❓FAQ
Is Midcontract a competitor of Upwork, Fiverr, etc.?
We position ourselves not as a freelance platform, but as a lightweight alternative to Upwork and Fiverr, offering distinct advantages. Our approach is about convenience rather than solely encouraging users to migrate from these platforms.
Upwork, for instance, is outdated in many aspects, including features and fees:
Upwork charges 10% from freelancers and 5% from clients, while our platform offers significantly lower fees and much faster money delivery. In contracts on our platform, payment is received about 5x faster than on Upwork or Fiverr.
Upwork's payment system has limitations. For non-enterprise clients, only bank transfers are available for payments, and freelancers can withdraw money only through PayPal, a bank account, or Payoneer. There's no provision for cryptocurrency payments. In contrast, we offer a broader range of financial interactions and payment options.
We focus on enhancing interaction among agencies, including governance, payroll, and common contracts. We also support small groups of freelancers, facilitating financial transactions within these units. Our platform introduces a wider variety of contract types than Upwork and Fiverr, catering to companies that require multiple parties under different contracts for a single project. This approach simplifies budgeting and accounting processes.
Another innovation is the introduction of insurance in the IT sector, a relatively new concept with limited current offerings. We aim to surpass existing services in this area, enhancing protection for our users.
Is Midcontract practically Upwork and Fiverr but without the marketplace feature?
We have identified two major target groups in the service industry, particularly in the IT sector:
The first group includes companies that are unaware of marketplaces. They work with paper contracts and are accustomed to monthly post-payments. This segment, largely unfamiliar with escrow, advance payments, working with milestones, or fixed-price contracts, represents a huge market. However, it's more challenging due to the need to change their existing paradigms. On the other hand, the client's money is always safe.
The second significant segment comprises all the marketplaces. Our similarity to Upwork and Fiverr is intentional because it's easier to reach this audience. We aim to gain traction that is predictable, controllable, and scalable, and understand our earning potential. We want to test our product and processes, receive community feedback, and build our product based on this input, much like open-source projects.
We aspire to offer such opportunities. For example, Upwork hosts several large communities that generate substantial insights for custdev (customer development). We want something similar because it's essential. Our analysis shows that on Upwork, it takes an average of two years from a good idea to implementation. We can do this faster with our scale and understanding of the huge task we're undertaking. Currently, we are a financial multi-app solving one problem at a time.
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