Living paycheck-to-paycheck, multiple jobs, and loans that fill the gap between paydays is the uncomfortable reality of many freelance workers. The U.S. financial sector is aware of the demand for instant payouts but has been hard pressed to keep up. For companies that rely on these workers, slow paydays make it hard to attract and retain talent.
With thanks to the real-time payment services provided by PUSH Payments, an employee is able to cash out when the work is done with little to no penalty. PUSH Payments enables FinTech firm ZayZoon, to offer a completely frictionless, on-demand payroll service, that meets the needs of the gig economy.
“For socially responsible Fintechs like ZayZoon, our real-time services are a huge advantage,” said PUSH Payments CEO, Travis Dulaney. “Real-time payments has helped them improve retention and acquisition numbers while helping their clients avoid overdraft bank fees and ridiculous interest charges from predatory lenders”
In a digitized and instantaneous world, it’s a wonder that such stresses remain prevalent issues. Often times, the stress in today’s work realm doesn’t stem from the amount of money that should drop into an account, but rather the timing of it. An employee works their standard time, or perhaps a freelancer gets a new contract, and they are guaranteed the money in two-weeks or one-month time. See, life problems like bills and new tires don’t seem to wait until it’s convenient for a person to pay them. Tagged onto these electronic payments or unexpected charges are often overdraft or NSF payments that do harm, and no good, to the consumer facing them.
That’s a problem that ZayZoon has been able to address as a result of PUSH Payments’ technologies. Though having implemented their system in big brand companies such as Tim Horton’s and Subway, it was originally designed with the gig economy in mind – the community of workers comprised of freelancers and independent contractors.
Accessible all within an app, an individual can check what income of theirs is available to withdraw or what allowance remains to be borrowed, and have immediate access to what is theirs due to the real-time payment capabilities.
Should they need to borrow, this amount will be deducted from the next paycheck along with the minor fees incurred. With an interest rate of only $0.16 per day, individuals can survive through situational mistakes or emergencies. There is a sense of security in the services that ZayZoon provide for a pocketful of reasons. Employees can track the exact amount of interest they will be charged, can monitor their balance and do not have to fear that their credit will be ruined.
As a bonus to both sides, the ZayZoon team works to reduce the hassle for the employer by avoiding paperwork for advances, while also answering questions about navigating the app for the employees. All the while, occasionally publishing articles to assist customers to live in a financially responsible manner.
Dulaney, CEO of PUSH Payments, anticipates that such an on-demand service will serve beneficial for numerous businesses that handle high volumes of customers. As it seems, the gig economy and on-demand market growth may just be beginning. In conjunction with use of PUSH technologies, it will allow living for consumers to become much easier.