Understanding Instant Payout Solutions

Let’s face it: everyone wants to be paid on time. And if you run a SaaS Platform, you’ll understand that your workers want to be paid on time too. In a remote world, this is more important than ever – but somewhat bafflingly, too many companies rely on old-school methods of payment, leaving your freelancers out of pocket and frustrated. 

Well, not anymore. By using Instant Payout Solutions, your freelancers can be paid instantly, in a manner that works best for them. Let’s talk you through how it works for your business. 

What Are Instant Payout Solutions?

Instant Payout Solutions is exactly what it sounds like: a way in which you can disburse money to your employees as soon as the work is completed. 

Companies like Lyft and DoorDash have employed this to enormous success, leading to higher retention of employees and greater business rates. 

From the business side, a pre-funded account can be utilized, and when the work is completed, money simply transfers to your employee. This can help to mitigate risk, and ensures that everyone’s happy. 

What Forms Can Instant Payouts Be Made Through? 

One of the best things about Instant Payouts Solutions is that payments can be made in a form that suits both your business and your employees (although the best businesses will, inevitably, offer as many forms as are available, to ensure that your workers are being paid in the manner they desire). 

Direct to card, or Push To Debit Card, operates via Visa or Mastercard and pushes the cash directly to a cash card. By using a transaction fee to achieve instant payments, you create a strong revenue stream for your business. 

Real-Time Payments can also be operated, using an RTP rail. The utilization of this rail ensures that payments are available to receive and send 24 hours a day, 7 days a week, every day of the year. While this is an attractive mode for some, not all banks are able to operate RTPs. 

Same-day ACH payments are also a viable option for businesses seeking to pay workers, although crucially, payments must be made before 11 AM CT. Virtual credit card and remote check printing are also available. 

What Are The Risks Involved?

Life is nothing without risks, and Instant Payout Solutions are no different. The main risk comes with the simple act of sending and receiving money quickly, which may leave you out of pocket and without the capacity to pay. This can be capably covered by using a pre-funded account. This limits risk for your business and stops you from being in a position where you can’t pay folks. 

I Want To Know More… 

We don’t blame you! Instant Payout Solutions are quick, easy, and keep your freelancers happy. The best part is, with a successful payment partner, they’re super simple to implement for your business. 

To further discuss your options around Instant Payout Solutions, contact Agile Payments today. Their knowledgeable team has decades of experience in payment solutions and can give you the knowledge that you need for success. Get in touch now.