Most gig workers operate their daily lives with instant mobile connectivity that provides access to available job options and rich data. Unfortunately, when these gig workers are paid for their services, it’s often coming through antiquated means. Think checks or slow ACH processes that are cumbersome and use up valuable time that could be spent hustling for more work. And, when the payments need to cross global borders, the process is even less efficient and timely.
There’s a disconnect between when gig workers are currently paid and their workloads. Meaning, a small percentage of gig companies pay immediately when work is completed, but the average gig worker would put in more hours if they were paid faster. A streamlined real-time payment platform is ideally suited for gig companies that want to expand and improve the worker’s experience, regardless of where the worker lives. Here are four tips for streamlining payments for global gig economy workers.
Create Immediacy
Real-time payment methods are of course immediate. Work is done. Money is paid. With real-time payments in place, if a gig worker interacts with an end customer (driver, delivery, etc.), or if they’re a freelancer (designer, writer, etc.), the benefits of a better experience are profound. The worker has more positive experiences with the brand, is more likely to recommend them to others and more willing to perform high-quality work. Gig workers must manage variable monthly budgets, and immediate payouts allow them to understand their financial situation dynamically. The immediacy of the payments makes this happen.
Make it Flexible
Gig economy workers are flexible with when and how they work, and their payment options should follow suit. Companies that work with experienced real-time payment vendors can offer this flexibility. The gig worker receiving the funds can choose for direct sending to a debit or credit account or a physical or virtual prepaid card. On the gig company’s side, the platform features its own personalized branding and is easily integrated into existing systems. The vendor operates the complex back-end security and processes, and the gig economy receives a platform that streamlines accounting and increases worker satisfaction. This flexibility is essential for some underbanked global populations that need funds in a method that makes sense for their situation.
Boost Productivity and Loyalty
Real-time payments improve productivity because workers can focus on gigs instead of their finances. If they’re running ahead with money on the month, maybe they take a break for a day or two. Knowing they need to pull in some more dollars also helps them to take on new work with an existing or new gig provider. Real-time payments remove the waiting and worry that come with traditional payment methods. On the loyalty front, a gig company offering real-time payments can keep workers focused on their brand. This loyalty is crucial for managing and growing global gig workforces.
Give them a Tip
When Uber instituted tipping for drivers, it was a big deal. Drivers asked for it for years, and once in place, other gig economy brands followed suit. Real-time payment processing allows gig companies to separate payments specific to tips and regular pay. This can assist in budgeting for the worker, easier accounting for the company and encourage positive worker behaviors that result in tips.
As with other elements of the digital and mobile economy, real-time payments are removing inefficiency. Because in the context of the gig economy, inefficiency curtails innovation and growth for both the hiring companies and gig workers. Gig companies looking to expand globally must understand the need to attract the best gig workers, whether they’re in Omaha or Jakarta. Real-time payments integrated into a mobile-first philosophy is a primary way to develop a global group of loyal and efficient gig workers.