If you own a small- to mid-sized LSP, you’ll often do a lot of the boring stuff on your own. Do you know how much time you spend on this? Take, for example, translator payments. You might not realize this, but, according to our study, owners in most LSPs often spend hours monthly. While the effort is often negligible in the early stages, it becomes critical as your business grows and you start working with dozens or hundreds of freelancers, each completing several jobs a month and looking forward to their translation pay on time and in full.
Of course, this means money. The time spent negotiating agreements, processing received invoices, and actually making the payments, each with its own payment method, — these additional costs eat up your margin, and you can be soon left wondering where it has gone.
But more than that, it means the time that you could have spent on better things: Building client relationships. Studying new markets and business models. Diving into use cases and trying to understand what niches you should consider or how you can diversify your services. Each of these things is much, much more interesting and valuable than tossing papers and doing the payment monkey work.
Luckily, there is a cure: proper automation will allow you to advance to a level where you can comfortably manage hundreds or thousands of suppliers and customers around the globe.
Here’s how it works in Smartcat:
This way, you contract just one party, us, no matter where your suppliers are. This eliminates individual paperwork. This also makes tax and legal compliance easy: You don’t have to worry if some freelancer’s country changes its legislation. Your suppliers will be happy, too: they get paid for translating using their own preferred payout methods.
In the content economy, it is becoming increasingly important to spend whatever time and resources you have on productive work. If you still process payments for translation work individually, chances are you are missing out on more important things.
Want to stop wasting your time on payments? Check out our Payment Automation solution.