We all know it: waiting sucks. Whether you’re standing at the bus stop or stuck at a line in the post office, waiting is always a pain. The most recognizable companies today have built their names on being on-demand. We can get rides, groceries—even a video chat with a doctor—with a few fingertaps.
Today, consumers don’t wait. Why do we make workers?
Despite the fact that 84 percent of contractors want to be paid weekly or daily, a whopping two-thirds of workers still need to wait at least two weeks to receive their earnings. In an on-demand world, making gig workers wait days or weeks for the money they’ve earned just doesn’t make sense.
This is why I’m excited to introduce Instant Pay, a new product from Everee that enables companies to pay their workforces instantly—even on weekends and holidays. This is great news for gig workers, who are often busiest on days banks are closed.
With Instant Pay, every company with a contingent workforce of 1099 and W2 workers can compete against juggernauts like Uber and DoorDash. Recent data suggests that there are upwards of 59 million gig workers today, accounting for 36 percent of the workforce. In five years, that number is expected to increase to 85.6 million. As gig work becomes even more pervasive, companies that rely on contingent workforces will need to do everything they can to attract and retain workers.
This is one area where we believe Instant Pay will be a game-changer.
Since our beginning, Everee has been focused on ending the two-week pay cycle. We built our product on same-day ACH. With Instant Pay, we’re able to help organizations pay their teams even faster — meeting worker expectations while giving companies a new way to entice workers and win the war for talent.
Here’s how Instant Pay works:
- Once payments have been processed, workers are given the option to cash out up to $250 in earnings. Alternatively, employers can choose to instantly deposit all earnings to workers.
- Companies with their own apps can use the Instant Pay API to automate processes and eliminate the need to manually review payments. This helps workers get their earnings faster while freeing your team from manual, error-prone work.
- Instant Pay can be embedded directly into your own app or platform to deliver a native experience without forcing your developers to build it from the ground up. This enables you to give your workers a unified experience.
We’re thrilled to add Instant Pay to our offerings, which help companies like yours automate onboarding workflows, streamline the worker pay experience, and scale payment processes. With Instant Pay in the mix, you can now pay your workers faster than ever before.
Though we’re incredibly excited about Instant Pay, our work isn’t done. Our mission at Everee is to give workers what they earn as they earn it. We’re always evolving our product to give workers and companies more flexibility and options when it comes to pay. If you want to give us a try, we’d love to talk.