Getting paid on Paraform
Here’s an overview of how the payment process works on Paraform and how you can get paid for your work.
By Jeffrey Li
There are multiple ways you can get paid and we’ll cover them all here. Before receiving any payments, you must first setup a Stripe account through Paraform for us to securely send payments to you.
After connecting to Stripe and adding your desired payment method, you can start accepting and managing all payments within your Stripe dashboard.
If Stripe isn't supported for you, please email us at team@paraform.com and we'll work with you to add your preferred payment method. You don't need to have a payment method completely set up to start using Paraform.
1. Base hire reward
Receive the listed base hire reward for a role if the candidate you submit gets hired at that company. Base hire rewards are either a fixed amount or a percentage of the candidate's first-year salary. If the reward is a percentage, the final reward amount will be calculated after the candidate's offer is finalized and accepted.
Payments are processed in 3 installments starting on the candidate's offical start date as follows:
- Receive the first 1/3 of the full reward after 30 days
- Receive the second 1/3 of the full reward after 60 days
- Receive the last 1/3 of the full reward after 90 days
Please ensure your Stripe connect account is setup properly with your preferred payout method (bank account or debit card). You’ll receive an email from team@paraform.com on initiating the payment process and any updates with your candidate throughout the 90 days.
If your candidate leaves the company before any of the installments are due, you will not receive any further payments.
Feel free to email us if you have questions about the payment process or learn more about the recruiter agreement you have with Paraform.
2. Interview rewards
We know that you send strong candidates but some may just not be a perfect fit for a role. In these cases, we still want to reward you for your efforts.
When you submit a candidate and they reach a pre-determined interview stage specified for that role, you'll receive the corresponding interview reward.
All roles have 3 interview rewards and generally follow this format:
- 1st round interview reward - Receive this reward when your candidate is invited to the first round interview and an interview is scheduled. If your candidate is rated as exceptional (4/4) by the hiring manager, you are eligible to receive the listed first round interview bonus on that role. You can view the rating of your candidate in your candidates dashboard.
- 2nd round interview reward - This is generally if your candidate passes the first round interview and is invited to the second round interview.
- 3rd round interview reward - This is generally if your candidate is invited to a third or later round interview.
You’ll be notified via email if you receive a reward and will automatically be sent to your linked Stripe account or paid out to another preferred payment method (this method will take longer).
If you have any questions or issues receiving an interview reward, please email us at team@paraform.com
3. Paraform hire bonus
We want to reward you for your hard work, especially for the value you bring early on in the hiring process.
Paraform will payout a bonus reward on top of the base hire reward you already receive for certain roles.
The bonus is valid as long as the candidate is submitted within the 30-day period. You will be notified if you qualify for the bonus once a hire is made.
Your first day of recruiting for a role is the day you are approved to recruit for that role. For example, if you are approved to recruit for a role on January 1st, you have until February 15th to make a hire and receive the bonus. You can visit your recruiter dashboard to see whether you still qualify and how many days you have left.
Note: This bonus is only available and paid out once the candidate has stayed at the company 90 days after their start date.
4. 1st Paraform hire bonus
You will be rewarded with a $1,000 bonus for making your first hire on Paraform.
Note: This bonus is only available and paid out once the candidate has stayed at the company 90 days after their start date.
5. Weekly bonus
A weekly bonus is paid each week at the start of the week, starting from the first day you get approved, if the following are met:
- 5+ candidates that you submitted last week got at least one interview scheduled with the hiring manager. This will be $100.
- 10+ candidates that you submit got at least one interview scheduled with the hiring manager. This will be $250.
Note that you can only qualify for one of these bonuses.
FAQ
Tax concerns
As an independent contractor, you will be responsible for paying your own taxes on any earnings from Paraform. A 1099 form will be issued at the end of the year that summarizes these earnings. Stripe helps to automate 1099 tax reporting and filing: https://stripe.com/connect/1099
Getting paid the total reward listed for a role
The reward amount for the full bounty is distributed in three installments. 1/3 of the payment will be paid out to you within 30 days of the candidate being hired, another 1/3 will be paid out at the 60-day mark and the last 1/3 will be paid out at the 90-day mark.
Payment methods
Supported payment methods vary by country and can be viewed here: https://stripe.com/docs/connect/payment-method-available-countries
Is there a contract or agreement?
View the recruiter agreement you have with Paraform here https://www.paraform.com/terms?terms=recruiter