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Forhopp is committed to providing transparent and competitive pricing for freelancers and clients. Our fee structure is designed to maintain a sustainable platform while ensuring both parties receive excellent value for their money. Below is a detailed breakdown of the fees associated with payments and withdrawals.
1. Fees for Clients
Clients are charged minimal fees to facilitate transactions and ensure platform sustainability.
Transaction Fee
- A 5% transaction fee is applied to each payment made to freelancers.
- This fee covers secure payment processing, fraud prevention, and platform maintenance.
Example:
If you hire a freelancer for a $100 project, the total cost would be $105 (project cost + transaction fee).
2. Fees for Freelancers
Freelancers are charged service fees on their earnings to support platform features like secure transactions, dispute resolution, and marketing.
Service Fee Structure
Forhopp employs a tiered fee structure based on the earnings per client:
- 10% on the first $1,000 of earnings with a client.
- 5% on earnings exceeding $1,000.
Example:
If a freelancer earns $2,000 from a single client:
- The first $1,000 is subject to a 10% fee: $100.
- The remaining $1,000 is subject to a 5% fee: $50.
- Total fees: $150.
3. Withdrawal Fees
Freelancers can withdraw their earnings using various payment methods, each with its associated fees.
Available Withdrawal Methods:
- Bank Transfer
- Fee: $2 per transfer (domestic) or $10 per transfer (international).
- Processing Time: 3–5 business days.
- PayPal
- Fee: 2% of the withdrawal amount, capped at $10 per transaction.
- Processing Time: Immediate.
- Payoneer
- Fee: $3 per transfer.
- Processing Time: 1–2 business days.
- Direct Deposit (for U.S. residents only)
- Fee: $1 per transaction.
- Processing Time: 2–3 business days.
Example:
If you withdraw $500 using PayPal, the fee would be $10 (as it exceeds the 2% cap).
4. Currency Conversion Fees
For international transactions, Forhopp applies a currency conversion fee of 2.5% above the mid-market exchange rate to cover processing costs. This fee is applied when:
- Clients pay in a currency different from the freelancer’s preferred currency.
- Freelancers withdraw funds in a currency different from their account default.
5. Additional Costs and Considerations
- Dispute Resolution Fee
- A fee of $25 may be charged if a dispute escalates to mediation and the client or freelancer is found at fault.
- Inactivity Fee
- Accounts with no activity for 12 months are subject to a $10 monthly inactivity fee, deducted from the available balance.
- Reversal Fees
- In case of a payment reversal due to chargebacks or disputes, a $15 reversal fee applies.
6. Fee Transparency and Updates
Forhopp ensures transparency in its fee structure:
- All applicable fees are displayed during transactions and withdrawals.
- Clients and freelancers are notified of any fee changes at least 30 days in advance.
7. Frequently Asked Questions
Q: Are there any hidden fees on Forhopp?
No, Forhopp is committed to transparency. All fees are disclosed before transactions or withdrawals are processed.
Q: How can I minimize my fees?
- Clients can reduce transaction costs by consolidating payments into a single milestone.
- Freelancers can choose withdrawal methods with lower fees, like direct deposit (U.S. only) or Payoneer.
Q: Can I withdraw earnings in a different currency?
Yes, but a 2.5% currency conversion fee will apply to cover exchange rate fluctuations.
Q: Are fees refundable?
Transaction fees are generally non-refundable, except in cases where a full refund is processed due to a dispute resolution.
Conclusion
Forhopp’s fee structure is designed to balance affordability and platform sustainability. By providing competitive rates and a variety of payment options, we aim to deliver value to both freelancers and clients while maintaining a secure and efficient marketplace.
For further details or assistance, visit the Help & Support section or contact us at [email protected].