> For the complete documentation index, see [llms.txt](https://selfient.gitbook.io/selfient-lite-paper-public-beta-launch/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://selfient.gitbook.io/selfient-lite-paper-public-beta-launch/industry-statistics-transforming-payment-dynamics.md).

# Industry Statistics: Transforming Payment Dynamics:

<figure><img src="/files/BpoX5WROpfJbwkupWNU3" alt=""><figcaption></figcaption></figure>

### **Eliminating Payment Delays:**

* **16% of freelancers wait two or more months to receive payment upon project completion** (source: Independent Economy Council). Selfient ensures this is a thing of the past, as payments are expedited through our platform.
* **54% of US Freelancers find it takes too long to receive payment** (source: Bill.com). Selfient guarantees that payment terms are met promptly, reducing wait times.
* **45% of US Freelancers report that their clients fail to pay on time** (source: Bill.com). Selfient removes the need for freelancers to chase payments by ensuring timely and secure transactions.

### **Resolving Unpaid Invoices:**

* **72% of freelancers have invoices that remain unpaid by their clients** (source: Independent Economy Council). Selfient addresses this issue by placing payments in escrow, awaiting the completion of contract terms, ensuring freelancers are compensated.

### **Ending Unpaid Balances:**

* **Many independent workers have outstanding invoices of completed work worth $50K US or more** (source: Independent Economy Council). Selfient prevents this scenario by initiating payment escrow at the project's outset.

### **Reducing Transaction Costs:**

* **Prominent freelance platforms charge 10-20% of the project cost upon completion, along with a 3-5.5% client processing fee** ([source](https://morganoverholt.com/upwork-or-fiverr/)). Selfient addresses this issue by implementing minimal gas fees and a transaction fee of 5%, solely applicable to the hirer or purchaser. Notably, the talent/seller incurs no fees, and all platform fees are reinvested into advancing subsequent project phases.<br>