Thank you, Preston. As an UpWork freelancer of 5 years who is approaching 100K in earnings, I am quite successful in managing my earnings. Some of us "successful managers" do notice and report when there is a problem or a concern. Some of us "successful managers" don't post negative and useless comments either.
It wasn't a concern of financial management like Preston was implying haha I just wanted to ensure if it was in fact "in my account" - because I've had 3 bugs in the past 6 months where I withdrew funds and they never showed.
Thanks for all the responses guys.
Just wanted to ask if the billing cycle for hourly jobs changed. Normally, my funds are made available two Wednesdays after a work week, but I was shocked to see my earnings for the past week available today. Am I missing anything?
Maybe there was another group with late payment I have been part of. Recently, after the normal period of days when the funds were not available I tried to withdraw my earnings and finally after three days the money was sent to me and after another few days the money arrived in my bank account. There is no reason that our earnings are hold back so long.
We all know that in case of fraudulent activities (stolen credit card data) Upwork can and does reverse payment. So, there is no need to withold the money for several days after the client has approved the work already. I do not know what happens during the days when my funds are not available. Does Upwork wait that the owner of a stolen credit card gets in touch with the company during this period when he/she becomes aware that a "client" on Upwork paid with it?
Talking about billing cycles - this kind of thing is an ongoing nuisance (hourly contracts):
On Jan 31 (Tuesday) a client hired me on an hourly contract to edit a short document.
I delivered the next day and the contract was closed on Feb 1 (Wednesday).
The payment is still 'work in progress'.
Yes, the work week hasn't ended yet - but I only log manual time, so there are no screenshots or activity levels to review or dispute.
Once a client has closed an hourly contract, the payment should move to 'pending'. There is no need for a review period, especially not with manual time.
ETA: the money is still in review (Feb 9) and on Friday will enter the security period. So, the money will be paid out 2 weeks after the contract was closed by the client. That is unreasonable.
@Preston H wrote:
It may be fun to get money faster.
But ultimately it doesn't matter, because it is the same amount of money.
Everybody who has their finances organized already is sufficiently solvent that the actual number of days it takes Upwork to release payments to them doesn't matter.
That's a pretty condescending thing for someone who bills $80/hour to say as a blanket statement. It may not matter to you how quickly funds arrive--there are a lot of long-time, well-paid freelancers who don't much care. On the other hand, roughly 75% of Americans are living paycheck to paycheck, and I have no idea what the realities are like in other countries (and suspect you don't, either).
Being fortunate enough to be able to make a solid enough living that you aren't waiting for the next check to arrive to pay a bill or buy groceries is not indicative of superiority.
I know some of you already posted your responses from the UpWork team so here's mine:
"Hi Tyler, you're getting your funds earlier than usual because you're one of the freelancers that is included in our testing. Our team is testing an early payout or disbursement. This test is applied to randomly selected freelancers. However, please note that since this is a testing phase, you might go back to the regular disbursement schedule at anytime."
Resolved. Happy freelancing, folks.
I'm OK with the security holding period, I withdraw money once per month. But I would love to see a reduced holding period. Just because I love my money more when it's on my account than when it's on Upork's account.
"Where darkness shines like dazzling light" —William Ashbless
I don't recall ever getting a positive surprise from UW so this is nice. I fumbled around a bit checking history trying to figure out what happened before coming here. The fact is, I would rather have the money in my account than sitting in escrow simply because if anything happens to this service I would want the least amount of money at risk. It's the reason I always withdraw from my account here immediately upon availability. Yes a bit "doomsday-ish" but I don't see a reason to take unnecessary risks like this. One could also talk about the time value of money, but I realize the few days we are talking about isn't going to result in much of consequence. Regardless, nice surprise (even if temporary) UW!