The numbers are undeniable. Independent contractors are a mainstay in the organizational makeup of startups, agencies, scaleups, and enterprises. Having an adaptive external talent pool is integral in tackling projects, bridging skill gaps within the workforce, and becoming a more agile organization.
Our mission at Rise is to empower businesses and contractors with the right tools to collaborate and grow together. We’ve created Rise Pay for companies to manage and streamline all administrative tasks related to their independent contractors via one powerful dashboard with compliance and efficiency in mind.
In this article, we will go over every step of the workflow that Rise Pay is streamlining:
- Onboarding contractors: Creating your Talent Cloud
- Contracting: Generating compliant contracts globally
- Paying: Automating payments based on different payment schedules
1. Onboard Contractors
The first part of any business/contractor relationship is a connection. Once you’ve met your contractors and know you want to work with them, it’s time for you to onboard them to Rise Pay.
The process is extremely fast, and only requires you to have their email addresses ready. With the click of a button, you can send unique invitations to all your contractors at once, no matter the number of contractors you have. Then, automatically, we’ll invite them to sign up.
Next, identity and compliance checks. You want to make sure your contractors are compliant with their local laws. By default, contractors onboarded on Rise Pay will go through our KYC and AML processes. These checks only take seconds to go through.
That’s it. Your contractors have been onboarded to Rise Pay.
2. Pay Schedules & Agreements
Once your contractors are verified and ready to go, you’ll need to agree on their payment schedules. Rise does not partake in this step. It’s entirely up to you and your contractors to negotiate and decide on pay schedules. Once ready to set them up, you go through a quick flow:
First, you choose the type of pay and the monetary value associated:
- Hourly: Ideal for ad-hoc hours and recurring payments. We’ll ask for their hourly rate.
- Fixed: Ideal for milestone-based projects or one-time payments. We’ll ask for the fixed amount.
After you choose the payment type, you select the frequency of payments:
Next up, your contractor’s title and service description must be input. This info will go into the Statement of Work (SOW) that Rise automatically generates for you.
That’s all the information we need to generate compliant professional service agreements between you and your contractors. By becoming your contractor’s 3rd Party Payment Agent, we take all the necessary precautions to satisfy labor laws and ensure the safety and compliance of your relationship with contractors.
Once your Professional Service Agreement has been generated, you and your contractors instantly receive digital copies which require digital signatures. We send reminders to you and your contractors along the way if need be.
Your contractors are now onboarded, with pay schedules and compliant agreements signed and activated. You’re ready to work!
By the way, that process only took a couple of clicks to get done.
3. Put Your Payments on Autopilot
The last step consists of paying your contractors. This process is simple.
- You add your payment method (ACH, wire, or Crypto) when onboarding. Once your payment method is saved and your first pay schedule with a contractor activated, you can fund your balance.
- When a pay period comes to an end, we let you know it’s time to pay. At that point, you can either review submitted timesheets or approve a fixed milestone. You can then hit pay for one contractor or all contractors at once.
- At the end of each month, we send you a receipt with all your transactions. We’re currently working on integrating with different accounting softwares such as QuickBooks or Xero to make your accounting department the happiest.
When it comes to tax documents, such as 1099s and W9s or W8-BEN if you’re contracting internationally, we got it covered. Rise handles all the paperwork on your behalf.
If you’re interested in learning more about how much time and effort you can save with Rise Pay, we invite you to book a demo. We’ll be happy to show you our turnkey solution and make your life easier. Talent clouds are becoming a key organ of your company, embrace them now.