Gig Economy Platforms Say Legacy Payments Tech Stalls Future Growth

Gig economy companies have long exhibited rapid growth, and payables volume, particularly, is spiking. Within the industry, 96% of companies experienced an increase in the average number of payables processed each month during the last year. This growth is expected to continue for the next several years. To ensure that gig economy companies can manage this growth appropriately, many gig economy companies have identified automation of their accounts payable platform as crucial to their continued success.

For “Accounts Payable Automation: Why Gig Economy Companies See Payables Innovation As Key To Success,” a PYMNTS and Routable collaboration, we surveyed 53 executives from gig economy companies to detail how automation of their accounts payable platforms will help them manage their projected growth.

Findings from the report include:

• Seventy-eight percent of gig economy companies that identify inefficient communications with vendors as a key challenge say it is highly important to automate their AP systems and increase the volume of payments they process.

• Gig economy companies that do not sufficiently value automation of their AP platforms are more likely to experience issues with vendor onboarding than businesses that value automation.

• Seventy-one percent of gig companies planning to innovate with their accounts payable systems say the platform will improve their vendor relationships, which is crucial for the success of their business model.

The gig economy companies that recognize the urgency of innovating with their AP platforms will be in stronger positions than competitors that overlook automation to meet the demands of rapid growth. This report reveals more about what gig economy companies can do to enhance their AP platforms to sustain efficient operations and manage their growth.

To learn more about how gig economy companies are innovating with their accounts payable platforms, download the report.