Been paying an overseas developer as a contractor for 18 months. Now I'm reading about misclassification risk and getting nervous

I run a small software consultancy about 8 people. We've had a developer in Colombia on a contractor arrangement since we started working together and it's been fine until I started reading about international contractor misclassification risk and what happens if a local tax authority decides the arrangement looks more like employment.

Now I'm looking seriously at employer of record options to convert them properly. The issue is EOR pricing comparison is sending me in circles.

The cheapest employer of record services are around $199 a month but several people in forums have said cheaper providers cut corners on actual compliance and that's exactly what I'm trying to fix.

Is the employer of record cost worth it compared to just leaving the contractor arrangement as is?

And if I do convert them to an EOR arrangement is there a clean way to do that without creating a gap in their employment history or making things awkward for them?