AgilePayments announces a new Instant Payout Solution for SaaS platforms with embedded payments as well as MarketPlace platforms with 2-sided commerce.
The new Instant Payout tools offer both platforms two major benefits.
“The first benefit is that Instant Payouts are a proven client attraction tool. The major players in the gig economy are now all offering instant payouts. Offering a driver or delivery person the ability to be paid 5 minutes after job completion is a competitive differentiator.
The second benefit lies in the ability to create a new recurring revenue stream. Essentially platform participants pay a premium for instant funds access. In some cases, it could be a flat $ amount, eg $2. In others, a percentage is charged. The platform has a payout cost but there is significant margin potential.” said Wayne Akey, AgilePayments President.
The SaaS or MarketPlace can pay out gig workers, independent contractors, and creators in 5 different ways:
1-Push to debit card
2-Real-time Payments (RTP)
3-Same-day ACH transactions
4-Virtual Credit Cards
5-Remote check printing
An example would be a food delivery person who works on Monday and earns $98. Conventionally they would be paid via check or ACH. Utilizing the Instant Payout Solution from AgilePayments, the driver could elect to receive the funds on their debit card. Funds would typically be available in minutes. An artist selling earrings in a jewelry marketplace could choose to be paid for their sales from Monday that same evening.
“For businesses looking to attract workers in the gig economy and marketplaces looking to attract creators or vendors, offering instant payouts is critical for success if you’re looking to build loyalty and attract participants. Coupled with the recurring revenue potential from payment fees Instant Payouts are a win-win” continued the AgilePayments president.
Contact AgilePayments to learn more about Instant Payout Solutions.
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