Global economic volatility and the recent global pandemic has changed the way that organizations of all sizes do business. By 2021 there will be 9.2 million global freelancers. By 2030 this number is expected to grow to 80% of the total population. With new realities hitting all the countries, the growth of freelance work is expected to accelerate. Companies can tap into this talent pool and hire specialists that are experts in their field, allowing for greater speed and service delivery on a project-by-project basis. While this has its obvious benefits, it can also present a disconnect for payment processing as more companies and more freelance workers sign up to get connected.
Gig workers expect speed and service too - in the form of reliable and broader payment options. Fast, secure, and reliable solutions with minimal disruptions are essential. Freelance platforms and marketplaces need a solution that can handle an increased volume of payments and allow for seamless payment processing and payment options that go beyond the bank account.
As more platforms are seeing businesses and gig workers alike sign up to connect, the key things to keep in the crosshairs for business continuity going into the latter half of 2020 are managing payment volumes, making faster payments across borders and offering payment types to service the unbanked of the gig economy.
Need For Speed Into 2020 and Beyond
54% of freelancers said that it takes too long to receive their money, with 29% of invoices sent out late. Therefore, it comes as no surprise that paper checks are still one of the most popular ways for companies to pay freelancers. This needs to change as we head into an increasingly digital and remote working world.
More than ever, fast, convenient, and accurate payments are essential. Over half of gig workers have lost their jobs during the CV-19 pandemic, and about 90% are now looking for an alternative source of income. Workers want their payments on time, in their desired currency, without having to pay additional service fees.
Peace of Mind Payments
Like those in traditional occupations, gig workers want control over how and when they receive payment. Over 78% of freelancers live paycheck-to-paycheck, relying on timely project payments to cover the costs of their expenses. Research shows that financial control and stability in knowing when and how and when their next payment is coming in is top of mind for gig workers, especially during these times of economic uncertainty.
There is the opportunity for strengthened payment flows to keep gig work profitable and top talent committed to freelance service platforms. The solution is flexible, contactless, and swift payment flows.
On the Horizon for The Freelance Ecosystem
As we look to the future, there is untapped potential and issues to consider. 84% of workers said they would do more gig work if they received faster payments. Additionally, 70% of the gig workforce is unsatisfied with the support provided by the company they work for. Could your organization improve its support and speed to freelancers? Here are the facts: the gig economy is projected to continue growing and having partners with industry knowledge, simple solutions, and foreign exchange capabilities to maximize revenues will be crucial to allow this growth to happen.