The gig economy has been one of the fastest-growing segments globally in recent years. Its basic idea is that employers do not keep a permanent staff but look for freelancers to fulfill certain orders with the help of special digital platforms. Such platforms make it easy to negotiate the deal terms between the supplier and the client, so interest in this activity area is increasing quickly. If only 1 per cent of the employed population earlier worked through such platforms, now this share has grown to 3 per cent.
On the one hand, the development of the gig economy has made it easier for companies to maintain a whole staff of employees; on the other hand, even part-time independent contractors and freelancers hired from outside need to be paid somehow for the orders they fulfill. Having a lot of remotely working employees, partners, and suppliers of goods and services, it is necessary to have the most convenient payment tool, which will speed up the company’s key business processes and facilitate accounting. Wallester offers just such a tool. Wallester’s innovative Payment Card Solution allows employees of gig platforms to receive their rewards for completed orders instantly.
Who Is Interested in Wallester’s Solution?
There are 3 categories of employees who regularly use the services of gig platforms and therefore are interested in making it as easy and fast as possible to get paid for their services:
- Food delivery people.
- Taxi drivers.
- Couriers.
When each employee uses different payment systems, it is difficult for the employer to keep records, leading to high bank transfer costs and commissions. In addition, the employee receives his earnings not immediately after the work is done or the service is rendered but every 3-7 days.
Card Issuing is also beneficial for gig platforms, as it allows them to automate their payment scheme. Having its card programme gives gig platforms the following advantages:
- ensures financial stability for platform employees;
- allows instant payments to be made;
- provides immediate access to profits made;
- increases motivation;
- increases productivity;
- helps employees manage their time;
- reduces absenteeism;
- increases corporate loyalty.
White-Label Card Issuing will help significantly increase the loyalty of employees and customers to the company and improve brand recognition. All cards and the mobile application are issued in the same corporate style.
What Does Wallester Offer?
Co-brand Solution from Wallester allows for modernizing the system of payments with employees, partners and suppliers of gig platforms. It will help them with multi-functional physical non-branded VISA physical cards or virtual cards connected to mobile payment systems. These cards will have a zero balance, so there is no chance of non-cash theft, and they will be topped up on demand. Such an innovative solution is convenient not only in terms of payment processing but also in terms of operation. For a gig worker to get his card and start receiving payment for tasks performed on it, he needs to perform only 4 simple steps:
- Install the app. Every gig platform has a mobile app on the App Store and Google Play; by installing it, the gig worker gets instant access to their earnings and the various features of the card program.
- Order a card. The gig worker registers in the app and can order a virtual card immediately. He receives it instantly and can use it to pay for online purchases and contactless payments. Over time, he will be issued with a personalized physical card.
- Get an instant payout. Information about earning on the gig platform online is displayed in the profile of the gig employee, and money is instantly credited to his balance as soon as the order fulfillment is confirmed.
- Get instant access to the money. Once the payout has been credited to the card balance, the gig worker can immediately use the funds at their discretion.
Cards issued with the Wallester platform allow the holder to make contactless payments, online purchases, pay bills, transfer funds, withdraw cash from ATMs and use any other features available for plastic cards. Another motivation for gig workers is the opportunity to receive cashback on these cards for everyday purchases.