If you're looking to make money from your photography then getting paid is your ultimate goal. How you are paid will depend
on what markets you are selling your work but there are some popular ways to have that money handed over to you.
If you expect to sell your work through an online portal such as a stock agent or print-on-demand service you're going to need an online account to receive those payments. A popular method of payment is direct to a Paypal account. There may be other payment options available too such as Skrill, good old-fashioned checks (or cheque in the UK) or Bank wire transfer plus others we just haven't come across yet!
It's likely you will receive some payment in Dollars and a Paypal account easily allows you to convert that to an alternative currency in order to transfer it to your own bank accounts.
If you are going to be paid by clients you will need a bank account. As I operate a Limited company in the UK I have a business bank account linked to my business. This means all of my business and personal transactions are separate. Clients can then pay you either by cheque, which you have to pay in to your account or directly via BACS payments. Having a separate account also makes your financial accounting much easier as all of your transactions are for your photographic earnings and not mixed in with your personal money matters.
As you start to receive payments for your work, be that settlement of invoices from clients or royalties from stock, you will have to declare that income for tax purposes. It's therefore very important to keep records of what you're paid to ensure your accounts are correct. As tax returns and accounting are quite complex it might be worth taking on the services of an accountant as they can ensure you prepare and submit your financial accounts in the proper manner.
Of course if you are declaring your income you can also offset your profits against the costs that go towards making those sales. For instance camera equipment, stationary, travel expenses,etc. So not only should you keep an accurate record of your income you must also record your outgoings too. Again an Accountant can advise you on these boring but critical aspects of making money from photography.
Shoot,upload,repeat is the mantra of many a stock photographer who aims to make as much money as possible from their images. See how that's possible here.
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