Same-day payments for the gig economy

Reading time: 3 minutes.

Published: November 11, 2022

Gig workers have two options: they can choose to collaborate directly with an employer, or they can find work through the many marketplaces available today which connect them with other companies seeking help. It is estimated that in 2023, the projected gross volume of the gig economy will reach 455.2 billion U.S. dollars welcoming 83 million workers worldwide. 

There are many players out there competing for the same talents as contractors are likely to have relationships with multiple platforms. The gig economy is another competitive landscape in which retention is an issue, as contractors can simply decide to look for their next gig somewhere else in search of better conditions. Once again, loyalty is key. 

It is reasonable to assume that the main driver for gig workers, beside the working conditions is pay as all the other benefits like holidays or sickness policies are usually that relevant for short term contracts. 

What do gig workers want? To get paid. And fast. 

In a nutshell, gig workers need transparent, instant, and straightforward payments for the work they provide. According to this research, 70% of gig workers would be more loyal to their employees if offered same-day pay. It really is no surprise that people are ready to be more efficient when getting their wages faster, especially during these uncertain times. 

Many well-known gig platforms do not currently offer same-day wages. To certain individuals, liquidity is essential to be able to perform their daily duties. Just imagine a cab driver who cannot afford to pay for petrol as today’s rides will not be paid for weeks. Also, many gig workers collaborate with international companies, and cross-border payments can become expensive to receive and take additional time to reach their destination. 

However, gig companies can act today and start providing their contractors with immediate access to funds through Instant payouts to retain talent – the most precious resource in their highly competitive market. 

What do gig companies want? Less administrative work and low fees.

Having plenty of people to pay for a multitude of jobs constantly happening at all times requires a lot of admin. Onboarding new contractors and making sure that each invoice is paid to the rightful sender is time consuming especially when processed with legacy means.  

Processing payments with our Instant payouts solution completely changes the gig game as identity verifications and authorisations all happen as the payments are requested by contractors, leaving the payer with the task of sending funds – which only takes seconds and a few clicks to do. 

The cherry on top? By removing all the traditional payment processors from the payout equation, all their associated fees also vanish. Instant payouts mean cheaper payouts. 

Happy gigs! 

More payout use cases:

Nicola Spera
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Nicola Spera

Chief Brand Officer. A jack of all trades with a passion for usability, fresh pasta and breezy payment flows.

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