Whether picking up extra hours driving for Uber or consulting for a financial service firm, everyone has a side gig nowadays — with patience to receive that cash next to nil.
The influx of freelancers is pushing companies to adopt even faster methods of disbursements to satisfy their need for payment speed. That means an end to the days of sending paper checks through the mail, and increased reliance on payment solutions that are often built right into the service itself.
In the latest Disbursements Tracker™, PYMNTS takes a look at the latest disbursements news and recent developments pushing us further from the paper check.
Around The World Of Disbursements
More real-time payment systems are popping up in Europe, with the number of systems tripling in the past four years.
Companies like Worldpay are riding that development, debuting an instant payout feature that it claims will be available in 50 new countries later this year, allowing businesses to make real-time card-based payments that clear in a maximum of 30 minutes.
Meanwhile, The Clearing House is expanding its real-time payments (RTP) network, working to link more financial institutions (FIs) as a growing group of businesses and employers have come to rely on faster payments. Within the U.S. alone, the value of faster payments is expected to hit $255 billion by the end of 2018.
As the gig economy expands, workers want solutions that will satisfy their need for quicker access to funds. Other services, including delivery platform Postmates, are responding with similar offerings of their own. In the latest Disbursements Tracker™ Deep Dive, PYMNTS examines how the service is partnering with Visa to offer its 200,000 delivery workers access to their wages instantly for a nominal fee.
To read more on these and other stories, check out the Tracker’s News and Trends section.
Using Mobile Devices To Make Hiring Babysitters More Convenient
With nearly every consumer service becoming just a smartphone-tap away, even the traditional word-of-mouth experience of finding a babysitter is going mobile. The need for faster payments from the parents to the hired babysitter is, too.
The ability to make quick payments is a key part of bringing the modern hiring experience to digital, according to Tommy Mayfield, CEO and founder of babysitter hiring service Wyndy. In a recent interview with PYMNTS for the latest Disbursements Tracker™ feature story, Mayfield explained how Wyndy allows both sitters and parents to pair up more quickly, and set rates and criteria that both sides can agree on, using a mobile app.
“Before Wyndy, a trusted recommendation from a friend was the most likely scenario where you’d get a new babysitter,” Mayfield said. “We’ve sort of taken that concept and put technology on top of it.”
To read the full feature story, download the Tracker.
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