Everee, a workforce payments system that is disrupting with two-week pay cycle, has unveiled a new feature Instant Pay, which enables businesses to optimize payment operations and generate income seconds after an employee finished a shift.
Brett Barlow, CEO of Everee, stated, “With the rise of contingent workers in the gig economy, expectations have begun to shift, and waiting two weeks for a paycheck is no longer an option. Nearly 59 million professionals do gig work, representing 36% of today’s workforce. As payroll processes and technologies continue to mature to fit the needs of these workers, there’s no reason they shouldn’t be able to get paid as soon as their work is completed. Instant Pay just makes sense, and we are excited to bring this capability to our customers.”
Everee’s driving force since its inception has been to end the two-week pay cycle by providing organizations with same-day ACH deposits and technology solutions, such as embedded workforce payments, and flexible APIs to pay employees every day. Everee is the pioneer of the industry in terms of paying employees quickly, and as the modern workforce evolves, having faster payment options becomes increasingly important. Organizations that rely on contingent workers to move their business operations forward will now be able to recruit and retain a strong workforce by offering the fastest payments possible – a significant competitive advantage, especially with talent shortages at an all-time high.
Companies that use the Instant Pay API can automate this step, allowing workers to cash out earnings seconds after completing a job while eliminating manual, error-prone busy work. Furthermore, Instant Pay can be integrated directly into an organization’s workflow in a centralized location, providing a native experience that does not require exiting or switching apps.
Piers Mainwaring, Chief Innovation Officer at Everee, commented, “Workers expect instant payment options from leading gig companies like Uber and DoorDash. Everee’s Instant Pay allows platforms to compete for the same workforce by paying people instantly, every day, including weekends and holidays. We’ve found that 68% of workers live paycheck to paycheck, and 23% can’t afford transportation costs to their job each day. Instant Pay means breaking up that cycle. It means getting them the resources they need to do their jobs. It means paying a delivery driver the moment they complete a drop off. It means giving people the money they’ve earned as they earn it.”
Instant Pay is the latest addition to Everee’s robust suite of capabilities, allowing businesses to accelerate and scale payment processes, automate onboarding workflows, and embed components into their own apps or platforms to provide a streamlined worker-pay experience.