Instant payments in gig economy, gaming industries

Ad-hoc payments — recurring payments made outside of normal invoicing and payroll processes — can be somewhat troublesome for companies. However, instant payment methods increasingly offer a way to streamline the process. Payers used Instant Rail for more than a third of payments, an increase of 28% in the last quarter alone.51%: Senders' share of ad hoc payments generating $1B+ in revenue sent through instant methods

Gig economy firms make an above-average share of provisional accounts payable (AP) payments. These companies also use instant methods more. Senders report that these payments represent 35% of their transient payment transactions. In the gig economy this share rises to 39%. Gaming companies follow closely behind with 37%.

These are some of the findings explored in „”.Fulfillment of demand for immediate provisional payments,” A PYMNTS INTELLIGENCE And Here are the payments together with The report is based on a survey of 200 corporate shippers that generated at least $50 million in annual revenue between January 5 and January 25 across the United States. The report focuses on the following industry segments: hospitality, gaming, trucking and transportation, the gig economy (eg freelance workers) and property management.

Other findings of the report include:58%: A portion of gaming industry senders believe winners will immediately choose to pay when awarded.

The instant methods used for temporary remittances vary depending on the size of the company.

Push-to-card is the most popular method among all corporate senders. Nineteen percent of companies make temporary payments via debit card to a bank account. 8.9%, Go The second most common way companies send instant payments is followed by bank account payments RTP® Network At 4.7%. However, as the size of the sender increases, the use of RTP rises, which accounts for all the growth in instant payments seen by large payers.

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The share of instant offer senders has risen since last quarter.

More senders across all company sizes offer instant options, with 32% offering instant payments as one of several options and 12% sending only ad hoc payments via instant methods. The gig economy and gaming sectors are also leading the way here. Despite these increases, senders still underestimate SMBs and consumers who want to get paid instantly.

The share of senders that cost limits for prompt payment has decreased by 30%.59%: The share of shippers who report their temporary processing systems are mostly automated

Costs remain an obstacle for companies to make immediate temporary payments, although such concerns are receding. Just 9.4% of senders reporting challenges with temporary remittances cite cost as the least experienced challenge, up from 22% last quarter. Other factors make it less likely to offer more immediate options: 30% of senders cite difficulty in adjusting payments as the main reason for sending once; 16% cite higher risk of fraud or data theft as the main reason; And 13% delay payments due to legacy IT infrastructure.

The data show a strong correlation between the use of automated ad hoc processes and organizational dispatchers' adoption of prompt methods. As more enterprise shippers automate their ad hoc processes, their interest in offering instant options will also increase.

Download the report to learn more about how enterprise shippers are meeting immediate demand Provisional payments.

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