After 8 days, 196 clients have now verified their payment status. That is 26.4% of the total (743*).
No increase in verification rate is expected, and so far it is below what I expected. Nevertheless, this is +26.4% more projects to bid on that may have been ruled out due to "not verified" status.
Ok Setu, I'm trying.....
Just received an Invitation from a Job, for which I had sent a Proposal.
1) "Payment Method Not Verified"
2) Invitation was for Work Not Mentioned in Job Description
3) Suggests Payment "Outside" of Upwork
4) Un-Pronounceable FAKE Name (i.e. Just Letters)
5) "No Location"
Well, if Clients were to have their "Payment Method Verified", then...
1) They would have to give their Real Name
2) They would more likely Show their Location
2) It would Less Likely be a SCAM
That is why I would like to Vote (or Propose) to have a Payment Methods Verified and Client Contact Name Visible (Not Company Name), when jobs are posted...
1) By showing First Name, Last Initial, like We Freelancers do now, Proposals can be Personalized (Clients would like that)
2) We Freelancers, would not have to ask the Client to have their Payment Method Verified
3) Jobs can commence quicker
4) Less likely for Client to present a FAKE name
5) Less likely for Client to post Scams
Oh, by the way, I did withdraw my bid. Another 2 connects wasted.
Half-way through the study, @ 15 days, 30% of the clients who had a "not verified" status at the time of their job post, have verified their payment method.
That is 30% more jobs that you could have applied for, which will possibly lead to a hire. +30% more potential clients for any business is a huge opportunity.
Not all businesses use the same strategy, the information is just her to make informed decisions.
For a comprehensive breakdown of hire rates by categories and other factors, I would suggest here, since this dataset is small. It was not meant to be broken down into categories.
Nevertheless see the table below. A total of 220 Clients have verified their payment method in 15 days, 177 have hired since that time also. That is a whopping 80.5% (I actually feel bad now for sharing my secret information ).
To put that into perspective, even using Upworks 'official' hire rates that are posted on the clients profile; new clients that verify their payment method, hire at a rate of 80.5% compared to ~50% for existing clients. This info actually impresses me.