hourly. I didn't know that. All the same, Upwork should really consider Top Rated freelancers working on fixed price contracts too. I can't wait for this convenience.

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Adithya M Member Since: Aug 18, 2019
16 of 741

Thanks Upwork Team! Happy to hear this... Smiley Happy

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Community Guru
Tiffany S Member Since: Jan 15, 2016
17 of 741

Heather H wrote:

Only for hourly contracts, so it is a benefit for some top-rated and agencies, not all. Those of us that are top-rated but work in a niche that is mainly fixed price see no changes. Yay, I guess. I still never understood why there is an extra holding period when escrow is pre-funded. 


Because it isn't, really. Upwork escrow is chronically underfunded and Upwork regularly transfers money from its own operating account to cover escrow shortfalls. Without the hold period, Upwork isn't just putting its own money into the escrow fund as security for those payments, but is actually paying freelancers with its own money.

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Community Guru
Jessica S Member Since: Dec 4, 2015
18 of 741

Tiffany S wrote:

Heather H wrote:

Only for hourly contracts, so it is a benefit for some top-rated and agencies, not all. Those of us that are top-rated but work in a niche that is mainly fixed price see no changes. Yay, I guess. I still never understood why there is an extra holding period when escrow is pre-funded. 


Because it isn't, really. Upwork escrow is chronically underfunded and Upwork regularly transfers money from its own operating account to cover escrow shortfalls. Without the hold period, Upwork isn't just putting its own money into the escrow fund as security for those payments, but is actually paying freelancers with its own money.


I am not sure I understand this. If the money isn't in the escrow account, a freelancer wouldn't get paid - that's why we all preach "don't do any work if it's not funded in the escrow account first".  And many freelancers have done work not funded and didn't get paid for it.  And from what I understand, if the payment doesn't go through for some reason, then they take the funds back from the freelancer. So how is escrow underfunded? I am not questioning the validity of this, I just truly don't understand how it can be underfunded... 

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Kieran B Member Since: May 4, 2016
19 of 741

Upwork is a listed company that takes $1 billion in billings every year. I wish I was that underfunded.  

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Manoj K Member Since: May 5, 2020
20 of 741
Thanks, Good Initiative!!
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