February 20, 2020
Real-time payments are finding their way into every aspect of business operations, and it’s no surprise, given workforce trends. Employees are looking for more flexible and timely payment options; and for employers, real-time payments simplify a variety of transactions and save precious time.
A recent study by MetaBank showed that nearly half of those age 18-34 would be more willing to do business with a company if they’d receive funds from it within minutes. And 72 percent of US employees want access to their wages before their payday,
From restaurants and hospitality, to construction, retail and more, we’re seeing companies across industries leverage these five real-time payments applications for faster, more flexible payroll [payment?] solutions:
- Immediate access to earned wages 24/7/365. Giving employees access to their earned income ahead of payday can be a game-changer when cash flow is tight. And when employees aren’t worrying about access to cash, they have better employee engagement, performance and retention.
- Timely, reliable and secure tip and shift payouts. Eliminate cash payouts or payment delays with instant tip payments at the end of each shift. Workers on remote job sites get paid as soon as the day’s work is done.
- Fast, seamless payroll corrections. Move money instantly to remedy a payroll error, reducing impact on employees and employers and eliminating printing or delivery delays.
- Timely expense reimbursements. Put an end to expense checks and get funds back in employees’ hands faster. Payments are more secure and trackable too.
- Final Pay. Simplify final payments when employment ends with the ability to immediately calculate and fund separation payments.
Every business has different needs and whether they benefit from these applications or others, real-time payments gives business the speed, efficiency and tracking they need to remain competitive.
Money is easily trackable and fraud is minimized. Reporting, bookkeeping and accounting hours can be greatly reduced.
As the industry’s most experienced payments partner, Prepaid Technologies integrates seamlessly with virtually every business system to deliver real-time payments for any application. We help businesses lower costs, save time and deliver more to customers and employees.
Need help bringing real-time payments to your business or your clients? Contact us today, or fill out the referral form. Your clients’ business payments should be handled by the experts.