Instant Pay gives contingent workers the ability to get paid within seconds of completing tasks, while helping gig companies streamline their payment processes
Everee, the leading workforce payments platform upending the two-week pay cycle,announced its launch of Instant Pay, which allows companies to streamline payment operations and deliver earnings seconds after a worker finishes a shift.
“With the rise of contingent workers in the gig economy, expectations have begun to shift, and waiting two weeks for a paycheck is no longer an option,” said Brett Barlow, CEO of Everee. “Nearly 59 million professionals do gig work, representing 36% of today’s workforce. As payroll processes and technologies continue to mature to fit the needs of these workers, there’s no reason they shouldn’t be able to get paid as soon as their work is completed. Instant Pay just makes sense, and we are excited to bring this capability to our customers.”
HR Technology News: Timerack and Greenfield Staffing Software Announce Strategic Partnership
Since its inception, Everee’s driving force has been to put an end to the two-week pay cycle by empowering organizations with same-day ACH deposits and technology solutions, including flexible APIs and embeddable workforce payments, in order to pay workers daily. Everee continues to lead the industry in paying workers fast, and as the modern workforce evolves, having faster payment options is a necessity. Now with Instant Pay, organizations that rely on contingent workers to move their business operations forward will be able to recruit and retain a strong workforce by offering the fastest payments possible – a major competitive edge, especially with talent shortages remaining at an all-time high.
While typical payment processes require manual approval before payments are distributed, companies that use the Instant Pay API can automate this step, allowing workers to cash out earnings seconds after finishing a job, while also eliminating manual, error-prone busywork. Additionally, Instant Pay can be embedded directly into an organization’s workflow in one central location, allowing for a native experience that doesn’t require exiting or switching apps.
HR Technology News: Recruiting Automation and Interview Intelligence From Humanly.io Now Available on SAP Store
“Workers expect instant payment options from leading gig companies like Uber and DoorDash. Everee’s Instant Pay allows platforms to compete for the same workforce by paying people instantly, every day, including weekends and holidays,” said Piers Mainwaring, Chief Innovation Officer at Everee. “We’ve found that 68% of workers live paycheck to paycheck, and 23% can’t afford transportation costs to their job each day. Instant Pay means breaking up that cycle. It means getting them the resources they need to do their jobs. It means paying a delivery driver the moment they complete a drop off. It means giving people the money they’ve earned as they earn it.”
HR Technology News: HR Technology Highlights – HR Tech Daily Round-Up For 27 October 2022
To share your insights with us, please write to sghosh@martechseries.com