With global businesses, how to use instant payouts as a brand loyalty strategy.
The world we live in is very different from the world a decade ago. Today, workers and customers do not necessarily live in the same geographical location. Finding the correct way for payouts is not easy. For businesses, it is crucial to build brand loyalty among customers and workers. One of the best brand loyalty strategy is with instant payout, especially in companies where customers and workers do not operate in the same location. The capacity to offer instant payout is the factor that will define the success or failure of a business.
However, to understand the best way to offer an instant payout, it is crucial first to understand what an instant payout is.
What Are Instant Payouts?
Instant payout is a way to pay your employee or gig worker when the task you asked for is completed. Unlike other payment processes, this one does not require you nor your employee to go through a laborious account payable process. You will not have to make your employee or gig worker wait for their payment. This will enable you to make immediate payments to your employees with their preferred payment methods, including e-wallets
As its name suggests, this is a disbursement that is made in an instant. Neither you nor your workers will have to go through the long, traditional way of payment.
Instant Payouts For Gig Economy To Pay Workers
Instant payouts are one of the best ways to make payments to gig workers. Gig workers are mostly independent. They have their own working contracts. The majority of the time, gig workers will agree to a formal agreement. They will be given a task, and once the task is done, they will receive their payments.
Instant payouts are a great way to pay workers in the gig economy. Gig workers get paid once their task is done. This means the payment needs to be made in an instant. Instant payouts allow workers to send the payment the minute the job is done.
Instant Payouts: A Brand Loyalty Strategy
There are a lot of benefits to using instant payout. In addition to making payments instantly, it also offers other various advantages.
1. Building Brand Loyalty
One of the most significant advantages of using instant payouts is that it increases loyalty.
When a worker knows that he/she will be paid, they are less likely to look for something else. By knowing they will be paid for their efforts, workers become loyal. They will make sure to finish the task you have asked him/her to do.
2. Productivity Increase
Another benefit to using instant payout is that it increases the worker’s productivity.
When a worker knows he/she will be paid once the job is done, his/her productivity will increase. The thought of getting rewarded for their efforts gives them the energy to work fast and efficiently. It is a natural human behavior to work harder when the efforts are rewarded.
Instant payout is one of the best ways to motivate workers. By giving workers the right type of motivation, their productivity will increase.
3. Instant Reward
In addition to offering multiple benefits to workers, instant payout also offers benefits to merchants.
Before, the traditional ways would make a merchant do a lot of paperwork before getting the money of a sale. However, with instant payout, when a sale is completed, the funds can be sent instantly. It will be received instantly. It is an instant reward.
The money can be sent to a connected bank account, eWallet, or debit card. This benefit offered by instant payout facilitates a lot of processes. Additionally, by knowing they will get instantly rewarded for their sales, merchants will upgrade their products. It is a win-win.
4. Easy Access To Money
For recipients, money can be sent within minutes if the card is legit. Because the funds can be sent in a matter of seconds, it is easy for recipients to get access to the money.
This is another advantage of instant payout. This easy access to money facilitates a lot of processes for recipients.
In addition to facilitating the payment process, the instant payout is available 24/7. This means that the payout can be done at any time of the day, even during holidays and weekends.
By enabling such availability, both the employer and employee have more flexibility.
Using XanPay for Immediate Payments
XanPay's payment gateway solution allows merchants to pay other businesses, freelancers, and vendors across the globe almost near-instant with market competitive transaction fees. The USP of XanPay allows merchants to effectively conduct their operations by leveraging products or services from parties located outside their geographical boundaries.
Additionally, XanPay facilitates near instant payments in a cross-border arrangement directly into the preferred local payment of your independent worker or vendor. Moreover, you can save overhead costs by enjoying a flat rate of 1.99% in transaction fees instead of paying 6-9% in fees, charged by the most of the payment processing networks.
Building Brand Loyalty
Instant payout is one of the most efficient ways to build brand loyalty among customers and workers. For businesses, it is essential to be able to offer instant payout, especially to employees. No employee wants to wait to get paid. If employees have to wait to get paid, it will create tension. That tension will jeopardize the employee's loyalty toward the brand. On the other hand, if an employee knows the payout will be made instantly, you will have trust and loyalty instead of tension.
Trust and loyalty are two of the most critical factors to succeed. In a business, you need to make sure you can trust the people you work with. You cannot have people leave you in the way. Instant payout is what offers that trust and loyalty that is so much needed. Because people will know they will be paid instantly, they will put their trust and loyalty in you and your business.
People want to be loyal toward the ones who are loyal to them. By offering instant payout, you show them that you are also loyal to them. Instant payout is an instant reward. It shows people that their efforts and hard work will be rewarded when they accomplish what they were asked to do.
If a business wants to thrive and flourish, it is important to offer instant payout. Using instant payout option will help build brand loyalty among both workers and customers.