Whether it’s gig workers waiting for compensation or ticket sellers waiting on their payments, everyone wants to be paid quickly. That can often be easier said than done, though, and can cause problems for consumers who depend on these disbursements as their main source of income.
Fortunately, PYMNTS research found that there has been a slight uptick in the speed of gig payments in recent months.
In the latest Disbursements Tracker™, PYMNTS takes a look at the top developments in the space, including the latest debuts and innovations designed to get consumers their funds more quickly.
A growing group of payment players are hearing gig workers’ requests loud and clear.
American Express, for one, recently debuted American Express Go. The new digital service aims to help mid-sized and large companies handle business expenses for temporary workers, recruits and employees without corporate cards. According to a press release, the solution features a virtual card that can be used online and over the phone, along with a physical card that can be used for in-person payments.
Cashplus, meanwhile, unveiled a new solution known as the Payments API, which allows small businesses (SMBs) to make mass, simultaneous payments to vendors, enabling SMBs to initiate payments for payroll, lending, accounting and other digital platforms all at once. The solution is, according to the company, particularly effective for SMBs in the gig economy.
Indian gig workers are also getting a boost.
According to recent reports, Bonfleet is expanding its credit card offering after its debut to gig workers last year. The card allows professionals to make payments without relying on getting paid in cash. The Bon card is offered through Bonfleet’s collaboration with other non-bank financial companies that are able to extend credit to professionals, as well as in coordination with YES BANK and Federal Bank.
Many secondhand ticket sellers on platforms like StubHub depend on disbursements as an income source. However, a lack of information on buyers could leave these ticket sellers waiting for payment, with the platform forced to cover the debt of untrustworthy buyers.
In the latest Disbursements Tracker™, Stephen Glicken, CEO and co-founder of ticket resale platform Project Admission, explained how leaving concert-goers, ticket sellers, venues and artists in the dark when it comes to who they’re dealing with can lead to risks and delays.
“There are a lot of issues within the ticketing landscape,” Glicken said, noting that as much as 40 percent of tickets sold for an event wind up being resold on a secondary marketplace. “What we’re really trying to do is connect some of the dots in this industry, and join together [what is] a pretty entrenched and fragmented infrastructure.”
To read the full feature, download the Tracker.
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