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The time to ask is now. Is your platform ready because tomorrow will be too late? Digitalization and a booming platform market have radically changed labour markets. For example, as of last year, 21% of Canada’s workforce were gig workers.
More important, however, is who those gig workers are. By 2029, Millennials and Gen Z generations will make up 72% of the global labour force. And if your digital platform hasn’t zeroed in on this, chances are you are losing ground–fast. Here’s why an instant EFT solution becomes your perfect fit.
Digital natives (aka anyone under the age of 34) have different expectations around the how and when they get paid. In most cases, that means daily. Yes, we said daily. When asked, 61% of Gen Z’s would want their employer to provide the option for on-demand pay or early wage access.
Truthfully, faster payouts and real-time funding options have become table stakes with this cohort. Moreover, faster payment solutions are reportedly why top talent is sticking around.
As these workers find innovative ways to make a living in the new economy, taking on more diverse tasks, they need a payment solution to match. They need a way to access their wages instantly.
Instant EFT payments are vital to the success of gig worker platforms, especially when it comes to retaining workers. By providing fast payment processing, platforms create a reputation for reliability and professionalism, addressing workers' need for timely earnings.
Real-time payment dispersion is essential for gig platforms that are serious about growth. Gig workers rely on their earnings for daily expenses; waiting days or even weeks for their earnings can be discouraging and impact their financial stability. This is where instant EFT payments come into play.
Instant EFT payments mean real-time access to their earnings, eliminating delays and providing greater financial flexibility. A consistent income stream for better money management is what these workers need to stick around.
The true win of real-time payments for digital enterprises lies in their ability to serve those who might still rely on older EFT rails to disburse funds. This is important for up-and-coming platforms because it offers a true differentiator in the market by allowing them to serve customers who need faster payment solutions.
VoPay’s Instant EFT payments offer a range of benefits, including lower transaction fees, reduced operational costs and improved cash flow management.
Send, and monitor payouts to clients and gig workers made easy with VoPay's embedded API or intuitive payment portal designed to fuel faster payments for your software platform.
