For those who depend on payouts from your organization, delays or hidden fees can cause more than a headache – they interfere with your recipient’s ability to successfully make a living. One simple solution is to add Local Bank Transfers to your payouts offerings. Local Bank Transfers are a payments structure that enables payouts to be sent directly to a recipient’s local bank account. Here are 5 reasons why recipients might prefer Local Bank Transfers:
Local Bank Transfers are Cost Effective
Last year, gig workers surveyed by PYMNTS.com said that their payment mechanism can take a big bite out of earnings — in some cases, snapping up 10 to 20 percent of their income. Ouch! Local Bank Transfers are cost-effective, as they bypass middlemen and deposit funds directly into your recipient’s bank account, where there are no fees required to access their money.
Local Bank Transfers Are Timely
Speed of delivery, too, is critical for recipients. In the same PYMNTS.com survey, 84 percent of surveyed freelancers said they would do more work if they were paid faster. Imagine what a productivity boost timely payouts could provide for your recipients! Depending on the destination, Local Bank Transfers can often be delivered in less than 24 hours.
Local Bank Transfers Help Recipients Feel in Control of Their Finances
One size does not fit all when it comes to getting paid. Like any of us, recipients want the ability to choose between a variety of options. That’s why we encourage clients to add Local Bank Transfers to their array of payouts methods. Even if you already offer an eWallet, a prepaid card or a bank wire option, why not add Local Bank Transfers, the option that enables payouts directly into your recipient’s bank account?
Local Bank Transfers Free Up Recipients to Do What They Do Best
It seems safe to assume that most recipients didn’t get into business so they could spend all of their time managing their payments. Of course not! They wanted to spend their time being a photographer, a software designer or a writer. According to our DigitalWomen survey, 75 percent of India’s 486 respondents “feel empowered” by working in the digital economy. Local Bank Transfers save time and money, giving recipients more opportunity to do the work they love to do, rather than chasing payments.
Local Bank Transfers Give Recipients the Option to Pick Up Cash
Local Bank Transfers are a practical method. They not only enable payouts directly into your recipient’s bank account, but also give recipients the option to pick up their payment in cash. In economies where cash is still king, this method is preferred by many recipients as a cost-effective option. What could be easier than that?