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Faster payouts for hourly contracts

kavitaodesk
Active Member
Kavita S Member Since: May 7, 2020
11 of 787

Awesome News,

Thank you so much

karugendo
Active Member
Francis Murimi K Member Since: Dec 12, 2019
12 of 787

Great move upwork!

ryepes
Active Member
Renie Y Member Since: Jun 22, 2015
13 of 787

Thanks you upwork team.

 

rakee_xxii
Active Member
Racquel R Member Since: Feb 14, 2018
14 of 787

Thank you!

nzakatony
Active Member
Tony N Member Since: Sep 23, 2017
15 of 787

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.

adithya5498
Active Member
Adithya M Member Since: Aug 18, 2019
16 of 787

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

tlsanders
Community Guru
Tiffany S Member Since: Jan 15, 2016
17 of 787

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.

jessicasimko
Community Guru
Jessica S Member Since: Dec 4, 2015
18 of 787

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... 

kieranball
Active Member
Kieran B Member Since: May 4, 2016
19 of 787

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

manoj_reena
Active Member
Manoj K Member Since: May 5, 2020
20 of 787
Thanks, Good Initiative!!