How UpWork can MAKE MORE $ and keep freelancers HAPPY!

[Thomas K]

I see a lot of threads on here about how freelancers get scammed by clients who do chargebacks after hourly or fix-priced work is completed (sometimes months later).

Here's a SOLUTON: As a freelancer, I'm willing to have UpWork hold my funds for say 1 month. In return, I want those funds to be protected from chargebacks regardless if the hours are manual or some other mishap occurs. UpWork can use the interest accrued during the month to build a "rainy day" fund to cover chargeback costs and pocket anything left over.

This can be an optional "upgrade" for any freelancers who want to sign on.

Who's with me?

What do you say UpWork?

[Preston H]

Manual hours should not be protected against chargebacks. Bad contractors would just add a bunch of manual hours and scam money from Upwork using chargebacks and stolen credit card numbers.

[Thomas K]

I think as long as the client does not dispute the hours (manual or not) within the week that they're allowed, then funds held for a month are protected.

[Joachim M]

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@Thomas K wrote:

I see a lot of threads on here about how freelancers get scammed by clients who do chargebacks after hourly or fix-priced work is completed (sometimes months later).

Here's a SOLUTON: As a freelancer, I'm willing to have UpWork hold my funds for say 1 month. In return, I want those funds to be protected from chargebacks regardless if the hours are manual or some other mishap occurs. UpWork can use the interest accrued during the month to build a "rainy day" fund to cover chargeback costs and pocket anything left over.

This can be an optional "upgrade" for any freelancers who want to sign on.

Who's with me?

What do you say UpWork?

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Interesting idea, but what interest are you talking about? Do you know of a bank that still offers a noticeable interest rate?

[Thomas K]

Ha ha! UpWork is an international company, so I'm sure they'll find a place that will give them more interest than you and I.

[Joachim M]

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@Thomas K wrote:

Ha ha! UpWork is an international company, so I'm sure they'll find a place that will give them more interest than you and I.

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Thomas, not if you look at any hard currencies. Communities in Germany borrowing money pay less than 1% interest, the state of Germany even gets money from people lending money to it. The first banks here in Germany charge you interest if you have more than 100,000 Euro in your account. 

[Lisa F]

Yeah, if you can find some place paying interest right now I sure would like to know. It's bad globally.

[Thomas K]

UpWork can analyze the economics of the proposal, but UpWork could even charge a nominal fee for anyone who wants to opt in if they don't think enough interest money would be generated.

[Tiffany S]

Thomas, I don't think this problem is as widespread as you seem to think it is. On the other hand, we regularly have mass hysteria over Upwork's "outrageous," "unfair," "ridiculous," and "unjustifiable" policy of holding money for six days. You'll never sell this community on holding funds longer.

[Thomas K]

I'm sure UpWork has statistics on the number of chargebacks and they can decide if my proposal is worth their while. I guess the statistics that might be harder to come by is how many freelancers have left/will leave UpWork because of a bad experience with non-paying clients.

For freelancers, yes my proposal would mean an even longer hold (believe me, I don't like it either), but my proposal could free them from needing to use the time tracker and give them piece of mind that they won't get bilked.

Again, the longer hold would be an opt-in feature and not everyone would be obligated to join.