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In today's challenging economic climate, independent contractors grapple with several hurdles. They seek ways to bolster their financial stability and, equally important, platforms that ensure prompt and hassle-free payments. The current economic conditions underscore the critical need for swift and efficient payment solutions.
Instant payouts offer benefits not only to independent contractors but also to marketplaces. They become magnets for contractors, fostering higher retention rates, enhancing cash flow, and trimming operational costs. Take, for instance, the significant reduction in payment processing times. This encourages contractors to readily accept more assignments.
Furthermore, instant payouts have a ripple effect on supply and demand dynamics. By expediting payments, independent contractors gain more flexibility to take on additional projects, thereby bolstering the labor pool available to marketplaces. Additionally, these rapid payouts contribute to healthier cash flow within marketplaces, rendering them more appealing to independent contractors, further boosting demand for work opportunities on these platforms.
Marketplaces that offer various payment capabilities and a successful vendor payouts solution are very attractive to vendors looking to tick those boxes.
Instant payouts - tick.
Automated payouts - tick
Real-time payouts - tick
If your marketplace can facilitate instant and real-time payments you are providing your independent contractors with a real benefit. For example, Beelivery is using the UNIPaaS platform to provide its drivers with instant payouts. This has meant that driver payout times have dropped from two to 12 hours to 10 minutes - this is a huge benefit to the drivers, and is a significant drawcard when it comes to their selecting Beelivery as their preferred marketplace and partner.
If marketplaces are in control of how payments are managed and the speed at which they are delivered, they will attract more talent and more business because their payout methods are attractive and relevant. Below is a list of just some of the biggest benefits you can expect from instant payouts.
Instant payouts allow independent contractors to be paid immediately rather than waiting days for payments to clear. Using the right technology, you can completely bypass the need to take several business days to complete an electronic transaction which means your independent contractors aren’t waiting with frustration for payments that, in the past, could take weeks to clear.
You speed up the flow of funds throughout your platform, which in turn, improves independent contractor engagement and retention as they recognize your marketplace as a vibrant space within which to get paid faster. Independent contractors will be more likely to choose to work with your platform if you offer fast and efficient payments with clear visibility into supply, demand, and cash flow. This will then increase the number of independent contractors on your platform, which will lead to increased sales for your marketplace.
Your ability to provide instant payouts drives a competitive advantage and loyalty in a digital, on-demand world that expects everything instantly. You can take this even further by automating payouts to your independent contractors using their preferred payment method. This eliminates the need for your marketplace to track and manage independent contractor balances, and it ensures that your independent contractors get paid instantly to a bank account, credit card, or digital wallet, thanks to scheduled automatic payouts.
With UNIPaaS, you can customize your automated payouts to fit your business model and use the UNIPaaS API or system interface to manage multiple payment options. This will help you optimize your back-office operations by removing the need for time-consuming manual processes, while your independent contractors get rapid payments delivered efficiently.
It’s time to say goodbye to spreadsheets.
Using an instant payout payment gateway, you can make independent contractor payments available in near real-time, 24 hours a day, 365 days a year. This empowers your independent contractors to manage their cash flows and balances more accurately, effectively growing their businesses faster because they are paid instantly, even though card payments take three business days to clear.
How? With UNIPaaS. UNIPaaS uses a digital wallet to store funds, so when an independent contractor is paid, the funds are drawn from the digital wallet and into the independent contractor account instantly. Then, when the card payments clear, the funds are transferred to the marketplace’s account.
If you eliminate the waiting times and the complexities traditionally associated with independent contractor and customer payments, then you can push funds to your independent contractors faster, which then improves their cash flow and reduces the risk of independent contractor churn. This then enhances your reputation as a marketplace that independent contractors can trust, which pulls in even more independent contractors and drives growth across the board.
The use of a digital wallet to facilitate instant payouts isn’t new. Many providers offer this feature to independent contractors to ensure that instant payments are possible but often charge a fee. UNIPaaS, however, doesn’t - we don’t add a fee to our digital wallet, and this immediately adds value to your bottom line. With UNIPaaS acting as the Merchant of Record (MoR), we are responsible for compliance with all applicable regulations, so you not only save on unnecessary fees but on the time and effort required to manage compliance and stay ahead of regulations.
With UNIPaaS, you save money on major operational resources because you don’t need to worry about tracking or managing your funds - everything is managed within a centralised, intelligent ecosystem.
UNIPaaS has an intelligent and agile instant payout solution that allows your marketplace to manage funds, independent contractor payouts, and cash flow. Your marketplace tops up the UNIPaaS digital wallet with funds and then uses this to pay independent contractors instantly. When card payments clear, the funds are returned to your account. UNIPaaS also tracks the movements of all these funds to ensure that every step complies with regulations and that you have comprehensive visibility into your cash flow and independent contractor payments.
Our commitment to regulatory compliance and operational efficiency not only means you have transparency into funds and their movements, but you remain confident that you are meeting all of your legal obligations when it comes to handling funds.
UNIPaaS empowers your marketplace to empower your independent contractors. With our real-time payouts across bank transfers, cards, or digital wallets, you can support diverse independent contractor requirements and expectations and grow both relationships and your market share. UNIPaaS offers you the ability to:
Schedule a demo to discover more about how UNIPaaS can scale your marketplace.
UNIPaaS Financial Services Limited is regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution (No. 929994). UNIPaaS is certified as PCI DSS service provider Level 1.
