Markets across the globe have changed forever in the wake of COVID, and the infusion of gig economy workers has been one of the most prevalent trends. Rampant job loss has jeopardized the financial security of a significant amount of the workforce, creating a pressing need for a new way to pay gig economy freelancers and companies providing services. Same-day pay, also referred to as on-demand or real-time pay, is becoming the expectation, deservedly so.
Struggling workers are thriving with same-day pay alternatives, as in many instances speedy access to wages is a lifeline. The top company to see the need and swiftly address it is Wallester. Their expansive card issuing solutions include offering same-day pay via branded Visa cards that allow employees to use earnings either in conjunction with online purchases or via ATM withdrawals. Benefits also extend to the way businesses pay for merchant services.
Even larger corporations are seeking to allocate paychecks in a more timely manner, affording their valued staff the ability to access earned money instantly, or nearly instantly. Same-day pay does away with the traditional interval between semi-monthly, biweekly and weekly paychecks. This structure offers benefits for both sides of the equation. Daily pay greatly reduces stress among workers. Employers see the positive effects through increased productivity, higher morale among the team, and improved retention and recruitment numbers.
How to Offer Same-day Pay
Employers entertaining the idea of a same-day payment structure essentially have a couple of alternatives. First, they can blueprint a card program themselves. This is an intimidating process, as it entails a wealth of staff expertise concerning the requirements put forth by the Payment Card Industry Data Security Standard. Trusted relationships with issuing banks, card processors and networks must be formed.
The time and money investment involved in tackling the process in-house is volumes more than if a card issuer, such as Wallester, is used. Maintaining a secure platform is vital, and there are far too many variables at play when developing a same-day pay structure internally. Those who opt for an in-company approach must make certain they are complying with all local regulations as well as those in place anywhere business is performed.
There are some third-party providers to assist in the implementation of same-day pay, but they lack the tailored approach offered by Wallester’s inventive payroll and gig platform solutions.
Wallester develops a solution customized to a company’s distinct needs. Modern card issuing and processing platforms open up a wide range of possibilities, including the ability to offer multifunctional branded virtual and physical Visa cards. Additionally, offering cards that are tokenized and inserted directly into employees’ digital wallets is a possibility.
Saying Goodbye to the Old Way to Pay
Modernizing the payroll department saves time and money, which streamlines the accounting department. Large corporations stand to save thousands annually by ceasing to issue paper checks. Not all new-hires have access to a bank account and are tasked with paying check-cashing fees that add up to a significant amount annually. Such employees would also be unable to partake in the offer of direct-deposit.
Furthermore, the daily pay benefit attracts a higher caliber of candidates for open positions, which makes human resources departments more efficient and assists in building a more solid team. Employees tend to approach the prospect of overtime with more positivity when they know they are going to reap the rewards of their efforts in real time.
Wallester’s Innovative Approach
Wallester has assisted numerous cash-conscious companies with addressing new payment trends. Those already using a payment system must ensure it is not lagging. This is a common problem. Delayed payment systems let down employees and vendors. An increased number of bank transfers costs time and money and unnecessarily complicates accounting.
Wallester addresses this by offering a simplified, instant payment structure. Their payment alternatives allow companies to make expedited payments to employees in addition to settling up with partners and suppliers faster than ever before. This leads to strengthened brand identity in all aspects and an elevated profit margin.
More and more enterprises of all sizes are looking to companies like Wallester to usher them into the new era of improved payroll functions and expenditure tracking. There is no reason to remain married to an antiquated approach to doing business when there is a better, more modernized way to tackle accounting matters.