For many of the 68 million workers in the gig and sharing economy in the United States, waiting for a distant payday is a luxury they can’t afford. They have urgent expenses that require payment for their services now.
Living paycheck-to-paycheck, multiple jobs, and loans that fill the gap between paydays is the uncomfortable reality of many freelance workers. The U.S. financial sector is aware of the demand for instant payouts but has been hard pressed to keep up. For companies that rely on these workers, slow paydays make it hard to attract and retain talent.
PUSH Payments’ real-time payment services allows financial technology firm ZayZoon, to offer a completely frictionless, on-demand payroll service, that meets the needs of the gig economy.
“For socially responsible Fintechs like ZayZoon, our real-time services are a huge advantage,” said PUSH Payments CEO, Travis Dulaney. “Real-time payments has helped them improve retention and acquisition numbers while helping their clients avoid overdraft bank fees and ridiculous interest charges from predatory lenders.”
“By eliminating their workers’ financial insecurities and the debt accumulation associated with delayed access to earnings, gig and sharing economy businesses gain a huge advantage by using our real-time services.”
“ZayZoon provides employees and contractors across North America access to their wages on demand,” said ZayZoon president, Tate Hackert. “PUSH Payments helps ZayZoon provide services to its audience of more than 350,000 employees and contractors spread out to over 25,000 businesses.”
Dulaney said the demand for real time payment services is expected to grow. He cited ridesharing platforms and home rental marketplaces, as well as businesses that produce high volumes of consumer payouts such insurance claims, rebates, refunds, commissions and more as natural fits for on-demand pay.
“This is just the beginning of a long awaited need,” he said.
Contributed | what does this mean?