Late payments and transaction errors run rampant in the construction industry. The sector’s days sales outstanding (DSO) — a measurement of how long a company waits to receive payment for its products or services — clocks in at a staggering 94 days. The downstream ramifications...
Renting an apartment, house or office space means receiving a rent-related refund, such as a returned security deposit or reimbursement for work on the property. As digital options have proliferated for paying rent directly from a bank account, data shows that digitization of refunds has...
Business travel is increasing as professionals attend industry conferences and meet with clients in person now that pandemic-related measures have lifted. This rise has also led to an uptick in business expenses and the need to reimburse employees. With the rise of digital payments, employees...
The trucking industry represents a vital component of the national economy, transporting more than 72% of the nation’s freight by weight. Sustaining this extensive transportation network requires the movement of substantial funds to cover costs for fuel, taxes, maintenance, salaries and various other expenses. For...
Ad hoc payments are irregular payments made outside normal invoicing and payroll processes and are somewhat of a nuisance. On average, these payments account for a small share of enterprise senders’ volume, representing just 24% of accounts payable (AP). While ad hoc payments can be...
In the last year, 62% of consumers received disbursements from various corporate and government agencies, with the average consumer receiving $34,000. In the last two years, consumers have received just 36% of payouts via instant payment rails. Payors have an opportunity to increase the use...
Out on the casino floor, moves occur in real time. Chips can be turned in for cash in hand immediately after winning them, and players can move from one game to another with ease. Yet despite the widespread legalization of and growing interest in online...
Cash is still the way that many hospitality workers receive tips. Customers’ increasing penchant for using contactless cards and digital wallets means they are also using credit and debit cards more. This usage causes payout frictions for hospitality employees and employers. To facilitate instant tip...
The consumers powering today’s economy are increasingly digital-first, meaning money mobility is a top requirement for any financial services provider — especially FinTechs set on winning consumers away from traditional banks. PYMNTS’ research finds that peer-to-peer (P2P) transfers are the top services that consumers expect...