It’s disheartening that at this age, creators still find it hard to get paid after a fantastic job. An article published in Digital Information World, found that out of the 750 participating creators, 87% either don’t get paid on time, get paid the wrong amount, or not at all.
With the boom in the creator economy, where creating original and creative content takes mental effort, time, and finance, not getting paid after a collaboration can take a toll on the creator’s confidence, to the extent of doubting their skills.
The survey further revealed that about 40% of the creators admitted monetization as the most tricky part as it takes long, hard years to get your content monetized. And after monetization, getting paid accurately and on time becomes yet another hurdle, as confirmed by 38% of creators.
Researchers also looked at how creators dealt with late or unpaid payments, and 36% of creators said they bumped up their rates to compensate for the losses, while 31% resorted to hiring someone else to manage the payment. And lastly, 35% said they quit working with the companies altogether.
A year ago, an Australian sex toy company, Ooh! Companion had been publicly denounced by several Instagram influencers who were owed thousands of dollars months after their social media campaigns ran. Unfortunately, many of these creators have a legally binding contract with Ooh! Companion.
While late or missed payments can be a nuisance for any entrepreneur running their own business, it becomes a nightmare, especially for creators who lack experience and confidence in dealing with these issues.
To boost confidence and make payments a bit easier, companies and creators should work following a contract while working closely with Gigapay to make payments instant and hassle-free.