Implementing an instant payments solution on your gig platform may sound like a big and expensive undertaking, but it does not have to be. Actually, there are serious financial advantages to doing so (i.e. you can actually make money on this new payment solution.) Here are the top three reasons to start offering instant payments to your gig workforce.
1. Attract workers
In 2020, the gig economy grew 33% with 2 million workers entering the gig economy for the first time. These numbers will only continue to grow. It’s estimated by 2027, about half of the U.S. population will have engaged with gig work.1
With so many new people entering the gig workforce, gig marketplaces will compete to win the top-performing and most productive workers. One way to get a leg up is by offering instant payments.
Gig workers have a unique lifestyle and traditional banking solutions don’t always meet their needs. It was recently reported that 30% of payments to gig and independent workers are still made via paper check. Slow payment methods are the biggest source of unhappiness for gig workers and a top reason why they leave for other platforms that can pay faster.2
Offering instant payments is a proven way to attract the best gig workers to your platform.
Blog Post: What is an Instant Payment and Why Does it Matter to Gig Workers?
2. Retain workers
According to a recent study, 75% of gig workers say they would be more loyal to a gig job that offers same day pay over one that doesn’t.3 The message is clear: Gig platforms that offer instant payments will keep their top-performing workers.
Instant payments don’t only earn you a loyal workforce, but they also earn you a more engaged workforce. In fact, 85% of gig workers say they would work more often if they were paid faster.4 The more jobs your gig workers do, the more money your business makes. Onboarding an easy-to-implement instant payments solution is a measurable way to retain workers on your platform.
Blog Post: How to Attract Gig Workers with Instant Payments.
3. More revenue for your business
Did you know indi can both save and make money for your business? Other payment processors charge 1% of payout volume to send instant payments to your workforce. Even on traditional direct deposit payments, you may be paying 25 cents or more per payment in fees. With indi, you can earn money on issuing instant payments.
Ready to learn how to turn your cost center into a revenue stream? Get in touch today at goindi.com.
4. pymnts.com, Pay Advances Playbook, Study Aug 2019