Despite the emergence of innovative payment platforms and technology providers, more than a third of business-to-consumer disbursement payments are still made by check. That can be an expensive and slow process, especially when there’s a better way to pay.
Digital disbursement solutions provide fast and secure payment delivery options and simplify the time-consuming task of paying large numbers of consumers or workers. A digital approach, complete with real-time reconciliation and tracking, also lets all parties monitor payment status during each step of the process, which can reduce operational overhead and improve satisfaction.
U.S. companies make more than 1.9 billion payments to consumers annually, according to the Aite Group. Those payments, known as disbursements, include insurance claims, rewards, rebates and payments from businesses to workers. For gig economy workers, freelancers and even those receiving regular paychecks, digital payment options help them get paid faster and, in some cases, as quickly as money is earned.
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